Latest news with #RickWilmer
Yahoo
5 days ago
- Business
- Yahoo
CHPT Q1 Earnings Call: Revenue Misses Expectations Amid Inventory and Market Timing Challenges
EV charging solutions provider ChargePoint Holdings (NYSE:CHPT) fell short of the market's revenue expectations in Q1 CY2025, with sales falling 8.8% year on year to $97.64 million. Its non-GAAP loss of $0.12 per share was significantly below analysts' consensus estimates. Is now the time to buy CHPT? Find out in our full research report (it's free). Revenue: $97.64 million (8.8% year-on-year decline) Adjusted EPS: -$0.12 vs analyst estimates of -$0.06 (significant miss) Revenue Guidance for Q2 CY2025 is $95 million at the midpoint, below analyst estimates of $108.4 million Adjusted EBITDA Margin: -23.3% Market Capitalization: $356.3 million ChargePoint's first quarter results were driven by softer hardware demand and project delays that management attributed to construction and infrastructure readiness issues at customer sites. CEO Rick Wilmer pointed to 'eight figures worth of deals postponed to later quarters, primarily because of construction and infrastructure delays,' and described the inventory build as a deliberate move to maintain reliable partnerships with manufacturing suppliers. While subscription revenue showed year-over-year growth, hardware sales declined significantly. Management also highlighted operational improvements, including reduced operating expenses and a focus on cash management, as proof of disciplined execution. The team took a self-critical stance, noting that results 'could have been better' absent project delays and inventory dynamics. Looking ahead, ChargePoint's outlook centers on a gradual improvement in hardware sales and margin recovery, contingent on the timing of large customer orders and the normalization of inventory levels. Management remains cautious in its near-term guidance, citing a persistent macroeconomic overhang and ongoing site readiness delays. CFO Mansi Khetani stated, 'We have been prudent in our guidance because the macro overhang still exists,' and noted that the company expects a more pronounced revenue recovery in the second half of the year. The company's path to positive adjusted EBITDA by year-end relies on accelerated top-line growth, cost reductions from partnerships with Asian manufacturing firms, and expanded software offerings. Management acknowledged execution risks tied to construction delays and evolving customer demand patterns. ChargePoint's leadership attributed the quarter's performance to postponed customer projects, strategic inventory moves, and transitions in hardware development and supply chain partnerships. Delayed project deployments: Several large hardware deals were postponed due to customer construction and infrastructure delays, shifting revenue recognition into future quarters and impacting near-term sales. Inventory management focus: Inventory levels increased as ChargePoint chose to accept additional finished goods from manufacturing partners to ensure supply reliability, with management expecting normalization by the end of the year. Expansion of manufacturing partnerships: The company added Wistron NeWeb (WNC) as a co-development partner alongside AcBel Polytech, aiming to accelerate hardware innovation and reduce production costs, particularly leveraging Southeast Asia's supply chain strengths. Growing software and subscription traction: Subscription revenue, including software and services, remained resilient, supported by new features such as home charging reimbursement and enhanced fleet management tools, as well as the recent FedRAMP certification enabling government contracts. Shifts in market demand and utilization: Management noted a disconnect between EV sales and charging infrastructure demand, with commercial customers increasingly installing chargers to attract tenants and visitors even without direct correlation to vehicle sales, highlighting a shift in market behavior. ChargePoint's forward guidance hinges on improving hardware availability, cost optimization from new manufacturing relationships, and continued growth in software-driven recurring revenue. Seasonal and macro headwinds: Management expects normal seasonality and lingering macroeconomic uncertainty to weigh on second quarter revenue, with improvement anticipated in the second half as delayed projects and larger deals enter the pipeline. Manufacturing cost reductions: Partnerships with Southeast Asian manufacturers are projected to lower hardware costs and improve gross margin once existing higher-cost inventory is sold through, though near-term margins may remain pressured until inventory normalizes. Subscription and software expansion: Expansion of software offerings and increased adoption of recurring subscription services—bolstered by recent government and enterprise wins—are expected to support more stable revenue streams and improved margin mix over time. In the coming quarters, the StockStory team will be tracking (1) the pace at which delayed commercial and fleet projects convert into recognized revenue, (2) the transition to lower-cost manufacturing and its effect on gross margins, and (3) the growth trajectory of subscription and software-driven revenue streams. The rollout of new hardware partnerships and the impact of government contract wins will also be key indicators of execution. ChargePoint currently trades at a forward price-to-sales ratio of 0.8×. Should you double down or take your chips? See for yourself in our full research report (it's free). The market surged in 2024 and reached record highs after Donald Trump's presidential victory in November, but questions about new economic policies are adding much uncertainty for 2025. While the crowd speculates what might happen next, we're homing in on the companies that can succeed regardless of the political or macroeconomic environment. Put yourself in the driver's seat and build a durable portfolio by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today.
Globe and Mail
6 days ago
- Business
- Globe and Mail
ChargePoint (CHPT) Q1 2026 Earnings Transcript
DATE Wednesday, June 4, 2025 at 4:30 p.m. ET CALL PARTICIPANTS Chief Executive Officer — Rick Wilmer Chief Financial Officer — Mansi Khetani Need a quote from one of our analysts? Email pr@ TAKEAWAYS Total Revenue: $98 million for Q1 FY2026, in line with company guidance. Non-GAAP Gross Margin: 31%, a non-GAAP improvement of one percentage point sequentially and seven percentage points year over year (non-GAAP). SaaS Subscription Gross Margin: Achieved a record 60% on a GAAP basis. Adjusted EBITDA Loss: $23 million non-GAAP adjusted EBITDA loss, compared with a $17 million loss in the prior quarter and a $36 million loss in the first quarter of last year. Network Charging Systems Revenue: $52 million, representing 53% of total revenue, almost flat sequentially despite Q1 typically experiencing a seasonal dip and down 20% year on year. Subscription Revenue: $38 million in subscription revenue, or 39% of total revenue, essentially flat sequentially and up 14% year on year. Other Revenue: $8 million, or 8% of total revenue, down 31% sequentially and down 8% year on year, mainly due to lower one-time project revenue. Geographic Mix: North America represented 85% of revenue, and Europe was 15%, with European revenue down mainly due to weakness in Germany. Billings Mix by Vertical: Commercial 71%, fleet 13%, residential 12%, and other 3%. Inventory: Inventory balance increased by $3 million due to FX impacts, but inventory units decreased across most products as sell-through continued. Ending Cash Balance: $196 million in cash on hand, with access to a $150 million undrawn revolving credit facility. Charging Ports Under Management: Over 352,000 total under management, including more than 35,000 DC fast chargers and over 122,000 ports in Europe. Roaming Partnerships: Enabled access to more than 1.25 million charging ports globally. New Product Announcements: Introduction of a theft-resistant charging cable and a new AC hardware architecture, with the latter targeting lower cost and improved margins. Eaton Partnership: Announced collaboration with Eaton to deliver integrated EV charging and power management solutions, with initial co-developed products set for announcement in September. Q2 Revenue Guidance: Expected revenue in the range of $90 million to $100 million. Operational Focus: Continued emphasis on gross margin expansion, cost management, and achieving adjusted EBITDA positivity in a quarter during FY2026. SUMMARY ChargePoint Holdings, Inc. (NYSE:CHPT) reported first-quarter revenue that matched internal expectations, highlighting stable top-line performance despite ongoing macroeconomic and policy headwinds. Management stated that new integrated solutions from the Eaton partnership are now available for order, and further product innovations are scheduled for announcement in September, aiming to bolster incremental revenue growth and differentiation. The company confirmed that new AC hardware will launch at a competitive price to support both US and European expansion, with rollout of the new architecture planned over the next year and the first model targeted for production in July. Wilmer said, "We still expect non-GAAP margin improvement later in FY2026." emphasizing that anticipated US tariffs will have only a minimal cost impact due to effective mitigation actions. Management highlighted US and European EV sales grew 16% and 22%, respectively, in Q1, positioning infrastructure utilization as a positive demand signal for future industry expansion. Wilmer stated that voluntary industry exits and increased regulatory scrutiny on competitors create "a meaningful opportunity for ChargePoint Holdings, Inc. to gain market share." Khetani remarked that "inventory balance will reduce gradually throughout the year, helping to free up cash." A more significant decrease is anticipated in the second half as revenue increases. INDUSTRY GLOSSARY CPO: Charge Point Operator, an entity responsible for managing and maintaining EV charging infrastructure. V2X: Vehicle-to-Everything, a technology enabling electric vehicles to exchange power or information with the grid, buildings, and other systems. AC Hardware Architecture: Alternating Current charging system design, indicating the product and platform structure for AC chargers as opposed to Direct Current (DC) fast chargers. ATM: At-the-Market offering, a program allowing companies to sell shares into the open market over time. Full Conference Call Transcript Rick Wilmer: Good afternoon, and welcome to ChargePoint Holdings, Inc.'s first quarter fiscal 2026 earnings call. Today, I will walk you through key results for the quarter, provide insights into recent market and policy developments, and highlight the progress we have made on our two major priorities for the year: delivering innovation and driving growth. In addition, I will cover two significant announcements that directly support these priorities and positively influence ChargePoint Holdings, Inc.'s path to achieving positive non-GAAP adjusted EBITDA in a quarter of this fiscal year. Let's begin with our Q1 financial results. Revenue for the first quarter came in at $98 million, right within our guidance range. Non-GAAP gross margin continues to increase quarter over quarter, reaching a new high of 31%. Notably, our SaaS subscription gross margin climbed to a record 60%, underscoring the strength of our SaaS-focused business model. We built momentum across the business in Q1. Our DC fast charging program with General Motors has been a success, with the pace of site openings accelerating and over 500 additional ports signed off by GM for deployment. We extended multiple agreements with Mercedes-Benz, reinforcing our long-term relationship. Our theft-resistant charging cable was met with strong market interest and will go into production this summer for our own hardware models. Deenergized, our software management solution for CPOs, is now actively managing over 700 charger models from over 85 different vendors of charging hardware. This is a testimonial to the scale of our third-party hardware integrations. In total, ChargePoint Holdings, Inc. now has over 352,000 ports under management, of which more than 35,000 are DC fast chargers, and more than 122,000 are located in Europe. With our roaming partnerships, we enable access to more than 1.25 million charging ports globally. Our business is proving to be resilient on the top line despite US macroeconomic conditions and market uncertainty, as well as the bottom line through the cost and operational actions we took last year. Looking ahead regarding US tariffs on our products, expect only a minimal increase in the cost of goods sold. Also, expect cost reductions to exceed the impact of the current tariffs. Therefore, we still expect margin improvement later in the year. The limited impact reflects the swift and effective execution of our mitigation plan. We see positive momentum on two fronts: one, EV adoption, and two, utilization rates. EV adoption continues on a steady upward trajectory, a trend which has held for more than a year. Despite political turbulence dampening consumer and capital spending, North American EV sales were up 16% year over year for Q1 according to Rimotion. In Europe, EV momentum rebounded strongly with the same data set reporting 22% EV sales growth year over year for Q1, a significant surge. The European Green Deal mandates all new cars sold there be zero emission by 2035, reinforcing the EU's trajectory of EV adoption. All of this forms a strong leading indicator for the charging industry. The trends we observed last quarter remain intact. The market is actively planning and inquiring, but widespread purchasing is being impacted by economic uncertainty. Inevitably, with more EVs on the road, existing infrastructure is under mounting pressure. A recent report by Perin Data concluded that many US cities are approaching maximum charge utilization during peak hours, with five major markets past or approaching a staggering 40% utilization rate. This strain is a positive signal for our customers who monetize charging, but it is a growing concern for EV drivers facing long waits at occupied stations. We believe this will lead to the installation of more chargers, and ChargePoint Holdings, Inc. will be ready to capitalize on that demand. Despite the growth to come, the market has recently seen attrition and the voluntary exit of major players, even Chinese competitors coming under the scrutiny of the federal government. These developments, while natural for a new industry at our stage, create a meaningful opportunity for ChargePoint Holdings, Inc. to gain market share. We are not waiting for the growth to come to us; we are actively pursuing it. This brings me to the most exciting announcement of the year so far: our new partnership with Eaton, one of the world's largest intelligent power management companies. The cornerstone of this partnership is innovation, which will drive growth. Our goal is to make electrified transportation simple and economically a no-brainer. Charging deployments are increasingly complex, with a significant portion of them requiring grid upgrades. So we are integrating charging and electrical equipment into a single solution which addresses a major gap in the market. Together, ChargePoint Holdings, Inc. and Eaton will deliver EV charging, electrical infrastructure, energy management, and engineering services as the market's only end-to-end EV charging and power management solutions. These fully integrated solutions will get our customers up and running faster, simultaneously lowering their costs, and are available for order now. The next phase of the partnership will offer co-developed future technologies to further drive down costs, improve efficiency, and advance bidirectional power flow technology to fully optimize V2X capabilities. This will enable customers to use EVs as another distributed energy resource they can integrate into their energy infrastructure to help power operations. The first innovations from this effort are set to be announced in September. So what does this do for ChargePoint Holdings, Inc.'s business? In addition to a compelling and highly differentiated offering, we now have access to Eaton's formidable go-to-market engine, which does nearly $25 billion in annual sales across more than 160 countries. We anticipate that the relationship will drive incremental revenue growth for ChargePoint Holdings, Inc. This partnership cements ChargePoint Holdings, Inc. as the enabler of the entire EV ecosystem, from the grid to the dashboard of the vehicle and everything in between. Our second major announcement of the quarter, once again aligned with our goal of delivering innovation, was the announcement of our new AC hardware architecture. This is the first product line developed utilizing our lower-cost co-development structure and will enter the market at a highly competitive price point while still increasing our margins. This new architecture underpins a range of upcoming models that will roll out over the next year, serving home, commercial, and fleet use cases. These products will represent a major portion of our hardware volume. By bringing a generational leap in our technology to market at an affordable price point, we anticipate greater volume in the US, where we have the number one AC market share and considerable market penetration in Europe, where we have not had a product in this category to date. The first charger, part of our European take-home fleet solution, is expected to begin production in July. Growth and innovation remain the year two priorities of our strategic plan, and we are making progress on both. We entered year two ahead of schedule, positioning us to realize the benefits of our streamlined cost structure and revitalized product portfolio in year three. Our partnership with Eaton unlocks immediate growth opportunities by combining our EV charging leadership with their complementary solutions and their commercial scale. Our new AC hardware architecture is the first of several high-impact innovations planned for this year, designed to expand market share, drive volume, and improve margins. Combined with our operational excellence, we are laying the groundwork for meaningful financial upside as the year moves on. I will now turn the call over to our CFO, Mansi Khetani, to cover our financials in more detail. Mansi Khetani: Thanks, Rick. As a reminder, please see our earnings press release where we reconcile our non-GAAP results to GAAP. Our principal exclusions are stock-based compensation, amortization of intangible assets, and certain costs related to restructuring and acquisitions. Revenue for the first quarter was $98 million, within our guidance range. Network charging systems at $52 million accounted for 53% of first-quarter revenue. This was almost flat sequentially despite Q1 typically experiencing a seasonal dip and was down 20% year on year. Subscription revenue at $38 million was 39% of total revenue, essentially flat sequentially mostly due to fewer days in Q1 which impacts prorated revenue recognition, and up 14% year on year due to the recurring revenue generated from a higher installed base. Other revenue at $8 million was 8% of total revenue, down 31% sequentially and down 8% year on year. Other includes various revenue items which tend to be lumpy and was significantly lower this quarter primarily as a result of lower one-time project revenue which is recognized based on completion rate. Turning to verticals, which we report from a billing perspective, first-quarter billings percentages were commercial 71%, fleet 13%, residential 12%, and other 3%. From a geographic perspective, North America made up 85% of revenue, and Europe was 15%. Europe was lower than normal, due largely to weakness in Germany. This was partially made up in North America, which was slightly higher compared to last quarter even though the first quarter is typically seasonally lower and despite significant macroeconomic headwinds. Non-GAAP gross margin was 31%, improving by one percentage point sequentially and up seven percentage points year on year. This is attributable to higher margins in both hardware and subscription, as well as subscription revenue growing as a percentage of total revenue. Hardware gross margin increased sequentially despite the impact of incremental tariffs and freight incurred in Q1. Subscription margins reached a record high of 60% on a GAAP basis and were even higher on a non-GAAP basis due to economies of scale and continued optimization of support costs. Based on currently available information, we expect the financial impact of tariffs on our COGS to remain minimal and expect gross margins to continue around the current range and to further improve later in the year. Non-GAAP operating expenses were $57 million, up 9% sequentially and down 15% year on year. As mentioned previously, this quarter's OpEx included the impact of annual raises and investments in certain key areas of the business. We will continue to manage OpEx closely. Non-GAAP adjusted EBITDA loss was $23 million. This compared with a loss of $17 million in the prior quarter and a loss of $36 million in the first quarter of last year. Stock-based compensation was $18 million, up from $15 million in the prior quarter and down from $22 million year on year. Our inventory balance increased by $3 million due to the impact of foreign exchange rates on inventory held by our international subsidiaries. However, we saw a decrease in inventory units across most products as we continue to sell through. We anticipate that inventory balance will reduce gradually throughout the year, helping to free up cash. Speaking of cash, we ended the quarter with $196 million in cash on hand. Q1 tends to be the quarter with the highest cash usage due to the timing of some large annual payments. We will continue to rigorously manage cash, and we have access to a $150 million revolving credit facility which remains undrawn. We have no debt maturities until 2028, and we have existing capacity on our ATM. Turning to guidance, for the second quarter of fiscal 2026, we expect revenue to be $90 million to $100 million. We are guiding with caution due to the continued changes in the macro environment, including tariff uncertainty, as well as our near-term focus on operationalizing our partnership with Eaton. While there is always a possibility of headwinds from deterioration in macro conditions, we expect revenue upside later in the year from the introduction of our new AC hardware that Rick outlined, better performance in Europe, and growth from our new partnership with Eaton. We continue to focus on revenue growth, gross margin expansion, and cost management to achieve our stated goal of being adjusted EBITDA positive in a quarter during fiscal 2026. We will now open the call for questions. At this time, I would like to remind everyone, in order to ask a question, please press star then the number one on your telephone keypad. We request that you limit yourself to one question and one follow-up. We will pause for just a moment to compile the Q&A roster. Our first question comes from the line of Colin Rusch with Oppenheimer. Your line is open. Colin Rusch: Thanks so much, guys. You know, with this Eaton partnership and what you are seeing in terms of the market and the new AC product, can you talk a little bit about the pipeline of activity and how we should be thinking about a return to growth here on the top line for the new systems? Rick Wilmer: Yeah. Thanks, Colin. I think there are a variety of forces at play, some positive, some causing caution. Obviously, the macroeconomic conditions, tariffs, and we are seeing some customers get conservative with spending in cash. There is obviously uncertainty around policies supporting the electrification of transportation, particularly in the US, which I think are also headwinds. On the other hand, we are very excited about our partnership with Eaton. We fully expect that to drive incremental growth, and there is a lot of work to do this quarter in particular to operationalize this relationship. We fully expect to hit our stride and have this, again, fully operationalized as we enter our fiscal Q3. So a variety of factors at play. Colin Rusch: Okay. And then in terms of international expansion, you know, ex-Europe, is Eaton able to help you guys get into some incremental geographies where you have not been operating to date? And how should we think about the potential for the opportunity in Central South America, other parts of North America where you are not maybe fully loaded? You know, it seems like you have got pretty good coverage in the US and Canada, but maybe you are missing something. And then, you know, potentially places like Australia and others where you could see some incremental sales. Rick Wilmer: Yeah. Eaton definitely has the capabilities to do that. At this point in time, we are focused on North America and Europe. We believe with the combined product portfolio, what we have to offer in Europe and North America, we have got plenty of TAM to address in those two geographies. But, again, the possibility definitely exists to penetrate new partnership. Colin Rusch: Thanks so much. And then just a final one on the cadence of the inventory reduction, Mansi. Should we be thinking about that as kind of low single-digit millions, mid-single-digit millions, of inventory consumption on a quarterly basis? Just want to get a better sense of how to get that number on a trajectory basis and what is the right target for you guys in terms of the right inventory that you want to be carrying on an ongoing basis? Mansi Khetani: Yeah. So, you know, obviously, there are a lot of factors that inventory balance will depend on. It depends on the mix of sell-through, the mix of production, etc. So all we can say right now is that we expect gradual reduction with a more meaningful reduction coming in the second half as we see revenue growth. Colin Rusch: Okay. I will hop back in queue. Thanks, guys. Operator: Thank you. Again, if you would like to ask a question, press star one on your telephone keypad. That is all the questions for today. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 994%* — a market-crushing outperformance compared to 172% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. *Stock Advisor returns as of June 2, 2025 This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Business Wire
6 days ago
- Business
- Business Wire
ChargePoint Reports First Quarter Fiscal Year 2026 Financial Results
CAMPBELL, Calif.--(BUSINESS WIRE)-- 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 2026 ended April 30, 2025. 'In Q1 ChargePoint continued to improve key metrics - including subscription margin and overall gross margin – while also announcing partnerships and products that are expected to deliver meaningful growth,' said Rick Wilmer, CEO at ChargePoint. 'Our new partnership with Eaton has created the market's only integrated EV charging and power management solutions, simultaneously giving ChargePoint access to Eaton's extensive distribution channels in North America and Europe. Our new AC charging architecture introduces multiple new innovations that will drive demand across commercial, residential, and fleet applications.' First Quarter Fiscal 2026 Financial Overview Revenue. First quarter revenue was $97.6 million, down 9% from $107.0 million in the prior year's same quarter. Networked charging systems revenue for the first quarter was $52.1 million, down 20% from $65.4 million in the prior year's same quarter. Subscription revenue was $38.0 million, up 14% from $33.4 million in the prior year's same quarter. Gross Margin. First quarter GAAP gross margin was 29% as compared to 22% in the prior year's same quarter, and non-GAAP gross margin was 31% as compared to 24% in the prior year's same quarter primarily due to subscription revenue growth as a percentage of total revenue and improvement in subscription margins. Operating Expenses. First quarter GAAP operating expenses were $81.8 million, down 10% from $90.7 million in the prior year's same quarter. Non-GAAP operating expenses were $56.7 million, down 15% from $66.4 million in the prior year's same quarter. Net Income/Loss. First quarter GAAP net loss was $57.1 million, down 20% from $71.8 million in the prior year's same quarter. Additionally, non-GAAP pre-tax net loss was $29.3 million, down 35% from $45.2 million in the prior year's same quarter and non-GAAP adjusted EBITDA loss was $22.8 million, down 38% from $36.5 million in the prior year's same quarter. Liquidity. As of April 30, 2025, cash and cash equivalents on the balance sheet was $196.3 million, ChargePoint's $150.0 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028. Shares Outstanding. As of April 30, 2025, the Company had approximately 462 million shares of common stock outstanding. For reconciliation of GAAP and non-GAAP results, please see the tables below. Business Highlights ChargePoint announced new AC product architecture that will feature bidirectional charging and will underpin future AC charger models sold across North America and Europe, with variants being designed for commercial, residential, and fleet applications. ChargePoint announced an industry-first partnership with Eaton Corporation, an intelligent power management company, in which the companies will integrate EV charging and infrastructure solutions and co-develop new technologies to advance vehicle-to-everything (V2X) capabilities. Second Quarter of Fiscal 2026 Guidance For the second fiscal quarter ending July 31, 2025, ChargePoint expects revenue of $90 million to $100 million. ChargePoint remains committed to its plans of achieving positive non-GAAP adjusted EBITDA during 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 first quarter fiscal year 2026 financial results. Investors may access the webcast, supplemental financial information and investor presentation at ChargePoint's investor relations website ( 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 press office, or Investor Relations. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our plans to release new AC product architecture that will feature bidirectional charging, our partnership with Eaton Corporation to integrate and co-develop new charging technologies, our projected revenue for the second quarter of fiscal year 2026 and our goal to achieve positive non-GAAP Adjusted EBITDA during a quarter in our fiscal year 2026. 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, increased tariffs 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, integrate or partner with other companies, products or technologies in a successful manner such as our integration efforts with Eaton Corporation; our dependence on widespread acceptance and adoption of EVs, including auto manufacturers' plans and strategies to transition to predominately manufacture EVs and any corresponding increased demand for installation of charging stations; our current dependence on sales of charging stations for the majority of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental policies, 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 state, federal and local charging infrastructure programs in accordance with the respective terms of such program in order to validly secure and obtain awarded funding and win additional 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 such as our new AC charging product architecture featuring bidirectional charging, inventory obsolescence, component shortages and related expense increases; the ability or success of our new AC charging product architecture to result in an increased demand for charging products by commercial, residential and fleet charging customers; 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 March 28, 2025, which is available on our website at and on the SEC's website at 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 ChargePoint 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, 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, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees. Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net loss excluding stock-based compensation expense, 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. 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, 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, 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 BALANCE SHEETS (In thousands, unaudited) January 31, 2025 Assets Current assets: Cash and cash equivalents $ 195,949 $ 224,571 Restricted cash 400 400 Accounts receivable, net 98,685 95,906 Inventories 212,428 209,262 Prepaid expenses and other current assets 46,855 36,435 Total current assets 554,317 566,574 Property and equipment, net 32,712 35,361 Intangible assets, net 67,955 66,175 Operating lease right-of-use assets 14,103 14,680 Goodwill 221,176 207,540 Other assets 7,345 7,845 Total assets $ 897,608 $ 898,175 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 52,170 $ 64,050 Accrued and other current liabilities 141,637 124,679 Deferred revenue 110,635 105,017 Total current liabilities 304,442 293,746 Deferred revenue, noncurrent 135,961 134,198 Debt, noncurrent 307,843 297,092 Operating lease liabilities 14,356 15,267 Deferred tax liabilities 12,392 12,036 Other long-term liabilities 4,026 8,365 Total liabilities 779,020 760,704 Stockholders' equity: Common stock 46 46 Additional paid-in capital 2,072,422 2,054,296 Accumulated other comprehensive loss (5,321 ) (25,433 ) Accumulated deficit (1,948,559 ) (1,891,438 ) Total stockholders' equity 118,588 137,471 Total liabilities and stockholders' equity $ 897,608 $ 898,175 Expand ChargePoint Holdings, Inc. (In thousands, unaudited) April 30, 2025 2024 Cash flows from operating activities Net loss $ (57,121 ) $ (71,799 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 6,928 7,445 Non-cash operating lease cost 876 941 Stock-based compensation 17,863 21,599 Amortization of deferred contract acquisition costs 844 785 Paid-in-kind non-cash interest expense 9,397 — Foreign currency transaction (gain) loss (3,499 ) 463 Reserves and other 1,644 8,842 Changes in operating assets and liabilities: Accounts receivable, net (13 ) 4,783 Inventories 2,816 (24,977 ) Prepaid expenses and other assets (10,703 ) (2,879 ) Accounts payable, operating lease liabilities, and accrued and other liabilities (6,418 ) (11,255 ) Deferred revenue 4,418 3,510 Net cash used in operating activities (32,968 ) (62,542 ) Cash flows from investing activities Purchases of property and equipment (1,060 ) (3,468 ) Net cash used in investing activities (1,060 ) (3,468 ) Cash flows from financing activities Proceeds from the issuance of common stock under employee equity plans, net of tax withholding 1,288 3,525 Change in driver funds and amounts due to customers 1,149 (2,483 ) Net cash provided by financing activities 2,437 1,042 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2,969 (583 ) Net decrease in cash, cash equivalents, and restricted cash (28,622 ) (65,551 ) Cash, cash equivalents, and restricted cash at beginning of period 224,971 357,810 Cash, cash equivalents, and restricted cash at end of period $ 196,349 $ 292,259 Expand ChargePoint Holdings, Inc. (In thousands, unaudited) Three Months Ended April 30, 2025 Three Months Ended April 30, 2024 Cost of Revenue: GAAP cost of revenue (as a percentage of revenue) $ 69,654 71 % $ 83,432 78 % Stock-based compensation expense (1,223 ) (1,084 ) Amortization of intangible assets (766 ) (763 ) Non-GAAP cost of revenue (as a percentage of revenue) $ 67,665 69 % $ 81,585 76 % Gross Profit: GAAP gross profit (gross margin as a percentage of revenue) $ 27,986 29 % $ 23,610 22 % Stock-based compensation expense 1,223 1,084 Amortization of intangible assets 766 763 Non-GAAP gross profit (gross margin as a percentage of revenue) $ 29,975 31 % $ 25,457 24 % Operating Expenses: GAAP research and development (as a percentage of revenue) $ 33,510 34 % $ 36,052 34 % Stock-based compensation expense (8,614 ) (8,303 ) Non-GAAP research and development (as a percentage of revenue) $ 24,896 25 % $ 27,749 26 % GAAP sales and marketing (as a percentage of revenue) $ 26,192 27 % $ 35,000 33 % Stock-based compensation expense (3,079 ) (5,441 ) Amortization of intangible assets (2,275 ) (2,261 ) Non-GAAP sales and marketing (as a percentage of revenue) $ 20,838 21 % $ 27,298 26 % GAAP general and administrative (as a percentage of revenue) $ 22,124 23 % $ 19,697 18 % Stock-based compensation expense (4,947 ) (6,771 ) Other adjustments (1) (6,259 ) (1,609 ) Non-GAAP general and administrative (as a percentage of revenue) $ 10,918 11 % $ 11,317 11 % GAAP Operating Expenses (as a percentage of revenue) $ 81,826 84 % $ 90,749 85 % Stock-based compensation expense (16,640 ) (20,515 ) Amortization of intangible assets (2,275 ) (2,261 ) Other adjustments (1) (6,259 ) (1,609 ) Non-GAAP Operating Expenses (as a percentage of revenue) $ 56,652 58 % $ 66,364 62 % Net Loss: GAAP net loss (as a percentage of revenue) $ (57,121 ) (59 )% $ (71,799 ) (67 )% Stock-based compensation expense 17,863 21,599 Amortization of intangible assets 3,041 3,024 Other adjustments (1) 6,259 1,609 Non-GAAP net loss (as a percentage of revenue) $ (29,958 ) (31 )% $ (45,567 ) (43 )% Provision for income taxes 622 408 Non-GAAP pre-tax net loss (as a percentage of revenue) $ (29,336 ) (30 )% $ (45,159 ) (42 )% Depreciation 3,887 4,421 Interest income (1,164 ) (3,209 ) Interest expense 6,436 6,611 Other expense (income), net (2,613 ) 850 Non-GAAP Adjusted EBITDA Loss (as a percentage of revenue) $ (22,790 ) (23 )% $ (36,486 ) (34 )% Expand (1) Consists of non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees. 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Yahoo
6 days ago
- Business
- Yahoo
ChargePoint Reports First Quarter Fiscal Year 2026 Financial Results
First quarter fiscal 2026 revenue of $98 million First quarter fiscal 2026 GAAP gross margin of 29% and non-GAAP gross margin of 31% First quarter fiscal 2026 subscription revenue of $38 million representing 14% year-over-year growth First quarter fiscal 2026 GAAP operating expense of $82 million and non-GAAP operating expense of $57 million, representing 10% and 15% year-over-year reduction ChargePoint expects second quarter fiscal 2026 revenue of $90 million to $100 million CAMPBELL, Calif., June 04, 2025--(BUSINESS WIRE)--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 2026 ended April 30, 2025. "In Q1 ChargePoint continued to improve key metrics - including subscription margin and overall gross margin – while also announcing partnerships and products that are expected to deliver meaningful growth," said Rick Wilmer, CEO at ChargePoint. "Our new partnership with Eaton has created the market's only integrated EV charging and power management solutions, simultaneously giving ChargePoint access to Eaton's extensive distribution channels in North America and Europe. Our new AC charging architecture introduces multiple new innovations that will drive demand across commercial, residential, and fleet applications." First Quarter Fiscal 2026 Financial Overview Revenue. First quarter revenue was $97.6 million, down 9% from $107.0 million in the prior year's same quarter. Networked charging systems revenue for the first quarter was $52.1 million, down 20% from $65.4 million in the prior year's same quarter. Subscription revenue was $38.0 million, up 14% from $33.4 million in the prior year's same quarter. Gross Margin. First quarter GAAP gross margin was 29% as compared to 22% in the prior year's same quarter, and non-GAAP gross margin was 31% as compared to 24% in the prior year's same quarter primarily due to subscription revenue growth as a percentage of total revenue and improvement in subscription margins. Operating Expenses. First quarter GAAP operating expenses were $81.8 million, down 10% from $90.7 million in the prior year's same quarter. Non-GAAP operating expenses were $56.7 million, down 15% from $66.4 million in the prior year's same quarter. Net Income/Loss. First quarter GAAP net loss was $57.1 million, down 20% from $71.8 million in the prior year's same quarter. Additionally, non-GAAP pre-tax net loss was $29.3 million, down 35% from $45.2 million in the prior year's same quarter and non-GAAP adjusted EBITDA loss was $22.8 million, down 38% from $36.5 million in the prior year's same quarter. Liquidity. As of April 30, 2025, cash and cash equivalents on the balance sheet was $196.3 million, ChargePoint's $150.0 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028. Shares Outstanding. As of April 30, 2025, the Company had approximately 462 million shares of common stock outstanding. For reconciliation of GAAP and non-GAAP results, please see the tables below. Business Highlights ChargePoint announced new AC product architecture that will feature bidirectional charging and will underpin future AC charger models sold across North America and Europe, with variants being designed for commercial, residential, and fleet applications. ChargePoint announced an industry-first partnership with Eaton Corporation, an intelligent power management company, in which the companies will integrate EV charging and infrastructure solutions and co-develop new technologies to advance vehicle-to-everything (V2X) capabilities. Second Quarter of Fiscal 2026 Guidance For the second fiscal quarter ending July 31, 2025, ChargePoint expects revenue of $90 million to $100 million. ChargePoint remains committed to its plans of achieving positive non-GAAP adjusted EBITDA during 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 first quarter fiscal year 2026 financial results. Investors may access the webcast, supplemental financial information and investor presentation at ChargePoint's investor relations website ( 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 press office, or Investor Relations. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our plans to release new AC product architecture that will feature bidirectional charging, our partnership with Eaton Corporation to integrate and co-develop new charging technologies, our projected revenue for the second quarter of fiscal year 2026 and our goal to achieve positive non-GAAP Adjusted EBITDA during a quarter in our fiscal year 2026. 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, increased tariffs 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, integrate or partner with other companies, products or technologies in a successful manner such as our integration efforts with Eaton Corporation; our dependence on widespread acceptance and adoption of EVs, including auto manufacturers' plans and strategies to transition to predominately manufacture EVs and any corresponding increased demand for installation of charging stations; our current dependence on sales of charging stations for the majority of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental policies, 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 state, federal and local charging infrastructure programs in accordance with the respective terms of such program in order to validly secure and obtain awarded funding and win additional 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 such as our new AC charging product architecture featuring bidirectional charging, inventory obsolescence, component shortages and related expense increases; the ability or success of our new AC charging product architecture to result in an increased demand for charging products by commercial, residential and fleet charging customers; 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 March 28, 2025, which is available on our website at and on the SEC's website at 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 ChargePoint 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, 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, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees. Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net loss excluding stock-based compensation expense, 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. 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, 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, 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 EndedApril 30, 2025 2024 Revenue Networked charging systems $ 52,059 $ 65,374 Subscriptions 38,020 33,444 Other 7,561 8,224 Total revenue 97,640 107,042 Cost of revenue Networked charging systems 48,638 61,066 Subscriptions 15,366 17,742 Other 5,650 4,624 Total cost of revenue 69,654 83,432 Gross profit 27,986 23,610 Operating expenses Research and development 33,510 36,052 Sales and marketing 26,192 35,000 General and administrative 22,124 19,697 Total operating expenses 81,826 90,749 Loss from operations (53,840 ) (67,139 ) Interest income 1,164 3,209 Interest expense (6,436 ) (6,611 ) Other income (expense), net 2,613 (850 ) Net loss before income taxes (56,499 ) (71,391 ) Provision for income taxes 622 408 Net loss $ (57,121 ) $ (71,799 ) Net loss per share, basic and diluted $ (0.12 ) $ (0.17 ) Weighted average shares outstanding, basic and diluted 459,045,570 423,290,222 ChargePoint Holdings, Inc. PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, unaudited) April 30, 2025 January 31, 2025 Assets Current assets: Cash and cash equivalents $ 195,949 $ 224,571 Restricted cash 400 400 Accounts receivable, net 98,685 95,906 Inventories 212,428 209,262 Prepaid expenses and other current assets 46,855 36,435 Total current assets 554,317 566,574 Property and equipment, net 32,712 35,361 Intangible assets, net 67,955 66,175 Operating lease right-of-use assets 14,103 14,680 Goodwill 221,176 207,540 Other assets 7,345 7,845 Total assets $ 897,608 $ 898,175 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 52,170 $ 64,050 Accrued and other current liabilities 141,637 124,679 Deferred revenue 110,635 105,017 Total current liabilities 304,442 293,746 Deferred revenue, noncurrent 135,961 134,198 Debt, noncurrent 307,843 297,092 Operating lease liabilities 14,356 15,267 Deferred tax liabilities 12,392 12,036 Other long-term liabilities 4,026 8,365 Total liabilities 779,020 760,704 Stockholders' equity: Common stock 46 46 Additional paid-in capital 2,072,422 2,054,296 Accumulated other comprehensive loss (5,321 ) (25,433 ) Accumulated deficit (1,948,559 ) (1,891,438 ) Total stockholders' equity 118,588 137,471 Total liabilities and stockholders' equity $ 897,608 $ 898,175 ChargePoint Holdings, Inc. PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, unaudited) Three Months EndedApril 30, 2025 2024 Cash flows from operating activities Net loss $ (57,121 ) $ (71,799 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 6,928 7,445 Non-cash operating lease cost 876 941 Stock-based compensation 17,863 21,599 Amortization of deferred contract acquisition costs 844 785 Paid-in-kind non-cash interest expense 9,397 — Foreign currency transaction (gain) loss (3,499 ) 463 Reserves and other 1,644 8,842 Changes in operating assets and liabilities: Accounts receivable, net (13 ) 4,783 Inventories 2,816 (24,977 ) Prepaid expenses and other assets (10,703 ) (2,879 ) Accounts payable, operating lease liabilities, and accrued and other liabilities (6,418 ) (11,255 ) Deferred revenue 4,418 3,510 Net cash used in operating activities (32,968 ) (62,542 ) Cash flows from investing activities Purchases of property and equipment (1,060 ) (3,468 ) Net cash used in investing activities (1,060 ) (3,468 ) Cash flows from financing activities Proceeds from the issuance of common stock under employee equity plans, net of tax withholding 1,288 3,525 Change in driver funds and amounts due to customers 1,149 (2,483 ) Net cash provided by financing activities 2,437 1,042 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2,969 (583 ) Net decrease in cash, cash equivalents, and restricted cash (28,622 ) (65,551 ) Cash, cash equivalents, and restricted cash at beginning of period 224,971 357,810 Cash, cash equivalents, and restricted cash at end of period $ 196,349 $ 292,259 ChargePoint Holdings, Inc. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, unaudited) Three Months EndedApril 30, 2025 Three Months EndedApril 30, 2024 Cost of Revenue: GAAP cost of revenue (as a percentage of revenue) $ 69,654 71 % $ 83,432 78 % Stock-based compensation expense (1,223 ) (1,084 ) Amortization of intangible assets (766 ) (763 ) Non-GAAP cost of revenue (as a percentage of revenue) $ 67,665 69 % $ 81,585 76 % Gross Profit: GAAP gross profit (gross margin as a percentage of revenue) $ 27,986 29 % $ 23,610 22 % Stock-based compensation expense 1,223 1,084 Amortization of intangible assets 766 763 Non-GAAP gross profit (gross margin as a percentage of revenue) $ 29,975 31 % $ 25,457 24 % Operating Expenses: GAAP research and development (as a percentage of revenue) $ 33,510 34 % $ 36,052 34 % Stock-based compensation expense (8,614 ) (8,303 ) Non-GAAP research and development (as a percentage of revenue) $ 24,896 25 % $ 27,749 26 % GAAP sales and marketing (as a percentage of revenue) $ 26,192 27 % $ 35,000 33 % Stock-based compensation expense (3,079 ) (5,441 ) Amortization of intangible assets (2,275 ) (2,261 ) Non-GAAP sales and marketing (as a percentage of revenue) $ 20,838 21 % $ 27,298 26 % GAAP general and administrative (as a percentage of revenue) $ 22,124 23 % $ 19,697 18 % Stock-based compensation expense (4,947 ) (6,771 ) Other adjustments (1) (6,259 ) (1,609 ) Non-GAAP general and administrative (as a percentage of revenue) $ 10,918 11 % $ 11,317 11 % GAAP Operating Expenses (as a percentage of revenue) $ 81,826 84 % $ 90,749 85 % Stock-based compensation expense (16,640 ) (20,515 ) Amortization of intangible assets (2,275 ) (2,261 ) Other adjustments (1) (6,259 ) (1,609 ) Non-GAAP Operating Expenses (as a percentage of revenue) $ 56,652 58 % $ 66,364 62 % Net Loss: GAAP net loss (as a percentage of revenue) $ (57,121 ) (59 )% $ (71,799 ) (67 )% Stock-based compensation expense 17,863 21,599 Amortization of intangible assets 3,041 3,024 Other adjustments (1) 6,259 1,609 Non-GAAP net loss (as a percentage of revenue) $ (29,958 ) (31 )% $ (45,567 ) (43 )% Provision for income taxes 622 408 Non-GAAP pre-tax net loss (as a percentage of revenue) $ (29,336 ) (30 )% $ (45,159 ) (42 )% Depreciation 3,887 4,421 Interest income (1,164 ) (3,209 ) Interest expense 6,436 6,611 Other expense (income), net (2,613 ) 850 Non-GAAP Adjusted EBITDA Loss (as a percentage of revenue) $ (22,790 ) (23 )% $ (36,486 ) (34 )% (1) Consists of non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees. View source version on Contacts Investor Relations investors@ Press John Paolo CantonVice President, AJ GosselinDirector, Corporate media@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
21-05-2025
- Automotive
- Bloomberg
A Partnership That May Change Future of EV Charging
ChargePoint and power management company Eaton are announcing a partnership to accelerate and simplify the deployment of EV charging infrastructure. Rick Wilmer, ChargePoint President & CEO joined Bloomberg Open Interest to talk about the deal. (Source: Bloomberg)
