ChargePoint Guidance Points Toward Accelerated EV Adoption
ChargePoint Holdings (ChargePoint) released its Q4 and full-year fiscal 2022 results and fiscal 2023 guidance. The company grew revenue by 65% in fiscal 2022 compared to fiscal 2021 and is forecasting revenue growth of 96% at the midpoint of its fiscal 2023 guidance. “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,” said Pasquale Romano, president and CEO of ChargePoint. “We had numerous successes in our first year as a publicly traded company, including a 65% year-over-year increase in annual revenue, two strategic acquisitions, expansion of our activated port count by more than 60%, and growing our team of world-class talent.”
ChargePoint also expects its operating expenses as a percentage of revenue to decrease from 99% in fiscal 2022 down to 76% in fiscal 2023. It expects to reach breakeven operating cash flow in calendar year 2024.
ChargePoint increased its network charging stations to 174,000 total ports, 51,000 of which are in Europe and 11,500 are direct current (DC) fast charging ports. More than 50% of Fortune 500 companies are now ChargePoint customers.
Despite supply chain issues that continue to ripple through the electric vehicle industry, ChargePoint’s accelerated growth shows that the long-term transition from the internal combustion engine to the electric motor remains stronger than ever.
