- Fiscal fourth quarter revenue of $116 million and full
fiscal year revenue of $507 million
- Fiscal fourth quarter GAAP gross margin of 19% and non-GAAP
gross margin of 22%; full fiscal year GAAP gross margin of 6% and
non-GAAP gross margin of 8%
- Full fiscal year subscription revenue of $120 million
representing 41% year-over year growth
- ChargePoint guides to first quarter fiscal 2025 revenue of
$100 to $110 million
ChargePoint Holdings, Inc. (NYSE:CHPT)
(“ChargePoint”), a leading provider of networked solutions for
charging electric vehicles (EVs), today reported results for its
fourth quarter and full fiscal year ended January 31, 2024.
“In the fourth quarter, ChargePoint continued to focus on
operational execution, delivering sequential revenue growth,
normalization in gross margin, reduction of operating expenses, and
a significant decrease in cash usage. Quarterly milestones included
the opening of the Mercedes-Benz HPC NA charging network and
receiving FedRAMP authority to operate, which enables ChargePoint
to bid for United States government contracts,” said Rick Wilmer,
CEO of ChargePoint. “Looking ahead, we are focused on operational
excellence, delivering world-class driver experiences,
prioritization of our software platform, and hardware innovation.
This will drive growth for the ChargePoint business, and enable the
EV charging needs of our customers.”
Fourth Quarter Fiscal 2024 Financial Overview
- Revenue. Fourth quarter revenue was $115.8 million, down
24% from $152.8 million in the prior year’s same quarter. Networked
charging systems revenue for the fourth quarter was $74.0 million,
down 39% from $122.3 million in the prior year’s same quarter.
Subscription revenue was $33.5 million, up 30% from $25.7 million
in the prior year’s same quarter.
- Gross Margin. Fourth quarter GAAP gross margin was 19%
as compared to 22% in the prior year's same quarter, and non-GAAP
gross margin was 22% as compared to 23% in the prior year's same
quarter.
- Net Income/Loss. Fourth quarter GAAP net loss was $94.7
million, as compared to $78.7 million in the prior year's same
quarter. Non-GAAP pre-tax net loss was $51.6 million as compared to
$45.5 million in the prior year's same quarter. Non-GAAP Adjusted
EBITDA Loss was $45.3 million as compared to $42.1 million in the
prior year's same quarter.
- Liquidity. As of January 31, 2024, cash, cash
equivalents and restricted cash on the balance sheet was $357.8
million. ChargePoint's $150 million revolving credit facility
remains undrawn and ChargePoint has no debt maturities until
2028.
- Shares Outstanding. As of January 31, 2024, the Company
had approximately 421 million shares of common stock
outstanding.
Full Fiscal 2024 Financial Overview
- Revenue. For the full year, revenue was $506.6 million,
up 8% from $468.1 million in the prior year. Networked charging
systems revenue for the full year was $360.8 million, down 1% from
$363.6 million in the prior year, and subscription revenue was
$120.4 million, up 41% from $85.3 million in the prior year.
- Gross Margin. Full year GAAP gross margin was 6% as
compared to 18% in the prior year. Full year non-GAAP gross margin,
which primarily excludes stock-based compensation expense,
amortization from acquired intangible assets and non-recurring
restructuring costs, was 8% as compared to 20% in the prior
year.
- Net Income/Loss. Full year GAAP net loss was $457.6
million as compared to $345.1 million in the prior year. Full year
non-GAAP pre-tax net loss, which primarily excludes stock-based
compensation expense, amortization expense and other items, was
$296.7 million as compared to $235.8 million in the prior year.
Non-GAAP Adjusted EBITDA Loss was $272.7 million as compared to
$217.0 million in the prior year.
For a reconciliation of GAAP and non-GAAP results, please see
the tables below.
First Quarter and Fourth Quarter of Fiscal 2025
Guidance
For the first quarter of fiscal year 2025 ending April 30, 2024,
ChargePoint expects revenue of $100 million to $110 million. At the
midpoint, this represents an anticipated decrease of 19% as
compared to the prior year’s same quarter.
For the fourth quarter of fiscal year 2025 ending January 31,
2025, the Company reaffirms its goal to achieve positive non-GAAP
Adjusted EBITDA.
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 fourth quarter and full fiscal year
2024 financial results.
Investors may access the webcast, supplemental financial
information and investor presentation at ChargePoint’s investor
relations website (investors.chargepoint.com) under the “Events and
Presentations” section. A replay will be available after the
conclusion of the webcast and archived for one year.
About ChargePoint
ChargePoint is creating a new fueling network to move people and
goods on electricity. Since 2007, ChargePoint has been committed to
making it easy for businesses and drivers to go electric with one
of the largest EV charging networks and a comprehensive portfolio
of charging solutions. The ChargePoint cloud subscription platform
and software-defined charging hardware are designed to include
options for every charging scenario from home and multifamily to
workplace, parking, hospitality, retail and transport fleets of all
types. Today, one ChargePoint account provides access to hundreds
of thousands of places to charge in North America and Europe. 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 projected revenue for the first quarter of fiscal
year 2025 and our goal to achieve positive non-GAAP Adjusted EBITDA
in the fourth quarter of fiscal year 2025. There are a significant
number of factors that could cause actual results to differ
materially from the statements made in this press release,
including: macroeconomic trends including changes in or sustained
inflation, interest rate volatility, or other events beyond our
control on the overall economy which may reduce demand for our
products and services, geopolitical events and conflicts, adverse
impacts to our business and those of our customers and suppliers,
including due to supply chain disruptions, 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-Q
filed with the Securities and Exchange Commission (the “SEC”) on
December 8, 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 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 the Company 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, amortization expense of acquired intangible
assets, and restructuring costs for severances and
employment-related termination costs, and facility and other
contract terminations. Non-GAAP gross margin is non-GAAP gross
profit as a percentage of revenue.
Non-GAAP Cost of Revenue and Operating Expenses (includes
Non-GAAP research and development, Non-GAAP sales and marketing and
Non-GAAP general and administrative). ChargePoint defines non-GAAP
cost of revenue and operating expenses as cost of revenue and
operating expenses excluding stock-based compensation expense,
restructuring costs for severances and employment-related
termination costs, and facility and other contract terminations,
amortization expense of acquired intangible assets, non-recurring
costs and professional services fees associated with acquisitions,
registration filings and modification of convertible debt, non-cash
charges related to tax liabilities and litigation, and non-cash
charges related to the change in 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, restructuring
costs for severances and employment-related termination costs, and
facility and other contract terminations, amortization expense of
acquired intangible assets, non-recurring costs and professional
services fees associated with acquisitions, registration filings
and modification of convertible debt, non-cash charges related to
tax liabilities and litigation, and non-cash charges related to the
change in fair value of assumed common stock warrant liabilities.
These amounts reflect the impact of any related tax effects.
Non-GAAP pre-tax net loss is non-GAAP net loss adjusted for
provision for income taxes.
Non-GAAP Adjusted EBITDA Loss. ChargePoint defines non-GAAP
adjusted EBITDA loss as net loss excluding stock-based compensation
expense, restructuring costs for severances and employment-related
termination costs, and facility and other contract terminations,
amortization expense of acquired intangible assets, non-recurring
costs and professional services fees associated with acquisitions,
registration filings and modification of convertible debt, non-cash
charges related to tax liabilities and litigation, 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
January 31,
Twelve Months Ended
January 31,
2024
2023
2024
2023
Revenue
Networked charging systems
$
74,034
$
122,331
$
360,822
$
363,622
Subscriptions
33,510
25,735
120,445
85,296
Other
8,289
4,761
25,372
19,176
Total revenue
115,833
152,827
506,639
468,094
Cost of revenue
Networked charging systems
68,814
102,189
386,149
318,628
Subscriptions
20,099
14,110
73,595
51,416
Other
4,515
3,536
16,777
12,117
Total cost of revenue
93,428
119,835
476,521
382,161
Gross profit
22,405
32,992
30,118
85,933
Operating expenses
Research and development
55,219
46,721
220,781
194,957
Sales and marketing
33,641
40,550
150,186
142,392
General and administrative
26,475
24,027
109,102
90,366
Total operating expenses
115,335
111,298
480,069
427,715
Loss from operations
(92,930
)
(78,306
)
(449,951
)
(341,782
)
Interest income
3,435
2,063
9,603
5,534
Interest expense
(6,600
)
(2,966
)
(16,273
)
(9,434
)
Change in fair value of assumed common
stock warrant liabilities
—
—
—
(24
)
Other income (expense), net
1,165
1,078
(1,009
)
(1,569
)
Net loss before income taxes
(94,930
)
(78,131
)
(457,630
)
(347,275
)
Provision for (benefit from) income
taxes
(183
)
530
(21
)
(2,167
)
Net loss
$
(94,747
)
$
(78,661
)
$
(457,609
)
$
(345,108
)
Net loss per share, basic and diluted
$
(0.23
)
$
(0.23
)
$
(1.22
)
$
(1.02
)
Weighted average shares outstanding, basic
and diluted
419,185,407
342,796,004
375,529,882
338,488,667
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
unaudited)
January 31, 2024
January 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
327,410
$
264,162
Restricted cash
30,400
30,400
Short-term investments
—
104,966
Accounts receivable, net
124,049
164,892
Inventories
198,580
68,730
Prepaid expenses and other current
assets
62,244
71,020
Total current assets
742,683
704,170
Property and equipment, net
42,446
40,046
Intangible assets, net
80,555
92,673
Operating lease right-of-use assets
15,362
22,242
Goodwill
213,750
213,716
Other assets
8,567
7,110
Total assets
$
1,103,363
$
1,079,957
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
71,081
$
62,076
Accrued and other current liabilities
159,104
133,483
Deferred revenue
99,968
88,777
Total current liabilities
330,153
284,336
Deferred revenue, noncurrent
131,471
109,833
Debt, noncurrent
283,704
294,936
Operating lease liabilities
17,350
21,841
Deferred tax liabilities
11,252
12,987
Other long-term liabilities
1,757
1,032
Total liabilities
775,687
724,965
Stockholders' equity:
Common stock
42
35
Additional paid-in capital
1,957,932
1,528,104
Accumulated other comprehensive loss
(15,926
)
(16,384
)
Accumulated deficit
(1,614,372
)
(1,156,763
)
Total stockholders' equity
327,676
354,992
Total liabilities and stockholders'
equity
$
1,103,363
$
1,079,957
ChargePoint Holdings,
Inc.
PRELIMINARY CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands,
unaudited)
Twelve Months Ended
January 31,
2024
2023
Cash flows from operating
activities
Net loss
$
(457,609
)
$
(345,108
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
28,486
25,050
Non-cash operating lease cost
4,343
4,739
Stock-based compensation
117,327
93,350
Amortization of deferred contract
acquisition costs
2,859
2,361
Inventory impairment
70,000
—
Other
8,439
16,856
Changes in operating assets and
liabilities, net of effect of acquisitions:
Accounts receivable, net
36,510
(94,600
)
Inventories
(173,661
)
(39,358
)
Prepaid expenses and other assets
7,002
(37,969
)
Accounts payable, operating lease
liabilities, and accrued and other liabilities
(5,466
)
55,827
Deferred revenue
32,829
51,803
Net cash used in operating activities
(328,941
)
(267,049
)
Cash flows from investing
activities
Purchases of property and equipment
(19,424
)
(18,563
)
Purchases of short term investments
—
(284,835
)
Maturities of investments
105,000
180,000
Cash paid for acquisitions, net of cash
acquired
—
(2,756
)
Net cash provided by (used in) investing
activities
85,576
(126,154
)
Cash flows from financing
activities
Proceeds from the exercise of warrants
—
6,884
Proceeds from issuance of debt, net of
discount and issuance costs
—
293,972
Debt issuance costs related to the
revolving credit facility
(2,882
)
—
Proceeds from the issuance of common stock
under employee equity plans, net of tax withholding
12,054
11,446
Proceeds from issuance of common stock in
connection with ATM offerings
287,198
49,450
Change in driver funds and amounts due to
customers
13,691
11,107
Settlement of contingent earnout
liability
(3,537
)
—
Net cash provided by financing
activities
306,524
372,859
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
89
(729
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
63,248
(21,073
)
Cash, cash equivalents, and restricted
cash at beginning of period
294,562
315,635
Cash, cash equivalents, and restricted
cash at end of period
$
357,810
$
294,562
ChargePoint Holdings,
Inc.
RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES
(In thousands,
unaudited)
Three Months Ended
January 31, 2024
Three Months Ended
January 31, 2023
Twelve Months Ended
January 31, 2024
Twelve Months Ended
January 31, 2023
Cost of Revenue:
GAAP cost of revenue
$
93,428
$
119,835
$
476,521
$
382,161
Stock-based compensation expense
(1,375
)
(1,080
)
(6,154
)
(4,351
)
Amortization of intangible assets
(770
)
(756
)
(3,061
)
(2,847
)
Restructuring costs (1)
(632
)
(257
)
(1,628
)
(257
)
Non-GAAP cost of revenue
$
90,651
$
117,742
$
465,678
$
374,706
Non-GAAP gross profit (loss) (gross
margin as a percentage of revenue)
$
25,182
22
%
$
35,085
23
%
$
40,961
8
%
$
93,388
20
%
Operating Expenses:
GAAP research and development
$
55,219
$
46,721
$
220,781
$
194,957
Stock-based compensation expense
(11,131
)
(10,369
)
(50,935
)
(37,967
)
Restructuring costs (1)
(7,540
)
(1,149
)
(11,722
)
(1,149
)
Non-GAAP research and development (as a
percentage of revenue)
$
36,548
32
%
$
35,203
23
%
$
158,124
31
%
$
155,841
33
%
GAAP sales and marketing
$
33,641
$
40,550
$
150,186
$
142,392
Stock-based compensation expense
(5,541
)
(4,599
)
(22,934
)
(17,393
)
Amortization of intangible assets
(2,286
)
(2,236
)
(9,079
)
(8,798
)
Restructuring costs (1)
(500
)
(653
)
(1,843
)
(653
)
Non-GAAP sales and marketing (as a
percentage of revenue)
$
25,314
22
%
$
33,062
22
%
$
116,330
23
%
$
115,548
25
%
GAAP general and administrative
$
26,475
$
24,027
$
109,102
$
90,366
Stock-based compensation expense
(7,345
)
(9,657
)
(37,314
)
(33,639
)
Restructuring costs (1)
(3,981
)
(113
)
(13,061
)
(113
)
Acquisition-related costs (2)
—
(1,295
)
—
(2,297
)
Other adjustments (3)
(2,279
)
(500
)
(3,172
)
(1,963
)
Non-GAAP general and administrative (as
a percentage of revenue)
$
12,870
11
%
$
12,462
8
%
$
55,555
11
%
$
52,354
11
%
Non-GAAP Operating Expenses (as a
percentage of revenue)
$
74,732
65
%
$
80,727
53
%
$
330,009
65
%
$
323,743
69
%
Net Loss:
GAAP net loss
$
(94,747
)
$
(78,661
)
$
(457,609
)
$
(345,108
)
Stock-based compensation expense
25,392
25,705
117,337
93,350
Amortization of intangible assets
3,056
2,992
12,140
11,645
Restructuring costs (1)
12,653
2,172
28,254
2,172
Acquisition-related costs (2)
—
1,295
—
2,297
Other adjustments (3)
2,279
500
3,172
1,987
Non-GAAP net loss (as a percentage of
revenue)
$
(51,367
)
(44
)%
$
(45,997
)
(30
) %
$
(296,706
)
(59
) %
$
(233,657
)
(50
) %
Provision for (benefit from) income
taxes
(183
)
530
(21
)
(2,167
)
Non-GAAP pre-tax net loss (as a
percentage of revenue)
$
(51,550
)
(45
)%
$
(45,467
)
(30
) %
$
(296,727
)
(59
) %
$
(235,824
)
(50
) %
Depreciation
4,270
3,495
16,345
13,404
Interest income
(3,435
)
(2,063
)
(9,603
)
(5,534
)
Interest expense
6,600
2,966
16,273
9,434
Other expense (income), net
(1,165
)
(1,078
)
1,009
1,569
Non-GAAP Adjusted EBITDA Loss (as a
percentage of revenue)
$
(45,280
)
(39
)%
$
(42,147
)
(28
) %
$
(272,703
)
(54
) %
$
(216,951
)
(46
) %
(1)
Consists of restructuring costs for
severances and employment-related termination costs, and facility
and other contract terminations.
(2)
Consists of professional services fees
related to acquisitions, as well as increase in the ViriCiti
earn-out liability related to the acquisition of ViriCiti Group
B.V. in August 2021.
(3)
Consists of non-cash charges related to
tax liabilities and litigation, professional services fees related
to registration filings and modification of convertible debt, and
the change in fair value of assumed common stock warrant
liabilities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305919380/en/
Investor Relations Patrick
Hamer Vice President, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com investors@chargepoint.com
Press John Paolo Canton Vice
President, Communications JP.Canton@chargepoint.com
AJ Gosselin Director, Corporate Communications
AJ.Gosselin@chargepoint.com media@chargepoint.com
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