ChargePoint reports fourth quarter and full fiscal year 2023 financial results

March 2, 2023

Fourth quarter fiscal 2023 revenue of $153 million representing 93% year-over-year growth 

  • Full fiscal year revenue of $468 million representing 94% year-over-year growth
  • ChargePoint's annualized subscription revenue crosses $100 million
  • GAAP and Non-GAAP gross margin improved 4 and 3 percentage points quarter-over-quarter, respectively
  • ChargePoint guides to first quarter fiscal 2024 revenue of $122-$132 million
  • U.S. Postal Service awards ChargePoint partner Rexel Energy Solutions contract for the supply of ChargePoint chargers, cloud-based charger management subscription licenses and extended parts warranty services

ChargePoint Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading electric vehicle (EV) charging network, today reported results for its fourth quarter and full fiscal year ended January 31, 2023.

“ChargePoint delivered its largest sequential revenue growth to date and another record quarter, although below our guidance range as supply challenges for our DC solutions and quarter end shipment challenges at this growth rate persisted,” said Pasquale Romano, President and CEO of ChargePoint. “We continued to extend our technology and market leadership position across North America and Europe this year while driving 94% year-over-year growth and delivering improving gross margin and better operating expense leverage as we progress toward profitability.”

Fourth Quarter Fiscal 2023 Financial Overview

  • Revenue. Fourth quarter revenue was $152.8 million, up 93% from $79.3 million in the prior year’s same quarter. Networked charging systems revenue for the fourth quarter was $122.3 million, up 109% from $58.7 million in the prior year’s same quarter and subscription revenue was $25.7 million, up 50% from $17.2 million in the prior year’s same quarter.
  • Gross Margin. Fourth quarter GAAP gross margin improved sequentially to 22%, but was flat to the prior year's same quarter. Fourth quarter non-GAAP gross margin, which primarily excludes stock-based compensation expense, amortization from acquired intangible assets and non-recurring restructuring costs, improved sequentially to 23%, but was down from 24% in the prior year's same quarter.
  • Net Income/Loss. Fourth quarter GAAP net loss was $78.0 million, as compared to $60.1 million in the prior year's same quarter primarily due to a $16.9 million fair value gain of the assumed common stock warrant liability in the prior year quarter and higher stock-based compensation expense in the current quarter. Non-GAAP pre-tax net loss in the fourth quarter, which primarily excludes $25.7 million in stock-based compensation expense, $3.0 million amortization expense from acquired intangible assets and other items, was $45.5 million as compared to $58.5 million in the prior year's same quarter.
  • Liquidity. As of January 31, 2023, cash and short-term investments on the balance sheet were $399.5 million, which includes $50.0 million of at-the-market share offering gross proceeds during the fourth quarter.
  • Shares Outstanding. As of January 31, 2023, there were approximately 348 million shares of common stock outstanding.

Full Fiscal 2023 Financial Overview

  • Revenue. For the full year, revenue was $468.1 million, an increase of 94% from $241.0 million in the prior year. Networked charging systems revenue for the full year was $363.6 million, an increase of 109% from $173.9 million, and subscription revenue was $85.3 million, up 59% from $53.5 million in the prior year.
  • Gross Margin. Full year GAAP gross margin was 18%, down from 22% 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 20%, down from 24% in the prior year.
  • Operating Expense. Full year GAAP operating expense was $427.7 million, an increase of 34% from $319.0 million in the prior year. Full year non-GAAP operating expense, which primarily excludes stock-based compensation expense, amortization from acquired intangible assets and other items, was $323.7 million, an increase of 35% from $240.0 million in the prior year but $6.3 million below ChargePoint’s most recent full year non-GAAP operating expense guidance midpoint of $330.0 million.
  • Net Income/Loss. Full year GAAP net loss was $344.5 million as compared to $132.2 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 $235.8 million as compared to $185.5 million in the prior year.

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

First Quarter of Fiscal 2024 Guidance

For the first fiscal quarter ending April 30, 2023, ChargePoint expects revenue of $122 million to $132 million. At the midpoint, this represents an anticipated increase of 56% as compared to the prior year’s same quarter.

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-year fiscal 2023 financial results and its outlook for the first quarter of fiscal 2024.

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 three hours 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. To date, more than 158 million charging sessions have been delivered, with drivers plugging into the ChargePoint network on average every second. 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 financial outlook for the first fiscal quarter and fiscal year ending January 31, 2024. 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, prolonged and sustained increases in interest rates, or other events beyond our control on the overall economy which may reduce demand for our products and services, geopolitical events and conflicts, including the ongoing Russian invasion of Ukraine, 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, 2022, 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 in this press release financial information 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 and believes that the use of these non-GAAP financial measures is useful to investors to evaluate ongoing operating results and trends, and in comparing ChargePoint’s financial results with other companies in its industry as well other technology companies, many of which present similar non-GAAP financial measures.

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 amortization expense of acquired intangible assets, non-recurring restructuring costs and stock-based compensation expense. 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 amortization expense of acquired intangible assets, stock-based compensation expense, earn-out-related payroll tax expense, non-recurring restructuring costs, non-recurring costs and professional services fees associated with acquisitions and registration filings, and non-cash charges related to tax liabilities.

Non-GAAP Net Loss. ChargePoint defines non-GAAP net loss as net income (loss) excluding amortization expense of acquired intangible assets, stock-based compensation expense and the associated stock-based payroll tax expense, earn-out-related payroll tax expense, offering costs allocated to warrant liabilities, non-recurring costs and professional services fees associated with acquisitions and registration filings, non-recurring restructuring costs, and non-cash charges related to the revaluation of warrants, tax liabilities, earn-out liabilities, and other financial instruments. These amounts do not 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.

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,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

 

 

 

 

 

 

 

Networked charging systems

$

122,331

 

 

$

58,665

 

 

$

363,622

 

 

$

173,850

 

Subscriptions

 

25,735

 

 

 

17,209

 

 

 

85,296

 

 

 

53,512

 

Other

 

4,761

 

 

 

3,467

 

 

 

19,176

 

 

 

13,644

 

Total revenue

 

152,827

 

 

 

79,341

 

 

 

468,094

 

 

 

241,006

 

Cost of revenue

 

 

 

 

 

 

 

Networked charging systems

 

102,189

 

 

 

49,467

 

 

 

318,628

 

 

 

147,313

 

Subscriptions

 

14,110

 

 

 

10,083

 

 

 

51,416

 

 

 

31,190

 

Other

 

3,536

 

 

 

2,308

 

 

 

12,117

 

 

 

8,970

 

Total cost of revenue

 

119,835

 

 

 

61,858

 

 

 

382,161

 

 

 

187,473

 

Gross profit

 

32,992

 

 

 

17,483

 

 

 

85,933

 

 

 

53,533

 

Operating expenses

 

 

 

 

 

 

 

Research and development

 

46,721

 

 

 

42,508

 

 

 

194,957

 

 

 

145,043

 

Sales and marketing

 

40,550

 

 

 

30,292

 

 

 

142,392

 

 

 

92,550

 

General and administrative

 

24,027

 

 

 

23,913

 

 

 

90,366

 

 

 

81,380

 

Total operating expenses

 

111,298

 

 

 

96,713

 

 

 

427,715

 

 

 

318,973

 

Loss from operations

 

(78,306

)

 

 

(79,230

)

 

 

(341,782

)

 

 

(265,440

)

Interest income

 

2,063

 

 

 

26

 

 

 

5,534

 

 

 

98

 

Interest expense

 

(2,966

)

 

 

 

 

 

(9,434

)

 

 

(1,502

)

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

 

 

 

 

 

 

 

9,237

 

Change in fair value of assumed common stock warrant liabilities

 

 

 

 

16,911

 

 

 

(24

)

 

 

47,822

 

Change in fair value of contingent earnout liability

 

 

 

 

 

 

 

 

 

 

84,420

 

Transaction costs expensed

 

 

 

 

 

 

 

 

 

 

(7,031

)

Other income (expense), net

 

1,078

 

 

 

(575

)

 

 

(1,569

)

 

 

(2,775

)

Net loss before income taxes

 

(78,131

)

 

 

(62,868

)

 

 

(347,275

)

 

 

(135,171

)

Benefit from income taxes

 

(119

)

 

 

(2,719

)

 

 

(2,816

)

 

 

(2,930

)

Net loss

$

(78,012

)

 

$

(60,149

)

 

$

(344,459

)

 

$

(132,241

)

Cumulative undeclared dividends on redeemable convertible preferred stock

 

 

 

 

 

 

 

 

 

 

(4,292

)

Deemed dividends attributable to vested option holders

 

 

 

 

 

 

 

 

 

 

(51,855

)

Deemed dividends attributable to common stock warrants holders

 

 

 

 

 

 

 

 

 

 

(110,635

)

Net loss attributable to common stockholders, basic

$

(78,012

)

 

$

(60,149

)

 

$

(344,459

)

 

$

(299,023

)

Gain attributable to earnout shares issued

 

 

 

 

 

 

 

 

 

 

(84,420

)

Change in fair value of dilutive warrants

 

 

 

 

(17,027

)

 

 

 

 

 

(68,223

)

Net loss attributable to common stockholders, diluted

$

(78,012

)

 

$

(77,176

)

 

$

(344,459

)

 

$

(451,666

)

Net loss per share - Basic

$

(0.23

)

 

$

(0.18

)

 

$

(1.02

)

 

$

(1.01

)

Net loss per share - Diluted

$

(0.23

)

 

$

(0.23

)

 

$

(1.02

)

 

$

(1.49

)

Weighted average shares outstanding - Basic

 

342,796,004

 

 

 

331,239,803

 

 

 

338,488,667

 

 

 

297,421,969

 

Weighted average shares outstanding - Diluted

 

342,796,004

 

 

 

331,996,518

 

 

 

338,488,667

 

 

 

302,490,266

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

 

 

January 31, 2023

 

January 31, 2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

264,162

 

 

$

315,235

 

Restricted cash

 

30,400

 

 

 

400

 

Short-term investments

 

104,966

 

 

 

 

Accounts receivable, net

 

164,892

 

 

 

75,939

 

Inventories

 

68,730

 

 

 

35,879

 

Prepaid expenses and other current assets

 

71,020

 

 

 

36,603

 

Total current assets

 

704,170

 

 

 

464,056

 

Property and equipment, net

 

40,046

 

 

 

34,593

 

Intangible assets, net

 

92,673

 

 

 

107,209

 

Operating lease right-of-use assets

 

22,242

 

 

 

25,535

 

Goodwill

 

213,716

 

 

 

218,484

 

Other assets

 

7,110

 

 

 

6,020

 

Total assets

$

1,079,957

 

 

$

855,897

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

62,076

 

 

$

27,576

 

Accrued and other current liabilities

 

133,342

 

 

 

84,328

 

Deferred revenue

 

88,777

 

 

 

77,142

 

Total current liabilities

 

284,195

 

 

 

189,046

 

Deferred revenue, noncurrent

 

109,833

 

 

 

69,666

 

Debt, noncurrent

 

294,936

 

 

 

 

Operating lease liabilities

 

21,841

 

 

 

25,370

 

Deferred tax liabilities

 

12,479

 

 

 

17,697

 

Other long-term liabilities

 

1,032

 

 

 

7,104

 

Total liabilities

 

724,316

 

 

 

308,883

 

Stockholders' equity:

 

 

 

Common stock

 

35

 

 

 

33

 

Additional paid-in capital

 

1,528,104

 

 

 

1,366,855

 

Accumulated other comprehensive loss

 

(16,384

)

 

 

(8,219

)

Accumulated deficit

 

(1,156,114

)

 

 

(811,655

)

Total stockholders' equity

 

355,641

 

 

 

547,014

 

Total liabilities and stockholders' equity

$

1,079,957

 

 

$

855,897

 

 

ChargePoint Holdings, Inc.

PRELIMINARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

 

 

Twelve Months Ended
January 31,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities

 

 

 

Net loss

$

(344,459

)

 

$

(132,241

)

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

 

 

 

Depreciation and amortization

 

25,050

 

 

 

16,457

 

Non-cash operating lease cost

 

4,739

 

 

 

4,244

 

Stock-based compensation

 

93,350

 

 

 

67,331

 

Amortization of deferred contract acquisition costs

 

2,361

 

 

 

1,786

 

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

 

(9,237

)

Change in fair value of common stock warrant liabilities

 

24

 

 

 

(47,822

)

Change in fair value of contingent earnout liabilities

 

 

 

 

(84,420

)

Change in fair value of earnout liability recognized upon acquisition of ViriCiti

 

 

 

 

2,266

 

Transaction costs expensed

 

 

 

 

7,031

 

Reserves and Other

 

16,324

 

 

 

374

 

Changes in operating assets and liabilities, net of effect of acquisitions:

 

 

 

Accounts receivable, net

 

(94,600

)

 

 

(38,388

)

Inventories

 

(39,358

)

 

 

(1,991

)

Prepaid expenses and other assets

 

(37,969

)

 

 

(23,941

)

Operating lease liabilities

 

(5,043

)

 

 

(3,460

)

Accounts payable

 

31,476

 

 

 

7,933

 

Accrued and other liabilities

 

29,253

 

 

 

21,619

 

Deferred revenue

 

51,803

 

 

 

55,281

 

Net cash used in operating activities

 

(267,049

)

 

 

(157,178

)

Cash flows from investing activities

 

 

 

Purchases of property and equipment

 

(18,563

)

 

 

(16,410

)

Purchases of short term investments

 

(284,835

)

 

 

 

Maturities of investments

 

180,000

 

 

 

 

Cash paid for acquisitions, net of cash acquired

 

(2,756

)

 

 

(205,330

)

Net cash used in investing activities

 

(126,154

)

 

 

(221,740

)

Cash flows from financing activities

 

 

 

Proceeds from the exercise of warrants

 

6,884

 

 

 

118,864

 

Merger and PIPE financing

 

 

 

 

511,646

 

Payments of transaction costs related to Merger

 

 

 

 

(32,468

)

Payment of tax withholding obligations on settlement of earnout shares

 

 

 

 

(20,895

)

Proceeds from issuance of debt, net of discount and issuance costs

 

293,972

 

 

 

 

Repayment of borrowings

 

 

 

 

(36,051

)

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

 

11,446

 

 

 

4,916

 

Proceeds from issuance of common stock in connection with ATM offerings

 

49,450

 

 

 

 

Change in driver funds and amounts due to customers

 

11,107

 

 

 

3,675

 

Net cash provided by financing activities

 

372,859

 

 

 

549,687

 

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

 

(729

)

 

 

(1,025

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

(21,073

)

 

 

169,744

 

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

 

315,635

 

 

 

145,891

 

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

$

294,562

 

 

$

315,635

 

 

ChargePoint Holdings, Inc.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands, unaudited)

 

 

 

Three
Months Ended
January 31, 2023

 

Three
Months Ended
January 31, 2022

 

Twelve
Months Ended
January 31, 2023

 

Twelve
Months Ended
January 31, 2022

Cost of Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of revenue

 

$

119,835

 

 

 

 

$

61,858

 

 

 

 

$

382,161

 

 

 

 

$

187,473

 

 

 

Stock-based compensation expense

 

 

(1,080

)

 

 

 

 

(709

)

 

 

 

 

(4,351

)

 

 

 

 

(3,782

)

 

 

Restructuring costs (1)

 

 

(257

)

 

 

 

 

 

 

 

 

 

(257

)

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

(756

)

 

 

 

 

(945

)

 

 

 

 

(2,847

)

 

 

 

 

(1,371

)

 

 

Non-GAAP cost of revenue

 

$

117,742

 

 

 

 

$

60,204

 

 

 

 

$

374,706

 

 

 

 

$

182,320

 

 

 

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

 

$

35,085

 

 

23

%

 

$

19,137

 

 

24

%

 

$

93,388

 

 

20

%

 

$

58,686

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development

 

$

46,721

 

 

 

 

$

42,508

 

 

 

 

$

194,957

 

 

 

 

$

145,043

 

 

 

Stock-based compensation expense

 

 

(10,369

)

 

 

 

 

(5,263

)

 

 

 

 

(37,967

)

 

 

 

 

(25,461

)

 

 

Restructuring costs (1)

 

 

(1,149

)

 

 

 

 

 

 

 

 

 

(1,149

)

 

 

 

 

 

 

 

Earn-out-related taxes (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(358

)

 

 

Acquisition-related costs (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(86

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(80

)

 

 

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

 

$

35,203

 

 

23

%

 

$

37,245

 

 

47

%

 

$

155,841

 

 

33

%

 

$

119,058

 

 

49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

 

$

40,550

 

 

 

 

$

30,292

 

 

 

 

$

142,392

 

 

 

 

$

92,550

 

 

 

Stock-based compensation expense

 

 

(4,599

)

 

 

 

 

(2,137

)

 

 

 

 

(17,393

)

 

 

 

 

(9,155

)

 

 

Restructuring costs (1)

 

 

(653

)

 

 

 

 

 

 

 

 

 

(653

)

 

 

 

 

 

 

 

Earn-out-related taxes (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(424

)

 

 

Acquisition-related costs (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(40

)

 

 

Amortization of intangible assets

 

 

(2,236

)

 

 

 

 

(2,154

)

 

 

 

 

(8,798

)

 

 

 

 

(3,247

)

 

 

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

 

$

33,062

 

 

22

%

 

$

26,001

 

 

33

%

 

$

115,548

 

 

25

%

 

$

79,641

 

 

33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

 

$

24,027

 

 

 

 

$

23,913

 

 

 

 

$

90,366

 

 

 

 

$

81,380

 

 

 

Stock-based compensation expense

 

 

(9,657

)

 

 

 

 

(7,330

)

 

 

 

 

(33,639

)

 

 

 

 

(28,934

)

 

 

Restructuring costs (1)

 

 

(113

)

 

 

 

 

 

 

 

 

 

(113

)

 

 

 

 

 

 

 

Earn-out-related taxes (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(713

)

 

 

Acquisition-related costs (3)

 

 

(1,295

)

 

 

 

 

(2,760

)

 

 

 

 

(2,297

)

 

 

 

 

(7,878

)

 

 

Cost related to registration filings

 

 

 

 

 

 

 

 

 

 

 

 

(473

)

 

 

 

 

(2,518

)

 

 

Tax exposures

 

 

(500

)

 

 

 

 

 

 

 

 

 

(1,490

)

 

 

 

 

 

 

 

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

 

$

12,462

 

 

8

%

 

$

13,823

 

 

17

%

 

$

52,354

 

 

11

%

 

$

41,337

 

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

80,727

 

 

53

%

 

$

77,069

 

 

97

%

 

$

323,743

 

 

69

%

 

$

240,036

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(78,012

)

 

 

 

$

(60,149

)

 

 

 

$

(344,459

)

 

 

 

$

(132,241

)

 

 

Stock-based compensation expense

 

 

25,705

 

 

 

 

 

15,439

 

 

 

 

 

93,350

 

 

 

 

 

67,332

 

 

 

Restructuring costs (1)

 

 

2,172

 

 

 

 

 

 

 

 

 

 

2,172

 

 

 

 

 

 

 

 

Earn-out-related taxes (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,495

 

 

 

Acquisition-related costs (3)

 

 

1,295

 

 

 

 

 

2,760

 

 

 

 

 

2,297

 

 

 

 

 

8,007

 

 

 

Cost related to registration filings

 

 

 

 

 

 

 

 

 

 

 

 

473

 

 

 

 

 

2,638

 

 

 

Tax exposures

 

 

500

 

 

 

 

 

 

 

 

 

 

1,490

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

2,992

 

 

 

 

 

3,099

 

 

 

 

 

11,645

 

 

 

 

 

4,618

 

 

 

Change in fair value of preferred stock warrant liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,237

)

 

 

Change in fair value of assumed common stock warrant liability

 

 

 

 

 

 

 

(16,911

)

 

 

 

 

24

 

 

 

 

 

(47,822

)

 

 

Change in fair value of contingent earn-out liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(84,420

)

 

 

Offering costs allocated to warrant liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,031

 

 

 

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

 

$

(45,348

)

 

(30

)%

 

$

(55,762

)

 

(70

)%

 

$

(233,008

)

 

(50

)%

 

$

(182,599

)

 

(76

)%

Benefit from income taxes

 

 

(119

)

 

 

 

 

(2,719

)

 

 

 

 

(2,816

)

 

 

 

 

(2,930

)

 

 

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

 

$

(45,467

)

 

(30

)%

 

$

(58,481

)

 

(74

)%

 

$

(235,824

)

 

(50

)%

 

$

(185,529

)

 

(77

)%

(1)

Consists of restructuring costs for severances and related termination costs.

(2)

Consists of employment taxes paid related to shares issued as part of the earn-out.

(3)

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.

 

Investor Relations
Patrick Hamer
VP, Capital Markets and Investor Relations
Patrick.Hamer@chargepoint.com
investors@chargepoint.com

Press
AJ Gosselin
Director, Corporate Communications
AJ.Gosselin@chargepoint.com
media@chargepoint.com

Source: ChargePoint Holdings, Inc.