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ChargePoint | 8-K: ChargePoint Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

SEC announcement ·  Mar 5 16:18
Summary by Moomoo AI
ChargePoint Holdings, Inc., a leading electric vehicle (EV) charging network provider, reported its financial results for the fourth quarter and full fiscal year ended January 31, 2024, on March 5, 2024. The company announced a fiscal fourth-quarter revenue of $116 million and a full fiscal year revenue of $507 million. Despite a 41% year-over-year growth in subscription revenue, totaling $120 million for the fiscal year, ChargePoint experienced a decrease in quarterly revenue by 24% from the same quarter in the previous year. The GAAP gross margin for the fourth quarter was 19%, with a non-GAAP gross margin of 22%. For the full fiscal year, the GAAP gross margin was 6%, and the non-GAAP gross margin was 8%. The company reported a GAAP net loss of $94.7 million for the...Show More
ChargePoint Holdings, Inc., a leading electric vehicle (EV) charging network provider, reported its financial results for the fourth quarter and full fiscal year ended January 31, 2024, on March 5, 2024. The company announced a fiscal fourth-quarter revenue of $116 million and a full fiscal year revenue of $507 million. Despite a 41% year-over-year growth in subscription revenue, totaling $120 million for the fiscal year, ChargePoint experienced a decrease in quarterly revenue by 24% from the same quarter in the previous year. The GAAP gross margin for the fourth quarter was 19%, with a non-GAAP gross margin of 22%. For the full fiscal year, the GAAP gross margin was 6%, and the non-GAAP gross margin was 8%. The company reported a GAAP net loss of $94.7 million for the fourth quarter and $457.6 million for the full year. ChargePoint also provided guidance for the first quarter of fiscal 2025, expecting revenue between $100 to $110 million, and reaffirmed its goal to achieve positive non-GAAP Adjusted EBITDA by the fourth quarter of fiscal 2025. The company's cash, cash equivalents, and restricted cash totaled $357.8 million as of January 31, 2024, with a $150 million revolving credit facility remaining undrawn and no debt maturities until 2028. ChargePoint's CEO, Rick Wilmer, highlighted the company's focus on operational execution, reduction of operating expenses, and a significant decrease in cash usage during the quarter.

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