ChargePoint Reports First Quarter Fiscal Year 2025 Financial Results
-
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 $108 to$118 million
“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
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 andChargePoint 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
For the fourth quarter of fiscal year 2025 ending
Conference Call Information
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
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
Use of Non-GAAP Financial Measures
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).
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).
Non-GAAP Net Loss.
Non-GAAP Adjusted EBITDA Loss.
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
CHPT-IR
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts; unaudited) |
|||||||
|
|
||||||
|
Three Months Ended
|
||||||
|
|
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 |
|
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, unaudited) |
|||||||
|
|
|
|
||||
|
|
|
|
||||
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 |
|
|
|
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 |
|
PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) |
|||||||
|
|
||||||
|
Three Months Ended
|
||||||
|
|
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 |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, unaudited) |
||||||||||||||
|
|
|
|
|
||||||||||
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||
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
Vice President, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com
investors@chargepoint.com
Press
Vice President, Communications
JP.Canton@chargepoint.com
AJ Gosselin
Director, Corporate Communications
AJ.Gosselin@chargepoint.com
media@chargepoint.com
Source: