ChargePoint Holdings, Inc. (CHPT): restructuring charge — ChargePoint Q2 revenue $150.5M (+39% YoY); GAAP net loss $125.3M; announces 10% workforce reduction

ChargePoint Holdings, Inc.

2024-Q2 EPS reported -$0.58 revenue$280,523,000

Q2 revenue $150.5M (+39% YoY); GAAP net loss $125.3M vs $92.7M; non-GAAP adjusted EBITDA loss $81.2M.
GAAP gross margin 1% (down from 17%) due to $28M inventory impairment charge on a DC product.
Reorganization includes ~10% workforce reduction; expects $8M charges and $30M annual operating expense savings.
Q3 revenue guidance $150-165M; FY2024 revenue guidance $605-630M (midpoint +32% YoY).
Reaffirms plan to achieve positive non-GAAP adjusted EBITDA by end of calendar 2024; cash $263.9M.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ChargePoint Holdings, Inc. reported financial results for its second quarter of fiscal 2024 ended July 31, 2023.

Period: its second quarter of fiscal 2024 ended July 31, 2023
Result: reported results

Exact text from the filing

On September 6, 2023, ChargePoint Holdings, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal second quarter ended July 31, 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ChargePoint Holdings, Inc. announced a restructuring with charges of approximately $8 million affecting global operations (approximately 10%).

Type: restructuring
Charge: approximately $8 million
Affected area: global operations
Headcount: approximately 10%

Exact text from the filing

On September 6, 2023, the Company announced the reorganizing of its operations including a reduction of the Company's current global workforce by approximately 10% (the “Reorganization”). The Reorganization is expected to lead to approximately $8 million in charges, consisting primarily of severance benefits and facility-related expenses.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

ChargePoint Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001777393-23-000028

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