- First quarter fiscal 2025 revenue of $107 million
- First quarter fiscal 2025 GAAP gross margin of 22% and
non-GAAP gross margin of 24%
- First quarter fiscal 2025 subscription revenue of $33
million representing 27% year over year growth
- First quarter fiscal 2025 GAAP net loss improved by 10% and
non-GAAP Adjusted EBITDA loss improved by 25% year over
year
- ChargePoint guides to second quarter fiscal 2025 revenue of
$108 to $118 million
ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a
leading provider of networked solutions for charging electric
vehicles (EVs), today reported results for its first quarter of
fiscal year 2025 ended April 30, 2024.
“ChargePoint delivered as anticipated in the first quarter. We
achieved revenue above the midpoint of our guidance range,
sequential gross margin improvements, meaningful reduction in
operating expenses, and an improvement in non-GAAP adjusted EBITDA
loss,” said Rick Wilmer, CEO of ChargePoint. “We remain focused on
operational excellence, which will enable us to continue to deliver
great driver experiences and be the platform of choice for everyone
who wants to offer EV charging.”
First Quarter Fiscal 2025 Financial Overview
- Revenue. First quarter revenue was $107.0 million, down
18% from $130.0 million in the prior year’s same quarter. Networked
charging systems revenue for the first quarter was $65.4 million,
down 34% from $98.3 million in the prior year’s same quarter.
Subscription revenue was $33.4 million, up 27% from $26.4 million
in the prior year’s same quarter.
- Gross Margin. First quarter GAAP gross margin was 22% as
compared to 23% in the prior year's same quarter, and non-GAAP
gross margin was 24% as compared to 25% in the prior year's same
quarter.
- Operating Expenses. First quarter GAAP operating
expenses were $90.7 million, down 18% from $110.5 million in the
prior year's same quarter. Non-GAAP operating expenses were $66.4
million, down 22% from $85.2 million in the prior year's same
quarter.
- Net Income/Loss. First quarter GAAP net loss was $71.8
million, down 10% from $79.4 million in the prior year's same
quarter. Non-GAAP pre-tax net loss was $45.2 million, down 14% from
$52.8 million in the prior year's same quarter. Non-GAAP Adjusted
EBITDA Loss was $36.5 million, down 25% from $48.9 million in the
prior year's same quarter.
- Liquidity. As of April 30, 2024, cash, cash equivalents
and restricted cash on the balance sheet was $292.3 million.
ChargePoint's $150 million revolving credit facility remains
undrawn and ChargePoint has no debt maturities until 2028.
- Shares Outstanding. As of April 30, 2024, the Company
had approximately 425 million shares of common stock
outstanding.
For reconciliation of GAAP and non-GAAP results, please see the
tables below.
Business Highlights
- ChargePoint now enables access to more than one million places
to charge worldwide across public, private and roaming ports.
- Following receipt of FedRAMP authorization, ChargePoint shipped
its first multimillion dollar order requiring FedRAMP
certification.
- To-date, ChargePoint's customers have been successful in
winning more than 120 individual National Electric Vehicle
Infrastructure (NEVI) Program proposed site awards totaling
approximately $71 million in grant opportunities.
Second Quarter and Fourth Quarter of Fiscal 2025
Guidance
For the second fiscal quarter ending July 31, 2024, ChargePoint
expects revenue of $108 million to $118 million.
For the fourth quarter of fiscal year 2025 ending January 31,
2025, the Company reaffirms its goal to achieve positive non-GAAP
Adjusted EBITDA.
ChargePoint is not able to present a reconciliation of its
forward-looking non-GAAP Adjusted EBITDA goal to the corresponding
GAAP measure because certain potential future adjustments, which
may be significant and may include, among other items, stock-based
compensation expense, are uncertain or out of its control, or
cannot be reasonably predicted without unreasonable effort. The
actual amounts of such reconciling items could have a significant
impact on ChargePoint's GAAP Net Loss.
Conference Call Information
ChargePoint will host a webcast today at 1:30 p.m. Pacific /
4:30 p.m. Eastern to review its first quarter fiscal 2025 financial
results.
Investors may access the webcast, supplemental financial
information and investor presentation at ChargePoint’s investor
relations website (investors.chargepoint.com) under the “Events and
Presentations” section. A replay will be available after the
conclusion of the webcast and archived for one year.
About ChargePoint
ChargePoint is creating a new fueling network to move people and
goods on electricity. Since 2007, ChargePoint has been committed to
making it easy for businesses and drivers to go electric with one
of the largest EV charging networks and a comprehensive portfolio
of charging solutions. The ChargePoint cloud subscription platform
and software-defined charging hardware are designed to include
options for every charging scenario from home and multifamily to
workplace, parking, hospitality, retail and transport fleets of all
types. Today, one ChargePoint account provides access to
hundreds-of-thousands of places to charge in North America and
Europe. For more information, visit the ChargePoint pressroom, the
ChargePoint Investor Relations site, or contact the ChargePoint
North American or European press offices or Investor Relations.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions including statements
regarding our projected revenue for the second quarter of fiscal
year 2025, our goal to achieve positive non-GAAP Adjusted EBITDA in
the fourth quarter of fiscal year 2025, and ChargePoint and it's
customers ability to successfully realize the total number and
amount of final awarded NEVI grant opportunities. There are a
significant number of factors that could cause actual results to
differ materially from the statements made in this press release,
including: macroeconomic trends including changes in or sustained
inflation, interest rate volatility, or other events beyond our
control on the overall economy which may reduce demand for our
products and services, geopolitical events and conflicts, adverse
impacts to our business and those of our customers and suppliers,
including due to supply chain disruptions, component shortages, and
associated logistics expense increases; our limited operating
history as a public company; our ability as an organization to
successfully acquire and integrate other companies, products or
technologies in a successful manner; our dependence on widespread
acceptance and adoption of EVs and increased demand for
installation of charging stations; our current dependence on sales
of charging stations for most of our revenues; overall demand for
EV charging and the potential for reduced demand for EVs if
governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of EVs or decrease the use of vehicles powered by
fossil fuels, either directly or indirectly through mandated limits
on carbon emissions, are reduced, modified or eliminated; our
ability, and our reliance on our customers, to successfully
implement, construct and manage NEVI grant opportunities in
accordance with the respective terms of the NEVI program in order
to validly secure and obtain awarded funding and win additional
NEVI grant opportunities, our reliance on contract manufacturers,
including those located outside the United States, may result in
supply chain interruptions, delays and expense increases which may
adversely affect our sales, revenue and gross margins; our ability
to expand our operations and market share in Europe; the need to
attract additional fleet operators as customers; potential adverse
effects on our revenue and gross margins due to delays and costs
associated with new product introductions, inventory obsolescence,
component shortages and related expense increases; adverse impact
to our revenues and gross margins if customers increasingly claim
clean energy credits and, as a result, they are no longer available
to be claimed by us; the effects of competition; risks related to
our dependence on our intellectual property; and the risk that our
technology could have undetected defects or errors. Additional
risks and uncertainties that could affect our financial results are
included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Form 10-K filed with the Securities and Exchange
Commission (the “SEC”) on April 1, 2024, which is available on our
website at investors.chargepoint.com and on the SEC’s website at
www.sec.gov. Additional information will also be set forth in other
filings that we make with the SEC from time to time. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
applicable law.
Use of Non-GAAP Financial Measures
ChargePoint has provided financial information in this press
release that has not been prepared in accordance with generally
accepted accounting principles in the United States (“GAAP”).
ChargePoint uses these non-GAAP financial measures internally in
analyzing its financial results. ChargePoint believes that the use
of these non-GAAP financial measures is useful to investors to
evaluate ongoing operating results and trends and believes they
provide meaningful supplemental information to investors regarding
ChargePoint’s underlying operating performance because they exclude
items the Company believes are unrelated to, and may not be
indicative of, its core operating results.
The presentation of these non-GAAP financial measures is not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures and should be read only in
conjunction with ChargePoint’s consolidated financial statements
prepared in accordance with GAAP. A reconciliation of ChargePoint’s
historical non-GAAP financial measures to their most directly
comparable GAAP measures has been provided in the financial
statement tables included in this press release, and investors are
encouraged to review these reconciliations.
Non-GAAP Gross Profit (Gross Margin). ChargePoint defines
non-GAAP gross profit as gross profit excluding stock-based
compensation expense and amortization expense of acquired
intangible assets. Non-GAAP gross margin is non-GAAP gross profit
as a percentage of revenue.
Non-GAAP Cost of Revenue and Operating Expenses (includes
Non-GAAP research and development, Non-GAAP sales and marketing and
Non-GAAP general and administrative). ChargePoint defines non-GAAP
cost of revenue and operating expenses as cost of revenue and
operating expenses excluding stock-based compensation expense,
restructuring costs for severances and employment-related
termination costs, amortization expense of acquired intangible
assets, non-cash charges related to tax liabilities and litigation
settlements, including associated non-recurring legal expenses.
Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net
loss excluding stock-based compensation expense, restructuring
costs for severances and employment-related termination costs,
amortization expense of acquired intangible assets, non-cash
charges related to tax liabilities and litigation settlements,
including associated non-recurring legal expenses. These amounts
reflect the impact of any related tax effects. Non-GAAP pre-tax net
loss is non-GAAP net loss adjusted for provision for income
taxes.
Non-GAAP Adjusted EBITDA Loss. ChargePoint defines non-GAAP
adjusted EBITDA loss as net loss excluding stock-based compensation
expense, restructuring costs for severances and employment-related
termination costs, amortization expense of acquired intangible
assets, non-cash charges related to tax liabilities and litigation
settlements, including associated non-recurring legal expenses, and
further adjusted for provision of income taxes, depreciation,
interest income and expense, and other income and expense
(net).
Investors are cautioned that there are a number of limitations
associated with the use of non-GAAP financial measures to analyze
financial results and trends. In particular, many of the
adjustments to ChargePoint’s GAAP financial measures reflect the
exclusion of items that are recurring and will be reflected in its
financial results for the foreseeable future, such as stock-based
compensation, which is an important part of ChargePoint’s
employees’ compensation and impacts hiring, retention and
performance. Furthermore, these non-GAAP financial measures are not
based on any standardized methodology prescribed by GAAP, and the
components that ChargePoint excludes in its calculation of non-GAAP
financial measures may differ from the components that other
companies exclude when they report their non-GAAP results. In the
future, ChargePoint may also exclude other expenses it determines
do not reflect the performance of ChargePoint’s operating
results.
CHPT-IR
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per
share amounts; unaudited)
Three Months Ended
April 30,
2024
2023
Revenue
Networked charging systems
$
65,374
$
98,320
Subscriptions
33,444
26,365
Other
8,224
5,345
Total revenue
107,042
130,030
Cost of revenue
Networked charging systems
61,066
80,922
Subscriptions
17,742
14,804
Other
4,624
3,769
Total cost of revenue
83,432
99,495
Gross profit
23,610
30,535
Operating expenses
Research and development
36,052
49,396
Sales and marketing
35,000
37,041
General and administrative
19,697
24,020
Total operating expenses
90,749
110,457
Loss from operations
(67,139
)
(79,922
)
Interest income
3,209
2,460
Interest expense
(6,611
)
(2,926
)
Other income (expense), net
(850
)
573
Net loss before income taxes
(71,391
)
(79,815
)
Provision for (benefit from) income
taxes
408
(427
)
Net loss
$
(71,799
)
$
(79,388
)
Net loss per share, basic and diluted
$
(0.17
)
$
(0.23
)
Weighted average shares outstanding, basic
and diluted
423,290,222
350,043,454
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
unaudited)
April 30, 2024
January 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
261,859
$
327,410
Restricted cash
30,400
30,400
Accounts receivable, net
117,798
124,049
Inventories
223,557
198,580
Prepaid expenses and other current
assets
64,673
62,244
Total current assets
698,287
742,683
Property and equipment, net
41,014
42,446
Intangible assets, net
76,964
80,555
Operating lease right-of-use assets
14,597
15,362
Goodwill
212,385
213,750
Other assets
7,985
8,567
Total assets
$
1,051,232
$
1,103,363
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
84,062
$
71,081
Accrued and other current liabilities
141,108
159,104
Deferred revenue
102,615
99,968
Total current liabilities
327,785
330,153
Deferred revenue, noncurrent
132,080
131,471
Debt, noncurrent
284,689
283,704
Operating lease liabilities
16,312
17,350
Deferred tax liabilities
10,872
11,252
Other long-term liabilities
1,570
1,757
Total liabilities
773,308
775,687
Stockholders' equity:
Common stock
43
42
Additional paid-in capital
1,982,052
1,957,932
Accumulated other comprehensive loss
(18,000
)
(15,926
)
Accumulated deficit
(1,686,171
)
(1,614,372
)
Total stockholders' equity
277,924
327,676
Total liabilities and stockholders'
equity
$
1,051,232
$
1,103,363
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands,
unaudited)
Three Months Ended
April 30,
2024
2023
Cash flows from operating
activities
Net loss
$
(71,799
)
$
(79,388
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
7,445
7,053
Non-cash operating lease cost
941
1,090
Stock-based compensation
21,599
23,964
Amortization of deferred contract
acquisition costs
785
675
Reserves and other
8,842
3,880
Changes in operating assets and
liabilities:
Accounts receivable, net
4,783
(1,991
)
Inventories
(24,977
)
(53,136
)
Prepaid expenses and other assets
(2,879
)
(17,880
)
Accounts payable, operating lease
liabilities, and accrued and other liabilities
(10,792
)
4,934
Deferred revenue
3,510
6,554
Net cash used in operating activities
(62,542
)
(104,245
)
Cash flows from investing
activities
Purchases of property and equipment
(3,468
)
(5,840
)
Maturities of investments
—
105,000
Net cash provided by (used in) investing
activities
(3,468
)
99,160
Cash flows from financing
activities
Proceeds from the issuance of common stock
under employee equity plans, net of tax withholding
3,525
5,790
Proceeds from issuance of common stock in
connection with ATM offerings, net of issuance costs
—
17,516
Change in driver funds and amounts due to
customers
(2,483
)
3,990
Settlement of contingent earnout
liability
—
(3,537
)
Net cash provided by financing
activities
1,042
23,759
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(583
)
511
Net increase (decrease) in cash, cash
equivalents, and restricted cash
(65,551
)
19,185
Cash, cash equivalents, and restricted
cash at beginning of period
357,810
294,562
Cash, cash equivalents, and restricted
cash at end of period
$
292,259
$
313,747
ChargePoint Holdings,
Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands,
unaudited)
Three
Months Ended
April 30, 2024
Three
Months Ended
April 30, 2023
Cost of Revenue:
GAAP cost of revenue
$
83,432
$
99,495
Stock-based compensation expense
(1,084
)
(996
)
Amortization of intangible assets
(763
)
(766
)
Non-GAAP cost of revenue
$
81,585
$
97,733
Non-GAAP gross profit (gross margin as
a percentage of revenue)
$
25,457
24
%
$
32,297
25
%
Operating Expenses:
GAAP research and development
$
36,052
$
49,396
Stock-based compensation expense
(8,303
)
(9,506
)
Restructuring costs (1)
—
1
Non-GAAP research and development (as a
percentage of revenue)
$
27,749
26
%
$
39,891
31
%
GAAP sales and marketing
$
35,000
$
37,041
Stock-based compensation expense
(5,441
)
(4,169
)
Amortization of intangible assets
(2,261
)
(2,272
)
Restructuring costs (1)
—
1
Non-GAAP sales and marketing (as a
percentage of revenue)
$
27,298
26
%
$
30,601
24
%
GAAP general and administrative
$
19,697
$
24,020
Stock-based compensation expense
(6,771
)
(9,294
)
Other adjustments (2)
(1,609
)
—
Non-GAAP general and administrative (as
a percentage of revenue)
$
11,317
11
%
$
14,726
11
%
Non-GAAP Operating Expenses (as a
percentage of revenue)
$
66,364
62
%
$
85,218
66
%
Net Loss:
GAAP net loss
$
(71,799
)
$
(79,388
)
Stock-based compensation expense
21,599
23,965
Amortization of intangible assets
3,024
3,038
Restructuring costs (1)
—
(2
)
Other adjustments (2)
1,609
—
Non-GAAP net loss (as a percentage of
revenue)
$
(45,567
)
(43
)%
$
(52,387
)
(40
)%
Provision for (benefit from) income
taxes
408
(427
)
Non-GAAP pre-tax net loss (as a
percentage of revenue)
$
(45,159
)
(42
)%
$
(52,814
)
(41
)%
Depreciation
4,421
4,016
Interest income
(3,209
)
(2,460
)
Interest expense
6,611
2,926
Other expense (income), net
850
(573
)
Non-GAAP Adjusted EBITDA Loss (as a
percentage of revenue)
$
(36,486
)
(34
)%
$
(48,905
)
(38
)%
(1)
Consists of restructuring costs for
severances and employment-related termination costs.
(2)
Consists of non-cash charges related to
tax liabilities and litigation settlements, including associated
non-recurring legal expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240605232269/en/
Investor Relations Patrick
Hamer Vice President, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com investors@chargepoint.com
Press John Paolo Canton Vice
President, Communications JP.Canton@chargepoint.com
AJ Gosselin Director, Corporate Communications
AJ.Gosselin@chargepoint.com media@chargepoint.com
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