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Jul 31, 2022
ChargePoint Q2 2023 Earnings Report
ChargePoint achieved revenue growth and margin improvement.
Key Takeaways
ChargePoint reported a strong second quarter with revenue exceeding the top end of guidance, driven by growth across all verticals and geographies. Revenue increased 93% year-over-year, marking the company's first $100 million quarter. GAAP and Non-GAAP gross margins also improved quarter-over-quarter.
Revenue reached $108 million, exceeding the high end of quarterly guidance.
Revenue grew 93% year-over-year, achieving the first $100 million quarter.
GAAP and Non-GAAP gross margin improved sequentially.
Company reaffirmed full-year revenue guidance.
ChargePoint
ChargePoint
ChargePoint Revenue by Segment
Revenue by Segment
Networked Charging Systems Revenue
CapyFin.comSubscriptions Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
ChargePoint anticipates third quarter revenue between $125 million and $135 million. The company confirms full-year revenue guidance between $450 million and $500 million.
Positive Outlook
- Third quarter revenue is expected to increase by 100% compared to the prior year’s same quarter.
- Full-year revenue is expected to increase by 96% compared to the prior year.
- Non-GAAP gross margin is projected to be between 22% and 26% for the full year.
- Continued expectation of revenue between $450 million and $500 million for the full fiscal year.
- Non-GAAP operating expenses are expected to increase by 50% compared to the prior year.
Challenges Ahead
- Guidance for non-GAAP financial measures excludes certain items, making direct comparison to GAAP measures difficult.
- The company is unable to reconcile its non-GAAP financial guidance to the corresponding GAAP measures due to uncertainties.
- Actual amounts of reconciling items will have a significant impact on ChargePoint's GAAP gross margin and GAAP operating expenses.
- Supply chain interruptions, delays and expense increases may adversely affect sales, revenue and gross margins
- Potential adverse effects on revenue and gross margins due to supply chain disruptions, component shortages and related expense increases
Revenue & Expenses
Visualization of income flow from segment revenue to net income