Revenue Exceeds Guidance
Revenue for Q4 was $102 million, which was above the midpoint of the guidance range ($95 million to $105 million).
Subscription Revenue Growth
Subscription revenue increased 14% year on year to $38 million in Q4.
Improved Gross Margin
Non-GAAP gross margin improved to 30%, up four percentage points sequentially and eight percentage points year on year.
Decreased Operating Expenses
Non-GAAP operating expenses were $52 million, down 11% sequentially and down 30% from the previous year.
Cash Balance Increase
Ending cash balance increased by $5 million from the end of Q3.
Strategic Collaboration with General Motors
Collaboration with GM Energy division to open DC fast charging locations, with the first location opened within four weeks of finalizing the program.
Significant Reduction in Cash Usage
Cash used for operating activities declined significantly to $3 million during the quarter, down from $31 million in Q3.