On this page of StockholderLetter.com we present the latest annual shareholder letter from ChargePoint Holdings, Inc. — ticker symbol CHPT. Reading current and past CHPT letters to shareholders can bring important insights into the investment thesis.
ChargePoint Holdings, Inc.
Annual Report for the
fiscal year ended January 31, 2024
Dear ChargePoint Shareholders,
This is my first letter to you as the CEO of ChargePoint Holdings, Inc. (ChargePoint), and I want
to begin by expressing my appreciation for your support and commitment to the company. While
fiscal year 2024 brought significant changes to ChargePoint, and growing pains to the industry, I
firmly believe that our future is bright and fiscal year 2025 will see us achieve milestones. Our
commitment to delivering best-in-class solutions to our customers, world-class experiences to
our drivers, and value to you, our shareholders, remains unchanged.
To state the bottom-line up front: last year   s results did not meet our expectations. While the first
half of the year went according to plan, in the second half the entire industry faced economic
volatility, higher interest rates, and shifting consumer behaviors   all of which impacted the
business.
Despite these headwinds, electric vehicle (EV) adoption continues and there are clear indicators
the charging industry will continue to grow. In 2023, utilization of the ChargePoint network
outpaced our port growth, with a 53% increase in annual charging sessions, but new installations
lagging behind that figure. This data underscores the growing demand for more infrastructure,
and this demand will continue growing alongside sales of passenger and commercial EVs.
I am proud of so many things ChargePoint achieved last year, and the rapid implementation of
changes to the business - which have set us up for success this year.
We doubled-down on our commitment to the driver experience with a set of new initiatives
aimed at improving charging station reliability and network uptime. Our approach to network
reliability is rooted in three main pillars     designing solutions that can charge any EV and are
able to operate as expected for the long haul, providing the necessary training to electrical
contractors so they are properly equipped to install and maintain EV charging stations, and lastly,
proactive monitoring of charging stations to reduce downtime. We aim to ultimately deliver
100% network uptime, and we now routinely rank very close to it.
In partnership with Volvo and Starbucks, we completed the build-out of the Seattle-to-Denver
fast charging corridor, enabling EVs a hassle-free drive between these cities for the first time.
Our partners at Mercedes-Benz cut the ribbon on the first Mercedes-Benz HPC NA hub, the
fastest charging network in North America, powered by the newest hardware in the ChargePoint
Express Plus platform. To date, more than a dozen hubs on the network have gone into service,
and counting.
We continued to demonstrate our innovation and commitment to meeting the charging needs of
any driver, in any parking spot, through new offerings. These include native NACS connectors
for our products, which in simple terms enable Tesla vehicles to use our infrastructure without
costly and inconvenient adaptors. To support those who drive electric for a living, we launched
our Pantograph solution for electric bus fleets which allows for tighter parking arrangements
while simultaneously removing any physical strain for the bus drivers needing to charge.
ChargePoint proudly closed the year when we became the first end-to-end provider of EV
charging solutions to receive Federal Risk and Authorization Management Program (FedRAMP)
approval from the United States Federal Government. This data privacy certification
demonstrates our commitment to providing the highest standards of security for all of our
customers, and enables us to bid on tens of millions of dollars in government RFPs for you, our
investors.
Lastly, I'd like to highlight the strategic changes I have made since my appointment as CEO in
November of 2023, which have been made to ensure future business performance meets
expectations. The four cornerstones of ChargePoint   s revised business strategy sum up our focal
points, and we have implemented actionable measures to ensure we deliver in each of these
areas:
1. Delivering a world-class driver experience across the EV charging ecosystem;
2. Prioritizing the development of our open software platform;
3. A revamped hardware strategy, utilizing strategic partnerships that enable us to bring new
products to market faster, while improving margins and maintaining our safety and
reliability standards; and
4. Operational excellence with an emphasis on execution.
In closing, I want to extend my appreciation to each and every shareholder for your continued
trust and confidence in our company. I am confident we now have the right team in place, and
the right plan to achieve our goals. Operational excellence with an emphasis on execution will
connect the dots between the two.
With kind regards,
Rick Wilmer
Chief Executive Officer
ChargePoint Holdings, Inc.
Forward Looking Statement
This letter contains forward-looking statements that involve risks, uncertainties, and assumptions
including statements regarding our plans, strategy, market opportunity and partnerships. Any
statements that are not historical facts, may be forward-looking statements. Words used such as
   anticipates,       believes,       continues,       designed,       estimates,       expects,       goal,       intends,   
   likely,       may,       ongoing,       plans,       projects,       pursuing,       seeks,       should,       will,       would   
and similar expressions are intended to identify forward-looking statements, although not all
forward-looking statements contain these words. All forward-looking statements are based on
our current assumptions, expectations and beliefs, and involve substantial risks and uncertainties
that may cause results, performance or achievement to materially differ from those expressed or
implied by these forward-looking statements. There are a significant number of factors that
could cause actual results to differ materially from the statements made in this letter, including:
macroeconomic trends including changes in or sustained inflation, interest rate volatility, or other
events beyond our control on the overall economy which may reduce demand for our products
and services, geopolitical events and conflicts, adverse impacts to our business and those of our
customers and suppliers, including due to supply chain disruptions, component shortages, and
associated logistics expense increases; our limited operating history as a public company; our
ability as an organization to successfully acquire and integrate other companies, products or
technologies in a successful manner; our dependence on widespread acceptance and adoption of
EVs and increased demand for installation of charging stations; our current dependence on sales
of charging stations for most of our revenues; overall demand for EV charging and the potential
for reduced demand for EVs if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to increase the use of EVs or
decrease the use of vehicles powered by fossil fuels, either directly or indirectly through
mandated limits on carbon emissions, are reduced, modified or eliminated; our reliance on
contract manufacturers, including those located outside the United States, may result in supply
chain interruptions, delays and expense increases which may adversely affect our sales, revenue
and gross margins; our ability to expand our operations and market share in Europe; the need to
attract additional fleet operators as customers; potential adverse effects on our revenue and gross
margins due to delays and costs associated with new product introductions, inventory
obsolescence, component shortages and related expense increases; adverse impact to our
revenues and gross margins if customers increasingly claim clean energy credits and, as a result,
they are no longer available to be claimed by us; the effects of competition; risks related to our
dependence on our intellectual property; and the risk that our technology could have undetected
defects or errors. Additional risks and uncertainties that could affect our financial results are
included under the captions    Risk Factors    and    Management   s Discussion and Analysis of
Financial Condition and Results of Operations    in our most recent Form 10-K filed with the
Securities and Exchange Commission (the    SEC   ), which is available on our website at
investors.chargepoint.com and on the SEC   s website at www.sec.gov. Additional information
will also be set forth in other filings that we make with the SEC from time to time. All forwardlooking statements in this letter are based on information available to us as of the date hereof,
and we do not assume any obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the date on which they were made,
except as required by applicable law.
ChargePoint Holdings, Inc.
2024 Proxy Statement
 • shareholder letter icon 5/24/2024 Letter Continued (Full PDF)
 • stockholder letter icon 5/25/2023 CHPT Stockholder Letter
 • stockholder letter icon More "Electronic Equipment & Products" Category Stockholder Letters
 • Benford's Law Stocks icon CHPT Benford's Law Stock Score = 63


CHPT Shareholder/Stockholder Letter Transcript:

ChargePoint Holdings, Inc.
Annual Report for the
fiscal year ended January 31, 2024

Dear ChargePoint Shareholders,
This is my first letter to you as the CEO of ChargePoint Holdings, Inc. (ChargePoint), and I want
to begin by expressing my appreciation for your support and commitment to the company. While
fiscal year 2024 brought significant changes to ChargePoint, and growing pains to the industry, I
firmly believe that our future is bright and fiscal year 2025 will see us achieve milestones. Our
commitment to delivering best-in-class solutions to our customers, world-class experiences to
our drivers, and value to you, our shareholders, remains unchanged.
To state the bottom-line up front: last year   s results did not meet our expectations. While the first
half of the year went according to plan, in the second half the entire industry faced economic
volatility, higher interest rates, and shifting consumer behaviors   all of which impacted the
business.
Despite these headwinds, electric vehicle (EV) adoption continues and there are clear indicators
the charging industry will continue to grow. In 2023, utilization of the ChargePoint network
outpaced our port growth, with a 53% increase in annual charging sessions, but new installations
lagging behind that figure. This data underscores the growing demand for more infrastructure,
and this demand will continue growing alongside sales of passenger and commercial EVs.
I am proud of so many things ChargePoint achieved last year, and the rapid implementation of
changes to the business - which have set us up for success this year.
We doubled-down on our commitment to the driver experience with a set of new initiatives
aimed at improving charging station reliability and network uptime. Our approach to network
reliability is rooted in three main pillars     designing solutions that can charge any EV and are
able to operate as expected for the long haul, providing the necessary training to electrical
contractors so they are properly equipped to install and maintain EV charging stations, and lastly,
proactive monitoring of charging stations to reduce downtime. We aim to ultimately deliver
100% network uptime, and we now routinely rank very close to it.
In partnership with Volvo and Starbucks, we completed the build-out of the Seattle-to-Denver
fast charging corridor, enabling EVs a hassle-free drive between these cities for the first time.
Our partners at Mercedes-Benz cut the ribbon on the first Mercedes-Benz HPC NA hub, the
fastest charging network in North America, powered by the newest hardware in the ChargePoint
Express Plus platform. To date, more than a dozen hubs on the network have gone into service,
and counting.
We continued to demonstrate our innovation and commitment to meeting the charging needs of
any driver, in any parking spot, through new offerings. These include native NACS connectors
for our products, which in simple terms enable Tesla vehicles to use our infrastructure without
costly and inconvenient adaptors. To support those who drive electric for a living, we launched
our Pantograph solution for electric bus fleets which allows for tighter parking arrangements
while simultaneously removing any physical strain for the bus drivers needing to charge.

ChargePoint proudly closed the year when we became the first end-to-end provider of EV
charging solutions to receive Federal Risk and Authorization Management Program (FedRAMP)
approval from the United States Federal Government. This data privacy certification
demonstrates our commitment to providing the highest standards of security for all of our
customers, and enables us to bid on tens of millions of dollars in government RFPs for you, our
investors.
Lastly, I'd like to highlight the strategic changes I have made since my appointment as CEO in
November of 2023, which have been made to ensure future business performance meets
expectations. The four cornerstones of ChargePoint   s revised business strategy sum up our focal
points, and we have implemented actionable measures to ensure we deliver in each of these
areas:
1. Delivering a world-class driver experience across the EV charging ecosystem;
2. Prioritizing the development of our open software platform;
3. A revamped hardware strategy, utilizing strategic partnerships that enable us to bring new
products to market faster, while improving margins and maintaining our safety and
reliability standards; and
4. Operational excellence with an emphasis on execution.
In closing, I want to extend my appreciation to each and every shareholder for your continued
trust and confidence in our company. I am confident we now have the right team in place, and
the right plan to achieve our goals. Operational excellence with an emphasis on execution will
connect the dots between the two.
With kind regards,
Rick Wilmer
Chief Executive Officer
ChargePoint Holdings, Inc.
Forward Looking Statement
This letter contains forward-looking statements that involve risks, uncertainties, and assumptions
including statements regarding our plans, strategy, market opportunity and partnerships. Any
statements that are not historical facts, may be forward-looking statements. Words used such as
   anticipates,       believes,       continues,       designed,       estimates,       expects,       goal,       intends,   
   likely,       may,       ongoing,       plans,       projects,       pursuing,       seeks,       should,       will,       would   
and similar expressions are intended to identify forward-looking statements, although not all
forward-looking statements contain these words. All forward-looking statements are based on
our current assumptions, expectations and beliefs, and involve substantial risks and uncertainties
that may cause results, performance or achievement to materially differ from those expressed or
implied by these forward-looking statements. There are a significant number of factors that
could cause actual results to differ materially from the statements made in this letter, including:
macroeconomic trends including changes in or sustained inflation, interest rate volatility, or other

events beyond our control on the overall economy which may reduce demand for our products
and services, geopolitical events and conflicts, adverse impacts to our business and those of our
customers and suppliers, including due to supply chain disruptions, component shortages, and
associated logistics expense increases; our limited operating history as a public company; our
ability as an organization to successfully acquire and integrate other companies, products or
technologies in a successful manner; our dependence on widespread acceptance and adoption of
EVs and increased demand for installation of charging stations; our current dependence on sales
of charging stations for most of our revenues; overall demand for EV charging and the potential
for reduced demand for EVs if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to increase the use of EVs or
decrease the use of vehicles powered by fossil fuels, either directly or indirectly through
mandated limits on carbon emissions, are reduced, modified or eliminated; our reliance on
contract manufacturers, including those located outside the United States, may result in supply
chain interruptions, delays and expense increases which may adversely affect our sales, revenue
and gross margins; our ability to expand our operations and market share in Europe; the need to
attract additional fleet operators as customers; potential adverse effects on our revenue and gross
margins due to delays and costs associated with new product introductions, inventory
obsolescence, component shortages and related expense increases; adverse impact to our
revenues and gross margins if customers increasingly claim clean energy credits and, as a result,
they are no longer available to be claimed by us; the effects of competition; risks related to our
dependence on our intellectual property; and the risk that our technology could have undetected
defects or errors. Additional risks and uncertainties that could affect our financial results are
included under the captions    Risk Factors    and    Management   s Discussion and Analysis of
Financial Condition and Results of Operations    in our most recent Form 10-K filed with the
Securities and Exchange Commission (the    SEC   ), which is available on our website at
investors.chargepoint.com and on the SEC   s website at www.sec.gov. Additional information
will also be set forth in other filings that we make with the SEC from time to time. All forwardlooking statements in this letter are based on information available to us as of the date hereof,
and we do not assume any obligation to update the forward-looking statements provided to
reflect events that occur or circumstances that exist after the date on which they were made,
except as required by applicable law.

ChargePoint Holdings, Inc.
2024 Proxy Statement



shareholder letter icon 5/24/2024 Letter Continued (Full PDF)
 

CHPT Stockholder/Shareholder Letter (ChargePoint Holdings, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2024, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.