Einride AB American Depositary Shares 2026 Q2 Earnings Call

Please go ahead. I am pleased to be joined today by our CEO, Rusla Charlie, and our CFO, Anubhav Verma.

Following their prepared remarks, we will open the call to questions. Please note that some of the information you will hear today will include forward-looking statements such as, but not limited to, statements regarding our product development, business model, performance, comparisons to our competitors, market opportunity, potential product sales and future demand, business and strategic opportunities, customer and partner engagement, projections of future operations and financial results, availability of funds, as well as statements containing words like potential, believe, expects, plans, or other similar expressions. These statements are not guarantees of future performance. Actual results could differ materially from the future results implied or expressed in the forward-looking statements. We encourage you to review our SEC filings.

These filings describe risk factors that could cause our actual results to differ materially from those implied or expressed in our forward-looking statements. All forward-looking statements are made as of the date of this call, and except as required by law, we undertake no obligation to update this information. In addition, we will present certain financial measures on this call that will be considered non-IFRS measures. For reconciliations of each non-IFRS financial measure to the most directly comparable IFRS financial measure, as well as for all the financial data presented on this call, please refer to the information included in our press release and in our Form 6-K dated and submitted to the SEC today, both of which can be found on our corporate website at einride.tech/investors. This conference call also will be available for audio replay at einride.tech/investors. Now I would like to turn the call over to Rusla Charlie.

Rusla? Thank you very much, Alexi.

Good morning, everyone, and thank you for joining Einride's first earnings call as a public company. We have entered the public markets with strong momentum. Today, Einride is live with more than 30 customers across seven countries. We have executed close to 600,000 shipments and built more than $800 million of potential ARR through our joint business plans. So far this year, we have added Amazon as a customer. We announced a partnership with Tesla to deploy 500 Tesla Semis. We have advanced our autonomous commercialization through our partnership with DAF and completed our first acquisition. Financially, revenue grew 26% in H1, and we expect that growth rate to more than double in the second half.

Today, we will walk you through how our signed contracts are converting into deployed vehicles and revenue, how we are expanding with some of the world's largest shippers, and how we are advancing Saga AI and our autonomous technology. That progress reflects the strategy we have been building. Scale our business today, use that scale to accelerate our technology, and progressively introduce autonomy to fundamentally shift the economics of freight. As a short overview of Einride is built to be the platform that delivers what the world's largest transport buyers actually care about, cost efficiency, reliability, and safety. We develop and bring together the technologies required to create the most efficient, autonomous, and electric freight networks. Our Saga AI platform enables efficient deployment of one of the world's largest fleets of electric trucks.

Our autonomous technology allows us to gradually automate a larger and larger proportion of our customers' freight needs that we accumulate on our platform. This is not a single technology story. It is a platform that keeps compounding as it scales. The freight capacity as a service offering, powered by the Saga AI platform and electrification, starts the journey with our customers. It allows us to start attacking the cost base. It creates the relationship with the customers. It sets into motion the flywheel that leads to our customers continuing to scale with us. It improves and creates denser and denser networks, lower and lower cost bases, and better margins. It does all this while gathering and accumulating data that accelerates our development. It accumulates vast amounts of transport demand on a single platform globally. Autonomous freight adoption starts gradually and increases exponentially.

The complexity of deploying driverless capacity in a safe and reliable way into real-world applications should not be underestimated. Neither should its ability to fundamentally change the cost structure and operational logic of a freight network. That is why we expect the adoption of our autonomous technology into the networks of our customers to happen gradually in the initial phases and then increase rapidly. With our approach, data position, and operational understanding of our customers' networks, we are strongly positioned to lead that transition for them. For every new operating domain and set of conditions we unlock with our technology, we know exactly how many thousands and millions of additional lanes we can operate for our customer base and can deploy into those swiftly and efficiently. So where are we on each of these assets? We have generated over $50 million of revenue for the past 12 months.

Furthermore, we have accumulated more than $800 million of potential ARR in our joint business plan, which are scaling plans where we sit with our customers. We have started the journey towards increasing the level of automation in our customers' networks. We have operated more than 5,400 driverless hours in contracted customer operations, a figure that has grown by about 60% just over the past six months. We see that based on the customer demand we capture on our platform so far, about 80% of that is suitable for automation in the medium term as we continue to advance our autonomous technology. Our platform is scaling fast. We are now live with 30-plus global customers across seven countries, spanning the U.S., Europe, and the UAE, with new lanes and geographies coming online continuously.

Our ability to operate on a global scale is one of the key elements that makes us a relevant partner for the world's largest transport buyers. They want a partner that can help them across their operations, not just in single isolated geographies. As we continue to scale our operations, we're adding more and more lanes in the countries where we operate. We're expanding our U.S. footprint across 15 states while significantly growing operations in the states we're already active in. We're doing all of this to support the growing demand from our customers, including Amazon, GE Appliances, and PepsiCo. With that, let's take a closer look at our execution so far this year. 2026 has been about executing what we said we were going to do, scale with customers, develop our key technologies, and forge partnerships.

We've added new customers, including Amazon, to our growing base of global transport buyers. Our revenue grew by 26% versus H1 of last year on a constant currency basis, and we're expecting that growth rate to more than double for H2 of this year. We continue to lay the foundation for further growth and scale by securing a partnership with Tesla to deploy 500 Tesla Semis on our platform. This deployment alone will triple our deployed fleet. In parallel, we continued our autonomous deployments, increasing driverless hours in customer operations by 64% year over year. We're also excited about our first acquisition. In July of this year, we acquired Flipturn, expanding our charging network and capabilities overnight. We set the stage for scale deployments of autonomous freight with our customers through the partnership with DAF, one of the leading truck manufacturers and part of the PACCAR group.

Together, these milestones are a few examples of the progress we made so far in 2026. Now let's have a closer look at some of them. Earlier this year, we took an important next step in our relationship with Amazon. Following a successful pilot phase, we signed an agreement to scale electric freight on our platform for their middle mile network. Working with Amazon, which is arguably one of the most complex logistic networks in the world, is a true testament to our platform's abilities. The initial deployment is 75 electric trucks across five U.S. locations. Our platform integrates into the Amazon Relay network, with Einride operating the fleet on Saga AI. We're live with the first deployments already and expect to have the majority of this first wave done before year-end. Earlier this morning, we also announced a big win towards our scaling ambitions with our customers.

We announced a partnership with Tesla that includes deploying 500 Tesla Semi trucks on the Einride Saga AI platform, targeting to be operational with the majority of these before the end of 2027. As mentioned, this deployment alone means that we'll triple our fleet size, driving higher utilization and reinforcing strong unit economics. This partnership is also an important step in accelerating our deployment with customers, including converting additional demand within our more than $800 million of potential ARR in joint business plan opportunities into revenue. We also completed our first acquisition a few weeks ago, of Flipturn. Flipturn is a leading developer of charging and energy management software for electric fleets. This acquisition consolidates our offering and creates the first fully integrated electric freight technology stack, including charge port management and energy systems, and a brokerage layer that connects fleets to third-party charging networks.