ChargePoint(CHPT) - 2025 Q4 - Annual Results

Revenue Performance - Fourth quarter fiscal 2025 revenue was $102 million, down 12% from $115.8 million in the same quarter last year[6]. - Full fiscal year revenue was $417 million, down 18% from $506.6 million in the prior year[6]. - Total revenue for the three months ended January 31, 2025, was $101,889,000, a decrease of 12% compared to $115,833,000 for the same period in 2024[23]. - Full fiscal year subscription revenue was $144 million, representing 20% year-over-year growth[5]. - Subscription revenue increased by 14% year-over-year, reaching $38,272,000 for the three months ended January 31, 2025, compared to $33,510,000 in the same period of 2024[23]. Gross Margin and Profitability - Fourth quarter fiscal 2025 GAAP gross margin was 28%, up from 19% in the prior year's same quarter[6]. - Full fiscal year GAAP gross margin was 24%, compared to 6% in the prior year[6]. - Gross profit for the twelve months ended January 31, 2025, was $100,681,000, significantly up from $30,118,000 in 2024, indicating a gross margin improvement[23]. - GAAP gross profit for the three months ended January 31, 2025, was $28,700, with a gross margin of 28%, compared to $22,405 and 19% for the same period in 2024[28]. - Non-GAAP gross profit for the twelve months ended January 31, 2025, was $109,792, with a gross margin of 26%, compared to $40,961 and 8% for the same period in 2024[28]. Operating Expenses - Fourth quarter GAAP operating expenses were $84 million, down 27% from $115.3 million in the prior year's same quarter[6]. - Full year GAAP operating expenses were $354 million, down 26% from $480 million in the prior year[13]. - Operating expenses for the three months ended January 31, 2025, were $83,649,000, down from $115,335,000 in the same period of 2024, reflecting a 27% reduction[23]. - Non-GAAP operating expenses for the twelve months ended January 31, 2025, were $243,414, accounting for 58% of revenue, compared to $330,009 or 65% for the same period in 2024[28]. Net Loss and Cash Flow - The net loss for the twelve months ended January 31, 2025, was $282,907,000, an improvement from a net loss of $457,609,000 in 2024[26]. - GAAP net loss for the three months ended January 31, 2025, was $64,644, representing 63% of revenue, compared to a net loss of $94,747 or 82% of revenue for the same period in 2024[29]. - The company had a net cash used in operating activities of $146,947,000 for the twelve months ended January 31, 2025, compared to $328,941,000 in 2024, showing a significant improvement[26]. - Cash and cash equivalents decreased to $224,571,000 as of January 31, 2025, from $327,410,000 a year earlier, representing a decline of 31%[25]. Research and Development - Research and development expenses for the twelve months ended January 31, 2025, were $141,276,000, down from $220,781,000 in 2024, indicating a 36% reduction[23]. - Non-GAAP research and development expenses for the three months ended January 31, 2025, were $22,229, accounting for 22% of revenue, compared to $36,548 or 32% for the same period in 2024[28]. - Stock-based compensation expense for the twelve months ended January 31, 2025, was $75,651, compared to $117,337 for the same period in 2024[29]. Future Outlook - ChargePoint expects first quarter fiscal 2026 revenue of $95 million to $105 million[9]. - ChargePoint and General Motors plan to install hundreds of ultra-fast charging ports across North America in 2025[13].