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Jul 31, 2023
ChargePoint Q2 2024 Earnings Report
ChargePoint experienced revenue growth and addressed supply chain issues.
Key Takeaways
ChargePoint reported a 39% year-over-year revenue increase to $150.5 million for Q2 2024. The company took an inventory impairment charge to address supply chain issues and is implementing cost-saving measures. They also reaffirmed their plan to achieve positive Non-GAAP Adjusted EBITDA in Q4 of calendar year 2024.
Second quarter revenue reached $150 million, a 39% increase year-over-year.
GAAP gross margin was 1%, and non-GAAP gross margin was 3%, impacted by an inventory impairment charge.
The company is reducing operating expenses by an estimated $30 million annually.
Revenue guidance for the third quarter is $150 - $165 million, and annual revenue guidance is $605 - $630 million.
Revenue by Segment
Forward Guidance
ChargePoint anticipates revenue between $150 million and $165 million for the third fiscal quarter and between $605 million and $630 million for the full fiscal year.
Positive Outlook
- Revenue of $150 million to $165 million for the third fiscal quarter ending October 31, 2023.
- Anticipated revenue increase of 26% compared to the prior year at the midpoint.
- Non-GAAP gross margin of 22 to 25% for the third fiscal quarter.
- Non-GAAP operating expenses of $81 million to $84 million for the third fiscal quarter.
- Revenue of $605 million to $630 million for the full fiscal year ending January 31, 2024.
Challenges Ahead
- Uncertainty regarding stock-based compensation expense.
- Uncertainty regarding amortization expense of acquired intangible assets.
- Uncertainty regarding professional services fees associated with acquisitions and registration filings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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