--
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.--(BUSINESS WIRE)--June 04, 2025--
ChargePoint Holdings, Inc. $(CHPT)$ ("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 (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 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 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 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 Ended
April 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 Ended
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 $(583.SI)$
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 Ended Three Months Ended
April 30, 2025 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)%
======== ========
(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 businesswire.com: https://www.businesswire.com/news/home/20250604710055/en/
CONTACT: Investor Relations
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
(END) Dow Jones Newswires
June 04, 2025 16:05 ET (20:05 GMT)
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