ChargePoint(CHPT) - 2025 Q3 - Quarterly Results

Revenue Performance - Third quarter fiscal 2025 revenue was $100 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, a decrease of 10% compared to $110,283 for the same period in 2023[22] - Networked charging systems revenue was $52,662, down 29% from $73,893 year-over-year[22] - Subscription revenue for the third quarter was $36 million, representing a 19% year-over-year growth[2] - Subscriptions revenue increased by 19% to $36,417 from $30,559 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) 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 $129.8 million in the prior year's same quarter[3] - Total operating expenses decreased to $90,952 from $129,821 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 $77.6 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), 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, 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, 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 $95 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 $219.8 million and a $150 million undrawn revolving credit facility[3] - Cash and cash equivalents decreased to $219,409 from $327,410 at the beginning of the period[25] - Total assets decreased to $966,338 from $1,103,363 since January 31, 2024[25] - Total liabilities increased to $785,357 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, 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, 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, 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, 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, compared to $15,601 for the same period in 2023[37] - Other adjustments for the nine months ended October 31, 2024, totaled $5,729, 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, 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]