EV Charging Company ChargePoint Posts 93% Revenue Increase YoY in Q4
ChargePoint, a provider of electric vehicle (EV) charging solutions, saw its net loss increase from $60 million in the third quarter of the fiscal year (FY) 2021 to $78 million in the fourth quarter of FY 2022.
The increased loss was attributed by the corporation to a higher expense for stock-based compensation in the most recent quarter.
For the three months of October through December, Charge Point’s overall operating expenses rose by 15% year over year (YoY) to $111.2 million.
According to the corporation, the percentages of Q4 billings were 69% for commercial, 19% for fleet, 11% for residential, and less than 1% for other categories. Geographically speaking, 86% of sales came from North America, and 14% came from Europe. Europe generated $22 million in revenue in the fourth quarter, up 129% year over year.
Pasquale Romano, ChargePoint’s president and chief executive, said: “ChargePoint delivered its largest sequential revenue growth to date and another record quarter, although below our guidance range as supply challenges for our DC solutions and quarter-end shipment challenges at this growth rate persisted. We continued to extend our technology and market leadership position across North America and Europe this year while driving 94% year-over-year growth and delivering improving gross margin and better operating expense leverage as we progress toward profitability.”
The entire year 2022:
The net loss for ChargePoint for FY 2022 grew from $132.2 million to $344.4 million.
When compared to 2021, when the company’s sales were $241 million, it increased by 94% to $468 million in 2022. Sales of network charging systems totaled $363.6 million after increasing by 109% from $174 million the year before increase revenue.
During the third quarter of 2022, the company reported revenue of $125.3 million, an increase of 93% YoY from $65 million. Yet, from August to October, the cost of income more than doubled to $102.7 million.
Charge Point’s first-quarter sales were $86 million, up 102% year over year from $40.5 million in the corresponding period in 2021.
Join All India EV Community on LinkedIn
Content Credit: Merecom Clean Energy Insights