Q1 2024 ChargePoint Holdings Inc Earnings Call Transcript
Key Points
- ChargePoint Holdings Inc (CHPT) reported Q1 revenue of $107 million, above the midpoint of their guidance range.
- Non-GAAP gross margin improved to 24%, up from 22% in the previous quarter.
- Non-GAAP operating expenses decreased to $66 million, down $8.4 million from the last quarter.
- The company achieved a non-GAAP adjusted EBITDA loss of $36 million, ahead of plan.
- ChargePoint Holdings Inc (CHPT) formed new partnerships, including a significant deal with the U.S. Navy and a collaboration with AirBnB to increase EV charging availability.
- Revenue was 18% lower year-on-year due to lower hardware revenue.
- Inventory levels increased by 13%, primarily due to construction and infrastructure delays.
- The company experienced delays in eight figures worth of deals, pushing them to later quarters.
- Cash and cash equivalents decreased to $292 million from $358 million last quarter.
- The company expects the inventory normalization process to take the rest of the year, potentially impacting margins.
Ladies and gentlemen, good afternoon. My name is Krista, and I'll be your conference operator for today's call. At this time, I would like to welcome everyone to the charge point First Quarter Fiscal 2025 Earnings Conference Call and Webcast. All participant lines have been placed in a listen-only mode to prevent any background noise. After the speakers' remarks, there will be a question and answer session.
I would now like to turn the call over to Patrick Hamer, touch-points Vice President of Capital Markets and Investor Relations. Patrick, please go ahead.
Good afternoon, and thank you for joining us on today's conference call to discuss charge point's First Quarter Fiscal 2025 earnings results. This call is being webcast and can be accessed on the Investors section of our website at investors dot ChargePoint.com.
With me on today's call are Eric Wilmer, our Chief Executive Officer, and lastly Kohtani, our Interim Chief Financial Officer, this afternoon, we issued
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