XCharge Reports First Half 2026 Revenue Decrease and Outlook for Growth

HAMBURG, Germany and AUSTIN, Texas, Sept. 18, 2026 (GLOBE NEWSWIRE), XCharge, a global provider in high-power EV charging solutions, reported its unaudited financial results for the six months ended June 30, 2026. The company saw a decrease in revenue and deliveries compared to the same period last year, but remains optimistic about its future prospects.

XCharge, led by Co-Chief Executive Officers Yifei ("Simon") Hou and Albina Iljasov, reported a revenue of $10.3 million for the first half of 2026, a 17.5% decrease from the $12.5 million recorded in the same period in 2025. Product revenues were $9.5 million, down from $12.1 million, while service revenues increased to $0.8 million from $0.4 million. The decrease in revenue was primarily due to the timing of customer procurement decisions and project deliveries, including temporary delays amid trade policy uncertainty and evolving renewable energy regulations.

Cost of revenues for the period was $6.3 million, up 3.6% from $6.1 million, primarily reflecting higher input costs for certain components and raw materials and foreign currency exchange effects. Gross margin decreased to 38.8% from 51.3%, mainly due to the increased proportion of lower-margin products in the sales mix and the rise in prices of precious metals such as silver and copper.

Operating expenses for the first half of 2026 were $15.2 million, up 9.2% from $13.9 million. Selling and marketing expenses increased to $5.8 million, up 12.7% from $5.2 million, driven by higher marketing expenses associated with the introduction of the company’s new GridOne product. Research and development expenses decreased to $2.3 million, down 42.7% from $4.1 million, reflecting the non-recurrence of certain development expenditures incurred in the first half of 2025. General and administrative expenses increased to $7.0 million, up 51.3% from $4.6 million, primarily due to higher professional service expenses, including legal, audit, and compliance costs, and other costs associated with operating as a U.S.-listed public company.

Despite the lower revenue, XCharge expects business performance to improve significantly in the second half of 2026, driven primarily by scheduled deliveries under existing customer orders. The company projects full-year 2026 revenue to be in the range of $32.9 million to $38.2 million, representing year-over-year growth of approximately 31% to 52%.

In June, XCharge entered the energy storage market with the launch of GridOne, an all-in-one photovoltaic and energy storage system for commercial and industrial applications. GridOne combines 125 kW of power conversion capacity, a 215 kWh lithium iron phosphate battery, and optional 50 kW photovoltaic maximum power point tracking in an integrated system designed for applications including peak shaving, solar self-consumption, EV charging load buffering, and backup power.

XCharge also unveiled the new generation of its C7 DC fast-charging station at Power2Drive Europe. The upgraded C7 offers charging power of up to 480 kW, providing greater reliability, scalability, and serviceability across public charging, commercial fleet, retail, and other high-traffic applications.

In March, XCharge entered into a long-term partnership with EnBW, Germany’s largest fast-charging network operator, covering the supply and joint development of fast-charging hardware and software. The partnership followed a field test involving ten XCharge C7 ultra-fast chargers across four EnBW locations, which completed more than 20,000 charging sessions.

XCharge also completed a registered direct offering in June, entering into a securities purchase agreement with a global institutional investor for the sale of 7.0 million ADSs, generating gross proceeds of approximately $4.4 million before deducting placement agent fees and estimated offering expenses. The company intends to use the net proceeds for working capital and general corporate purposes.

Effective as of August 21, 2026, XCharge changed the ratio of its ADSs to its Class A ordinary shares from one ADS representing 40 Class A ordinary shares to one ADS representing 800 Class A ordinary shares. The ADS ratio change had the same effect as a one-for-20 reverse ADS split for ADS holders. The company’s Class A ordinary shares were not affected, and its ADSs continue to trade on the Nasdaq Global Market under the symbol “XCH.”

On September 7, 2026, Aatish V Patel transitioned from President of the Company to General Manager of XCharge Energy USA Inc., the company’s wholly-owned U.S. subsidiary, to support the continued expansion of its U.S. operations.

On September 8, 2026, XCharge received confirmation from Nasdaq that it had regained compliance with the Minimum Bid Price Requirement, and the matter is now closed.

As of June 30, 2026, XCharge’s cash and cash equivalents plus restricted cash stood at $11.4 million, down from $13.9 million as of December 31, 2025. The decrease primarily reflected cash used in operating activities, partially offset by financing activities, including proceeds from the registered direct offering completed in June 2026. The company continues to actively manage liquidity and working capital while supporting anticipated higher business activity in the second half of the year.