First quarter GAAP net income was $82.3 million, which included a $53.0 million gain from the change in fair value of warrant liabilities and an $84.4 million gain from the change in fair value of contingent earn-out liability, partially offset by $7.0 million in offering costs allocated to warrant liabilities. First quarter non-GAAP gross margin was 22.8% compared to 23.9% in the prior year’s first quarter. First quarter GAAP gross margin was up sequentially from 21.0% in the fourth quarter of last year on similar mix, reflecting principally ongoing component cost reduction activities and operational improvements. First quarter GAAP gross margin was 22.8%, down from 23.7% in the first quarter of last year as a result principally of mix, which favored lower margin DC and residential offerings in the current quarter. The growth reflects strength in demand from commercial, fleet and residential customers. Networked charging revenue for the first quarter was $26.8 million, an increase of 36% from $19.7 million in last year’s first quarter. For the first quarter, revenue was $40.5 million, an increase of 24% from $32.8 million in last year’s first quarter. Our strong balance sheet and capital light business model position us to continue leading the EV charging industry.”įirst Quarter Fiscal 2022 Financial Overview We expect an acceleration in our business as EV penetration increases and economies in our key markets reopen. and Europe in 2021, a year-over-year growth rate of over 40%.
#Chargepoint market cap driver
The driver of our business – the electrification of mobility - continues, with over 2.3 million EVs expected to be sold in the U.S.
“We added more new customers than in any prior quarter and our commercial business experienced a strong recovery, after COVID-19 related headwinds last year. “Our first quarter reflects the strength of our diversified business model across commercial, fleet and residential, and the benefits of our industry-leading scale,” said Pasquale Romano, President and CEO of ChargePoint. (NYSE:CHPT) (“ChargePoint”), a leading electric vehicle (EV) charging network, today reported results for its first quarter of fiscal 2022 ended April 30, 2021. $610 million cash balance to support growthĬAMPBELL, Calif.-(BUSINESS WIRE)- ChargePoint Holdings, Inc.Record number of new customers, bringing total to more than 5,000.Revenue increased 24% year over year – networked charging revenue increased 36% year over year.
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