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, 2025
Dear ChargePoint Stockholders, As I re ect on scal year 2025, I am lled with immense pride for what ChargePoint has accomplished, and excitement for the road ahead. The past year has been de ned by milestones, resilience, and meaningful progress in advancing our mission to power the future of electric mobility. I want to extend my deepest gratitude to our stockholders for your continued trust, as well as to our employees, customers, and partners for their unwavering commitment and con dence. A Transformative Year for ChargePoint and the Industry Fiscal year 2025 was a pivotal year for ChargePoint. The global transition to electri ed transportation accelerated, with record electric vehicle (EV) adoption rates across North America and Europe. According to Rho Motion, EV sales in January 2025 as compared to January 2024 in North America grew by 22% year-over-year, and Europe, including the UK, saw a 21% increase. These numbers underscore the continued momentum of EV adoption and the critical need for charging infrastructure to support it. At ChargePoint, we are uniquely positioned to meet this growing demand with our industry-leading software platform, innovative hardware solutions, and unwavering commitment to delivering a world-class driver experience. We closed the year with over 342,000 managed charging ports, representing a nearly 20% year-over-year increase, alongside a network of over 1 million accessible charging locations worldwide. We believe these numbers re ect both the growing number of EV drivers and the increasing utilization of charging infrastructure. Indeed, they re ect the urgent need for continued investment in charging capacity as EV adoption outpaces infrastructure deployment. Delivering Results Through Strategic Execution ChargePoint s success this year is a testament to the strength of our three-year strategic plan, which is anchored on four cornerstones: a class-leading software platform, hardware innovation, operational excellence, and a worldclass driver experience. Fiscal year 2025 marked the successful completion of Year One of this plan, with several signi cant accomplishments: 1. Operational E ciency and Cost Management We undertook decisive actions to streamline our operations and improve e ciency, which are delivering tangible results. Full year GAAP and Non-GAAP operating expenses decreased signi cantly over the year with full year GAAP operating expenses at $353.7 million and Non-GAAP operating expenses at $243.4 million, each down 26% as compared to scal year 2024. These e orts, combined with disciplined cash management, led to a scal year-end 2025 cash balance of $225 million. 2. Revenue Growth and Margin Expansion Fiscal year 2025 revenue totaled $417.1 million, with fourth quarter revenue of $101.9 million and scal year 2025 subscription revenue grew by 20% year-over-year to $144.3 million. Fourth quarter scal year 2025 GAAP gross margin was 28% and non-GAAP gross margin in the fourth quarter improved to 30%, marking the highest margin level since ChargePoint became a public company. These achievements demonstrated our ability to drive growth while improving pro tability. 3. Innovation in Hardware and Software
This year, we introduced groundbreaking solutions designed to meet the evolving needs of our customers and partners. Our new Omni Port connector eliminates compatibility issues for drivers, supporting both NACS and CCS standards. Additionally, our anti-vandalism charging cables address a critical industry challenge and have been met with widespread praise and signi cant market visibility. On the software side, our next-generation platform integrates advanced features for eet management, station uptime, and operational e ciency, positioning us to deliver even greater value and market expansion in coming years. 4. Strategic Partnerships and Market Leadership ChargePoint continued to deepen relationships with leading automotive OEMs, eets, and commercial customers. Collaborations with General Motors' GM Energy division and Hyundai Motor Company expanded our footprint, while partnerships with Mercedes-Benz and Daimler Buses highlighted our leadership in transit electri cation. These partnerships re ect the trust industry leaders place in ChargePoint s technology and expertise. Positioned for Growth in a Dynamic Market As we look to the future, we are con dent in our ability to navigate the evolving market landscape. While scal year 2025 brought challenges, including economic uncertainty and shifting policy directions, our business model remains resilient. Unlike some industry peers, we are not reliant on federal subsidies or direct ownership of charging infrastructure. Instead, we are focused on enabling others to build and expand their networks using ChargePoint s technology. We believe the transition to electri ed transportation is inevitable, and the opportunities for ChargePoint are substantial. Fiscal year 2026, the second year of our strategic plan, will focus on accelerating growth through the launch of next-generation products and expanded market penetration. Final Thoughts ChargePoint is at the forefront of a once-in-a-century transformation in transportation. Our leadership position, diversi ed business model, and relentless focus on innovation and execution uniquely position us to capitalize on the opportunities ahead. I am incredibly proud of what our team has accomplished this year and am con dent that the best is yet to come. On behalf of the entire ChargePoint team, thank you for your continued support and belief in our mission. Together, we are building the future of electric mobility. With kind regards, Rick Wilmer Chief Executive O cer Forward-Looking Statements 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 di er from those expressed or implied by these forward-looking statements. There are a signi cant number of factors that could cause actual results to di er materially from the statements made in this press release, including: macroeconomic trends including changes in or sustained in ation, 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 con icts; adverse impacts to our business and those of our customers and suppliers, including due to supply chain disruptions, tari s, component shortages, and associated logistics expense increases; our limited operating history as a public company; our ability as an organization to successfully acquire, integrate or partner with other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs, including auto manufacturers' plans and strategies to transition to predominately manufacture EVs and any corresponding increased demand for installation of charging stations; our current dependence on sales of charging stations for the majority of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental policies, rebates, tax credits and other nancial incentives are reduced, modi ed 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, modi ed or eliminated; our ability, and our reliance on our customers to successfully implement, construct and manage state, federal and local charging infrastructure programs in accordance with the respective terms of such programs in order to validly secure and obtain awarded funding and win additional grant opportunities; our ability to successfully partner with third-party charge point operators; our reliance on contract manufacturers, including those located outside the United States, may result in supply chain interruptions, delays and expense increases, such as due to tari s, which may adversely a ect our sales, revenue and gross margins; our ability to expand our operations and market share in Europe; the need to attract additional eet operators as customers; potential adverse e ects 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 e ects 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 a ect our nancial results are included under the captions Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K led with the Securities and Exchange Commission (the SEC ) on March 28, 2025, 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 lings that we make with the SEC from time to time. All forward-looking 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 re ect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. Use of Non-GAAP Financial Measures ChargePoint has provided nancial information in this letter that has not been prepared in accordance with generally accepted accounting principles in the United States ( GAAP ). ChargePoint uses these non-GAAP nancial measures internally in analyzing its nancial results. ChargePoint believes that the use of these non-GAAP nancial measures is useful to investors to evaluate ongoing operating results and trends and believes they provide meaningful supplemental information to investors regarding ChargePoint s underlying operating performance
because they exclude items ChargePoint believes are unrelated to, and may not be indicative of, its core operating results. The presentation of these non-GAAP nancial measures is not meant to be considered in isolation or as a substitute for comparable GAAP nancial measures and should be read only in conjunction with ChargePoint s consolidated nancial statements prepared in accordance with GAAP. A reconciliation of ChargePoint s full year 2025 and fourth quarter scal year 2025 non-GAAP nancial measures to their most directly comparable GAAP measures has been provided in our press release led with our Form 8-K with SEC on March 4, 2025, which is available on our website at investors.chargepoint.com and on the SEC s website at www.sec.gov., and investors are encouraged to review these reconciliations.
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CHPT Shareholder/Stockholder Letter Transcript:

ChargePoint Holdings, Inc.
Annual Report for the
fiscal year ended January 31, 2025

Dear ChargePoint Stockholders,
As I re   ect on    scal year 2025, I am    lled with immense pride for what ChargePoint has accomplished, and
excitement for the road ahead. The past year has been de   ned by milestones, resilience, and meaningful progress
in advancing our mission to power the future of electric mobility. I want to extend my deepest gratitude to our
stockholders for your continued trust, as well as to our employees, customers, and partners for their unwavering
commitment and con   dence.
A Transformative Year for ChargePoint and the Industry
Fiscal year 2025 was a pivotal year for ChargePoint. The global transition to electri   ed transportation accelerated,
with record electric vehicle (EV) adoption rates across North America and Europe. According to Rho Motion, EV
sales in January 2025 as compared to January 2024 in North America grew by 22% year-over-year, and Europe,
including the UK, saw a 21% increase. These numbers underscore the continued momentum of EV adoption and
the critical need for charging infrastructure to support it. At ChargePoint, we are uniquely positioned to meet this
growing demand with our industry-leading software platform, innovative hardware solutions, and unwavering
commitment to delivering a world-class driver experience.
We closed the year with over 342,000 managed charging ports, representing a nearly 20% year-over-year increase,
alongside a network of over 1 million accessible charging locations worldwide. We believe these numbers re   ect
both the growing number of EV drivers and the increasing utilization of charging infrastructure. Indeed, they re   ect
the urgent need for continued investment in charging capacity as EV adoption outpaces infrastructure deployment.
Delivering Results Through Strategic Execution
ChargePoint   s success this year is a testament to the strength of our three-year strategic plan, which is anchored on
four cornerstones: a class-leading software platform, hardware innovation, operational excellence, and a worldclass driver experience. Fiscal year 2025 marked the successful completion of Year One of this plan, with several
signi   cant accomplishments:
1. Operational E   ciency and Cost Management
We undertook decisive actions to streamline our operations and improve e   ciency, which are delivering
tangible results. Full year GAAP and Non-GAAP operating expenses decreased signi   cantly over the year with
full year GAAP operating expenses at $353.7 million and Non-GAAP operating expenses at $243.4 million, each
down 26% as compared to    scal year 2024. These e   orts, combined with disciplined cash management, led to a
   scal year-end 2025 cash balance of $225 million.
2. Revenue Growth and Margin Expansion
Fiscal year 2025 revenue totaled $417.1 million, with fourth quarter revenue of $101.9 million and    scal year
2025 subscription revenue grew by 20% year-over-year to $144.3 million. Fourth quarter    scal year 2025 GAAP
gross margin was 28% and non-GAAP gross margin in the fourth quarter improved to 30%, marking the highest
margin level since ChargePoint became a public company. These achievements demonstrated our ability to
drive growth while improving pro   tability.
3. Innovation in Hardware and Software

This year, we introduced groundbreaking solutions designed to meet the evolving needs of our customers and
partners. Our new Omni Port connector eliminates compatibility issues for drivers, supporting both NACS and
CCS standards. Additionally, our anti-vandalism charging cables address a critical industry challenge and have
been met with widespread praise and signi   cant market visibility. On the software side, our next-generation
platform integrates advanced features for    eet management, station uptime, and operational e   ciency,
positioning us to deliver even greater value and market expansion in coming years.
4. Strategic Partnerships and Market Leadership
ChargePoint continued to deepen relationships with leading automotive OEMs,    eets, and commercial
customers. Collaborations with General Motors' GM Energy division and Hyundai Motor Company expanded
our footprint, while partnerships with Mercedes-Benz and Daimler Buses highlighted our leadership in transit
electri   cation. These partnerships re   ect the trust industry leaders place in ChargePoint   s technology and
expertise.
Positioned for Growth in a Dynamic Market
As we look to the future, we are con   dent in our ability to navigate the evolving market landscape. While    scal
year 2025 brought challenges, including economic uncertainty and shifting policy directions, our business model
remains resilient. Unlike some industry peers, we are not reliant on federal subsidies or direct ownership of
charging infrastructure. Instead, we are focused on enabling others to build and expand their networks using
ChargePoint   s technology.
We believe the transition to electri   ed transportation is inevitable, and the opportunities for ChargePoint are
substantial. Fiscal year 2026, the second year of our strategic plan, will focus on accelerating growth through the
launch of next-generation products and expanded market penetration.
Final Thoughts
ChargePoint is at the forefront of a once-in-a-century transformation in transportation. Our leadership position,
diversi   ed business model, and relentless focus on innovation and execution uniquely position us to capitalize on
the opportunities ahead. I am incredibly proud of what our team has accomplished this year and am con   dent that
the best is yet to come.
On behalf of the entire ChargePoint team, thank you for your continued support and belief in our mission.
Together, we are building the future of electric mobility.
With kind regards,
Rick Wilmer
Chief Executive O   cer
Forward-Looking Statements
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 di   er from those expressed or implied by these forward-looking
statements. There are a signi   cant number of factors that could cause actual results to di   er materially from the
statements made in this press release, including: macroeconomic trends including changes in or sustained in   ation,
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 con   icts; adverse impacts to our business and those of our
customers and suppliers, including due to supply chain disruptions, tari   s, component shortages, and associated
logistics expense increases; our limited operating history as a public company; our ability as an organization to
successfully acquire, integrate or partner with other companies, products or technologies in a successful manner;
our dependence on widespread acceptance and adoption of EVs, including auto manufacturers' plans and
strategies to transition to predominately manufacture EVs and any corresponding increased demand for installation
of charging stations; our current dependence on sales of charging stations for the majority of our revenues; overall
demand for EV charging and the potential for reduced demand for EVs if governmental policies, rebates, tax credits
and other    nancial incentives are reduced, modi   ed 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, modi   ed or eliminated; our ability, and our reliance on our customers to
successfully implement, construct and manage state, federal and local charging infrastructure programs in
accordance with the respective terms of such programs in order to validly secure and obtain awarded funding and
win additional grant opportunities; our ability to successfully partner with third-party charge point operators; our
reliance on contract manufacturers, including those located outside the United States, may result in supply chain
interruptions, delays and expense increases, such as due to tari   s, which may adversely a   ect our sales, revenue
and gross margins; our ability to expand our operations and market share in Europe; the need to attract additional
   eet operators as customers; potential adverse e   ects 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 e   ects 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 a   ect our    nancial results are included under the captions    Risk
Factors    and    Management   s Discussion and Analysis of Financial Condition and Results of Operations    in our Form
10-K    led with the Securities and Exchange Commission (the    SEC   ) on March 28, 2025, 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    lings that we make with the SEC from time to time. All forward-looking 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 re   ect events that occur or circumstances that exist after the date on
which they were made, except as required by applicable law.
Use of Non-GAAP Financial Measures
ChargePoint has provided    nancial information in this letter that has not been prepared in accordance with
generally accepted accounting principles in the United States (   GAAP   ). ChargePoint uses these non-GAAP    nancial
measures internally in analyzing its    nancial results. ChargePoint believes that the use of these non-GAAP    nancial
measures is useful to investors to evaluate ongoing operating results and trends and believes they provide
meaningful supplemental information to investors regarding ChargePoint   s underlying operating performance

because they exclude items ChargePoint believes are unrelated to, and may not be indicative of, its core operating
results. The presentation of these non-GAAP    nancial measures is not meant to be considered in isolation or as a
substitute for comparable GAAP    nancial measures and should be read only in conjunction with ChargePoint   s
consolidated    nancial statements prepared in accordance with GAAP. A reconciliation of ChargePoint   s full year
2025 and fourth quarter    scal year 2025 non-GAAP    nancial measures to their most directly comparable GAAP
measures has been provided in our press release    led with our Form 8-K with SEC on March 4, 2025, which is
available on our website at investors.chargepoint.com and on the SEC   s website at www.sec.gov., and investors are
encouraged to review these reconciliations.



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