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Oct 31, 2022
ChargePoint Q3 2023 Earnings Report
ChargePoint delivered growth exceeding 90% year-over-year and scaled the business to meet strong demand.
Key Takeaways
ChargePoint reported a strong third quarter with revenue of $125.3 million, representing 93% year-over-year growth. The company's GAAP and Non-GAAP gross margin both improved 1 percentage point quarter-over-quarter. ChargePoint is guiding to fourth quarter revenue of $160-$170 million and revised full-year revenue guidance upward to $475 million to $485 million.
Third quarter fiscal 2023 revenue of $125 million representing 93% year-over-year growth
GAAP and Non-GAAP gross margin both improved 1 percentage point quarter-over-quarter
ChargePoint guides to fourth quarter fiscal 2023 revenue of $160-$170 million
Full-year revenue guidance range revised upward $5 million from previous midpoint to $475 million to $485 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 fourth fiscal quarter ending January 31, 2023, ChargePoint expects revenue of $160 million to $170 million, representing an anticipated increase of 108% compared to the prior year’s same quarter. They also anticipate a sequential Non-GAAP gross margin improvement from the third quarter's 20%. For the full fiscal year ending January 31, 2023, ChargePoint expects revenue of $475 million to $485 million and Non-GAAP operating expenses of $325 million to $335 million.
Positive Outlook
- Revenue of $160 million to $170 million in Q4, representing an anticipated increase of 108% compared to the prior year’s same quarter
- Sequential Non-GAAP gross margin improvement from the third quarter's 20%
- Revenue of $475 million to $485 million for the full fiscal year
- Non-GAAP operating expenses of $325 million to $335 million for the full fiscal year
- Anticipated decrease of $30 million in Non-GAAP operating expenses compared to previous guidance at midpoint
Challenges Ahead
- Annual gross margin below previous guidance
- Impact of the ongoing COVID-19 pandemic
- Geopolitical events including the Russian invasion of Ukraine
- Macroeconomic trends including changes in inflation or interest rates
- Supply chain disruptions, component shortages and expense increases
Revenue & Expenses
Visualization of income flow from segment revenue to net income