ChargePoint Reports Third Quarter Fiscal Year 2025 Financial Results
ChargePoint (NYSE:CHPT) reported Q3 FY2025 financial results with revenue of $100 million, down 10% year-over-year. The company achieved a GAAP gross margin of 23% and non-GAAP gross margin of 26%. Subscription revenue grew 19% to $36.4 million, while networked charging systems revenue declined 29% to $52.7 million.
The company significantly reduced its GAAP net loss by 51% to $77.6 million and non-GAAP pre-tax net loss by 62% to $40.7 million. Operating expenses were cut by 30% year-over-year. ChargePoint maintained a strong liquidity position with $219.8 million in cash and an undrawn $150 million credit facility. The company projects Q4 FY2025 revenue between $95-105 million.
ChargePoint (NYSE:CHPT) ha riportato i risultati finanziari del terzo trimestre dell'anno fiscale 2025 con ricavi di 100 milioni di dollari, in calo del 10% rispetto all'anno precedente. L'azienda ha ottenuto un margine lordo GAAP del 23% e un margine lordo non GAAP del 26%. I ricavi da abbonamenti sono aumentati del 19% a 36,4 milioni di dollari, mentre i ricavi dai sistemi di ricarica connessi sono diminuiti del 29% a 52,7 milioni di dollari.
L'azienda ha significativamente ridotto la sua perdita netta GAAP del 51% a 77,6 milioni di dollari e la perdita netta ante imposte non GAAP del 62% a 40,7 milioni di dollari. Le spese operative sono state ridotte del 30% rispetto all'anno precedente. ChargePoint mantiene una solida posizione di liquidità con 219,8 milioni di dollari in contanti e una linea di credito non utilizzata di 150 milioni di dollari. L'azienda prevede ricavi tra 95 e 105 milioni di dollari per il quarto trimestre dell'anno fiscale 2025.
ChargePoint (NYSE:CHPT) reportó los resultados financieros del tercer trimestre del año fiscal 2025, con ingresos de 100 millones de dólares, una caída del 10% interanual. La compañía logró un margen bruto GAAP del 23% y un margen bruto no GAAP del 26%. Los ingresos por suscripción crecieron un 19% a 36,4 millones de dólares, mientras que los ingresos de los sistemas de carga en red disminuyeron un 29% a 52,7 millones de dólares.
La compañía redujo significativamente su pérdida neta GAAP en un 51%, a 77,6 millones de dólares, y la pérdida neta antes de impuestos no GAAP en un 62%, a 40,7 millones de dólares. Los gastos operativos se recortaron en un 30% en comparación con el año anterior. ChargePoint mantuvo una sólida posición de liquidez con 219,8 millones de dólares en efectivo y una línea de crédito no utilizada de 150 millones de dólares. La empresa proyecta ingresos para el cuarto trimestre del año fiscal 2025 entre 95 y 105 millones de dólares.
ChargePoint (NYSE:CHPT)는 2025 회계연도 3분기 재무 결과를 발표했으며, 매출은 1억 달러로 전년 대비 10% 감소했습니다. 회사는 GAAP 총 마진 23%과 비 GAAP 총 마진 26%를 달성했습니다. 구독 수익은 19% 증가하여 3,640만 달러에 달했지만, 네트워크 충전 시스템의 수익은 29% 감소하여 5,270만 달러가 되었습니다.
회사는 GAAP 순손실을 51% 줄여 7,760만 달러로, 비 GAAP 세전 순손실을 62% 줄여 4,070만 달러로 기록했습니다. 운영비용은 전년 대비 30% 감소했습니다. ChargePoint는 2억 1,980만 달러의 현금과 사용되지 않은 1억 5,000만 달러의 신용 한도로 강력한 유동성 위치를 유지하고 있습니다. 회사는 2025 회계연도 4분기 매출을 9,500만에서 1억 500만 달러 사이로 예상하고 있습니다.
ChargePoint (NYSE:CHPT) a annoncé les résultats financiers du troisième trimestre de l'exercice 2025 avec un chiffre d'affaires de 100 millions de dollars, en baisse de 10% par rapport à l'année précédente. L'entreprise a atteint un marge brute GAAP de 23% et une marge brute non GAAP de 26%. Les revenus d'abonnement ont augmenté de 19% pour atteindre 36,4 millions de dollars, tandis que les revenus des systèmes de recharge connectés ont diminué de 29% pour s'établir à 52,7 millions de dollars.
L'entreprise a considérablement réduit sa perte nette GAAP de 51% pour atteindre 77,6 millions de dollars et sa perte nette non GAAP avant impôts de 62% pour atteindre 40,7 millions de dollars. Les dépenses d'exploitation ont été réduites de 30% par rapport à l'année précédente. ChargePoint a maintenu une solide position de liquidité avec 219,8 millions de dollars en espèces et une ligne de crédit non utilisée de 150 millions de dollars. L'entreprise prévoit un chiffre d'affaires pour le quatrième trimestre de l'exercice 2025 entre 95 et 105 millions de dollars.
ChargePoint (NYSE:CHPT) hat die finanziellen Ergebnisse des dritten Quartals des Geschäftsjahres 2025 bekannt gegeben, mit einem Umsatz von 100 Millionen Dollar, was einem Rückgang von 10% im Jahresvergleich entspricht. Das Unternehmen erzielte eine GAAP-Bruttomarge von 23% und eine Non-GAAP-Bruttomarge von 26%. Die Abonnementerlöse stiegen um 19% auf 36,4 Millionen Dollar, während die Erlöse aus vernetzten Ladesystemen um 29% auf 52,7 Millionen Dollar zurückgingen.
Das Unternehmen konnte seinen GAAP-Nettoverlust um 51% auf 77,6 Millionen Dollar und den Non-GAAP-Vorsteuerverlust um 62% auf 40,7 Millionen Dollar deutlich reduzieren. Die Betriebskosten wurden im Jahresvergleich um 30% gesenkt. ChargePoint hielt eine starke Liquiditätsposition mit 219,8 Millionen Dollar in bar und einer nicht in Anspruch genommenen Kreditlinie von 150 Millionen Dollar aufrecht. Das Unternehmen prognostiziert für das vierte Quartal des Geschäftsjahres 2025 Einnahmen zwischen 95 und 105 Millionen Dollar.
- Subscription revenue grew 19% YoY to $36.4 million
- GAAP gross margin improved to 23% from -22% YoY
- Operating expenses reduced by 30% YoY
- Net loss decreased 51% YoY to $77.6 million
- Strong liquidity position with $219.8M cash and undrawn $150M credit facility
- Overall revenue declined 10% YoY to $99.6 million
- Networked charging systems revenue dropped 29% YoY to $52.7 million
- Still operating at a significant net loss of $77.6 million
Insights
ChargePoint's Q3 FY2025 results show mixed signals with concerning revenue decline but improved operational efficiency. Revenue dropped 10% YoY to
The company's operational improvements are notable, with GAAP gross margin improving to
Q4 guidance of
The EV charging infrastructure market dynamics present both opportunities and challenges for ChargePoint. While record EV sales indicate growing market potential, intense competition and pricing pressures are impacting revenue growth. The introduction of new products like the CPF50 and Essential cloud plan shows strategic adaptation to market needs, particularly in fleet and small business segments.
The
-
Third quarter fiscal 2025 revenue of
$100 million -
Third quarter fiscal 2025 GAAP gross margin of
23% and non-GAAP gross margin of26% -
Third quarter fiscal 2025 subscription revenue of
representing$36 million 19% year over year growth -
Third quarter fiscal 2025 GAAP operating expense of
and non-GAAP operating expense of$91 million , representing$59 million 30% and28% year over year reduction -
ChargePoint guides to fourth quarter fiscal 2025 revenue of
to$95 million $105 million
“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
, down$99.6 million 10% from in the prior year’s same quarter. Networked charging systems revenue for the third quarter was$110.3 million , down$52.7 million 29% from in the prior year’s same quarter. Subscription revenue was$73.9 million , up$36.4 million 19% from in the prior year’s same quarter.$30.6 million -
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 was26% as compared to (18)% in the prior year's same quarter, in both cases primarily due to a inventory impairment charge taken in the prior year to address legacy supply overruns related to product transitions and to better align inventory with demand.$42.0 million -
Operating Expenses. Third quarter GAAP operating expenses were
, down$91.0 million 30% from in the prior year's same quarter. Non-GAAP operating expenses were$129.8 million , down$58.6 million 28% from in the prior year's same quarter.$81.1 million -
Net Income/Loss. Third quarter GAAP net loss was
, down$77.6 million 51% from in the prior year's same quarter. Non-GAAP pre-tax net loss was$158.2 million , down$40.7 million 62% from in the prior year's same quarter, both reflecting the$106.3 million inventory impairment charge taken in the prior year. Non-GAAP Adjusted EBITDA Loss was$42.0 million , down$28.6 million 71% from in the prior year's same quarter.$97.4 million -
Liquidity. As of October 31, 2024, cash and cash equivalents on the balance sheet was
. ChargePoint's$219.8 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028.$150 million - 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
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
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
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 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
|
|
Nine Months Ended
|
||||||||||||
|
|
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
|
||||||
|
|
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
October 31, 2024 |
|
Three
October 31, 2023 |
|
Nine
October 31, 2024 |
|
Nine
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
Source: ChargePoint Holdings, Inc.
FAQ
What was ChargePoint's (CHPT) revenue in Q3 FY2025?
What is ChargePoint's (CHPT) subscription revenue growth in Q3 FY2025?
What is ChargePoint's (CHPT) revenue guidance for Q4 FY2025?