Company Announcements

ChargePoint Reports Second Quarter Fiscal Year 2025 Financial Results

  • Second quarter fiscal 2025 revenue of $109 million
  • Second quarter fiscal 2025 GAAP gross margin of 24% and non-GAAP gross margin of 26%
  • Second quarter fiscal 2025 subscription revenue of $36 million representing 21% year over year growth
  • Second quarter fiscal 2025 GAAP operating expense of $88 million and non-GAAP operating expense of $66 million, representing 29% and 25% year over year improvement
  • ChargePoint announces an estimated $41 million reduction in annualized GAAP operating expenses and $38 million reduction in annualized non-GAAP operating expenses
  • ChargePoint guides to third quarter fiscal 2025 revenue of $85 to $95 million

 

CAMPBELL, Calif.--(BUSINESS WIRE)--Sep. 4, 2024-- ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its second quarter of fiscal year 2025 ended July 31, 2024.

“ChargePoint continued to execute against its strategy and deliver results in line with our stated goals. Our second quarter revenue was within our stated guidance range and gross margin improved sequentially for the third consecutive quarter. Today, we have implemented an action plan to create efficiencies while reducing operating expenses,” said Rick Wilmer, CEO of ChargePoint. “Our focus on delivering new software and hardware solutions that make it easier to go electric remains unchanged."

Second Quarter Fiscal 2025 Financial Overview

  • Revenue. Second quarter revenue was $108.5 million, down 28% from $150.5 million in the prior year’s same quarter. Networked charging systems revenue for the second quarter was $64.1 million, down 44% from $114.6 million in the prior year’s same quarter. Subscription revenue was $36.2 million, up 21% from $30.0 million in the prior year’s same quarter.
  • Gross Margin. Second quarter GAAP gross margin was 24% as compared to 1% in the prior year's same quarter, and non-GAAP gross margin was 26% as compared to 3% in the prior year's same quarter, in both cases primarily due to $28.0 million inventory impairment charge taken in the prior year to address legacy supply-chain related costs and supply overruns on a particular DC product.
  • Operating Expenses. Second quarter GAAP operating expenses were $88.3 million, down 29% from $124.5 million in the prior year's same quarter. Non-GAAP operating expenses were $66.4 million, down 25% from $88.9 million in the prior year's same quarter.
  • Net Income/Loss. Second quarter GAAP net loss was $68.9 million, down 45% from $125.3 million in the prior year's same quarter. Non-GAAP pre-tax net loss was $43.0 million, down 50% from $86.1 million in the prior year's same quarter, both reflecting the $28.0 million inventory impairment charge taken in the prior year. Non-GAAP Adjusted EBITDA Loss was $34.1 million, down 58% from $81.2 million in the prior year's same quarter.
  • Liquidity. As of July 31, 2024, cash and cash equivalents on the balance sheet was $243.7 million. ChargePoint's$150 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028.
  • Shares Outstanding. As of July 31, 2024, the Company had approximately 431 million shares of common stock outstanding.

For reconciliation of GAAP and non-GAAP results, please see the tables below.

Business Highlights

  • ChargePoint and LG Electronics formed a strategic relationship leveraging each company’s technology and expertise for future innovations in EV charging. This may include commercial charging solutions, with areas under collaboration including LG's smart home solutions, home energy storage, and charging with out-of-home advertising.
  • ChargePoint launched Omni Port which aims to solve EV connector confusion by enabling drivers of all makes of EVs to charge in any parking space, regardless of connector type.
  • ChargePoint extended its commitment to delivering world-class driver experiences with the introduction of a new AI-powered driver support tool to rapidly accelerate the diagnosis and repair of charging stations in the field.

Reorganization

Today, ChargePoint announced the reorganization of its operations including a reduction of ChargePoint's current global workforce by approximately 15% (the “Reorganization”). The Reorganization is expected to result in estimated annualized GAAP and non-GAAP operating expense savings of approximately $41 million and $38 million, respectively, while creating efficiencies by streamlining functions across the Company. The Company estimates the aggregate restructuring costs associated with the Reorganization to be approximately $10 million, primarily consisting of severance payments, employee benefits and related costs. The Company expects to incur these costs primarily during the third and fourth fiscal quarters.

Third Quarter and Fourth Quarter of Fiscal 2025 Guidance

For the third fiscal quarter ending October 31, 2024, ChargePoint expects revenue of $85 million to $95 million.

The Company is concentrating on returning to growth and streamlining operations to continue on its path to positive non-GAAP Adjusted EBITDA, which is now targeted during 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 second quarter fiscal 2025 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 the potential operating expenses savings and costs associated with our Reorganization, our projected revenue for the third quarter of fiscal year 2025 and our goal to achieve positive non-GAAP Adjusted EBITDA. 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, integrate or partner with other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs, including auto manufacture's plans and strategies to transition to predominately manufacture EV and any corresponding 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 ability, and our reliance on our customers, to successfully implement, construct and manage National Electric Vehicle Infrastructure (NEVI) grant opportunities in accordance with the respective terms of the NEVI program in order to validly secure and obtain awarded funding and win additional NEVI 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, 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 June 6, 2024, 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 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, restructuring costs for severances and employment-related termination costs, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses.

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, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses. 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, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses, 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

July 31,

 

Six Months Ended

July 31,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Revenue

 

 

 

 

 

 

 

Networked charging systems

$

64,146

 

 

$

114,574

 

 

$

129,520

 

 

$

212,894

 

Subscriptions

 

36,191

 

 

 

30,011

 

 

 

69,636

 

 

 

56,376

 

Other

 

8,202

 

 

 

5,909

 

 

 

16,426

 

 

 

11,253

 

Total revenue

 

108,539

 

 

 

150,494

 

 

 

215,582

 

 

 

280,523

 

Cost of revenue

 

 

 

 

 

 

 

Networked charging systems

 

59,234

 

 

 

126,961

 

 

 

120,300

 

 

 

207,883

 

Subscriptions

 

18,558

 

 

 

18,692

 

 

 

36,300

 

 

 

33,497

 

Other

 

5,162

 

 

 

3,716

 

 

 

9,787

 

 

 

7,483

 

Total cost of revenue

 

82,954

 

 

 

149,369

 

 

 

166,387

 

 

 

248,863

 

Gross profit

 

25,585

 

 

 

1,125

 

 

 

49,195

 

 

 

31,660

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

36,510

 

 

 

59,642

 

 

 

72,562

 

 

 

109,039

 

Sales and marketing

 

36,699

 

 

 

39,671

 

 

 

71,698

 

 

 

76,711

 

General and administrative

 

15,122

 

 

 

25,144

 

 

 

34,819

 

 

 

49,164

 

Total operating expenses

 

88,331

 

 

 

124,457

 

 

 

179,079

 

 

 

234,914

 

Loss from operations

 

(62,746

)

 

 

(123,332

)

 

 

(129,884

)

 

 

(203,254

)

Interest income

 

2,118

 

 

 

1,840

 

 

 

5,326

 

 

 

4,300

 

Interest expense

 

(6,560

)

 

 

(2,926

)

 

 

(13,171

)

 

 

(5,853

)

Other income (expense), net

 

(38

)

 

 

68

 

 

 

(888

)

 

 

642

 

Net loss before income taxes

 

(67,226

)

 

 

(124,350

)

 

 

(138,617

)

 

 

(204,165

)

Provision for income taxes

 

1,648

 

 

 

905

 

 

 

2,056

 

 

 

478

 

Net loss

$

(68,874

)

 

$

(125,255

)

 

$

(140,673

)

 

$

(204,643

)

Net loss per share, basic and diluted

$

(0.16

)

 

$

(0.35

)

 

$

(0.33

)

 

$

(0.58

)

Weighted average shares outstanding, basic and diluted

 

427,532,688

 

 

 

355,876,807

 

 

 

425,434,765

 

 

 

353,008,473

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

July 31, 2024

 

January 31, 2024

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

243,263

 

 

$

327,410

 

Restricted cash

 

400

 

 

 

30,400

 

Accounts receivable, net

 

111,480

 

 

 

124,049

 

Inventories

 

228,519

 

 

 

198,580

 

Prepaid expenses and other current assets

 

69,249

 

 

 

62,244

 

Total current assets

 

652,911

 

 

 

742,683

 

Property and equipment, net

 

39,306

 

 

 

42,446

 

Intangible assets, net

 

74,490

 

 

 

80,555

 

Operating lease right-of-use assets

 

15,604

 

 

 

15,362

 

Goodwill

 

213,757

 

 

 

213,750

 

Other assets

 

7,709

 

 

 

8,567

 

Total assets

$

1,003,777

 

 

$

1,103,363

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

71,441

 

 

$

71,081

 

Accrued and other current liabilities

 

146,679

 

 

 

159,104

 

Deferred revenue

 

102,863

 

 

 

99,968

 

Total current liabilities

 

320,983

 

 

 

330,153

 

Deferred revenue, noncurrent

 

135,690

 

 

 

131,471

 

Debt, noncurrent

 

285,675

 

 

 

283,704

 

Operating lease liabilities

 

17,102

 

 

 

17,350

 

Deferred tax liabilities

 

11,933

 

 

 

11,252

 

Other long-term liabilities

 

1,504

 

 

 

1,757

 

Total liabilities

 

772,887

 

 

 

775,687

 

Stockholders' equity:

 

 

 

Common stock

 

43

 

 

 

42

 

Additional paid-in capital

 

2,001,845

 

 

 

1,957,932

 

Accumulated other comprehensive loss

 

(15,953

)

 

 

(15,926

)

Accumulated deficit

 

(1,755,045

)

 

 

(1,614,372

)

Total stockholders' equity

 

230,890

 

 

 

327,676

 

Total liabilities and stockholders' equity

$

1,003,777

 

 

$

1,103,363

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Six Months Ended

July 31,

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

Net loss

$

(140,673

)

 

$

(204,643

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

14,896

 

 

 

14,018

 

Non-cash operating lease cost

 

1,863

 

 

 

2,199

 

Stock-based compensation

 

40,369

 

 

 

59,063

 

Amortization of deferred contract acquisition costs

 

1,578

 

 

 

1,380

 

Inventory impairment

 

 

 

 

28,000

 

Reserves and other

 

12,683

 

 

 

5,026

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

7,636

 

 

 

(40,562

)

Inventories

 

(28,429

)

 

 

(97,906

)

Prepaid expenses and other assets

 

(8,160

)

 

 

(12,365

)

Accounts payable, operating lease liabilities, and accrued and other liabilities

 

(22,624

)

 

 

33,957

 

Deferred revenue

 

7,155

 

 

 

21,231

 

Net cash used in operating activities

 

(113,706

)

 

 

(190,602

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(7,301

)

 

 

(9,877

)

Maturities of investments

 

 

 

 

105,000

 

Net cash provided by (used in) investing activities

 

(7,301

)

 

 

95,123

 

Cash flows from financing activities

 

 

 

Debt issuance costs related to the revolving credit facility

 

 

 

 

(2,265

)

Proceeds from the issuance of common stock under employee equity plans, net of tax withholding

 

4,548

 

 

 

6,212

 

Proceeds from issuance of common stock in connection with ATM offerings, net of issuance costs

 

 

 

 

54,799

 

Change in driver funds and amounts due to customers

 

2,378

 

 

 

8,839

 

Settlement of contingent earnout liability

 

 

 

 

(3,537

)

Net cash provided by financing activities

 

6,926

 

 

 

64,048

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(66

)

 

 

768

 

Net decrease in cash, cash equivalents, and restricted cash

 

(114,147

)

 

 

(30,663

)

Cash, cash equivalents, and restricted cash at beginning of period

 

357,810

 

 

 

294,562

 

Cash, cash equivalents, and restricted cash at end of period

$

243,663

 

 

$

263,899

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

 

Three

Months Ended

July 31, 2024

 

Three Months Ended

July 31, 2023

 

Six

Months Ended

July 31, 2024

 

Six

Months Ended

July 31, 2023

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue (as a percentage of revenue)

 

$

82,954

 

 

76

%

 

$

149,369

 

 

99

%

 

$

166,387

 

 

77

%

 

$

248,863

 

 

89

%

Stock-based compensation expense

 

 

(1,526

)

 

 

 

 

(1,938

)

 

 

 

 

(2,610

)

 

 

 

 

(2,933

)

 

 

Amortization of intangible assets

 

 

(764

)

 

 

 

 

(766

)

 

 

 

 

(1,526

)

 

 

 

 

(1,532

)

 

 

Non-GAAP cost of revenue (as a percentage of revenue)

 

$

80,664

 

 

74

%

 

$

146,665

 

 

97

%

 

$

162,251

 

 

75

%

 

$

244,398

 

 

87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit (gross margin as a percentage of revenue)

 

$

25,585

 

 

24

%

 

$

1,125

 

 

1

%

 

$

49,195

 

 

23

%

 

$

31,660

 

 

11

%

Stock-based compensation expense

 

 

1,526

 

 

 

 

 

1,938

 

 

 

 

 

2,610

 

 

 

 

 

2,933

 

 

 

Amortization of Intangible Assets

 

 

764

 

 

 

 

 

766

 

 

 

 

 

1,526

 

 

 

 

 

1,532

 

 

 

Non-GAAP gross profit (gross margin as a percentage of revenue)

 

$

27,875

 

 

26

%

 

$

3,829

 

 

3

%

 

$

53,331

 

 

25

%

 

$

36,125

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development (as a percentage of revenue)

 

$

36,510

 

 

34

%

 

$

59,642

 

 

40

%

 

$

72,562

 

 

34

%

 

$

109,039

 

 

39

%

Stock-based compensation expense

 

 

(10,731

)

 

 

 

 

(15,847

)

 

 

 

 

(19,033

)

 

 

 

 

(25,353

)

 

 

Restructuring costs (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Non-GAAP research and development (as a percentage of revenue)

 

$

25,779

 

 

24

%

 

$

43,795

 

 

29

%

 

$

53,529

 

 

25

%

 

$

83,687

 

 

30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing (as a percentage of revenue)

 

$

36,699

 

 

34

%

 

$

39,671

 

 

26

%

 

$

71,698

 

 

33

%

 

$

76,711

 

 

27

%

Stock-based compensation expense

 

 

(4,463

)

 

 

 

 

(6,757

)

 

 

 

 

(9,905

)

 

 

 

 

(10,926

)

 

 

Amortization of intangible assets

 

 

(2,264

)

 

 

 

 

(2,273

)

 

 

 

 

(4,525

)

 

 

 

 

(4,545

)

 

 

Restructuring costs (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

Non-GAAP sales and marketing (as a percentage of revenue)

 

$

29,972

 

 

28

%

 

$

30,641

 

 

20

%

 

$

57,268

 

 

27

%

 

$

61,241

 

 

22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative (as a percentage of revenue)

 

$

15,122

 

 

14

%

 

$

25,144

 

 

17

%

 

$

34,819

 

 

16

%

 

$

49,164

 

 

18

%

Stock-based compensation expense

 

 

(2,049

)

 

 

 

 

(10,557

)

 

 

 

 

(8,820

)

 

 

 

 

(19,851

)

 

 

Other adjustments (2)

 

 

(2,392

)

 

 

 

 

(105

)

 

 

 

 

(4,001

)

 

 

 

 

(105

)

 

 

Non-GAAP general and administrative (as a percentage of revenue)

 

$

10,681

 

 

10

%

 

$

14,482

 

 

10

%

 

$

21,998

 

 

10

%

 

$

29,208

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating Expenses (as a percentage of revenue)

 

$

88,331

 

 

81

%

 

$

124,457

 

 

83

%

 

$

179,079

 

 

83

%

 

$

234,914

 

 

84

%

Stock-based compensation expense

 

 

(17,243

)

 

 

 

 

(33,161

)

 

 

 

 

(37,758

)

 

 

 

 

(56,130

)

 

 

Amortization of intangible assets

 

 

(2,264

)

 

 

 

 

(2,273

)

 

 

 

 

(4,525

)

 

 

 

 

(4,545

)

 

 

Restructuring costs (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

Other adjustments (2)

 

 

(2,392

)

 

 

 

 

(105

)

 

 

 

 

(4,001

)

 

 

 

 

(105

)

 

 

Non-GAAP Operating Expenses (as a percentage of revenue)

 

$

66,432

 

 

61

%

 

$

88,918

 

 

59

%

 

$

132,795

 

 

62

%

 

$

174,136

 

 

62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss (as a percentage of revenue)

 

$

(68,874

)

 

(63

)%

 

$

(125,255

)

 

(83

)%

 

$

(140,673

)

 

(65

)%

 

$

(204,643

)

 

(73

)%

Stock-based compensation expense

 

 

18,769

 

 

 

 

 

35,099

 

 

 

 

 

40,368

 

 

 

 

 

59,063

 

 

 

Amortization of intangible assets

 

 

3,028

 

 

 

 

 

3,039

 

 

 

 

 

6,051

 

 

 

 

 

6,077

 

 

 

Restructuring costs (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

Other adjustments (2)

 

 

2,392

 

 

 

 

 

105

 

 

 

 

 

4,001

 

 

 

 

 

105

 

 

 

Non-GAAP net loss (as a percentage of revenue)

 

$

(44,685

)

 

(41

)%

 

$

(87,012

)

 

(58

)%

 

$

(90,253

)

 

(42

)%

 

$

(139,400

)

 

(50

)%

Provision for income taxes

 

 

1,648

 

 

 

 

 

905

 

 

 

 

 

2,056

 

 

 

 

 

478

 

 

 

Non-GAAP pre-tax net loss (as a percentage of revenue)

 

$

(43,037

)

 

(40

)%

 

$

(86,107

)

 

(57

)%

 

$

(88,197

)

 

(41

)%

 

$

(138,922

)

 

(50

)%

Depreciation

 

 

4,423

 

 

 

 

 

3,925

 

 

 

 

 

8,844

 

 

 

 

 

7,941

 

 

 

Interest income

 

 

(2,118

)

 

 

 

 

(1,840

)

 

 

 

 

(5,326

)

 

 

 

 

(4,300

)

 

 

Interest expense

 

 

6,560

 

 

 

 

 

2,926

 

 

 

 

 

13,171

 

 

 

 

 

5,853

 

 

 

Other expense (income), net

 

 

38

 

 

 

 

 

(68

)

 

 

 

 

888

 

 

 

 

 

(642

)

 

 

Non-GAAP Adjusted EBITDA Loss (as a percentage of revenue)

 

$

(34,134

)

 

(31

)%

 

$

(81,164

)

 

(54

)%

 

$

(70,620

)

 

(33

)%

 

$

(130,070

)

 

(46

)%

(1)

Consists of restructuring costs for severances and employment-related termination costs.

(2)

Consists of non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses.

 

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

Source: ChargePoint Holdings, Inc.