CHPT ChargePoint Holdings Inc

• Third quarter fiscal 2025 revenue of $100 million
• Third quarter fiscal 2025 GAAP gross margin of 23% and non-GAAP gross margin of 26%
• Third quarter fiscal 2025 subscription revenue of $36 million representing 19% year over year growth
• Third quarter fiscal 2025 GAAP operating expense of $91 million and non-GAAP operating expense of $59 million, representing 30% and 28% year over year reduction
• ChargePoint guides to fourth quarter fiscal 2025 revenue of $95 million to $105 million

ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its third quarter of fiscal year 2025 ended October 31, 2024.

“We are encouraged by record EV sales in the industry, and we continue to see network utilization driving the need for more charging infrastructure,” said Rick Wilmer, CEO of ChargePoint. “Our third quarter results exceeded our expectations, and demonstrate that our strategy, focus on operational excellence, and rigorous cash management are translating to tangible results.”

Third Quarter Fiscal 2025 Financial Overview

• Revenue. Third quarter revenue was $99.6 million, down 10% from $110.3 million in the prior year’s same quarter. Networked charging systems revenue for the third quarter was $52.7 million, down 29% from $73.9 million in the prior year’s same quarter. Subscription revenue was $36.4 million, up 19% from $30.6 million in the prior year’s same quarter.
• Gross Margin. Third quarter GAAP gross margin was 23% as compared to (22)% in the prior year's same quarter, and non-GAAP gross margin was 26% as compared to (18)% in the prior year's same quarter, in both cases primarily due to a $42.0 million inventory impairment charge taken in the prior year to address legacy supply overruns related to product transitions and to better align inventory with demand.
• Operating Expenses. Third quarter GAAP operating expenses were $91.0 million, down 30% from $129.8 million in the prior year's same quarter. Non-GAAP operating expenses were $58.6 million, down 28% from $81.1 million in the prior year's same quarter.
• Net Income/Loss. Third quarter GAAP net loss was $77.6 million, down 51% from $158.2 million in the prior year's same quarter. Non-GAAP pre-tax net loss was $40.7 million, down 62% from $106.3 million in the prior year's same quarter, both reflecting the $42.0 million inventory impairment charge taken in the prior year. Non-GAAP Adjusted EBITDA Loss was $28.6 million, down 71% from $97.4 million in the prior year's same quarter.
• Liquidity. As of October 31, 2024, cash and cash equivalents on the balance sheet was $219.8 million. ChargePoint's $150 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028.
• Shares Outstanding. As of October 31, 2024, the Company had approximately 441 million shares of common stock outstanding.

For reconciliation of GAAP and non-GAAP results, please see the tables below.

Business Highlights

• ChargePoint appointed David Vice as Chief Revenue Officer to drive revenue growth, overseeing the global sales and marketing functions.
• ChargePoint lowered the barrier to entry for fleet electrification with the introduction of the CPF50, an affordable Level 2 charging solution that enables more fleets to go electric with access to ChargePoint’s advanced fleet and telematics software platform.
• The new ChargePoint Essential cloud plan makes charging more accessible for small businesses and multi-family housing with access to the benefits of ChargePoint's leading software platform.

Fourth Quarter and Full Year Guidance

For the fourth fiscal quarter ending January 31, 2025, ChargePoint expects revenue of $95 million to $105 million.

The Company is concentrating on returning to growth and streamlining operations to continue on its path to positive non-GAAP Adjusted EBITDA, which is targeted for a quarter in fiscal year 2026.

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 third 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 fourth quarter of fiscal year 2025 and our goal to achieve positive non-GAAP Adjusted EBITDA. 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, tariffs, component shortages, and associated logistics expense increases; our limited operating history as a public company; our ability as an organization to successfully acquire, integrate or partner with other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs, including auto manufacture's plans and strategies to transition to predominately manufacture EV and any corresponding 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 National Electric Vehicle Infrastructure (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-Q filed with the Securities and Exchange Commission (the “SEC”) on September 9, 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, amortization expense of acquired intangible assets and restructuring costs for severances and employment-related termination costs, facility and other contract terminations. 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, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt.

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, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt. 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, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses, professional service fees related to the modification of the convertible debt, 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 October 31,

 

Nine Months Ended October 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

 

 

 

 

 

 

 

Networked charging systems

$

52,662

 

 

$

73,893

 

 

$

182,182

 

 

$

286,788

 

Subscriptions

 

36,417

 

 

 

30,559

 

 

 

106,053

 

 

 

86,935

 

Other

 

10,533

 

 

 

5,831

 

 

 

26,959

 

 

 

17,084

 

Total revenue

 

99,612

 

 

 

110,283

 

 

 

315,194

 

 

 

390,807

 

Cost of revenue

 

 

 

 

 

 

 

Networked charging systems

 

52,852

 

 

 

109,452

 

 

 

173,152

 

 

 

317,335

 

Subscriptions

 

17,512

 

 

 

19,999

 

 

 

53,812

 

 

 

53,495

 

Other

 

6,462

 

 

 

4,778

 

 

 

16,249

 

 

 

12,263

 

Total cost of revenue

 

76,826

 

 

 

134,229

 

 

 

243,213

 

 

 

383,093

 

Gross profit

 

22,786

 

 

 

(23,946

)

 

 

71,981

 

 

 

7,714

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

38,299

 

 

 

56,524

 

 

 

110,861

 

 

 

165,563

 

Sales and marketing

 

34,678

 

 

 

39,834

 

 

 

106,376

 

 

 

116,545

 

General and administrative

 

17,975

 

 

 

33,463

 

 

 

52,794

 

 

 

82,627

 

Total operating expenses

 

90,952

 

 

 

129,821

 

 

 

270,031

 

 

 

364,735

 

Loss from operations

 

(68,166

)

 

 

(153,767

)

 

 

(198,050

)

 

 

(357,021

)

Interest income

 

1,604

 

 

 

1,868

 

 

 

6,930

 

 

 

6,168

 

Interest expense

 

(9,315

)

 

 

(3,820

)

 

 

(22,486

)

 

 

(9,673

)

Other income (expense), net

 

(202

)

 

 

(2,815

)

 

 

(1,090

)

 

 

(2,173

)

Net loss before income taxes

 

(76,079

)

 

 

(158,534

)

 

 

(214,696

)

 

 

(362,699

)

Provision for (benefit from) income taxes

 

1,511

 

 

 

(315

)

 

 

3,567

 

 

 

162

 

Net loss

$

(77,590

)

 

$

(158,219

)

 

$

(218,263

)

 

$

(362,861

)

Net loss per share, basic and diluted

$

(0.18

)

 

$

(0.43

)

 

$

(0.51

)

 

$

(1.01

)

Weighted average shares outstanding, basic and diluted

 

435,331,445

 

 

 

376,182,783

 

 

 

428,757,738

 

 

 

360,818,131

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

October 31, 2024

 

January 31, 2024

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

219,409

 

 

$

327,410

 

Restricted cash

 

400

 

 

 

30,400

 

Accounts receivable, net

 

111,854

 

 

 

124,049

 

Inventories

 

221,988

 

 

 

198,580

 

Prepaid expenses and other current assets

 

66,467

 

 

 

62,244

 

Total current assets

 

620,118

 

 

 

742,683

 

Property and equipment, net

 

37,909

 

 

 

42,446

 

Intangible assets, net

 

71,662

 

 

 

80,555

 

Operating lease right-of-use assets

 

14,782

 

 

 

15,362

 

Goodwill

 

214,303

 

 

 

213,750

 

Other assets

 

7,564

 

 

 

8,567

 

Total assets

$

966,338

 

 

$

1,103,363

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

74,056

 

 

$

71,081

 

Accrued and other current liabilities

 

143,163

 

 

 

159,104

 

Deferred revenue

 

102,787

 

 

 

99,968

 

Total current liabilities

 

320,006

 

 

 

330,153

 

Deferred revenue, noncurrent

 

134,056

 

 

 

131,471

 

Debt, noncurrent

 

299,410

 

 

 

283,704

 

Operating lease liabilities

 

16,019

 

 

 

17,350

 

Deferred tax liabilities

 

10,343

 

 

 

11,252

 

Other long-term liabilities

 

5,523

 

 

 

1,757

 

Total liabilities

 

785,357

 

 

 

775,687

 

Stockholders' equity:

 

 

 

Common stock

 

44

 

 

 

42

 

Additional paid-in capital

 

2,028,722

 

 

 

1,957,932

 

Accumulated other comprehensive loss

 

(15,150

)

 

 

(15,926

)

Accumulated deficit

 

(1,832,635

)

 

 

(1,614,372

)

Total stockholders' equity

 

180,981

 

 

 

327,676

 

Total liabilities and stockholders' equity

$

966,338

 

 

$

1,103,363

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Nine Months Ended October 31,

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

Net loss

$

(218,263

)

 

$

(362,861

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

22,205

 

 

 

21,160

 

Non-cash operating lease cost

 

2,700

 

 

 

3,257

 

Stock-based compensation

 

61,083

 

 

 

91,946

 

Amortization of deferred contract acquisition costs

 

2,388

 

 

 

2,112

 

Inventory impairment

 

—

 

 

 

70,000

 

Non-cash interest expense

 

12,750

 

 

 

—

 

Reserves and other

 

17,104

 

 

 

7,486

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

6,267

 

 

 

8,693

 

Inventories

 

(24,207

)

 

 

(183,569

)

Prepaid expenses and other assets

 

(6,250

)

 

 

(6,135

)

Accounts payable, operating lease liabilities, and accrued and other liabilities

 

(25,291

)

 

 

31,738

 

Deferred revenue

 

5,249

 

 

 

28,685

 

Net cash used in operating activities

 

(144,265

)

 

 

(287,488

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(10,136

)

 

 

(14,671

)

Maturities of investments

 

—

 

 

 

105,000

 

Net cash provided by (used in) investing activities

 

(10,136

)

 

 

90,329

 

Cash flows from financing activities

 

 

 

Debt issuance costs related to the revolving credit facility

 

—

 

 

 

(2,853

)

Proceeds from the issuance of common stock under employee equity plans, net of tax withholding

 

7,742

 

 

 

10,957

 

Proceeds from issuance of common stock in connection with ATM offerings, net of issuance costs

 

2,970

 

 

 

287,198

 

Change in driver funds and amounts due to customers

 

5,681

 

 

 

8,935

 

Settlement of contingent earnout liability

 

—

 

 

 

(3,537

)

Net cash provided by financing activities

 

16,393

 

 

 

300,700

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

7

 

 

 

(691

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(138,001

)

 

 

102,850

 

Cash, cash equivalents, and restricted cash at beginning of period

 

357,810

 

 

 

294,562

 

Cash, cash equivalents, and restricted cash at end of period

$

219,809

 

 

$

397,412

 

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

 

Three Months Ended

October 31, 2024

 

Three Months Ended

October 31, 2023

 

Nine Months Ended

October 31, 2024

 

Nine Months Ended

October 31, 2023

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue (as a percentage of revenue)

 

$

76,826

 

 

77

%

 

$

134,229

 

 

122

%

 

$

243,213

 

 

77

%

 

$

383,093

 

 

98

%

Stock-based compensation expense

 

 

(1,260

)

 

 

 

 

(1,847

)

 

 

 

 

(3,870

)

 

 

 

 

(4,780

)

 

 

Amortization of intangible assets

 

 

(774

)

 

 

 

 

(759

)

 

 

 

 

(2,301

)

 

 

 

 

(2,291

)

 

 

Restructuring costs (1)

 

 

(961

)

 

 

 

 

(996

)

 

 

 

 

(961

)

 

 

 

 

(996

)

 

 

Non-GAAP cost of revenue (as a percentage of revenue)

 

$

73,831

 

 

74

%

 

$

130,627

 

 

118

%

 

$

236,081

 

 

75

%

 

$

375,026

 

 

96

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit (gross margin as a percentage of revenue)

 

$

22,786

 

 

23

%

 

$

(23,946

)

 

(22

)%

 

$

71,981

 

 

23

%

 

$

7,714

 

 

2

%

Stock-based compensation expense

 

 

1,260

 

 

 

 

 

1,847

 

 

 

 

 

3,870

 

 

 

 

 

4,780

 

 

 

Amortization of Intangible Assets

 

 

774

 

 

 

 

 

759

 

 

 

 

 

2,301

 

 

 

 

 

2,291

 

 

 

Restructuring costs (1)

 

 

961

 

 

 

 

 

996

 

 

 

 

 

961

 

 

 

 

 

996

 

 

 

Non-GAAP gross profit (gross margin as a percentage of revenue)

 

$

25,781

 

 

26

%

 

$

(20,344

)

 

(18

)%

 

$

79,113

 

 

25

%

 

$

15,781

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development (as a percentage of revenue)

 

$

38,299

 

 

38

%

 

$

56,524

 

 

51

%

 

$

110,861

 

 

35

%

 

$

165,563

 

 

42

%

Stock-based compensation expense

 

 

(9,831

)

 

 

 

 

(14,451

)

 

 

 

 

(28,864

)

 

 

 

 

(39,804

)

 

 

Restructuring costs (1)

 

 

(2,867

)

 

 

 

 

(4,183

)

 

 

 

 

(2,867

)

 

 

 

 

(4,183

)

 

 

Non-GAAP research and development (as a percentage of revenue)

 

$

25,601

 

 

26

%

 

$

37,890

 

 

34

%

 

$

79,130

 

 

25

%

 

$

121,576

 

 

31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing (as a percentage of revenue)

 

$

34,678

 

 

35

%

 

$

39,834

 

 

36

%

 

$

106,376

 

 

34

%

 

$

116,545

 

 

30

%

Stock-based compensation expense

 

 

(4,518

)

 

 

 

 

(6,467

)

 

 

 

 

(14,422

)

 

 

 

 

(17,393

)

 

 

Amortization of intangible assets

 

 

(2,304

)

 

 

 

 

(2,249

)

 

 

 

 

(6,829

)

 

 

 

 

(6,794

)

 

 

Restructuring costs (1)

 

 

(5,067

)

 

 

 

 

(1,343

)

 

 

 

 

(5,067

)

 

 

 

 

(1,343

)

 

 

Non-GAAP sales and marketing (as a percentage of revenue)

 

$

22,789

 

 

23

%

 

$

29,775

 

 

27

%

 

$

80,058

 

 

25

%

 

$

91,015

 

 

23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative (as a percentage of revenue)

 

$

17,975

 

 

18

%

 

$

33,463

 

 

30

%

 

$

52,794

 

 

17

%

 

$

82,627

 

 

21

%

Stock-based compensation expense

 

 

(5,107

)

 

 

 

 

(10,118

)

 

 

 

 

(13,927

)

 

 

 

 

(29,969

)

 

 

Restructuring costs (1)

 

 

(933

)

 

 

 

 

(9,079

)

 

 

 

 

(933

)

 

 

 

 

(9,079

)

 

 

Other adjustments (2)

 

 

(1,728

)

 

 

 

 

(788

)

 

 

 

 

(5,729

)

 

 

 

 

(893

)

 

 

Non-GAAP general and administrative (as a percentage of revenue)

 

$

10,207

 

 

10

%

 

$

13,478

 

 

12

%

 

$

32,205

 

 

10

%

 

$

42,686

 

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses (as a percentage of revenue)

 

$

90,952

 

 

91

%

 

$

129,821

 

 

118

%

 

$

270,031

 

 

86

%

 

$

364,735

 

 

93

%

Stock-based compensation expense

 

 

(19,456

)

 

 

 

 

(31,036

)

 

 

 

 

(57,213

)

 

 

 

 

(87,166

)

 

 

Amortization of intangible assets

 

 

(2,304

)

 

 

 

 

(2,249

)

 

 

 

 

(6,829

)

 

 

 

 

(6,794

)

 

 

Restructuring costs (1)

 

 

(8,867

)

 

 

 

 

(14,605

)

 

 

 

 

(8,867

)

 

 

 

 

(14,605

)

 

 

Other adjustments (2)

 

 

(1,728

)

 

 

 

 

(788

)

 

 

 

 

(5,729

)

 

 

 

 

(893

)

 

 

Non-GAAP Operating Expenses (as a percentage of revenue)

 

$

58,597

 

 

59

%

 

$

81,143

 

 

74

%

 

$

191,393

 

 

61

%

 

$

255,277

 

 

65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss (as a percentage of revenue)

 

$

(77,590

)

 

(78

)%

 

$

(158,219

)

 

(143

)%

 

$

(218,263

)

 

(69

)%

 

$

(362,861

)

 

(93

)%

Stock-based compensation expense

 

 

20,716

 

 

 

 

 

32,883

 

 

 

 

 

61,083

 

 

 

 

 

91,946

 

 

 

Amortization of intangible assets

 

 

3,078

 

 

 

 

 

3,008

 

 

 

 

 

9,130

 

 

 

 

 

9,085

 

 

 

Restructuring costs (1)

 

 

9,828

 

 

 

 

 

15,601

 

 

 

 

 

9,828

 

 

 

 

 

15,601

 

 

 

Other adjustments (2)

 

 

1,728

 

 

 

 

 

788

 

 

 

 

 

5,729

 

 

 

 

 

893

 

 

 

Non-GAAP net loss (as a percentage of revenue)

 

$

(42,240

)

 

(42

)%

 

$

(105,939

)

 

(96

)%

 

$

(132,493

)

 

(42

)%

 

$

(245,336

)

 

(63

)%

Provision for (benefit from) income taxes

 

 

1,511

 

 

 

 

 

(315

)

 

 

 

 

3,567

 

 

 

 

 

162

 

 

 

Non-GAAP pre-tax net loss (as a percentage of revenue)

 

$

(40,729

)

 

(41

)%

 

$

(106,254

)

 

(96

)%

 

$

(128,926

)

 

(41

)%

 

$

(245,174

)

 

(63

)%

Depreciation

 

 

4,230

 

 

 

 

 

4,135

 

 

 

 

 

13,074

 

 

 

 

 

12,076

 

 

 

Interest income

 

 

(1,604

)

 

 

 

 

(1,868

)

 

 

 

 

(6,930

)

 

 

 

 

(6,168

)

 

 

Interest expense

 

 

9,315

 

 

 

 

 

3,820

 

 

 

 

 

22,486

 

 

 

 

 

9,673

 

 

 

Other expense (income), net

 

 

202

 

 

 

 

 

2,815

 

 

 

 

 

1,090

 

 

 

 

 

2,173

 

 

 

Non-GAAP Adjusted EBITDA Loss (as a percentage of revenue)

 

$

(28,586

)

 

(29

)%

 

$

(97,352

)

 

(88

)%

 

$

(99,206

)

 

(31

)%

 

$

(227,420

)

 

(58

)%

(1)

Consists of restructuring costs for severances and employment-related termination costs, and facility and other contract terminations.

(2)

Consists of non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241204328813/en/

Investor Relations Nandan Amladi Vice President, Finance and Investor Relations nandan.amladi@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