On this page of StockholderLetter.com we present the 5/25/2023 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, 2023
To our shareholders: This letter marks the end of our second year as a public company. I am pleased to report that fiscal year 2023 reinforced the strength of our asset-light business model. Rather than exclusively installing charging stations that ChargePoint owns and operates, we sell charging infrastructure with subscription software to third parties from hotels and coffee shops to parking garages and municipalities and everyone in between. We have weaved all these chargers into a publicly accessible network, and we provide the tools our site hosts need to make charging benefit their business. ChargePoint is driving the shift to electric mobility by providing these networked charging solutions in North America and Europe across commercial (e.g., retail, workplace, hospitality, parking, recreation, municipal, education and highway fast charge), fleet (e.g., delivery, take home, logistics, motor pool, transit and shared mobility) and residential (e.g., single-family homes and multifamily apartments and condominiums) verticals. Fiscal year 2023 results We are exceptionally proud of our fiscal year 2023 results. Despite facing industrywide supply chain headwinds, our revenue grew 94% year-on-year. Of particular note, in the fourth quarter, we surpassed our annualized subscription revenue benchmark of $100 million, proof that our reoccurring revenue streams have built momentum. We demonstrated growth in fleet as a major vertical globally and our European region outpaced the growth rate of the balance of the company. At the close of fiscal year 2023, we estimate that our network had fueled more than 5 billion electric miles, avoiding more than 220 million cumulative gallons of gasoline and saving over 1 million metric tons of greenhouse gas emissions. By managing our operating expenses throughout the year, we were able to achieve improved operating leverage, which is foundational to our goal of becoming cash flow positive by the end of calendar year 2024. Business model ChargePoint was founded in 2007, ahead of any other EV charging network and before there was a single massmarket electric vehicle (EV) on the road. Our differentiated business model has enabled us to do for electric mobility something similar to what other companies have achieved in hospitality, delivery services and rideshare. Once businesses purchase charging solutions from us, they become part of the ChargePoint network, one of the largest, most widely recognized and reliable electric fueling solutions in North America and Europe. Through our powerful platform organizations have access to a comprehensive suite of technology solutions and services that give them complete control over their charging operations, allowing every business, regardless of type or size, to participate in the EV revolution. Unlike traditional fueling that forces people to travel to a central location to fill up their vehicles, EV drivers can charge wherever they happen to be parked: at home, at work, around town or on the road. ChargePoint enables our customers to take advantage of this shift in consumer behavior by offering charging solutions that best fit the unique needs of their businesses. For example, workplaces or multifamily properties may offer charging as an employee benefit or resident perk. Retail establishments or hotels may rely on it to help drive customer engagement. Municipalities or parking providers may choose to use it as a revenue opportunity. Our model agnostically applies to all those scenarios, making us a ubiquitous presence for drivers, which, in turn, propels a network effect for businesses. Businesses choose ChargePoint because we are a familiar brand that their drivers and ecosystem partners already know and trust. Our asset-light, recurring revenue model has also enabled ChargePoint to become the only electric fueling network currently operating at scale in nearly every vertical across North America and Europe. As a result of our high level of capitalization and the maturity of the company, we have industry-leading breadth of support for 1
business and driver use cases. This is showcased in our ability to cover mixed-use customer needs. Examples of this include businesses that use our products for both their employee and fleet needs, cities that timeshare public and fleet charging infrastructure and real estate leaders who deploy our products for multifamily, office parking and retail in the same location. Partnerships ChargePoint provides businesses, fleets and ecosystem partners such as auto OEMs and fuel card providers with the software APIs to enable them to build their charging presence on our platform without the need for complex integrations across multiple charging providers. This allows consolidated roaming access to the majority of networked chargers in North America and Europe, making our platform the point of integration for drivers across the geographies we serve. OEM partners Vehicle manufacturers play a pivotal role as our partners, and we are here to help them with critical infrastructure needs. For instance, Volvo began installing publicly available, Volvo-branded ChargePoint fast chargers at Starbucks locations along the 1,350-mile route from Seattle to Denver. Partnerships like this, built on the ChargePoint platform, are just the beginning of what we refer to as the 30-minute retail economy, which will allow naturally aligned retail businesses to cater to EV drivers on road trips longer than their battery range. We enable many OEMs via software integrations with their in-dash infotainment systems and companion apps, as well as the iOS and Android platforms and the native Google car experience. Many of our vehicle manufacturer partners offer our ChargePoint Home Flex charger to their customers and recommend us to their dealers for their charging needs as well. Fleet partners In fiscal year 2023, we added numerous OEM fleet partners, further strengthening our position in that segment. We strengthened our partnership with European mobility giant ALD Automotive to accelerate corporate fleet electrification across the continent and, to complement our partnership with WEX, we partnered with UTA Edenred, a leading European fuel card provider, adding to our long list of payment partners. Channel partners We also continued to grow our channel partner network and launched a mobile application for installers. This was our first step in creating an education and support platform for these key industry players. Because our channel partners transact the majority of our business, it extends our sales reach in a scalable way. This provides the foundational support that enables ChargePoint to scale quickly, which is critical given the expected growth rate of charging infrastructure as vehicles convert from fossil fuels to electric drive. Financial partners We work with partners to offer a variety of financing models that include full subscription (bundled charger, warranty and network fees), third-party asset ownership and advertising subsidies (where applicable), in addition to customer-purchased chargers with subscription network and warranty services. This is only the beginning. When the story of the modern EV is written, the era we are living in will still be part of the prologue. BloombergNEF (BNEF) estimates that by 2025, EVs will make up 4% of the passenger fleets in North America and more than 7% of passenger fleets in Europe. That means we are at the start of a decades-long cycle that ChargePoint is strategically positioned for as a clear leader in electric fueling, as an index for the electrification of transportation and as a platform that will continue embedding into the broader ecosystem as the space evolves. I am extremely proud of the ChargePoint team, and our partners who made this year possible. Because ChargePoint is positioned at the center of an expanding electric vehicle ecosystem that we believe has 2
passed the point of no return, our platform will enable any business, regardless of size, to be part of the largest transformation in transportation in more than a century. Pasquale Romano Chief Executive Officer ChargePoint Holdings, Inc. 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 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 inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and 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 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; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe; the need to attract additional fleet operators as customers; our ability to attract and retain key partnerships, including with respect to auto manufacturers, potential adverse effects on our revenue 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 (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 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 reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. 3
ChargePoint Holdings, Inc. 2023 Proxy Statement
 • shareholder letter icon 5/25/2023 Letter Continued (Full PDF)
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CHPT 5/25/2023 Shareholder/Stockholder Letter Transcript:

ChargePoint Holdings, Inc.
Annual Report for the
fiscal year ended January 31, 2023

To our shareholders:
This letter marks the end of our second year as a public company. I am pleased to report that fiscal year 2023
reinforced the strength of our asset-light business model. Rather than exclusively installing charging stations that
ChargePoint owns and operates, we sell charging infrastructure with subscription software to third parties    
from hotels and coffee shops to parking garages and municipalities and everyone in between. We have weaved
all these chargers into a publicly accessible network, and we provide the tools our site hosts need to make
charging benefit their business.
ChargePoint is driving the shift to electric mobility by providing these networked charging solutions in North
America and Europe across commercial (e.g., retail, workplace, hospitality, parking, recreation, municipal,
education and highway fast charge), fleet (e.g., delivery, take home, logistics, motor pool, transit and shared
mobility) and residential (e.g., single-family homes and multifamily apartments and condominiums) verticals.
Fiscal year 2023 results
We are exceptionally proud of our fiscal year 2023 results. Despite facing industrywide supply chain headwinds,
our revenue grew 94% year-on-year. Of particular note, in the fourth quarter, we surpassed our annualized
subscription revenue benchmark of $100 million, proof that our reoccurring revenue streams have built
momentum. We demonstrated growth in fleet as a major vertical globally and our European region outpaced the
growth rate of the balance of the company. At the close of fiscal year 2023, we estimate that our network had
fueled more than 5 billion electric miles, avoiding more than 220 million cumulative gallons of gasoline and
saving over 1 million metric tons of greenhouse gas emissions. By managing our operating expenses throughout
the year, we were able to achieve improved operating leverage, which is foundational to our goal of becoming
cash flow positive by the end of calendar year 2024.
Business model
ChargePoint was founded in 2007, ahead of any other EV charging network and before there was a single massmarket electric vehicle (EV) on the road. Our differentiated business model has enabled us to do for electric
mobility something similar to what other companies have achieved in hospitality, delivery services and rideshare.
Once businesses purchase charging solutions from us, they become part of the ChargePoint network, one of the
largest, most widely recognized and reliable electric fueling solutions in North America and Europe. Through our
powerful platform organizations have access to a comprehensive suite of technology solutions and services that
give them complete control over their charging operations, allowing every business, regardless of type or size, to
participate in the EV revolution.
Unlike traditional fueling that forces people to travel to a central location to fill up their vehicles, EV drivers can
charge wherever they happen to be parked: at home, at work, around town or on the road. ChargePoint enables
our customers to take advantage of this shift in consumer behavior by offering charging solutions that best fit the
unique needs of their businesses. For example, workplaces or multifamily properties may offer charging as an
employee benefit or resident perk. Retail establishments or hotels may rely on it to help drive customer
engagement. Municipalities or parking providers may choose to use it as a revenue opportunity. Our model
agnostically applies to all those scenarios, making us a ubiquitous presence for drivers, which, in turn, propels a
network effect for businesses. Businesses choose ChargePoint because we are a familiar brand that their drivers
and ecosystem partners already know and trust.
Our asset-light, recurring revenue model has also enabled ChargePoint to become the only electric fueling
network currently operating at scale in nearly every vertical across North America and Europe. As a result of our
high level of capitalization and the maturity of the company, we have industry-leading breadth of support for
1

business and driver use cases. This is showcased in our ability to cover mixed-use customer needs. Examples of
this include businesses that use our products for both their employee and fleet needs, cities that timeshare public
and fleet charging infrastructure and real estate leaders who deploy our products for multifamily, office parking
and retail in the same location.
Partnerships
ChargePoint provides businesses, fleets and ecosystem partners such as auto OEMs and fuel card providers with
the software APIs to enable them to build their charging presence on our platform without the need for complex
integrations across multiple charging providers. This allows consolidated roaming access to the majority of
networked chargers in North America and Europe, making our platform the point of integration for drivers across
the geographies we serve.
OEM partners
Vehicle manufacturers play a pivotal role as our partners, and we are here to help them with critical infrastructure
needs. For instance, Volvo began installing publicly available, Volvo-branded ChargePoint fast chargers at
Starbucks locations along the 1,350-mile route from Seattle to Denver. Partnerships like this, built on the
ChargePoint platform, are just the beginning of what we refer to as the    30-minute retail economy,    which will
allow naturally aligned retail businesses to cater to EV drivers on road trips longer than their battery range. We
enable many OEMs via software integrations with their in-dash infotainment systems and companion apps, as
well as the iOS and Android platforms and the native Google car experience. Many of our vehicle manufacturer
partners offer our ChargePoint Home Flex charger to their customers and recommend us to their dealers for their
charging needs as well.
Fleet partners
In fiscal year 2023, we added numerous OEM fleet partners, further strengthening our position in that segment.
We strengthened our partnership with European mobility giant ALD Automotive to accelerate corporate fleet
electrification across the continent and, to complement our partnership with WEX, we partnered with UTA
Edenred, a leading European fuel card provider, adding to our long list of payment partners.
Channel partners
We also continued to grow our channel partner network and launched a mobile application for installers. This
was our first step in creating an education and support platform for these key industry players. Because our
channel partners transact the majority of our business, it extends our sales reach in a scalable way. This provides
the foundational support that enables ChargePoint to scale quickly, which is critical given the expected growth
rate of charging infrastructure as vehicles convert from fossil fuels to electric drive.
Financial partners
We work with partners to offer a variety of financing models that include full subscription (bundled charger,
warranty and network fees), third-party asset ownership and advertising subsidies (where applicable), in addition
to customer-purchased chargers with subscription network and warranty services.
This is only the beginning. When the story of the modern EV is written, the era we are living in will still be part
of the prologue. BloombergNEF (BNEF) estimates that by 2025, EVs will make up 4% of the passenger fleets in
North America and more than 7% of passenger fleets in Europe. That means we are at the start of a decades-long
cycle that ChargePoint is strategically positioned for     as a clear leader in electric fueling, as an index for the
electrification of transportation and as a platform that will continue embedding into the broader ecosystem as the
space evolves. I am extremely proud of the ChargePoint team, and our partners who made this year possible.
Because ChargePoint is positioned at the center of an expanding electric vehicle ecosystem that we believe has
2

passed the point of no return, our platform will enable any business, regardless of size, to be part of the largest
transformation in transportation in more than a century.
Pasquale Romano
Chief Executive Officer
ChargePoint Holdings, Inc.
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 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
inflation or interest rates, or other events beyond our control on the overall economy, our business and those of
our customers and suppliers, including due to supply chain disruptions and 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 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; supply
chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand
our operations and market share in Europe; the need to attract additional fleet operators as customers; our ability
to attract and retain key partnerships, including with respect to auto manufacturers, potential adverse effects on
our revenue 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 (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 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 reflect events that occur or circumstances that exist after the date on
which they were made, except as required by applicable law.
3

ChargePoint Holdings, Inc.
2023 Proxy Statement



shareholder letter icon 5/25/2023 Letter Continued (Full PDF)
 

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