ChargePoint’s Revenue Leaps 102% YoY to $86 Million in Q1 2022
Supply chain disruptions resulted in a lower gross margin of 15%
June 2, 2022
Electric vehicle (EV) charging network company ChargePoint Holdings recorded revenue of $86 million in the first quarter (Q1) of 2022, a year-over-year (YoY) growth of 102% from $40.5 million in Q1 2021.
The U.S.-based company accumulated revenue of $59.6 million from its network charging systems business, a YoY increase of 122% from $26.8 million last year.
ChargePoint provides a comprehensive portfolio of charging solutions for businesses.
The company said that its business registered a record growth of 67% in Europe, which resulted in a sequential quarterly revenue surge.
ChargePoint has more than 188,000 operational ports under management at the end of Q1, including approximately 57,000 ports in Europe.
Supply chain disruptions impacted both cost and availability of supply, leading to a lower gross margin of 15%, compared to 23% in the same period last year.
President and CEO of ChargePoint, Pasquale Romano, said, “Positive first-quarter results, despite expected significant headwinds due to global supply constraints, are a testament to the strength of our business. Our comprehensive portfolio investments for all verticals set us apart when customers seek a charging solution.”
ChargePoint’s net loss for the quarter amounted to $89.2 million, a YoY spike of 8.5% from $82.2 million in the same period a year ago. The company attributed an amortization expense of $2.9 million from acquired intangible assets and $15.5 million in stock-based compensation expense to the loss incurred in Q1.
The company had operating expenses of $101 million in Q1, a YoY increase of 99.8% from $55.8 million in the same period last year.
In April this year, ChargePoint announced that it had procured an investment of $300 million from Antara Capital to accelerate the growth of its operations.
The EV charging company posted revenue of $242.3 million for the financial year 2022, a surge of 65% from $146.5 million in the previous fiscal. The company accumulated $174.4 million from its networked charging business, while it registered revenue of $80.7 million in the fourth quarter of FY 2022.
Gourav Mishra
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