First quarter fiscal 2024 revenue of $130
million representing 59% year-over-year growth
- Gross margin increases to 23% GAAP and 25% Non-GAAP
- Plans to reduce Non-GAAP Adjusted EBITDA Loss approximately
two-thirds by the fourth quarter of fiscal 2024 as compared to the
first quarter
- ChargePoint guides to second quarter fiscal year 2024
revenue of $148 - $158 million
ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a
leading electric vehicle (EV) charging network, today reported
results for its first fiscal quarter ended April 30, 2023.
“ChargePoint delivered strong results in the first quarter,
growing at nearly 60% year-over-year. We focused on delivering our
broad portfolio of charging solutions across North America and
Europe, while continuing to improve gross margins, and managing
operating expenses,” said Pasquale Romano, President and CEO of
ChargePoint. “The positive first quarter results are a testament to
the strength and diversity of our business. As the only charging
network to operate across all verticals in North America and
Europe, we believe we remain well positioned to take advantage of
the inevitable long-term growth opportunity ahead.”
First Quarter Fiscal 2024 Financial Overview
- Revenue. First quarter revenue was $130.0 million, up
59% from $81.6 million in the prior year’s same quarter. Networked
charging systems revenue for the first quarter was $98.3 million,
up 65% from $59.6 million in the prior year’s same quarter.
Subscription revenue was $26.4 million, up 49% from $17.6 million
in the prior year’s same quarter.
- Gross Margin. First quarter GAAP gross margin was 23%,
up from 15% in the prior year's same quarter. First quarter
non-GAAP gross margin, which primarily excludes stock-based
compensation expense and amortization from acquired intangible
assets, was 25%, up from 17% in the prior year's same quarter.
- Net Income/Loss. First quarter GAAP net loss was $79.4
million, down from $89.3 million in the prior year's same quarter.
Non-GAAP pre-tax net loss in the first quarter, which primarily
excludes $24.0 million in stock-based compensation expense, $3.0
million amortization expense from acquired intangible assets and
other items, was $52.8 million as compared to $71.7 million in the
prior year's same quarter. Non-GAAP Adjusted EBITDA Loss, which
primarily excludes stock-based compensation expense, depreciation
expense and amortization expense of acquired intangible assets, was
$48.9 million in the first quarter, as compared to $67.1 million in
the prior year's same quarter.
- Liquidity. As of April 30, 2023, cash on the balance
sheet was $313.7 million, which includes $17.7 million of
at-the-market share offering gross proceeds during the first
quarter.
- Shares Outstanding. As of April 30, 2023, there were
approximately 353 million shares of common stock outstanding.
Second Quarter of Fiscal 2024 Guidance
For the second fiscal quarter ending July 31, 2023, ChargePoint
expects revenue of $148 million to $158 million. At the midpoint,
this represents an anticipated increase of 41% over the prior
year’s same quarter.
ChargePoint is not able to present a reconciliation of its
forward-looking Non-GAAP Adjusted EBITDA Loss projection 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 will 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 2024 financial
results and its outlook for the second quarter of fiscal 2024.
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 three hours
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. To date, more than 172 million charging sessions have been
delivered, with drivers plugging into the ChargePoint network on
average every second. 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 financial outlook for the second fiscal quarter of
the fiscal year ending January 31, 2024 and our plans to reduce
fourth fiscal quarter Non-GAAP Adjusted EBITDA Loss. 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, prolonged and sustained increases in interest rates, 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 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 3, 2023, 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 in this press release financial
information 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 that 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,
amortization expense of acquired intangible assets, professional
services fees associated with acquisitions, non-recurring
restructuring costs and non-cash charges related to the fair value
of assumed common stock warrant liabilities.
Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net
loss excluding stock-based compensation expense, amortization
expense of acquired intangible assets, professional services fees
associated with acquisitions, non-recurring restructuring costs,
and non-cash charges related to change in fair value of assumed
common stock warrant liabilities. These amounts do not 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, amortization expense of acquired intangible assets,
professional services fees associated with acquisitions,
non-recurring restructuring costs, and non-cash charges related to
the change in fair value of assumed common stock warrant
liabilities, 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,
2023
2022
Revenue
Networked charging systems
$
98,320
$
59,551
Subscriptions
26,365
17,646
Other
5,345
4,436
Total revenue
130,030
81,633
Cost of revenue
Networked charging systems
80,922
56,266
Subscriptions
14,804
10,628
Other
3,769
2,632
Total cost of revenue
99,495
69,526
Gross profit
30,535
12,107
Operating expenses
Research and development
49,396
48,302
Sales and marketing
37,041
32,588
General and administrative
24,020
21,047
Total operating expenses
110,457
101,937
Loss from operations
(79,922
)
(89,830
)
Interest income
2,460
106
Interest expense
(2,926
)
(933
)
Change in fair value of assumed common
stock warrant liabilities
—
(24
)
Other income (expense), net
573
(447
)
Net loss before income taxes
(79,815
)
(91,128
)
Benefit from income taxes
(427
)
(1,862
)
Net loss
$
(79,388
)
$
(89,266
)
Net loss attributable to common
stockholders, basic and diluted
$
(79,388
)
$
(89,266
)
Net loss per share, basic and diluted
$
(0.23
)
$
(0.27
)
Weighted average shares outstanding, basic
and diluted
350,043,454
334,623,695
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
unaudited)
April 30, 2023
January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
283,347
$
264,162
Restricted cash
30,400
30,400
Short-term investments
—
104,966
Accounts receivable, net
165,109
164,892
Inventories
115,229
68,730
Prepaid expenses and other current
assets
88,078
71,020
Total current assets
682,163
704,170
Property and equipment, net
41,663
40,046
Intangible assets, net
90,957
92,673
Operating lease right-of-use assets
21,254
22,242
Goodwill
216,517
213,716
Other assets
7,268
7,110
Total assets
$
1,059,822
$
1,079,957
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
61,976
$
62,076
Accrued and other current liabilities
135,441
133,483
Deferred revenue
90,941
88,777
Total current liabilities
288,358
284,336
Deferred revenue, noncurrent
114,224
109,833
Debt, noncurrent
295,238
294,936
Operating lease liabilities
20,674
21,841
Deferred tax liabilities
12,572
12,987
Other long-term liabilities
1,277
1,032
Total liabilities
732,343
724,965
Stockholders' equity:
Common stock
35
35
Additional paid-in capital
1,575,388
1,528,104
Accumulated other comprehensive loss
(11,793
)
(16,384
)
Accumulated deficit
(1,236,151
)
(1,156,763
)
Total stockholders' equity
327,479
354,992
Total liabilities and stockholders'
equity
$
1,059,822
$
1,079,957
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands,
unaudited)
Three Months Ended
April 30,
2023
2022
Cash flows from operating
activities
Net loss
$
(79,388
)
$
(89,266
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
7,053
6,220
Non-cash operating lease cost
1,090
1,224
Stock-based compensation
23,964
15,527
Amortization of deferred contract
acquisition costs
675
538
Other
7,428
324
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net
(1,991
)
(5,941
)
Inventories
(53,136
)
(9,832
)
Prepaid expenses and other assets
(17,880
)
(10,299
)
Accounts payable, operating lease
liabilities, and accrued and other liabilities
4,934
10,001
Deferred revenue
6,554
10,683
Net cash used in operating activities
(100,697
)
(70,821
)
Cash flows from investing
activities
Purchases of property and equipment
(5,838
)
(3,190
)
Maturities of investments
105,000
—
Cash paid for acquisitions, net of cash
acquired
(7,087
)
(2,756
)
Net cash provided by (used in) investing
activities
92,075
(5,946
)
Cash flows from financing
activities
Proceeds from issuance of debt, net of
discount and issuance costs
—
296,037
Proceeds from the issuance of common stock
under employee equity plans, net of tax withholding
5,790
4,690
Proceeds from issuance of common stock in
connection with ATM offerings
17,516
—
Change in driver funds and amounts due to
customers
3,990
2,391
Net cash provided by financing
activities
27,296
303,118
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
511
(1,003
)
Net increase in cash, cash equivalents,
and restricted cash
19,185
225,348
Cash, cash equivalents, and restricted
cash at beginning of period
294,562
315,635
Cash, cash equivalents, and restricted
cash at end of period
$
313,747
$
540,983
ChargePoint Holdings,
Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands,
unaudited)
Three
Months Ended
April 30, 2023
Three
Months Ended
April 30, 2022
Cost of Revenue:
GAAP cost of revenue
$
99,495
$
69,526
Stock-based compensation expense
(996
)
(785
)
Amortization of intangible assets
(766
)
(620
)
Non-GAAP cost of revenue
$
97,733
$
68,121
Non-GAAP gross profit (gross margin as
a percentage of revenue)
$
32,297
25
%
$
13,512
17
%
Operating Expenses:
GAAP research and development
$
49,396
$
48,302
Stock-based compensation expense
(9,506
)
(5,978
)
Other adjustments (1)
1
—
Non-GAAP research and development (as a
percentage of revenue)
$
39,891
31
%
$
42,324
52
%
GAAP sales and marketing
$
37,041
$
32,588
Stock-based compensation expense
(4,169
)
(2,546
)
Amortization of intangible assets
(2,272
)
(2,241
)
Other adjustments (1)
1
—
Non-GAAP sales and marketing (as a
percentage of revenue)
$
30,601
24
%
$
27,801
34
%
GAAP general and administrative
$
24,020
$
21,047
Stock-based compensation expense
(9,294
)
(6,218
)
Acquisition-related costs (2)
—
(1,011
)
Non-GAAP general and administrative (as
a percentage of revenue)
$
14,726
11
%
$
13,818
17
%
Non-GAAP Operating Expenses (as a
percentage of revenue)
$
85,218
66
%
$
83,943
103
%
Net Loss:
GAAP net loss
$
(79,388
)
$
(89,266
)
Stock-based compensation expense
23,965
15,527
Amortization of intangible assets
3,038
2,861
Acquisition-related costs (2)
—
1,011
Other adjustments (1)
(2
)
24
Non-GAAP net loss (as a percentage of
revenue)
$
(52,387
)
(40
) %
$
(69,843
)
(86
) %
Benefit from income taxes
(427
)
(1,862
)
Non-GAAP pre-tax net loss (as a
percentage of revenue)
$
(52,814
)
(41
) %
$
(71,705
)
(88
) %
Depreciation
4,016
3,359
Interest income
(2,460
)
(106
)
Interest expense
2,926
933
Other income (expense), net
(573
)
447
Non-GAAP Adjusted EBITDA Loss (as a
percentage of revenue)
$
(48,905
)
(38
) %
$
(67,072
)
(82
) %
- Consists of restructuring costs for severances and related
termination costs, as well as change in fair value of assumed
common stock warrant liabilities.
- Consists of professional services fees related to
acquisitions.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230601005724/en/
Investor Relations Patrick Hamer VP, Capital Markets and
Investor Relations Patrick.Hamer@chargepoint.com
investors@chargepoint.com
Press JP Canton PST, California Vice President,
Communications JP.Canton@chargepoint.com
AJ Gosselin EST, Boston Director, Corporate Communications
AJ.Gosselin@chargepoint.com media@chargepoint.com
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