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ChargePoint(CHPT) - 2025 Q3 - Quarterly Results
CHPTChargePoint(CHPT)2024-12-04 21:11

Revenue Performance - Third quarter fiscal 2025 revenue was 100million,adecreaseof10100 million, a decrease of 10% from 110.3 million in the same quarter last year[2] - Total revenue for the three months ended October 31, 2024, was 99,612,adecreaseof1099,612, a decrease of 10% compared to 110,283 for the same period in 2023[22] - Networked charging systems revenue was 52,662,down2952,662, down 29% from 73,893 year-over-year[22] - Subscription revenue for the third quarter was 36million,representinga1936 million, representing a 19% year-over-year growth[2] - Subscriptions revenue increased by 19% to 36,417 from 30,559intheprioryear[22]ProfitabilityMetrics−GAAPgrossmarginforthethirdquarterwas2330,559 in the prior year[22] Profitability Metrics - GAAP gross margin for the third quarter was 23%, compared to (22)% in the prior year's same quarter[3] - Gross profit for the three months ended October 31, 2024, was 22,786, compared to a gross loss of (23,946)inthesamequarterlastyear[22]−Thecompanyreportedanon−GAAPgrossprofitmarginof26(23,946) in the same quarter last year[22] - The company reported a non-GAAP gross profit margin of 26% for the three months ended October 31, 2024, compared to a negative margin of (18)% in the same period last year[31] Operating Expenses - GAAP operating expenses for the third quarter were 91 million, down 30% from 129.8millionintheprioryear′ssamequarter[3]−Totaloperatingexpensesdecreasedto129.8 million in the prior year's same quarter[3] - Total operating expenses decreased to 90,952 from 129,821year−over−year,reflectingareductionof30129,821 year-over-year, reflecting a reduction of 30%[22] - Non-GAAP operating expenses for the three months ended October 31, 2024, were 58,597, accounting for 59% of revenue, compared to 74% for the same period in 2023[35] Net Loss - GAAP net loss for the third quarter was 77.6million,down5177.6 million, down 51% from 158.2 million in the prior year's same quarter[3] - Net loss for the three months ended October 31, 2024, was (77,590),animprovementfrom(77,590), an improvement from (158,219) in the same quarter of 2023[22] - GAAP net loss for the three months ended October 31, 2024, was 77,590,representing7877,590, representing 78% of revenue, while the nine months ended October 31, 2023, showed a net loss of 362,861, or 93% of revenue[37] - Non-GAAP net loss for the three months ended October 31, 2024, was 42,240,or4242,240, or 42% of revenue, compared to 105,939, or 96% of revenue, for the same period in 2023[37] Future Outlook - ChargePoint expects fourth quarter fiscal 2025 revenue to be between 95millionand95 million and 105 million[8] - ChargePoint aims to achieve positive non-GAAP Adjusted EBITDA in a quarter during fiscal year 2026[8] Cash and Assets - As of October 31, 2024, ChargePoint had cash and cash equivalents of 219.8millionanda219.8 million and a 150 million undrawn revolving credit facility[3] - Cash and cash equivalents decreased to 219,409from219,409 from 327,410 at the beginning of the period[25] - Total assets decreased to 966,338from966,338 from 1,103,363 since January 31, 2024[25] - Total liabilities increased to 785,357from785,357 from 775,687 at the end of the previous period[25] Other Financial Metrics - Stock-based compensation expense for the nine months ended October 31, 2024, totaled 61,083,whilethesameperiodin2023recorded61,083, while the same period in 2023 recorded 91,946[37] - Non-GAAP Adjusted EBITDA loss for the three months ended October 31, 2024, was 28,586,representing2928,586, representing 29% of revenue, while the nine months ended October 31, 2023, showed a loss of 227,420, or 58% of revenue[37] - Interest expense for the three months ended October 31, 2024, was 9,315,significantlyhigherthan9,315, significantly higher than 3,820 for the same period in 2023[37] - Amortization of intangible assets for the nine months ended October 31, 2024, was 9,130,slightlyupfrom9,130, slightly up from 9,085 in the same period of 2023[37] - Restructuring costs for the three months ended October 31, 2024, amounted to 9,828,comparedto9,828, compared to 15,601 for the same period in 2023[37] - Other adjustments for the nine months ended October 31, 2024, totaled 5,729,comparedto5,729, compared to 893 in the same period of 2023[37] - Provision for income taxes for the three months ended October 31, 2024, was 1,511,contrastingwithabenefitof1,511, contrasting with a benefit of (315) for the same period in 2023[37] Product Developments - ChargePoint introduced the CPF50, an affordable Level 2 charging solution aimed at fleet electrification[6] - The new ChargePoint Essential cloud plan enhances accessibility for small businesses and multi-family housing[7]