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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ChargePoint Holdings Inc | NYSE:CHPT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.16 | -9.47% | 1.53 | 1.71 | 1.52 | 1.70 | 11,006,455 | 00:59:47 |
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
Full Fiscal 2024 Financial Overview
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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