ChargePoint : Fourth Quarter 2024 Presentation

Q4 Fiscal 2024

Financial Results

March 5, 2024

You can find information regarding our use of non-GAAP financial measures in our earnings release dated March 5, 2024, found on the Investor Relations section of our website at https://www.chargepoint.com/

© 2024 ChargePoint Holdings, Inc.

Revenue Diversity

By Type

$M						$M
$160	$153		$150			$160
	$130		$116
$120				$110	$120
$80						$80
$40						$40
--	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	--

Networked Charging Systems

Subscriptions

Other

By Geography

$153$150

$130

$110 $116

Q4 FY23

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

North America

Europe

Note: Unaudited. Fiscal year ending on January 31.

© 2024 ChargePoint Holdings, Inc.

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Non-GAAP Gross Margin

30%	23%	25%	22%
20%

10%

3%

0%

Q4 FY23

Q1 FY24

Q2 FY24

Q3 FY24

Q4 FY24

-10%

-18%

-20%

-30%

Note: Unaudited. Fiscal year ending on January 31.

© 2024 ChargePoint Holdings, Inc.	3

Non-GAAP Operating Expenses

$100						80%
		$89	74%
$80	$81	$85	$81	65%	70%
			$75
$60		66%			60%
		59%
$M
$40						50%
53%
$20						40%
--	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	30%

Non-GAAP Operating Expenses

- Non-GAAP Operating Expenses as % of Revenue

Note: Unaudited. Fiscal year ending on January 31.

© 2024 ChargePoint Holdings, Inc.	4

Appendix

© 2024 ChargePoint Holdings, Inc.

5

GAAP Income Statement

($ in thousands; unaudited; preliminary)	Three Months Ended					Twelve Months Ended
				January 31,					January 31,
				2024					2023			2024	2023
	Revenue
	Networked charging systems	$	74,034	$	122,331	$ 360,822	$ 363,622
	Subscriptions		33,510					25,735	120,445	85,296
	Other			8,289					4,761			25,372			19,176
	Total revenue			115,833					152,827			506,639			468,094
	Cost of revenue
	Networked charging systems		68,814					102,189	386,149	318,628
	Subscriptions		20,099					14,110	73,595	51,416
	Other			4,515					3,536			16,777			12,117
	Total cost of revenue			93,428					119,835			476,521			382,161
	Gross profit			22,405					32,992			30,118			85,933
	Operating expenses
	Research and development		55,219					46,721	220,781	194,957
	Sales and marketing		33,641					40,550	150,186	142,392
	General and administrative			26,475					24,027			109,102			90,366
	Total operating expenses			115,335					111,298			480,069			427,715
	Loss from operations		(92,930)					(78,306)	(449,951)	(341,782)
	Interest income		3,435					2,063	9,603	5,534
	Interest expense		(6,600)					(2,966)	(16,273)	(9,434)
	Change in fair value of assumed common stock warrant liabilities		-					-					-	(24)
	Other income (expense), net			1,165					1,078			(1,009)			(1,569)
	Net loss before income taxes			(94,930)					(78,131)			(457,630)			(347,275)
	Provision for (benefit from) income taxes			(183)					530			(21)			(2,167)
	Net loss	$	(94,747)				$	(78,661)					$ (457,609)				$ (345,108)

© 2024 ChargePoint Holdings, Inc.

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GAAP Balance Sheet

($ in thousands; unaudited; preliminary)	January 31,		January 31,
			2024			2023
	Assets
	Current assets:
	Cash and cash equivalents	$	327,410	$	264,162
	Restricted cash		30,400			30,400
	Short-term investments		-			104,966
	Accounts receivable, net		124,049			164,892
	Inventories		198,580			68,730
	Prepaid expenses and other current assets		62,244			71,020
	Total current assets		742,683			704,170
	Property and equipment, net		42,446			40,046
	Intangible assets, net		80,555			92,673
	Operating lease right-of-use assets		15,362			22,242
	Goodwill		213,750			213,716
	Other assets		8,567			7,110
	Total assets	$ 1,103,363		$ 1,079,957
	Liabilities and Stockholders' Equity
	Current liabilities:
	Accounts payable	$	71,081	$	62,076
	Accrued and other current liabilities		159,104			133,483
	Deferred revenue		99,968			88,777
	Total current liabilities		330,153			284,336
	Deferred revenue, noncurrent		131,471			109,833
	Debt, noncurrent		283,704			294,936
	Operating lease liabilities		17,350			21,841
	Deferred tax liabilities		11,252			12,987
	Other long-term liabilities		1,757			1,032
	Total liabilities		775,687			724,965
	Stockholders' equity:
	Common stock		42			35
	Additional paid-in capital		1,957,932			1,528,104
	Accumulated other comprehensive loss		(15,926)			(16,384)
	Accumulated deficit	(1,614,372)	(1,156,763)
	Total stockholders' equity		327,676			354,992
	Total liabilities and stockholders' equity	$ 1,103,363		$ 1,079,957

© 2024 ChargePoint Holdings, Inc.

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GAAP Statement of Cash Flows

($ in thousands; unaudited; preliminary)

Twelve Months Ended

January 31,

			2024					2023
Cash flows from operating activities
Net loss	$	(457,609)	$	(345,108)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		28,486					25,050
Non-cash operating lease cost		4,343					4,739
Stock-based compensation		117,327					93,350
Amortization of deferred contract acquisition costs		2,859					2,361
Inventory impairment		70,000					-
Other		8,439					16,856
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net		36,510					(94,600)
Inventories		(173,661)					(39,358)
Prepaid expenses and other assets		7,002					(37,969)
Accounts payable, operating lease liabilities, and accrued and other liabilities		(5,466)					55,827
Deferred revenue			32,829					51,803
Net cash used in operating activities			(328,941)					(267,049)
Cash flows from investing activities
Purchases of property and equipment		(19,424)					(18,563)
Purchases of short term investments		-					(284,835)
Maturities of investments		105,000					180,000
Cash paid for acquisitions, net of cash acquired			-					(2,756)
Net cash provided by (used in) investing activities			85,576					(126,154)
Cash flows from financing activities
Proceeds from the exercise of warrants		-					6,884
Proceeds from issuance of debt, net of discount and issuance costs		-					293,972
Debt issuance costs related to the revolving credit facility		(2,882)					-
Proceeds from the issuance of common stock under employee equity plans, net of tax withholding		12,054					11,446
Proceeds from issuance of common stock in connection with ATM offerings		287,198					49,450
Change in driver funds and amounts due to customers		13,691					11,107
Settlement of contingent earnout liability			(3,537)					-
Net cash provided by financing activities			306,524					372,859
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		89					(729)
Net increase (decrease) in cash, cash equivalents, and restricted cash		63,248					(21,073)
Cash, cash equivalents, and restricted cash at beginning of period			294,562					315,635
Cash, cash equivalents, and restricted cash at end of period		$	357,810			$	294,562

© 2024 ChargePoint Holdings, Inc.

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GAAP to Non-GAAP Reconciliation

($ in thousands; unaudited; preliminary)

	Three		Three		Twelve		Twelve
	Months Ended		Months Ended		Months Ended		Months Ended
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss and Non-GAAP Adjusted EBITDA Loss:	January 31, 2024		January 31, 2023		January 31, 2024		January 31, 2023
GAAP net loss	$ (94,747)		$ (78,661)		$ (457,609)		$ (345,108)
Stock-based compensation expense	25,392		25,705		117,337		93,350
Amortization of intangible assets	3,056		2,992		12,140		11,645
Restructuring costs (1)	12,653		2,172		28,254		2,172
Acquisition-related costs (2)	-	1,295			-	2,297
Other adjustments (3)	2,279			500			3,172			1,987

Non-GAAP net loss (as a percentage of revenue)	$	(51,367)	-44%		$	(45,997)	-30%		$	(296,706)	-59%		$	(233,657)	-50%
Provision for (benefit from) income taxes			(183)					530					(21)					(2,167)
Non-GAAPpre-tax net loss (as a percentage of revenue)	$	(51,550)	-45%		$	(45,467)	-30%		$	(296,727)	-59%		$	(235,824)	-50%
Depreciation			4,270					3,495					16,345					13,404
Interest income		(3,435)					(2,063)					(9,603)					(5,534)
Interest expense		6,600					2,966					16,273					9,434
Other expense (income), net			(1,165)					(1,078)					1,009					1,569
Non-GAAP Adjusted EBITDA Loss (as a percentage of revenue)		$	(45,280)		-39%		$	(42,147)		-28%		$	(272,703)		-54%		$	(216,951)		-46%

1. Consists of restructuring costs for severances and employment-related termination costs, and facility and other contract terminations
2. Consists of professional services fees related to acquisitions, as well as increase in the ViriCiti earn-out liability related to the acquisition of ViriCiti Group B.V. in August 2021
3. Consists of non-cash charges related to tax liabilities and litigation, professional services fees related to modification of convertible debt, and the change in fair value of assumed common stock warrant liabilities

© 2024 ChargePoint Holdings, Inc.

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GAAP to Non-GAAP Reconciliation

($ in thousands; unaudited; preliminary)

		Three Months Ended		Three Months Ended		Three Months Ended		Three Months Ended		Three Months Ended
Reconciliation of GAAP gross profit (margin) to non-GAAP gross profit (margin):		January 31, 2024		October 31, 2023		July 31, 2023		April 30, 2023		January 31, 2023
GAAP gross profit (loss)	$	22,405		$	(23,946)		$	1,125		$	30,535		$	32,992
Stock-based compensation expense		1,375			1,847			1,938			996			1,080
Restructuring costs (1)		632			996			-			-			257
Amortization of intangible assets		770			759			766			766			756
Non-GAAP gross profit (margin)	$	25,182	22%	$	(20,344)	-18%	$	3,829	3%	$	32,297	25%	$	35,085	23%
Reconciliation of GAAP total operating expenses to non-GAAP total operating expenses:
GAAP total operating expenses	$	115,335		$	129,821		$	124,457		$	110,457		$	111,298
Stock-based compensation expense		24,016			31,036			33,161			22,969			24,626
Restructuring costs (1)		12,021			14,605			-			(2)			1,915
Acquisition-related costs (2)		-			-			-			-			1,295
Amortization of intangible assets		2,286			2,249			2,273			2,272			2,236
Other adjustments (3)		2,279			788			105			-			500
Non-GAAP total operating expenses (as a percentage of revenue)	$	74,733	65%	$	81,143	74%	$	88,918	59%	$	85,218	66%	$	80,726	53%

1. Consists of restructuring costs for severances and employment-related termination costs, and facility and other contract terminations
2. Consists of professional services fees related to acquisitions, as well as increase in the ViriCiti earn-out liability related to the acquisition of ViriCiti Group B.V. in August 2021
3. Consists of non-cash charges related to tax liabilities and litigation, professional services fees related to modification of convertible debt, and the change in fair value of assumed common stock warrant liabilities

© 2024 ChargePoint Holdings, Inc.

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