ChargePoint Provides Certain Preliminary Third Quarter Financial Results and Schedules Earnings Call for December 6, 2023
16 November 2023 - 10:20PM
Business Wire
ChargePoint (NYSE:CHPT) (“ChargePoint” or the “Company”),
a leading provider of networked solutions for charging electric
vehicles (EVs), today announced certain preliminary third quarter
financial results for fiscal year 2024. The Company will report its
full third quarter financial results and update full year revenue
and fourth quarter fiscal 2024 guidance on an investor conference
call to be held on Wednesday, December 6, 2023 at 1:30 p.m. PST
(4:30 p.m. EST).
As announced separately and effective today, ChargePoint has
appointed Rick Wilmer as President and Chief Executive Officer and
named Mansi Khetani as Interim Chief Financial Officer.
“Our core markets of North America and Europe both came under
pressure late in the third quarter, with revenue falling far short
of expectations. Overall macroeconomic conditions, along with fleet
and commercial vehicle delivery delays impacted anticipated
deployments with government, auto dealership and workplace
customers,” said Rick Wilmer, President and CEO of ChargePoint.
Over the past 18 months in his prior role as Chief Operating
Officer, Wilmer has completed a thorough analysis of ChargePoint's
supply chain, manufacturing partnerships and inventory management
approach. “The ChargePoint board and I are committed to
significantly improving operational execution to ensure that the
Company is building a stronger, more resilient business for the
benefit of all stakeholders. Our first steps are to take an
additional non-cash inventory impairment charge related to product
transitions and to better align inventory with current demand. We
remain committed to our goal of generating positive adjusted EBITDA
in the fourth quarter of calendar 2024,” said Wilmer.
Preliminary Third Quarter Fiscal Year 2024 Financial
Performance
- Revenue of $108 to $113 million, as compared to $150 to $165
million as previously expected.
- ChargePoint expects to take a non-cash impairment charge of $42
million resulting in GAAP gross margin of negative 23% to negative
21% and non-GAAP gross margin of negative 19% to negative 17%.
- Pre-impairment non-GAAP gross margin of 19% to 21%, as compared
to 22% to 25% as previously expected.
- ChargePoint expects GAAP operating expenses of $129 million to
$131 million. Non-GAAP operating expenses of $80 million to $82
million, as compared to $81 million to $84 million as previously
expected.
- As of October 31, 2023, cash, cash equivalents and restricted
cash was approximately $397 million, which includes $232 million of
at-the-market share offering gross proceeds, as previously
announced on October 11, 2023.
- As of October 31, 2023, ChargePoint's $150 million revolving
credit facility remains undrawn, and the Company has no drawn debt
maturities until 2028.
The preliminary results for the third quarter fiscal year 2024
ended October 31, 2023 are an estimate, based on information
available to management as of the date of this release and are
subject to further changes upon completion of ChargePoint’s
standard quarter end closing procedures. This update does not
present all information necessary for an understanding of
ChargePoint’s financial condition as of the date of this release,
or its results of operations for the third quarter fiscal year 2024
ended October 31, 2023. As ChargePoint completes its quarter-end
financial close process and finalizes its financial statements for
the quarter, it will be required to make significant judgments in a
number of areas. It is possible that ChargePoint may identify items
that require it to make adjustments to the preliminary financial
information set forth above, and those changes could be
material.
Conference Call Instructions for December 6, 2023 Earnings
Call:
ChargePoint will discuss its full third quarter fiscal year 2024
financial results in an investor conference call on Wednesday,
December 6, 2023, at 1:30 p.m. PST (4:30 p.m. EST). A live webcast
of the conference call will be accessible from the “Events and
Presentations” section of ChargePoint’s investor relations website
(investors.chargepoint.com). A replay will be available after the
conclusion of the webcast and archived for one year. A copy of the
press release with the financial results will also be available on
ChargePoint’s investor relations website prior to the commencement
of the webcast.
About ChargePoint Holdings, Inc.
ChargePoint is creating a new fueling network to move people and
goods on electricity. Since 2007, ChargePoint has been committed to
making it easy for businesses and drivers to go electric with one
of the largest EV charging networks and a comprehensive portfolio
of charging solutions. The ChargePoint cloud subscription platform
and software-defined charging hardware are designed to include
options for every charging scenario from home and multifamily to
workplace, parking, hospitality, retail and transport fleets of all
types. Today, one ChargePoint account provides access to
hundreds-of-thousands of places to charge in North America and
Europe. For more information, visit the ChargePoint pressroom, the
ChargePoint Investor Relations site, or contact the ChargePoint
North American or European press offices or Investor Relations.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions including statements
regarding our preliminary financial results for the third fiscal
quarter ended October 31, 2023, our ability to improve operational
execution to build a stronger, more resilient business, our ability
to generate positive adjusted EBITDA in the fourth quarter of
calendar 2024, our quarter-end financial close process and
preparation of financial statements for the quarter, and current
business trends. There are a significant number of factors that
could cause actual results to differ materially from the statements
made in this press release, including: macroeconomic trends
including changes in or sustained inflation, prolonged and
sustained increases in interest rates, or other events beyond our
control on the overall economy which may reduce demand for our
products and services, geopolitical events and conflicts, adverse
impacts to our business and those of our customers and suppliers,
including due to supply chain disruptions, component shortages, and
associated logistics expense increases; our limited operating
history as a public company; risks associated with our quarter-end
closing procedures, including management’s judgments; our ability
as an organization to successfully acquire and integrate other
companies, products or technologies in a successful manner; our
dependence on widespread acceptance and adoption of EVs and
increased demand for installation of charging stations; our current
dependence on sales of charging stations for most of our revenues;
overall demand for EV charging and the potential for reduced demand
for EVs if governmental rebates, tax credits and other financial
incentives are reduced, modified or eliminated or governmental
mandates to increase the use of EVs or decrease the use of vehicles
powered by fossil fuels, either directly or indirectly through
mandated limits on carbon emissions, are reduced, modified or
eliminated; our reliance on contract manufacturers, including those
located outside the United States, may result in supply chain
interruptions, delays and expense increases which may adversely
affect our sales, revenue and gross margins; our ability to expand
our operations and market share in Europe; the need to attract
additional fleet operators as customers; potential adverse effects
on our revenue and gross margins due to delays and costs associated
with new product introductions, inventory obsolescence, component
shortages and related expense increases; adverse impact to our
revenues and gross margins if customers increasingly claim clean
energy credits and, as a result, they are no longer available to be
claimed by us; the effects of competition; risks related to our
dependence on our intellectual property; and the risk that our
technology could have undetected defects or errors. Additional
risks and uncertainties that could affect our financial results are
included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Form 10-Q filed with the Securities and Exchange
Commission (the “SEC”) on September 11, 2023, which is available on
our website at investors.chargepoint.com and on the SEC’s website
at www.sec.gov. Additional information will also be set forth in
other filings that we make with the SEC from time to time. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
applicable law.
Non-GAAP Financial Measure
Adjusted EBITDA, Non-GAAP gross margin and Non-GAAP operating
expense are non-GAAP financial measures. Descriptions of these
Non-GAAP financial measures and the closest GAAP financial measures
are available on ChargePoint’s earning release dated September 6,
2023, available on ChargePoint’s investor relations website
(investors.chargepoint.com). ChargePoint is not able to present a
reconciliation of non-GAAP financial measures to the corresponding
GAAP measures because certain items that impact these measures are
uncertain or out of ChargePoint’s control, or cannot be reasonably
predicted, including stock-based compensation expense, without
unreasonable effort.
CHPT-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20231116289875/en/
Patrick Hamer Vice President, Capital Markets and Investor
Relations Patrick.Hamer@chargepoint.com
investors@chargepoint.com
John Paolo Canton Vice President, Communications
JP.Canton@chargepoint.com
AJ Gosselin Director, Corporate Communications
AJ.Gosselin@chargepoint.com media@chargepoint.com
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