ChargePoint Reports $277.1 Million Net Loss and 17.5% Revenue Decline for Fiscal Year 2025

ChargePoint Holdings, Inc. reported a net loss of $277.1 million for the fiscal year ended January 31, 2025, compared to a net loss of $457.6 million in the prior fiscal year. Revenue for fiscal year 2025 totaled $417.1 million, a decrease of 17.5% compared to $506.6 million in fiscal year 2024. This decrease was primarily driven by a 34.9% decline in Networked Charging Systems revenue to $234.8 million, offset partially by a 19.8% increase in subscription revenue to $144.3 million and a 49.6% increase in other revenue to $37.9 million. The company attributed the decrease in Networked Charging Systems revenue to lower delivery volumes across all product families, with the most significant decline in DC fast chargers.

Significant changes compared to the previous fiscal year included a decrease in cost of revenue for Networked Charging Systems, primarily due to lower delivery volumes and the absence of a $70 million inventory impairment charge recorded in fiscal year 2024. Research and development expenses decreased by 36% to $141.3 million, while sales and marketing expenses decreased by 12.8% to $130.9 million, and general and administrative expenses decreased by 25.3% to $81.5 million. These decreases were largely attributed to the company's three reorganization plans implemented in September 2023, January 2024, and September 2024, which resulted in workforce reductions and other cost-cutting measures. Restructuring-related liabilities totaled $1.9 million as of January 31, 2025.

During the fiscal year, ChargePoint experienced growth in its subscription revenue, primarily due to an increase in ChargePoint Platform and Assure subscriptions. The company also reported an increase in other revenue, mainly driven by higher charging session volume at its networked charging systems. As of January 31, 2025, ChargePoint had approximately 342,000 active charging ports under management, serving over 750,000 active EV drivers monthly. The company estimated its market share in publicly available networked AC charging ports in North America at approximately 61%. ChargePoint operates in over 20 European countries.

The company's outlook remains tied to the continued growth of the EV market and its ability to execute its business strategy. ChargePoint anticipates continued significant operating expenses and net losses in the near term, with profitability dependent on factors such as EV adoption rates and the successful implementation of its business strategy. The company highlighted several key risks, including competition, supply chain disruptions, macroeconomic conditions, and the potential for delisting from the New York Stock Exchange due to its share price falling below the required minimum. ChargePoint also noted its reliance on a limited number of suppliers and its substantial indebtedness, including convertible notes and a revolving credit facility.