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ChargePoint Holdings Inc. (CHPT) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reveals a decrease in total revenue to $99.6 million from $110.3 million in the same quarter the previous year, driven by a decline in Networked Charging Systems revenue to $52.7 million from $73.9 million.
Subscriptions revenue increased to $36.4 million from $30.6 million, attributed to growth in Cloud and Assure subscriptions.
Other revenue rose to $10.5 million from $5.8 million, primarily due to higher transaction fees from driver charging sessions.
Cost of revenue decreased to $76.8 million from $134.2 million, reflecting lower costs associated with Networked Charging Systems and an inventory impairment charge in the prior year.
Operating expenses decreased to $90.9 million from $129.8 million, with reductions in research and development, sales and marketing, and general and administrative expenses.
ChargePoint reported a net loss of $77.6 million, compared to $158.2 million in the previous year, reflecting improvements in gross profit and reduced operating expenses.
Cash used in operating activities was $144.3 million, a decrease from $287.5 million in the prior year, while cash provided by financing activities was $16.4 million, primarily from the issuance of common stock.
ChargePoint's cash and cash equivalents totaled $219.8 million as of October 31, 2024, down from $357.8 million at the beginning of the fiscal year.
The filing discusses risks such as competition, supply chain disruptions, and the need for continued EV adoption, as well as potential impacts from economic conditions and regulatory changes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ChargePoint Holdings Inc. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.