ChargePoint Reports First Quarter Fiscal Year 2025 Financial Results

  • First quarter fiscal 2025 GAAP gross margin of 22% and non-GAAP gross margin of 24%
  • First quarter fiscal 2025 subscription revenue of $33 million representing 27% year over year growth
  • First quarter fiscal 2025 GAAP net loss improved by 10% and non-GAAP Adjusted EBITDA loss improved by 25% year over year
  • ChargePoint guides to second quarter fiscal 2025 revenue of $108 to $118 million

Campbell, Calif. – June 5, 2024– ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its first quarter of fiscal year 2025 ended April 30, 2024. 

“ChargePoint delivered as anticipated in the first quarter. We achieved revenue above the midpoint of our guidance range, sequential gross margin improvements, meaningful reduction in operating expenses, and an improvement in non-GAAP adjusted EBITDA loss,” said Rick Wilmer, CEO of ChargePoint. “We remain focused on operational excellence, which will enable us to continue to deliver great driver experiences and be the platform of choice for everyone who wants to offer EV charging.” 

  • Revenue.First quarter revenue was $107.0 million, down 18% from $130.0 million in the prior year’s same quarter. Networked charging systems revenue for the first quarter was $65.4 million, down 34% from $98.3 million in the prior year’s same quarter. Subscription revenue was $33.4 million, up 27% from $26.4 million in the prior year’s same quarter. 
  • Gross Margin. First quarter GAAP gross margin was 22% as compared to 23% in the prior year's same quarter, and non-GAAP gross margin was 24% as compared to 25% in the prior year's same quarter. 
  • Operating Expenses. First quarter GAAP operating expenses were $90.7 million, down 18% from $110.5 million in the prior year's same quarter. Non-GAAP operating expenses were $66.4 million, down 22% from $85.2 million in the prior year's same quarter. 
  • Net Income/Loss. First quarter GAAP net loss was $71.8 million, down 10% from $79.4 million in the prior year's same quarter. Non-GAAP pre-tax net loss was $45.2 million, down 14% from $52.8 million in the prior year's same quarter. Non-GAAP Adjusted EBITDA Loss was $36.5 million, down 25% from $48.9 million in the prior year's same quarter. 
  • Liquidity. As of April 30, 2024, cash, cash equivalents and restricted cash on the balance sheet was $292.3 million. ChargePoint's $150 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028. 
  • Shares Outstanding. As of April 30, 2024, the Company had approximately 425 million shares of common stock outstanding. 
  • 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.