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Apr 30, 2022
ChargePoint Q1 2023 Earnings Report
ChargePoint's first quarter of fiscal year 2023 showed strong revenue growth and strategic investments.
Key Takeaways
ChargePoint reported a 102% year-over-year increase in revenue, reaching $81.6 million in Q1 2023, driven by growth across all verticals and a 67% sequential quarterly revenue increase in Europe. The company's GAAP net loss was $89.3 million, and it confirmed its full-year revenue guidance of $450 million to $500 million.
Revenue increased by 102% year-over-year, reaching $81.6 million.
Networked charging systems revenue increased 122% year-over-year to $59.6 million.
Subscription revenue increased 63% year-over-year to $17.6 million.
Cash on the balance sheet totaled $541.0 million.
ChargePoint
ChargePoint
ChargePoint Revenue by Segment
Revenue by Segment
Networked Charging Systems Revenue
CapyFin.comSubscriptions Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For the second fiscal quarter ending July 31, 2022, ChargePoint expects revenue of $96 million to $106 million. For the full fiscal year ending January 31, 2023, ChargePoint continues to expect revenue of $450 million to $500 million and Non-GAAP gross margin of 22% to 26%.
Positive Outlook
- Revenue of $96 million to $106 million is expected for the second fiscal quarter ending July 31, 2022.
- Anticipated revenue increase of 80% as compared to the prior year’s same quarter.
- Full fiscal year revenue is expected to be $450 million to $500 million.
- Anticipated revenue increase of 96% as compared to the prior year for the full year.
- Non-GAAP gross margin of 22% to 26% is expected for the full fiscal year.
Challenges Ahead
- Global supply constraints are expected to cause significant headwinds.
- Newer, currently lower margin, products performed strongly relative to more mature, higher margin offerings.
- Supply chain disruptions affected both cost and supply availability.
- GAAP net loss was $89.3 million.
- Non-GAAP operating expenses of $350 million to $370 million are expected for the full year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income