EV Charging Company ChargePoint’s Revenue Up 90% YoY in Q4 FY 2022
The company registered a net loss of $132.6 million in FY 2022
March 8, 2022
U.S.-based electric vehicle (EV) charging network company ChargePoint has released the financial results for the fourth quarter (Q4), and the fiscal year (FY) 2022 ended January 31, 2022.
The company registered a revenue of $80.7 million, an increase of 90% compared to $42.4 million during the same period in Q4 2021 and a quarter-over-quarter (QoQ) growth of 24% compared to $65 million in Q3 FY 2022.
The networked charging systems revenue for Q4 FY 2022 stood at $59.2 million, increasing by 109% compared to $28.3 million during the same period in FY 2021. The revenue from subscriptions stood at $17.2 million, up 57% from $11 million during the same period in FY 2021.
The company reported a net loss of $60.5 million, a decrease of 33% compared to $90.75 million in the same period in FY 2021. The net loss figure included a $16.9 million gain from the change in fair value of warrant liabilities and $15.4 million in stock-based compensation expense.
The company reported activation of over 174,000 ports as of January 31, with over 51,000 in Europe.
Speaking on the performance, Pasquale Romano, President and CEO of ChargePoint, said, “ChargePoint delivered another outstanding quarter, exceeding the high end of both our quarterly and annual revenue guidance and advancing our technology leadership in our commercial, fleet, and residential verticals across North America and Europe. We had numerous successes in our first year as a publicly-traded company, including a 65% YoY increase in annual revenue, two strategic acquisitions, and expansion of our activated port count by over 60%.”
Full fiscal 2022 overview
For FY 2022, the company reported a revenue of $242.3 million, increasing by 65% from $146.5 million in the previous year.
The networked charging revenue for the FY 2022 was $174.4 million, an increase of 90% from $91.9 million, and the subscription revenue was $53.5 million, up 32% from $40.6 million in the previous year.
However, the company registered a net loss of $132.6 million during FY 2022, decreasing by 33% from $197 million in FY 2021.
Last October, Sunnova Energy International, a U.S.-based residential solar and storage service provider, joined hands with ChargePoint to offer EV charging solutions to its consumers in North America.
Earlier in March last year, ChargePoint’s shares began trading on the New York Stock Exchange, following the completion of its business combination with Switchback Energy Acquisition Corporation, a publicly-traded special-purpose acquisition company (SPAC). At the close of the transaction, the company had cash worth $615 million.