x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 84-1747686 | |||||||
(State or other jurisdiction of incorporation or | (IRS Employer Identification No.) |
240 East Hacienda Avenue Campbell, CA | 95008 | |||||||
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | o | Accelerated filer | o | ||||||||||
Non-accelerated filer | Smaller reporting company | x | |||||||||||
Emerging growth company |
Page | ||||||||||||
ChargePoint Holdings, Inc. Unaudited Condensed Consolidated Financial Statements | ||||||||
October 31, 2021 | January 31, 2021 | ||||||||||
(in thousands, except share and per share data) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 365,491 | $ | 145,491 | |||||||
Restricted cash | 400 | 400 | |||||||||
Accounts receivable, net of allowance of $2,643 as of October 31, 2021 and $2,000 as of January 31, 2021 | 66,104 | 35,075 | |||||||||
Inventories | 29,893 | 33,592 | |||||||||
Prepaid expenses and other current assets | 32,695 | 12,074 | |||||||||
Total current assets | 494,583 | 226,632 | |||||||||
Property and equipment, net | 34,726 | 29,988 | |||||||||
Intangible assets, net | 142,539 | — | |||||||||
Operating lease right-of-use assets | 23,621 | 21,817 | |||||||||
Goodwill | 200,681 | 1,215 | |||||||||
Other assets | 5,327 | 10,468 | |||||||||
Total assets | $ | 901,477 | $ | 290,120 | |||||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | 32,084 | 19,784 | |||||||||
Accrued and other current liabilities | 76,473 | 47,162 | |||||||||
Deferred revenue | 58,877 | 40,934 | |||||||||
Debt, current | — | 10,208 | |||||||||
Total current liabilities | 167,434 | 118,088 | |||||||||
Deferred revenue, noncurrent | 62,364 | 48,896 | |||||||||
Debt, noncurrent | — | 24,686 | |||||||||
Operating lease liabilities | 23,795 | 22,459 | |||||||||
Deferred tax liabilities | 28,351 | — | |||||||||
Common stock warrant liabilities | 29,282 | — | |||||||||
Redeemable convertible preferred stock warrant liability | — | 75,843 | |||||||||
Other long-term liabilities | 4,852 | 972 | |||||||||
Total liabilities | 316,078 | 290,944 | |||||||||
Commitments and contingencies (Note 7) | 0 | 0 | |||||||||
Redeemable convertible preferred stock: $0.0001 par value; 0 and 185,180,248 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 0 and 182,934,257 shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively (liquidation value: $— and $17,492,964 as of October 31, 2021 and January 31, 2021, respectively) | — | 615,697 | |||||||||
Stockholders’ equity (deficit): | |||||||||||
Common stock: $0.0001 par value; 1,000,000,000 and 299,771,284 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 330,964,104 and 22,961,032 shares issued and outstanding as of October 31, 2021 and January 31, 2021, respectively | 33 | 2 | |||||||||
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of October 31, 2021 and January 31, 2021, respectively; 0 issued and outstanding as of October 31, 2021 and January 31, 2021 | — | — | |||||||||
Additional paid-in capital | 1,337,247 | 62,736 | |||||||||
Accumulated other comprehensive income (loss) | (376) | 155 | |||||||||
Accumulated deficit | (751,505) | (679,414) | |||||||||
Total stockholders’ equity (deficit) | 585,399 | (616,521) | |||||||||
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | $ | 901,477 | $ | 290,120 |
July 31, 2021 | January 31, 2021 | |||||||
(in thousands, except share and per share data) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 618,089 | $ | 145,491 | ||||
Restricted cash | 400 | 400 | ||||||
Accounts receivable, net of allowance of $2,000 as of July 31, 2021 and January 31, 2021 | 42,708 | 35,075 | ||||||
Inventories | 27,916 | 33,592 | ||||||
Prepaid expenses and other current assets | 22,138 | 12,074 | ||||||
Total current assets | 711,251 | 226,632 | ||||||
Property and equipment, net | 32,265 | 29,988 | ||||||
Operating lease right-of-use | 20,834 | 21,817 | ||||||
Goodwill | 1,215 | 1,215 | ||||||
Other assets | 5,023 | 10,468 | ||||||
Total assets | $ | 770,588 | $ | 290,120 | ||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 28,416 | $ | 19,784 | ||||
Accrued and other current liabilities | 51,980 | 47,162 | ||||||
Deferred revenue | 47,769 | 40,934 | ||||||
Debt, current | — | 10,208 | ||||||
Total current liabilities | 128,165 | 118,088 | ||||||
Deferred revenue, noncurrent | 58,000 | 48,896 | ||||||
Debt, noncurrent | — | 24,686 | ||||||
Operating lease liabilities | 21,582 | 22,459 | ||||||
Common stock warrant liabilities | 26,868 | — | ||||||
Redeemable convertible preferred stock warrant liability | — | 75,843 | ||||||
Other long-term liabilities | 961 | 972 | ||||||
Total liabilities | 235,576 | 290,944 | ||||||
Commitments and contingencies (Note 7) | 0 | 0 | ||||||
Redeemable convertible preferred stock: $0.0001 par value; 0 and 185,180,248 shares authorized as of July 31, 2021 and January 31, 2021, respectively; 0 and 182,934,257 shares issued and outstanding as of July 31, 2021 and January 31, 2021, respectively (liquidation value: $0 and $17,492,964 as of July 31, 2021 and January 31, 2021, respectively) | — | 615,697 | ||||||
Stockholders’ equity (deficit): | ||||||||
Common stock: $0.0001 par value; 1,000,000,000 and 299,771,284 shares authorized as of July 31, 2021 and January 31, 2021, respectively; 322,170,484 and 22,961,032 shares issued and outstanding as of July 31, 2021 and January 31, 2021, respectively | 32 | 2 | ||||||
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of July 31, 2021 and January 31, 2021, respectively; 0issued and outstanding as of July 31, 2021 and January 31, 2021 | 0— | 0— | ||||||
Additional paid-in capital | 1,216,893 | 62,736 | ||||||
Accumulated other comprehensive income | 150 | 155 | ||||||
Accumulated deficit | (682,063 | ) | (679,414 | ) | ||||
Total stockholders’ equity (deficit) | 535,012 | (616,521 | ) | |||||
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | $ | 770,588 | $ | 290,120 | ||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | ||||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Networked charging systems | $ | 47,511 | $ | 22,566 | $ | 115,185 | $ | 63,591 | |||||||||||||||
Subscriptions | 13,397 | 10,782 | 36,303 | 29,597 | |||||||||||||||||||
Other | 4,126 | 3,017 | 10,177 | 10,910 | |||||||||||||||||||
Total revenue | 65,034 | 36,365 | 161,665 | 104,098 | |||||||||||||||||||
Cost of revenue | |||||||||||||||||||||||
Networked charging systems | 38,720 | 22,382 | 97,846 | 61,406 | |||||||||||||||||||
Subscriptions | 7,637 | 5,322 | 21,107 | 14,547 | |||||||||||||||||||
Other | 2,621 | 1,408 | 6,662 | 4,100 | |||||||||||||||||||
Total cost of revenue | 48,978 | 29,112 | 125,615 | 80,053 | |||||||||||||||||||
Gross profit | 16,056 | 7,253 | 36,050 | 24,045 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development | 36,751 | 18,919 | 102,535 | 54,071 | |||||||||||||||||||
Sales and marketing | 24,361 | 12,134 | 62,258 | 37,301 | |||||||||||||||||||
General and administrative | 20,268 | 8,790 | 57,467 | 18,345 | |||||||||||||||||||
Total operating expenses | 81,380 | 39,843 | 222,260 | 109,717 | |||||||||||||||||||
Loss from operations | (65,324) | (32,590) | (186,210) | (85,672) | |||||||||||||||||||
Interest income | 25 | 18 | 72 | 298 | |||||||||||||||||||
Interest expense | (3) | (815) | (1,502) | (2,443) | |||||||||||||||||||
Change in fair value of redeemable convertible preferred stock warrant liability | — | (7,320) | 9,237 | (18,301) | |||||||||||||||||||
Change in fair value of common stock warrant liabilities | (2,429) | — | 30,911 | — | |||||||||||||||||||
Change in fair value of contingent earnout liability | — | — | 84,420 | — | |||||||||||||||||||
Transaction costs expensed | — | — | (7,031) | — | |||||||||||||||||||
Other (expense) income, net | (2,025) | (85) | (2,200) | 46 | |||||||||||||||||||
Net loss before income taxes | (69,756) | (40,792) | (72,303) | (106,072) | |||||||||||||||||||
Provision for (benefit from) income taxes | (314) | 98 | (211) | 203 | |||||||||||||||||||
Net loss | $ | (69,442) | $ | (40,890) | $ | (72,092) | $ | (106,275) | |||||||||||||||
Accretion of beneficial conversion feature of redeemable convertible preferred stock | — | (1,752) | — | (60,377) | |||||||||||||||||||
Cumulative dividends on redeemable convertible preferred stock | — | (3,960) | (4,292) | (3,960) | |||||||||||||||||||
Deemed dividends attributable to vested option holders | — | — | (51,855) | — | |||||||||||||||||||
Deemed dividends attributable to common stock warrant holders | — | — | (110,635) | — | |||||||||||||||||||
Net loss attributable to common stockholders - Basic | $ | (69,442) | $ | (46,602) | $ | (238,874) | $ | (170,612) | |||||||||||||||
Gain attributable to earnout shares issued | — | — | (84,420) | — | |||||||||||||||||||
Change in fair value of dilutive warrants | — | — | (51,106) | — | |||||||||||||||||||
Net loss attributable to common stockholders - Diluted | $ | (69,442) | $ | (46,602) | $ | (374,400) | $ | (170,612) | |||||||||||||||
Weighted average shares outstanding - Basic | 325,034,920 | 14,990,866 | 286,025,483 | 13,550,552 | |||||||||||||||||||
Weighted average shares outstanding - Diluted | 325,034,920 | 14,990,866 | 292,575,318 | 13,550,552 | |||||||||||||||||||
Net loss per share - Basic | $ | (0.21) | $ | (3.11) | $ | (0.84) | $ | (12.59) | |||||||||||||||
Net loss per share - Diluted | $ | (0.21) | $ | (3.11) | $ | (1.28) | $ | (12.59) |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | |||||||||||||||
Revenue | ||||||||||||||||
Networked charging systems | $ | 40,874 | $ | 21,368 | $ | 67,674 | $ | 41,025 | ||||||||
Subscriptions | 12,082 | 9,811 | 22,906 | 18,815 | ||||||||||||
Other | 3,165 | 3,778 | 6,051 | 7,893 | ||||||||||||
Total revenue | 56,121 | 34,957 | 96,631 | 67,733 | ||||||||||||
Cost of revenue | ||||||||||||||||
Networked charging systems | 35,384 | 20,408 | 59,126 | 39,024 | ||||||||||||
Subscriptions | 7,830 | 4,452 | 13,470 | 9,225 | ||||||||||||
Other | 2,130 | 1,069 | 4,041 | 2,692 | ||||||||||||
Total cost of revenue | 45,344 | 25,929 | 76,637 | 50,941 | ||||||||||||
Gross profit | 10,777 | 9,028 | 19,994 | 16,792 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 40,410 | 17,126 | 65,784 | 35,152 | ||||||||||||
Sales and marketing | 21,923 | 10,966 | 37,897 | 25,167 | ||||||||||||
General and administrative | 22,732 | 4,466 | 37,199 | 9,555 | ||||||||||||
Total operating expenses | 85,065 | 32,558 | 140,880 | 69,874 | ||||||||||||
Loss from operations | (74,288 | ) | (23,530 | ) | (120,886 | ) | (53,082 | ) | ||||||||
Interest income | 25 | 37 | 47 | 280 | ||||||||||||
Interest expense | — | (793 | ) | (1,499 | ) | (1,628 | ) | |||||||||
Change in fair value of redeemable convertible preferred stock warrant liability | — | (11,516 | ) | 9,237 | (10,981 | ) | ||||||||||
Change in fair value of common stock warrant liabilities | (10,421 | ) | — | 33,340 | — | |||||||||||
Change in fair value of contingent earnout liability | — | — | 84,420 | — | ||||||||||||
Transaction costs expensed | — | — | (7,031 | ) | — | |||||||||||
Other (expense) income, net | (189 | ) | 563 | (174 | ) | 131 | ||||||||||
Net loss before income taxes | (84,873 | ) | (35,239 | ) | (2,546 | ) | (65,280 | ) | ||||||||
Provision for income taxes | 65 | 48 | 103 | 105 | ||||||||||||
Net loss | $ | (84,938 | ) | $ | (35,287 | ) | $ | (2,649 | ) | $ | (65,385 | ) | ||||
Accretion of beneficial conversion feature of redeemable convertible preferred stock | — | (58,625 | ) | — | (58,625 | ) | ||||||||||
Cumulative dividends on redeemable convertible preferred stock | 0 | — | (4,292 | ) | — | |||||||||||
Deemed dividends attributable to vested option holders | 0 | — | (51,855 | ) | — | |||||||||||
Deemed dividends attributable to common stock warrant holders | 0 | — | (110,635 | ) | — | |||||||||||
Net loss attributable to common stockholders - Basic | $ | (84,938 | ) | $ | (93,912 | ) | $ | (169,431 | ) | $ | (124,010 | ) | ||||
Gain attributable to earnout shares issued | 0 | — | (84,420 | ) | — | |||||||||||
Change in fair value of dilutive warrants | (7,427 | ) | — | (53,540 | ) | — | ||||||||||
Net loss attributable to common stockholders - Diluted | $ | (92,365 | ) | $ | (93,912 | ) | $ | (307,391 | ) | $ | (124,010 | ) | ||||
Weighted average shares outstanding - Basic | 312,227,526 | 13,468,677 | 266,197,482 | 12,822,481 | ||||||||||||
Weighted average shares outstanding - Diluted | 313,602,100 | 13,468,677 | 275,577,000 | 12,822,481 | ||||||||||||
Net loss per share - Basic | $ | (0.27 | ) | $ | (6.97 | ) | $ | (0.64 | ) | $ | (9.67 | ) | ||||
Net loss per share - Diluted | $ | (0.29 | ) | $ | (6.97 | ) | $ | (1.12 | ) | $ | (9.67 | ) |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Net loss | $ | (69,442) | $ | (40,890) | $ | (72,092) | $ | (106,275) | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment | (526) | (22) | (531) | 14 | |||||||||||||||||||
Unrealized loss on short-term investments, net of tax | — | — | — | (23) | |||||||||||||||||||
Other comprehensive (loss) income | (526) | (22) | (531) | (9) | |||||||||||||||||||
Comprehensive loss | $ | (69,968) | $ | (40,912) | $ | (72,623) | $ | (106,284) |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net loss | $ | (84,938 | ) | $ | (35,287 | ) | $ | (2,649 | ) | $ | (65,385 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustment | (12 | ) | 92 | (5 | ) | 36 | ||||||||||
Unrealized loss on short-term investments, net of t a x | — | (23 | ) | — | (23 | ) | ||||||||||
Other comprehensive (loss) income | (12 | ) | 69 | (5 | ) | 13 | ||||||||||
Comprehensive loss | $ | (84,950 | ) | $ | (35,218 | ) | $ | (2,654 | ) | $ | (65,372 | ) | ||||
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders’ (Deficit) Equity | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ (Deficit) Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares (1) | Amount | Shares (1) | Amount | Shares(1) | Amount | Shares(1) | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | (in thousands, except share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of January 31, 2021 | 182,934,257 | $ | 615,697 | 22,961,032 | $ | 2 | $ | 62,736 | $ | 155 | $ | (679,414 | ) | $ | (616,521 | ) | Balances as of January 31, 2021 | 182,934,257 | $ | 615,697 | 22,961,032 | $ | 2 | $ | 62,736 | $ | 155 | $ | (679,414) | $ | (616,521) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable conv e rtible preferred stock into common stock in connection with the reverse recapitalization, including impact of SeriesH-1 paid in kind dividend | (182,934,257 | ) | (615,697 | ) | 194,060,336 | 20 | 615,677 | — | — | 615,697 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization, including impact of Series H-1 paid in kind dividend | Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization, including impact of Series H-1 paid in kind dividend | (182,934,257) | (615,697) | 194,060,336 | 20 | 615,677 | — | — | 615,697 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of Legacy ChargePoint preferred stock warrant liability upon the reverse recapitalization | — | — | — | — | 66,606 | — | — | 66,606 | Reclassification of Legacy ChargePoint preferred stock warrant liability upon the reverse recapitalization | — | — | — | — | 66,606 | — | — | 66,606 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon the reverse recapitalization, net of issuance costs | — | — | 60,746,989 | 6 | 200,460 | — | — | 200,466 | Issuance of common stock upon the reverse recapitalization, net of issuance costs | — | — | 60,746,989 | 6 | 200,460 | — | — | 200,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 9,766,774 | 1 | 225,375 | — | — | 225,376 | Issuance of common stock upon exercise of warrants | — | — | 9,766,774 | 1 | 225,375 | — | — | 225,376 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingent earnout liability recognized upon the closing of the reverse recapitalization | — | — | — | — | (828,180 | ) | — | — | (828,180 | ) | Contingent earnout liability recognized upon the closing of the reverse recapitalization | — | — | — | — | (828,180) | — | — | (828,180) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of earnout shares upon triggering events, net of tax withholding | — | — | 17,539,657 | 2 | 488,303 | — | — | 488,305 | Issuance of earnout shares upon triggering events, net of tax withholding | — | — | 17,539,657 | 2 | 488,303 | — | — | 488,305 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of remaining contingent earnout liability upon triggering event | — | — | — | — | �� | 242,640 | — | — | 242,640 | Reclassification of remaining contingent earnout liability upon triggering event | — | — | — | — | 242,640 | — | — | 242,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 78 | — | — | 78 | Vesting of early exercised stock options | — | — | — | — | 78 | — | — | 78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of early exercised common stock | — | — | (1,588 | ) | — | — | — | — | — | Repurchase of early exercised common stock | — | — | (1,588) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 7,577 | — | — | 7,577 | Stock-based compensation | — | — | — | — | 7,577 | — | — | 7,577 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 82,289 | 82,289 | Net income | — | — | — | — | — | — | 82,289 | 82,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 7 | — | 7 | Other comprehensive income | — | — | — | — | — | 7 | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of April 30, 2021 | — | — | 305,073,200 | 31 | 1,081,272 | 162 | (597,125 | ) | 484,340 | Balances as of April 30, 2021 | — | $ | — | 305,073,200 | $ | 31 | $ | 1,081,272 | $ | 162 | $ | (597,125) | $ | 484,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon release of restricted stock units | — | — | 652,901 | — | — | — | — | — | Issuance of common stock upon release of restricted stock units | — | — | 652,901 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | 4,378,568 | 0 | 113,608 | — | — | 113,608 | Issuance of common stock upon exercise of warrants | — | — | 4,378,568 | — | 113,608 | — | — | 113,608 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of vested stock options | — | — | 3,292,219 | — | 1,761 | — | — | 1,761 | Issuance of common stock upon exercise of vested stock options | — | — | 3,292,219 | — | 1,761 | — | — | 1,761 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of earnout shares upon triggering events, net of tax withholding | — | — | 8,773,596 | 1 | (8,081 | ) | — | — | (8,080 | ) | Issuance of earnout shares upon triggering events, net of tax withholding | — | — | 8,773,596 | 1 | (8,081) | — | — | (8,080) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 40 | — | — | 40 | Vesting of early exercised stock options | — | — | — | — | 40 | — | — | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 28,293 | — | — | 28,293 | Stock-based compensation | — | — | — | — | 28,293 | — | — | 28,293 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (84,938 | ) | (84,938 | ) | Net loss | — | — | — | — | — | — | (84,938) | (84,938) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (12 | ) | — | (12 | ) | Other comprehensive loss | — | — | — | — | — | (12) | — | (12) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of July 31, 2021 | Balances as of July 31, 2021 | — | $ | — | 322,170,484 | $ | 32 | $ | 1,216,893 | $ | 150 | $ | (682,063) | $ | 535,012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under stock plans, net of tax withholding | Issuance of common stock under stock plans, net of tax withholding | — | — | 1,741,713 | — | 976 | — | — | 976 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | Issuance of common stock upon exercise of warrants | — | — | 1,379,800 | — | 1,264 | — | — | 1,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to business combinations | Issuance of common stock pursuant to business combinations | — | — | 5,695,176 | 1 | 102,057 | — | — | 102,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | Vesting of early exercised stock options | — | — | — | — | 35 | — | — | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of July 31, 2021 | — | $ | — | 322,170,484 | $ | 32 | $ | 1,216,893 | $ | 150 | $ | (682,063 | ) | $ | 535,012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | — | — | — | — | 16,022 | — | — | 16,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | — | — | — | — | — | (526) | — | (526) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | — | — | — | — | (69,442) | (69,442) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of October 31, 2021 | Balances as of October 31, 2021 | — | $ | — | 330,987,173 | $ | 33 | $ | 1,337,247 | $ | (376) | $ | (751,505) | $ | 585,399 |
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||
Shares(1) | Amount | Shares(1) | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balances as of January 31, 2020 | 160,583,203 | $ | 520,241 | 11,918,418 | $ | 1 | $ | 20,331 | $ | 37 | (482,390) | $ | (462,021) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of vested stock options | — | — | 1,071,203 | — | 436 | — | — | 436 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 10 | — | — | 10 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 910 | — | — | 910 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (30,098) | (30,098) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (56) | — | (56) | ||||||||||||||||||||||||||||||||||||||||||
Balances as of April 30, 2020 | 160,583,203 | $ | 520,241 | 12,989,621 | $ | 1 | $ | 21,687 | $ | (19) | $ | (512,488) | $ | (490,819) | ||||||||||||||||||||||||||||||||||||
Issuance of redeemable convertible preferred stock and common warrants, net of issuance costs | 21,783,334 | 92,433 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock warrants in connection with Series H-1 redeemable convertible preferred stock | — | — | — | — | 31,390 | — | — | 31,390 | ||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature in connection with Series H-1 redeemable preferred stock | — | (58,625) | — | — | 58,625 | — | — | 58,625 | ||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature in connection with Series H-1 redeemable preferred stock | — | 58,625 | — | — | (58,625) | — | — | (58,625) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of vested stock options | — | — | 1,523,641 | — | 1,095 | — | — | 1,095 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to early exercise of stock options | — | — | 66,440 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,190 | — | — | 1,190 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (35,287) | (35,287) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 69 | — | 69 | ||||||||||||||||||||||||||||||||||||||||||
Balances as of July 31, 2020 | 182,366,537 | $ | 612,674 | 14,579,702 | $ | 1 | $ | 55,363 | $ | 50 | $ | (547,775) | $ | (492,361) | ||||||||||||||||||||||||||||||||||||
Redeemable convertible preferred stock and common warrants | 567,720 | 3,081 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fair Value of warrants issued in connection with series H-1 convertible preferred Stock | — | — | — | — | 155 | — | — | 155 | ||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature Series H-1 preferred warrants | — | (1,752) | — | — | 1,752 | — | — | 1,752 | ||||||||||||||||||||||||||||||||||||||||||
Accretion of beneficial conversion feature Series H-1 warrant | — | 1,752 | — | — | (1,752) | — | — | (1,752) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of vested stock options | — | — | 1,240,498 | 1 | 889 | — | — | 890 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to early exercise of stock options | — | — | 34,100 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,207 | — | — | 1,207 | ||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (22) | — | (22) | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (40,890) | (40,890) | ||||||||||||||||||||||||||||||||||||||||||
Balances as of October 31, 2020 | 182,934,257 | $ | 615,755 | 15,854,300 | $ | 2 | $ | 57,618 | $ | 28 | $ | (588,665) | $ | (531,017) |
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||
Shares (1) | Amount | Shares (1) | Amount | |||||||||||||||||||||||||||||
(in thousands, except share data) | ||||||||||||||||||||||||||||||||
Balances as of January 31, 2020 | 160,583,203 | $ | 520,241 | 11,918,418 | $ | 1 | $ | 20,331 | $ | 37 | (482,390 | ) | $ | (462,021 | ) | |||||||||||||||||
Issuance of common stock upon exercise of vested stock options | — | — | 1,071,203 | — | 436 | — | — | 436 | ||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 10 | — | — | 10 | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 910 | — | — | 910 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (30,098 | ) | (30,098 | ) | ||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (56 | ) | — | (56 | ) | ||||||||||||||||||||||
Balances as of April 30, 2020 | 160,583,203 | 520,241 | 12,989,621 | 1 | 21,687 | (19 | ) | (512,488 | ) | (490,819 | ) | |||||||||||||||||||||
Issuance of redeemable convertible preferred stock and common warrants, net of issuance costs | 21,783,334 | 92,433 | — | — | — | — | — | — | ||||||||||||||||||||||||
Issuance of common stock warrants in connection with Series H-1 redeemable convertible preferred stock | — | — | — | — | 31,390 | — | — | 31,390 | ||||||||||||||||||||||||
Beneficial conversion feature in connection with Series H-1 redeemable preferred stock | — | (58,625 | ) | — | — | 58,625 | — | — | 58,625 | |||||||||||||||||||||||
Accretion of beneficial conversion feature in connection with Series H-1 redeemable preferred stock | — | 58,625 | — | — | (58,625 | ) | — | — | (58,625 | ) | ||||||||||||||||||||||
Issuance of common stock upon exercise of vested stock options | — | — | 1,523,641 | — | 1,095 | — | — | 1,095 | ||||||||||||||||||||||||
Issuance of common stock related to early exercise of stock options | — | — | 66,440 | — | — | — | — | — | ||||||||||||||||||||||||
Vesting of early exercised stock options | — | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,190 | — | — | 1,190 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (35,287 | ) | (35,287 | ) | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 69 | — | 69 | ||||||||||||||||||||||||
Balances as of July 31, 2020 | 182,366,537 | $ | 612,674 | 14,579,702 | $ | 1 | $ | 55,363 | $ | 50 | $ | (547,775 | ) | $ | (492,361 | ) | ||||||||||||||||
Nine Months Ended October 31, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (72,092) | $ | (106,275) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 10,158 | 7,463 | |||||||||
Non-cash operating lease cost | 3,066 | 2,865 | |||||||||
Stock-based compensation | 51,893 | 3,308 | |||||||||
Amortization of deferred contract acquisition costs | 1,291 | 858 | |||||||||
Deferred tax benefit | (370) | — | |||||||||
Change in fair value of redeemable convertible preferred stock warrant liability | (9,237) | 18,301 | |||||||||
Change in fair value of common stock warrant liabilities | (30,911) | — | |||||||||
Change in fair value of contingent earnout liability | (84,420) | — | |||||||||
Transaction costs expensed | 7,031 | — | |||||||||
Other | 2,203 | 1,043 | |||||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | |||||||||||
Accounts receivable, net | (26,579) | 10,053 | |||||||||
Inventories | 3,498 | (5,975) | |||||||||
Prepaid expenses and other assets | (18,879) | (8,388) | |||||||||
Operating lease liabilities | (2,193) | (2,431) | |||||||||
Accounts payable | 10,633 | (2,397) | |||||||||
Accrued and other liabilities | 16,110 | 1,569 | |||||||||
Deferred revenue | 29,715 | 9,085 | |||||||||
Net cash used in operating activities | (109,083) | (70,921) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | (12,064) | (8,913) | |||||||||
Maturities of investments | — | 47,014 | |||||||||
Cash paid for acquisitions, net of cash acquired | (205,329) | — | |||||||||
Net cash (used in) provided by investing activities | (217,393) | 38,101 | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of redeemable convertible preferred stock | — | 95,514 | |||||||||
Proceeds from issuance of common stock warrants | — | 31,545 | |||||||||
Proceeds from the exercise of warrants | 118,845 | — | |||||||||
Merger and PIPE financing | 511,646 | — | |||||||||
Payment of deferred transaction costs | — | (513) | |||||||||
Payments of transaction costs related to Merger | (32,468) | — | |||||||||
Payment of tax withholding obligations on settlement of earnout shares | (20,895) | — | |||||||||
Repayment of borrowings | (36,051) | — | |||||||||
Proceeds from exercises of vested and unvested stock options | 4,214 | 2,201 | |||||||||
Change in driver funds and amounts due to customers | 1,933 | — | |||||||||
Net cash provided by financing activities | 547,224 | 128,747 | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (748) | 13 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 220,000 | 95,940 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 145,891 | 73,153 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 365,891 | $ | 169,093 |
Six Months Ended July 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (2,649 | ) | $ | (65,385 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 5,576 | 4,684 | ||||||
Non-cash operating lease cost | 1,963 | 1,749 | ||||||
Stock-based compensation | 35,870 | 2,100 | ||||||
Amortization of deferred contract acquisition costs | 829 | 538 | ||||||
Change in fair value of redeemable convertible preferred stock warrant liability | (9,237 | ) | — | |||||
Change in fair value of common stock warrant liabilities | (33,340 | ) | 10,981 | |||||
Change in fair value of contingent earnout liability | (84,420 | ) | — | |||||
Transaction costs expensed | 7,031 | — | ||||||
Other | 1,236 | 683 | ||||||
Changes in operating assets and liabilities, net of effect of acquisitions: | ||||||||
Accounts receivable, net | (7,657 | ) | 16,188 | |||||
Inventories | 5,620 | (7,427 | ) | |||||
Prepaid expenses and other assets | (9,325 | ) | (3,335 | ) | ||||
Operating lease liabilities | (953 | ) | (2,031 | ) | ||||
Accounts payable | 9,293 | (9,324 | ) | |||||
Accrued and other liabilities | 3,027 | (4,054 | ) | |||||
Deferred revenue | 15,938 | 4,564 | ||||||
Net cash used in operating activities | (61,198 | ) | (50,069 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment | (7,788 | ) | (5,962 | ) | ||||
Maturities of investments | — | 47,014 | ||||||
Net cash (used in) provided by investing activities | (7,788 | ) | 41,052 | |||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of redeemable convertible preferred stock | — | 92,433 | ||||||
Proceeds from the exercise of public warrants | 117,598 | 31,390 | ||||||
Merger and PIPE financing | 511,646 | — | ||||||
Payments of transaction costs related to Merger | (32,468 | ) | — | |||||
Payment of tax withholding obligations on settlement of earnout shares | (20,894 | ) | — | |||||
Repayment of borrowings | (36,051 | ) | — | |||||
Proceeds from exercises of vested and unvested stock options | 1,759 | 1,542 | ||||||
Net cash provided by financing activities | 541,590 | 125,365 | ||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (6 | ) | 36 | |||||
Net increase in cash, cash equivalents, and restricted cash | 472,598 | 116,384 | ||||||
Cash, cash equivalents, and restricted cash at beginning of period | 145,891 | 73,153 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 618,489 | $ | 189,537 | ||||
Six Months Ended July 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Supplementary cash flow information | ||||||||
Cash paid for interest | $ | 344 | $ | 1,402 | ||||
Cash paid for taxes | $ | 115 | $ | 105 | ||||
Supplementary cash flow information on noncash investing and financing activities | ||||||||
Accretion of beneficial conversion feature of redeemable convertible preferred stock | $ | — | $ | 58,625 | ||||
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization | $ | 615,697 | $ | — | ||||
Reclassification of Legacy ChargePoint redeemable convertible preferred stock warrant liability upon the reverse capitalization | $ | 66,606 | $ | — | ||||
Contingent earnout liability recognized upon the closing of the reverse recapitalization | $ | 828,180 | $ | — | ||||
Reclassification of remaining contingent earnout liability upon triggering event | $ | 242,640 | $ | — |
Nine Months Ended October 31, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Supplementary cash flow information | |||||||||||
Cash paid for interest | $ | 346 | $ | 2,120 | |||||||
Cash paid for taxes | $ | 119 | $ | 145 | |||||||
Supplementary cash flow information on noncash investing and financing activities | |||||||||||
Accretion of beneficial conversion feature of redeemable convertible preferred stock | $ | — | $ | 60,377 | |||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | 4,737 | $ | 14,212 | |||||||
Deferred transaction costs not yet paid | $ | — | $ | 3,385 | |||||||
Acquisitions of property and equipment included in accounts payable and accrued and other current liabilities | $ | 1,939 | $ | 914 | |||||||
Vesting of early exercised stock options | $ | — | $ | 15 | |||||||
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization | $ | 615,697 | $ | — | |||||||
Reclassification of Legacy ChargePoint redeemable convertible preferred stock warrant liability upon the reverse capitalization | $ | 66,606 | $ | — | |||||||
Contingent earnout liability recognized upon the closing of the reverse recapitalization | $ | 828,180 | $ | — | |||||||
Reclassification of remaining contingent earnout liability upon triggering event | $ | 242,640 | $ | — | |||||||
Issuance of common stock in connection with acquisitions | $ | 102,057 | $ | — |
Reverse Recapitalization |
Shares | ||||||||
Common stock of Switchback, outstanding prior to Merger | 39,264,704 | |||||||
Less redemption of Switchback shares | (33,009) | |||||||
Less surrender of Switchback Founder Shares | (984,706) | |||||||
Common stock of Switchback | 38,246,989 | |||||||
Shares issued in PIPE | 22,500,000 | |||||||
Merger and PIPE financing shares (1) | 60,746,989 | |||||||
Legacy ChargePoint shares (2) | 217,021,368 | |||||||
Total shares of common stock immediately after Merger | 277,768,357 | |||||||
On August 11, 2021, the Company acquired all of the outstanding shares of ViriCiti B.V. (“ViriCiti”) for $79.4 million in cash, subject to adjustments, as well as up to $7.7 million of additional earnout consideration contingent on meeting certain revenue targets through January 31, 2023 (“ViriCiti Earnout”). ViriCiti is a Netherlands-based provider of electrification solutions for eBus and commercial fleets with offices in the Netherlands and the United States. The acquisition is expected to enhance ChargePoint’s fleet solutions portfolio of hardware, software and services by integrating information sources to optimize electric fleet operations. The acquisition of ViriCiti was considered a business combination and was accounted for under the acquisition method of accounting. The total purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date and the excess was recorded as goodwill. The ViriCiti Earnout liability was valued using a Monte Carlo simulation valuation model using a distribution of potential outcomes over the earnout period based on the most reliable information available. Assumptions used in the valuation are a risk-free interest rate of 0.8%, volatility of 34% and the currently forecasted applicable revenue. The liability will be remeasured to fair value based upon the attainment against the revenue targets and changes in the fair value of earnout liabilities will be presented in the condensed consolidated statements of operations. The Company incurred acquisition-related expenses of $2.2 million, which were recorded as general and administrative expenses in the consolidated statement of operations. |
Amount | |||||
Cash consideration | $ | 79,415 | |||
ViriCiti Earnout consideration (1) | 3,908 | ||||
Total purchase consideration | $ | 83,323 |
Amount | |||||
Cash and cash equivalents | $ | 623 | |||
Accounts receivable, net | 1,248 | ||||
Other assets | 3,215 | ||||
Customer relationships | 17,683 | ||||
Developed technology | 6,558 | ||||
Goodwill | 62,703 | ||||
Deferred tax liabilities, net | (3,378) | ||||
Other liabilities | (5,329) | ||||
Total acquired assets and assumed liabilities | $ | 83,323 |
Amount | |||||
Cash consideration | $ | 130,134 | |||
Common Stock consideration | 102,057 | ||||
Total purchase consideration | $ | 232,191 |
Amount | |||||
Cash and cash equivalents | $ | 3,663 | |||
Accounts receivable, net | 3,764 | ||||
Other assets | 4,259 | ||||
Customer relationships | 103,072 | ||||
Technology | 16,621 | ||||
Goodwill | 136,638 | ||||
Other liabilities | (10,509) | ||||
Deferred tax liability, net | (25,317) | ||||
Total acquired assets and assumed liabilities | $ | 232,191 |
Three Months Ended October 31, | Nine Months Ended October 31, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
Revenue | $ | 66,571 | $ | 38,176 | $ | 168,736 | $ | 109,251 | ||||||
Net Loss | $ | (70,559) | $ | (44,807) | $ | (80,708) | $ | (119,334) |
Three Months Ended October 31, | Nine Months Ended October 31, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
An increase in amortization expense | $ | (2,402) | $ | (3,407) | $ | (9,889) | $ | (9,694) | ||||||
An (increase) decrease in expenses related to transaction | 2,556 | — | 2,556 | (2,556) | ||||||||||
An (increase) decrease in tax provision | (38) | 852 | 1,833 | 3,062 | ||||||||||
Overall (increase) decrease in net loss | 116 | (2,555) | (5,500) | (9,188) | ||||||||||
ChargePoint net loss | (69,442) | (40,890) | (72,092) | (106,275) | ||||||||||
HTB net loss | (1,233) | (1,362) | (3,116) | (3,871) | ||||||||||
Pro forma net loss | $ | (70,559) | $ | (44,807) | $ | (80,708) | $ | (119,334) |
Balance as of January 31, 2021 | $ | 1,215 | |||
Goodwill acquired with ViriCiti acquisition | 62,703 | ||||
Goodwill acquired with HTB acquisition | 136,638 | ||||
Foreign exchange fluctuations | 125 | ||||
Balance as of October 31, 2021 | $ | 200,681 |
October 31, 2021 | ||||||||||||||
Cost (1) | Accumulated Amortization (1) | Net (1) | Useful Life | |||||||||||
ViriCiti | ||||||||||||||
Customer relationships | $ | 17,683 | $ | (390) | $ | 17,293 | 10 | |||||||
Developed technology | 6,558 | (241) | 6,317 | 6 | ||||||||||
HTB | ||||||||||||||
Customer relationships | 103,179 | (703) | 102,476 | 10 | ||||||||||
Developed technology | 16,638 | (185) | 16,453 | 6 | ||||||||||
$ | 144,058 | $ | (1,519) | $ | 142,539 |
4.Fair Value Measurements |
Fair Value Measured as of October 31, 2021 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Money market funds | $ | 254,714 | $ | — | $ | — | $ | 254,714 | ||||||||||||||||||
Total financial assets | $ | 254,714 | $ | — | $ | — | $ | 254,714 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Common stock warrant liabilities (Private Placement) | $ | — | $ | — | $ | 29,282 | $ | 29,282 | ||||||||||||||||||
Contingent earnout liability recognized upon acquisition of ViriCiti (ViriCiti Earnout) | — | — | 3,856 | 3,856 | ||||||||||||||||||||||
Total financial liabilities | $ | — | $ | — | $ | 33,138 | $ | 33,138 |
Fair Value Measured as of July 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 454,713 | $ | — | $ | — | $ | 454,713 | ||||||||
Total financial assets | $ | 454,713 | $ | — | $ | — | $ | 454,713 | ||||||||
Liabilities | ||||||||||||||||
Common stock warrant liabilities (Private Placement) | $ | — | $ | — | $ | 26,868 | $ | 26,868 | ||||||||
Total financial liabilities | $ | 0 | $ | — | $ | 26,868 | $ | 26,868 | ||||||||
Fair Value Measured as of January 31, 2021 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Money market funds | $ | 109,703 | $ | — | $ | — | $ | 109,703 | ||||||||||||||||||
Total financial assets | $ | 109,703 | $ | — | $ | — | $ | 109,703 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Redeemable convertible preferred stock warrant liability | $ | — | $ | — | $ | 75,843 | $ | 75,843 | ||||||||||||||||||
Total financial liabilities | $ | — | $ | — | $ | 75,843 | $ | 75,843 |
Fair Value Measured as of January 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 109,703 | $ | — | $ | — | $ | 109,703 | ||||||||
Total financial assets | $ | 109,703 | $ | — | $ | — | $ | 109,703 | ||||||||
Liabilities | ||||||||||||||||
Redeemable convertible preferred stock warrant liability | $ | — | $ | — | $ | 75,843 | $ | 75,843 | ||||||||
Total financial liabilities | $ | — | $ | — | $ | 75,843 | $ | 75,843 | ||||||||
Redeemable convertible preferred stock warrant liability | Private placement warrant liability | Earnout liability and ViriCiti Earnout liability | |||||||||||||||
(in thousands) | |||||||||||||||||
Fair value as of January 31, 2021 | $ | (75,843) | $ | — | $ | — | |||||||||||
Private placement warrant liability acquired as part of the merger | — | (127,888) | — | ||||||||||||||
Contingent earnout liability recognized upon the closing of the reverse recapitalization | — | — | (828,180) | ||||||||||||||
Change in fair value included in other income (expense), net | 9,237 | 46,835 | 84,420 | ||||||||||||||
Reclassification of warrants to stockholders’ equity (deficit) due to exercise | — | 51,771 | — | ||||||||||||||
Reclassification of Legacy ChargePoint preferred stock warrant liability upon the reverse capitalization | 66,606 | — | — | ||||||||||||||
Issuance of earnout shares upon triggering events | — | — | 501,120 | ||||||||||||||
Reclassification of remaining contingent earnout liability upon triggering event | — | — | 242,640 | ||||||||||||||
Contingent earnout liability recognized upon the acquisition of ViriCiti (ViriCiti Earnout) | — | — | (3,856) | ||||||||||||||
Fair value as of October 31, 2021 | $ | — | $ | (29,282) | $ | (3,856) |
Redeemable convertible preferred stock warrant liability | Private placement warrant liability | Earnout liability | ||||||||||
(in thousands) | ||||||||||||
Fair value as of January 31, 2021 | $ | (75,843 | ) | $ | — | $ | — | |||||
Private placement warrant liability acquired as part of the merger | — | (127,888 | ) | — | ||||||||
Contingent earnout liability recognized upon the closing of the reverse recapitalization | — | — | (828,180 | ) | ||||||||
Change in fair value included in other income (expense), net | 9,237 | 49,264 | 84,420 | |||||||||
Reclassification of warrants to stockholders’ equity (deficit) due to exercise | — | 51,756 | — | |||||||||
Reclassification of Legacy ChargePoint preferred stock warrant liability upon the reverse capitalization | 66,606 | — | — | |||||||||
Issuance of earnout shares upon triggering events | — | — | 501,120 | |||||||||
Reclassification of remaining contingent earnout liability upon triggering event | — | — | 242,640 | |||||||||
Fair value as of July 31, 2021 | $ | — | $ | (26,868 | ) | $ | — | |||||
July 31, 2021 | January 31, 2021 | |||||||
(in thousands) | ||||||||
Raw materials | $ | 8,421 | $ | 13,029 | ||||
Work-in-progress | 0 | 68 | ||||||
Finished goods | 19,495 | 20,495 | ||||||
Total Inventories | $ | 27,916 | $ | 33,592 | ||||
October 31, 2021 | January 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Raw materials | $ | 7,489 | $ | 13,029 | |||||||
Work-in-progress | 199 | 68 | |||||||||
Finished goods | 22,205 | 20,495 | |||||||||
Total Inventories | $ | 29,893 | $ | 33,592 |
October 31, 2021 | January 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Furniture and fixtures | $ | 893 | $ | 1,594 | |||||||
Computers and software | 5,786 | 5,384 | |||||||||
Machinery and equipment | 14,776 | 10,605 | |||||||||
Tooling | 10,506 | 7,705 | |||||||||
Leasehold improvements | 10,644 | 9,398 | |||||||||
Owned and operated systems | 21,236 | 17,703 | |||||||||
Construction in progress | 3,460 | 2,462 | |||||||||
67,301 | 54,851 | ||||||||||
Less: Accumulated depreciation | (32,575) | (24,863) | |||||||||
Total Property and Equipment, Net | $ | 34,726 | $ | 29,988 |
July 31, 2021 | January 31, 2021 | |||||||
(in thousands) | ||||||||
Furniture and fixtures | $ | 899 | $ | 1,594 | ||||
Computers and software | 5,843 | 5,384 | ||||||
Machinery and equipment | 12,140 | 10,605 | ||||||
Tooling | 9,666 | 7,705 | ||||||
Leasehold improvements | 9,680 | 9,398 | ||||||
Owned and operated systems | 20,582 | 17,703 | ||||||
Construction in progress | 2,760 | 2,462 | ||||||
61,570 | 54,851 | |||||||
Less: Accumulated depreciation | (29,305 | ) | (24,863 | ) | ||||
Total Property and Equipment, Net | $ | 32,265 | $ | 29,988 | ||||
July 31, 2021 | January 31, 2021 | |||||||
(in thousands) | ||||||||
Accrued expenses | $ | 19,113 | $ | 18,404 | ||||
Refundable customer deposits | 7,488 | 6,482 | ||||||
Taxes payable | 6,495 | 5,213 | ||||||
Payroll and related expenses | 7,372 | 7,547 | ||||||
Warranty accruals | 3,100 | 3,000 | ||||||
Operating lease liabilities, current | 3,130 | 2,393 | ||||||
Other liabilities | 5,282 | 4,123 | ||||||
Total Accrued and Other Current Liabilities | $ | 51,980 | $ | 47,162 | ||||
October 31, 2021 | January 31, 2021 | ||||||||||
(in thousands) | |||||||||||
Accrued expenses | $ | 28,673 | $ | 18,404 | |||||||
Refundable customer deposits | 8,286 | 6,482 | |||||||||
Taxes payable | 9,760 | 5,213 | |||||||||
Payroll and related expenses | 12,917 | 7,547 | |||||||||
Warranty accruals | 3,766 | 3,000 | |||||||||
Operating lease liabilities, current | 3,665 | 2,393 | |||||||||
Other liabilities | 9,406 | 4,123 | |||||||||
Total Accrued and Other Current Liabilities | $ | 76,473 | $ | 47,162 |
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
United States | $ | 54,561 | $ | 29,681 | $ | 139,321 | $ | 92,319 | |||||||||||||||
Rest of World | 10,473 | 6,684 | 22,344 | 11,779 | |||||||||||||||||||
Total revenue | $ | 65,034 | $ | 36,365 | $ | 161,665 | $ | 104,098 |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
United States | $ | 51,109 | $ | 32,347 | $ | 86,219 | $ | 62,638 | ||||||||
Rest of World | 5,012 | 2,610 | 10,412 | 5,095 | ||||||||||||
Total revenue | $ | 56,121 | $ | 34,957 | $ | 96,631 | $ | 67,733 | ||||||||
(in thousands) | |||||
2022 (remaining three months) | $ | 1,680 | |||
2023 | 6,388 | ||||
2024 | 5,764 | ||||
2025 | 5,328 | ||||
2026 | 4,404 | ||||
Thereafter | 14,683 | ||||
Total undiscounted operating lease payments | 38,247 | ||||
Less: imputed interest | (10,799) | ||||
Total operating lease liabilities | 27,448 | ||||
Less: current portion of operating lease liabilities | (3,653) | ||||
Operating lease liabilities, noncurrent | $ | 23,795 |
(in thousands) | ||||
2022 (remaining six months) | $ | 2,759 | ||
2023 | 5,111 | |||
2024 | 4,329 | |||
2025 | 4,153 | |||
2026 | 3,837 | |||
Thereafter | 13,871 | |||
Total undiscounted operating lease payments | 34,060 | |||
Less: imputed interest | (9,348 | ) | ||
Total operating lease liabilities | 24,712 | |||
Less: current portion of operating lease liabilities | (3,130 | ) | ||
Operating lease liabilities, noncurrent | $ | 21,582 | ||
October 31, 2021 | |||||||||||
Stock options issued and outstanding | 24,855,043 | ||||||||||
Restricted stock units outstanding | 3,906,058 | ||||||||||
Common stock warrants outstanding | 37,756,829 | ||||||||||
Shares available for grant under 2021 Equity Incentive Plan | 36,436,447 | ||||||||||
Shares available for grant under 2021 ESPP | 8,177,683 | ||||||||||
Total shares of | 111,132,060 | ||||||||||
February 26, 2021 (Merger Date) | January 31, 2021 | ||||||||||
Expected volatility | 84.3 | % | 80.5 | % | |||||||
Risk-free interest rate | 0.0 | % | 0.1 | % | |||||||
Dividend rate | 0.0 | % | 0.0 | % | |||||||
Expected term (years) | 0.0 | 1.4 |
February 26, 2021 (Merger Date) | January 31, 2021 | |||||||
Expected volatility | 84.3 | % | 80.5 | % | ||||
Risk-free interest rate | 0.0 | % | 0.1 | % | ||||
Dividend rate | 0.0 | % | 0.0 | % | ||||
Expected term (years) | 0.0 | 1.4 |
October 31, 2021 | February 26, 2021 | ||||||||||
Market price of public stock | $24.78 | $30.83 | |||||||||
Exercise price | $11.50 | $11.50 | |||||||||
Expected term (years) | 4.3 | 5.0 | |||||||||
Volatility | 70.5 | % | 73.5 | % | |||||||
Risk-free interest rate | 1.0 | % | 0.8 | % | |||||||
Dividend rate | 0.0 | % | 0.0 | % |
July 31, 2021 | February 26, 2021 | |||||||
Market price of public stock | $ | 23.65 | $30.83 | |||||
Exercise price | $ | 11.50 | $11.50 | |||||
Expected term (years) | 4.6 | 5.0 | ||||||
Volatility | 70.2 | % | 73.5 | % | ||||
Risk-free interest rate | 0.6 | % | 0.8 | % | ||||
Dividend rate | 0.0 | % | 0.0 | % |
Legacy Common and Preferred Stock Warrants (1) | Private Placement Warrants | Public Warrants | Total Common Stock Warrants (1) | Legacy Warrants (1) | Private Placement Warrants | Public Warrants | Total Common Stock Warrants (1) | |||||||||||||||||||||||||||||
Outstanding as of January 31, 2021 | 38,761,031 | — | — | 38,761,031 | Outstanding as of January 31, 2021 | 38,761,031 | — | — | 38,761,031 | |||||||||||||||||||||||||||
Common Stock Warrants as Part of the Merger | — | 6,521,568 | 10,470,562 | 16,992,130 | Common Stock Warrants as Part of the Merger | — | 6,521,568 | 10,470,562 | 16,992,130 | |||||||||||||||||||||||||||
Warrants Exercised | (1,685,185 | ) | (4,347,712 | ) | (10,226,081 | ) | (16,258,978 | ) | Warrants Exercised | (3,176,428) | (4,349,342) | (10,226,081) | (17,751,851) | |||||||||||||||||||||||
Warrants Redeemed | — | — | (244,481 | ) | (244,481 | ) | Warrants Redeemed | — | (244,481) | (244,481) | ||||||||||||||||||||||||||
Outstanding as of July 31, 2021 | 37,075,846 | 2,173,856 | 0 | 39,249,702 | ||||||||||||||||||||||||||||||||
Outstanding as of October 31, 2021 | Outstanding as of October 31, 2021 | 35,584,603 | 2,172,226 | — | 37,756,829 |
March 12, 2021 | February 26, 2021 | ||||||||||
Current stock price | $27.84 | $30.83 | |||||||||
Expected volatility | 72.00 | % | 71.60 | % | |||||||
Risk-free interest rate | 0.85 | % | 0.75 | % | |||||||
Dividend rate | 0.00 | % | 0.00 | % | |||||||
Expected term (years) | 4.96 | 5.00 |
March 12, 2021 | February 26, 2021 | |||||||
Current stock price | $ | 27.84 | $ | 30.83 | ||||
Expected volatility | 72.00 | % | 71.60 | % | ||||
Risk-free interest rate | 0.85 | % | 0.75 | % | ||||
Dividend rate | 0.00 | % | 0.00 | % | ||||
Expected term (years) | 4.96 | 5.00 |
Number of Stock Option Awards | Weighted Average Exercise Price | Weighted Average Remaining Contractual term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Outstanding as of January 31, 2021 | 30,166,792 | $ | 0.71 | 7.3 | $ | 1,064,539 | |||||||||||||||||
Options exercised | (4,666,083) | $ | 0.59 | ||||||||||||||||||||
Options forfeited | (624,618) | $ | 0.74 | ||||||||||||||||||||
Options expired | (21,048) | $ | 53.26 | ||||||||||||||||||||
Outstanding as of October 31, 2021 | 24,855,043 | $ | 0.69 | 6.8 | $ | 598,912 | |||||||||||||||||
Options vested and expected to vest as of October 31, 2021 | 24,314,890 | $ | 0.68 | 6.7 | $ | 585,934 | |||||||||||||||||
Exercisable as of October 31, 2021 | 16,523,251 | $ | 0.66 | 6.2 | $ | 398,582 |
Number of Stock Option Awards | Weighted Average Exercise Price | Weighted Average Remaining Contractual term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||
Outstanding as of January 31, 2021 | 30,166,792 | $ | 0.71 | 7.3 | $ | 1,064,539 | ||||||||||
Options exercised | (3,292,219 | ) | $ | 0.53 | ||||||||||||
Options forfeited | (452,893 | ) | $ | 0.73 | ||||||||||||
Options expired | (19,963 | ) | $ | 53.22 | ||||||||||||
Outstanding as of July 31, 2021 | 26,401,717 | $ | 0.69 | 7.0 | $ | 606,280 | ||||||||||
Options vested and expected to vest as of July 31, 2021 | 25,667,621 | $ | 0.69 | 7.0 | $ | 589,470 | ||||||||||
Exercisable as of July 31, 2021 | 16,457,228 | $ | 0.66 | 6.3 | $ | 378,402 | ||||||||||
Number of Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||
Outstanding as of January 31, 2021 | — | $ | — | ||||||||
RSU granted | 5,042,559 | $ | 26.94 | ||||||||
RSU vested | (1,019,817) | $ | 27.36 | ||||||||
RSU forfeited | (116,684) | $ | 27.17 | ||||||||
Outstanding as of October 31, 2021 | 3,906,058 | $ | 26.82 |
Number of Shares | Weighted Average Grant Date Fair Value per Share | |||||||
Outstanding as of January 31, 2021 | 0 | $ | 0 | |||||
RSU granted | 4,680,439 | $ | 27.38 | |||||
RSU vested | (652,901 | ) | $ | 27.30 | ||||
RSU forfeited | (10,389 | ) | $ | 27.30 | ||||
Outstanding as of July 31, 2021 | 4,017,149 | $ | 27.40 | |||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Cost of revenue | $ | 885 | $ | 29 | $ | 3,073 | $ | 93 | |||||||||||||||
Research and development | 5,840 | 448 | 20,198 | 1,205 | |||||||||||||||||||
Sales and marketing | 2,251 | 333 | 7,018 | 988 | |||||||||||||||||||
General and administrative | 7,046 | 398 | 21,604 | 1,022 | |||||||||||||||||||
Total stock-based compensation expense | $ | 16,022 | $ | 1,208 | $ | 51,893 | $ | 3,308 |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Cost of revenue | $ | 2,164 | $ | 41 | $ | 2,188 | $ | 64 | ||||||||
Research and development | 13,682 | 454 | 14,357 | 757 | ||||||||||||
Sales and marketing | 4,169 | 356 | 4,767 | 655 | ||||||||||||
General and administrative | 8,278 | 339 | 14,558 | 624 | ||||||||||||
Total stock-based compensation expense | $ | 28,293 | $ | 1,190 | $ | 35,870 | $ | 2,100 | ||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
Daimler | $ | 1,290 | $ | 953 | $ | 4,696 | $ | 2,529 | |||||||||||||||
Revenue from related parties | $ | 1,290 | $ | 953 | $ | 4,696 | $ | 2,529 |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Daimler | $ | 2,071 | $ | 850 | $ | 3,406 | $ | 1,576 | ||||||||
Revenue from related parties | $ | 2,071 | $ | 850 | $ | 3,406 | $ | 1,576 | ||||||||
Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | ||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) | $ | (69,442) | $ | (40,890) | $ | (72,092) | $ | (106,275) | |||||||||||||||
Adjust: Accretion of beneficial conversion feature of redeemable convertible preferred stock | — | (1,752) | — | (60,377) | |||||||||||||||||||
Adjust: Cumulative dividends on redeemable convertible preferred stock | — | (3,960) | (4,292) | (3,960) | |||||||||||||||||||
Adjust: Deemed dividends attributable to vested option holders | — | — | (51,855) | — | |||||||||||||||||||
Adjust: Deemed dividends attributable to common stock warrant holders | — | — | (110,635) | — | |||||||||||||||||||
Net loss attributable to common stockholders - Basic | (69,442) | (46,602) | (238,874) | (170,612) | |||||||||||||||||||
Less: Gain attributable to earnout shares issued | — | — | (84,420) | — | |||||||||||||||||||
Less: Change in fair value of dilutive warrants | — | — | (51,106) | — | |||||||||||||||||||
Net loss attributable to common stockholders - Diluted | $ | (69,442) | $ | (46,602) | $ | (374,400) | $ | (170,612) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding | 325,223,132 | 15,102,625 | 286,272,045 | 13,550,552 | |||||||||||||||||||
Less: Weighted-average unvested restricted shares and shares subject to repurchase | (188,212) | (111,759) | (246,562) | — | |||||||||||||||||||
Weighted average shares outstanding - Basic | 325,034,920 | 14,990,866 | 286,025,483 | 13,550,552 | |||||||||||||||||||
Add: Earnout Shares under the treasury stock method | — | — | 4,948,794 | — | |||||||||||||||||||
Add: Public and Private Placement Warrants under the treasury stock method | — | — | 1,601,041 | — | |||||||||||||||||||
Weighted average shares outstanding - Diluted | 325,034,920 | 14,990,866 | 292,575,318 | 13,550,552 | |||||||||||||||||||
Net loss per share - Basic | $ | (0.21) | $ | (3.11) | $ | (0.84) | $ | (12.59) | |||||||||||||||
Net loss per share - Diluted | $ | (0.21) | $ | (3.11) | $ | (1.28) | $ | (12.59) |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||
(in thousands, except share and per share data) | (in thousands, except share and per share data) | |||||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income (loss) | $ | (84,938 | ) | $ | (35,287 | ) | $ | (2,649 | ) | $ | (65,385 | ) | ||||||||
Adjust: Accretion of beneficial conversionfeature of redeemable convertible preferred stock | 0 | (58,625 | ) | 0 | (58,625 | ) | ||||||||||||||
Adjust: redeemable convertible preferred stock | 0 | — | (4,292 | ) | — | |||||||||||||||
Adjust: | 0 | — | (51,855 | ) | — | |||||||||||||||
Adjust: | 0 | — | (110,635 | ) | — | |||||||||||||||
Net loss attributable to common stockholders - Basic | (84,938 | ) | (93,912 | ) | (169,431 | ) | (124,010 | ) | ||||||||||||
Less: | 0 | — | (84,420 | ) | — | |||||||||||||||
Less: | (7,427 | ) | — | (53,540 | ) | — | ||||||||||||||
Net loss attributable to common stockholders - Diluted | $ | (92,365 | ) | $ | (93,912 | ) | $ | (307,391 | ) | $ | (124,010 | ) | ||||||||
Denominator: | ||||||||||||||||||||
Weighted average common shares outstanding | 312,465,016 | 13,537,501 | 266,473,703 | 12,822,481 | ||||||||||||||||
Less: restricted shares and shares subject to repurchase | (237,490 | ) | (68,824 | ) | (276,221 | ) | 0 | |||||||||||||
Weighted average shares outstanding - Basic | 312,227,526 | 13,468,677 | 266,197,482 | 12,822,481 | ||||||||||||||||
Add: | 0 | 0 | 7,464,203 | 0 | ||||||||||||||||
Add: | 1,374,574 | 0 | 1,915,315 | 0 | ||||||||||||||||
Weighted average shares outstanding - Diluted | 313,602,100 | 13,468,677 | 275,577,000 | 12,822,481 | ||||||||||||||||
Net loss per share - Basic | $ | (0.27 | ) | $ | (6.97 | ) | $ | (0.64 | ) | $ | (9.67 | ) | ||||||||
Net loss per share - Diluted | $ | (0.29 | ) | $ | (6.97 | ) | $ | (1.12 | ) | $ | (9.67 | ) | ||||||||
October 31, 2021 | October 31, 2020 | ||||||||||||||||
Redeemable convertible preferred stock (on an as-converted basis) | — | 193,484,162 | |||||||||||||||
Options to purchase common stock | 24,855,043 | 37,547,865 | |||||||||||||||
Restricted stock units | 3,906,058 | — | |||||||||||||||
Unvested early exercised common stock options | 164,778 | 129,717 | |||||||||||||||
Common stock and preferred stock warrants | 35,584,603 | 38,761,061 | |||||||||||||||
Employee stock purchase plan | 942,335 | — | |||||||||||||||
Total potentially dilutive common share equivalents | 65,452,817 | 269,922,805 |
July 31, 2021 | July 31, 2020 | |||||||
Redeemable convertible preferred stock (on an as-converted basis) | 0 | 192,469,995 | ||||||
Options to purchase common stock | 26,401,717 | 39,463,877 | ||||||
Restricted stock units | 4,017,149 | 0 | ||||||
Unvested early exercised common stock options | 211,464 | 102,781 | ||||||
Common stock and preferred stock warrants | 37,075,846 | 38,193,342 | ||||||
Total potentially dilutive common share equivalents | 67,706,176 | 270,229,995 | ||||||
October 31, | |||||||||||||||||||||||
Networked Charging Systems | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 47,511 | $ | 22,566 | $ | 24,945 | 110.5 | % | |||||||||||||||
Percentage of total revenue | 73.1 | % | 62.1 | % | |||||||||||||||||||
Nine months ended | $ | 115,185 | $ | 63,591 | $ | 51,594 | 81.1 | % | |||||||||||||||
Percentage of total revenue | 71.2 | % | 61.1 | % |
July 31, | ||||||||||||||||
Networked Charging Systems | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 40,874 | $ | 21,368 | $ | 19,506 | 91.3 | % | ||||||||
Percentage of total revenue | 72.8 | % | 61.1 | % | ||||||||||||
Six months ended | $ | 67,674 | $ | 41,025 | $ | 26,649 | 65.0 | % | ||||||||
Percentage of total revenue | 70.0 | % | 60.6 | % |
October 31, | |||||||||||||||||||||||
Subscriptions | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 13,397 | $ | 10,782 | $ | 2,615 | 24.3 | % | |||||||||||||||
Percentage of total revenue | 20.6 | % | 29.6 | % | |||||||||||||||||||
Nine months ended | $ | 36,303 | $ | 29,597 | $ | 6,706 | 22.7 | % | |||||||||||||||
Percentage of total revenue | 22.5 | % | 28.4 | % |
July 31, | ||||||||||||||||
Subscriptions | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 12,082 | $ | 9,811 | $ | 2,271 | 23.1 | % | ||||||||
Percentage of total revenue | 21.5 | % | 28.1 | % | ||||||||||||
Six months ended | $ | 22,906 | $ | 18,815 | $ | 4,091 | 21.7 | % | ||||||||
Percentage of total revenue | 23.7 | % | 27.8 | % |
July 31, | ||||||||||||||||
Other revenue | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 3,165 | $ | 3,778 | $ | (613 | ) | (16.2 | )% | |||||||
Percentage of total revenue | 5.6 | % | 10.8 | % | ||||||||||||
Six months ended | $ | 6,051 | $ | 7,893 | $ | (1,842 | ) | (23.3 | )% | |||||||
Percentage of total revenue | 6.3 | % | 11.7 | % |
October 31, | |||||||||||||||||||||||
Other revenue | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 4,126 | $ | 3,017 | $ | 1,109 | 36.8 | % | |||||||||||||||
Percentage of total revenue | 6.3 | % | 8.3 | % | |||||||||||||||||||
Nine months ended | $ | 10,177 | $ | 10,910 | $ | (733) | (6.7) | % | |||||||||||||||
Percentage of total revenue | 6.3 | % | 10.5 | % |
October 31, | |||||||||||||||||||||||
Cost of Networked Charging Systems revenue | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 38,720 | $ | 22,382 | $ | 16,338 | 73.0 | % | |||||||||||||||
Percentage of networked charging systems revenue | 81.5 | % | 99.2 | % | |||||||||||||||||||
Nine months ended | $ | 97,846 | $ | 61,406 | $ | 36,440 | 59.3 | % | |||||||||||||||
Percentage of networked charging systems revenue | 84.9 | % | 96.6 | % |
July 31, | ||||||||||||||||
Cost of networked charging systems revenue | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 35,384 | $ | 20,408 | $ | 14,976 | 73.4 | % | ||||||||
Percentage of networked charging systems revenue | 86.6 | % | 95.5 | % | ||||||||||||
Six months ended | $ | 59,126 | $ | 39,024 | $ | 20,102 | 51.5 | % | ||||||||
Percentage of networked charging systems revenue | 87.4 | % | 95.1 | % |
October 31, | |||||||||||||||||||||||
Cost of Subscriptions revenue | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 7,637 | $ | 5,322 | $ | 2,315 | 43.5 | % | |||||||||||||||
Percentage of subscriptions revenue | 57.0 | % | 49.4 | % | |||||||||||||||||||
Nine months ended | $ | 21,107 | $ | 14,547 | $ | 6,560 | 45.1 | % | |||||||||||||||
Percentage of subscriptions revenue | 58.1 | % | 49.2 | % |
July 31, | ||||||||||||||||
Cost of subscriptions revenue | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 7,830 | $ | 4,452 | $ | 3,378 | 75.9 | % | ||||||||
Percentage of subscriptions revenue | 64.8 | % | 45.4 | % | ||||||||||||
Six months ended | $ | 13,470 | $ | 9,225 | $ | 4,245 | 46.0 | % | ||||||||
Percentage of subscriptions revenue | 58.8 | % | 49.0 | % |
October 31, | |||||||||||||||||||||||
Cost of Other revenue | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 2,621 | $ | 1,408 | $ | 1,213 | 86.2 | % | |||||||||||||||
Percentage of other revenue | 63.5 | % | 46.7 | % | |||||||||||||||||||
Nine months ended | $ | 6,662 | $ | 4,100 | $ | 2,562 | 62.5 | % | |||||||||||||||
Percentage of other revenue | 65.5 | % | 37.6 | % |
July 31, | ||||||||||||||||
Cost of other revenue | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 2,130 | $ | 1,069 | $ | 1,061 | 99.3 | % | ||||||||
Percentage of other revenue | 67.3 | % | 28.3 | % | ||||||||||||
Six months ended | $ | 4,041 | $ | 2,692 | $ | 1,349 | 50.1 | % | ||||||||
Percentage of other revenue | 66.8 | % | 34.1 | % |
July 31, | ||||||||||||||||
Gross Profit and Gross Margin | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 10,777 | $ | 9,028 | $ | 1,749 | 19.4 | % | ||||||||
Gross margin | 19.2 | % | 25.8 | % | ||||||||||||
Six months ended | $ | 19,994 | $ | 16,792 | $ | 3,202 | 19.1 | % | ||||||||
Gross margin | 20.7 | % | 24.8 | % |
October 31, | |||||||||||||||||||||||
Gross Profit and Gross Margin | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 16,056 | $ | 7,253 | $ | 8,803 | 121.4 | % | |||||||||||||||
Gross margin | 24.7 | % | 19.9 | % | |||||||||||||||||||
Nine months ended | $ | 36,050 | $ | 24,045 | $ | 12,005 | 49.9 | % | |||||||||||||||
Gross margin | 22.3 | % | 23.1 | % |
October 31, | |||||||||||||||||||||||
Research and development expenses | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 36,751 | $ | 18,919 | $ | 17,832 | 94.3 | % | |||||||||||||||
Percentage of total revenue | 56.5 | % | 52.0 | % | |||||||||||||||||||
Nine months ended | $ | 102,535 | $ | 54,071 | $ | 48,464 | 89.6 | % | |||||||||||||||
Percentage of total revenue | 63.4 | % | 51.9 | % |
July 31, | ||||||||||||||||
Research and development expenses | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 40,410 | $ | 17,126 | $ | 23,284 | 136.0 | % | ||||||||
Percentage of total revenue | 72.0 | % | 49.0 | % | ||||||||||||
Six months ended | $ | 65,784 | $ | 35,152 | $ | 30,632 | 87.1 | % | ||||||||
Percentage of total revenue | 68.1 | % | 51.9 | % |
October 31, | |||||||||||||||||||||||
Sales and marketing expenses | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 24,361 | $ | 12,134 | $ | 12,227 | 100.8 | % | |||||||||||||||
Percentage of total revenue | 37.5 | % | 33.4 | % | |||||||||||||||||||
Nine months ended | $ | 62,258 | $ | 37,301 | $ | 24,957 | 66.9 | % | |||||||||||||||
Percentage of total revenue | 38.5 | % | 35.8 | % |
July 31, | ||||||||||||||||
Sales and marketing expenses | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 21,923 | $ | 10,966 | $ | 10,957 | 99.9 | % | ||||||||
Percentage of total revenue | 39.1 | % | 31.4 | % | ||||||||||||
Six months ended | $ | 37,897 | $ | 25,167 | $ | 12,730 | 50.6 | % | ||||||||
Percentage of total revenue | 39.2 | % | 37.2 | % |
July 31, | October 31, | ||||||||||||||||||||||||||||||||||||||
General and administrative expenses | 2021 | 2020 | Change | General and administrative expenses | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
(dollar amounts in thousands) | (dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
Three months ended | $ | 22,732 | $ | 4,466 | $ | 18,266 | 409.0 | % | Three months ended | $ | 20,268 | $ | 8,790 | $ | 11,478 | 130.6 | % | ||||||||||||||||||||||
Percentage of total revenue | 40.5 | % | 12.8 | % | Percentage of total revenue | 31.2 | % | 24.2 | % | ||||||||||||||||||||||||||||||
Six months ended | $ | 37,199 | $ | 9,555 | $ | 27,644 | 289.3 | % | |||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | $ | 57,467 | $ | 18,345 | $ | 39,122 | 213.3 | % | ||||||||||||||||||||||||||||||
Percentage of total revenue | 38.5 | % | 14.1 | % | Percentage of total revenue | 35.5 | % | 17.6 | % |
October 31, | |||||||||||||||||||||||
Interest Income | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | 25 | $ | 18 | $ | 7 | 38.9 | % | |||||||||||||||
Percentage of total revenue | — | % | — | % | |||||||||||||||||||
Nine months ended | $ | 72 | $ | 298 | $ | (226) | (75.8) | % | |||||||||||||||
Percentage of total revenue | — | % | 0.3 | % |
July 31, | ||||||||||||||||
Interest Income | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 25 | $ | 37 | $ | (12 | ) | (32.4 | )% | |||||||
Percentage of total revenue | — | % | 0.1 | % | ||||||||||||
Six months ended | $ | 47 | $ | 280 | $ | (233 | ) | (83.2 | )% | |||||||
Percentage of total revenue | — | % | 0.4 | % |
October 31, | |||||||||||||||||||||||
Interest Expense | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | (3) | $ | (815) | $ | 812 | (99.6) | % | |||||||||||||||
Percentage of total revenue | — | % | (2.2) | % | |||||||||||||||||||
Nine months ended | (1,502) | (2,443) | $ | 941 | (38.5) | % | |||||||||||||||||
Percentage of total revenue | (0.9) | % | (2.3) | % |
July 31, | ||||||||||||||||
Interest Expense | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | — | $ | (793 | ) | $ | 793 | (100.0 | )% | |||||||
Percentage of total revenue | — | % | (2.3 | )% | ||||||||||||
Six months ended | $ | (1,499 | ) | $ | (1,628 | ) | $ | 129 | (7.9 | )% | ||||||
Percentage of total revenue | (1.6 | )% | (2.4 | )% |
July 31, | October 31, | ||||||||||||||||||||||||||||||||||||||
Change in fair value of redeemable convertible preferred stock warrant liability | 2021 | 2020 | Change | Change in fair value of redeemable convertible preferred stock warrant liability | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
(dollar amounts in thousands) | (dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
Three months ended | $ | — | $ | (11,516 | ) | $ | 11,516 | (100.0 | )% | Three months ended | $ | — | $ | (7,320) | $ | 7,320 | (100.0) | % | |||||||||||||||||||||
Percentage of total revenue | — | % | (32.9 | )% | Percentage of total revenue | — | % | (20.1) | % | ||||||||||||||||||||||||||||||
Six months ended | $ | 9,237 | $ | (10,981 | ) | $ | 20,218 | (184.1 | )% | ||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | $ | 9,237 | $ | (18,301) | $ | 27,538 | (150.5) | % | ||||||||||||||||||||||||||||||
Percentage of total revenue | 9.6 | % | (16.2 | )% | Percentage of total revenue | 5.7 | % | (17.6) | % |
July 31, | October 31, | ||||||||||||||||||||||||||||||||||||||
Change in fair value of common stock warrant liability | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||
Change in fair value of Common Stock warrant liability | Change in fair value of Common Stock warrant liability | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||||
(dollar amounts in thousands) | (dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
Three months ended | $ | (10,421 | ) | $ | — | $ | (10,421 | ) | — | % | Three months ended | $ | (2,429) | $ | — | $ | (2,429) | — | % | ||||||||||||||||||||
Percentage of total revenue | (18.6 | )% | — | % | Percentage of total revenue | (3.7) | % | — | % | ||||||||||||||||||||||||||||||
Six months ended | $ | 33,340 | $ | — | $ | 33,340 | — | % | |||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | $ | 30,911 | $ | — | $ | 30,911 | — | % | ||||||||||||||||||||||||||||||
Percentage of total revenue | 34.5 | % | — | % | Percentage of total revenue | 19.1 | % | — | % |
July 31, | October 31, | ||||||||||||||||||||||||||||||||||||||
Change in fair value of contingent earnout liability | 2021 | 2020 | Change | Change in fair value of contingent earnout liability | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
(dollar amounts in thousands) | (dollar amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
Three months ended | $ | — | $ | — | $ | — | — | % | Three months ended | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||||||
Percentage of total revenue | — | % | — | % | Percentage of total revenue | — | % | — | % | ||||||||||||||||||||||||||||||
Six months ended | $ | 84,420 | $ | — | $ | 84,420 | — | % | |||||||||||||||||||||||||||||||
Nine months ended | Nine months ended | $ | 84,420 | $ | — | $ | 84,420 | — | % | ||||||||||||||||||||||||||||||
Percentage of total revenue | 87.4 | % | — | % | Percentage of total revenue | 52.2 | % | — | % |
October 31, | |||||||||||||||||||||||
Transaction costs expensed | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | — | $ | — | $ | — | — | % | |||||||||||||||
Percentage of total revenue | — | % | — | % | |||||||||||||||||||
Nine months ended | $ | (7,031) | $ | — | $ | (7,031) | — | % | |||||||||||||||
Percentage of total revenue | (4.3) | % | — | % |
July 31, | ||||||||||||||||
Transaction costs expensed | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | — | $ | — | $ | — | — | % | ||||||||
Percentage of total revenue | — | % | — | % | ||||||||||||
Six months ended | $ | (7,031 | ) | $ | — | $ | (7,031 | ) | — | % | ||||||
Percentage of total revenue | (7.3 | )% | — | % |
October 31, | |||||||||||||||||||||||
Other income (expense), net | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | (2,025) | $ | (85) | $ | (1,940) | 2282.4 | % | |||||||||||||||
Percentage of total revenue | (3.1) | % | (0.2) | % | |||||||||||||||||||
Nine months ended | $ | (2,200) | $ | 46 | $ | (2,246) | (4882.6) | % | |||||||||||||||
Percentage of total revenue | (1.4) | % | — | % |
July 31, | ||||||||||||||||
Other income (expense), net | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | (189 | ) | $ | 563 | $ | (752 | ) | (133.6 | )% | ||||||
Percentage of total revenue | (0.3 | )% | 1.6 | % | ||||||||||||
Six months ended | $ | (174 | ) | $ | 131 | $ | (305 | ) | (232.8 | )% | ||||||
Percentage of total revenue | (0.2 | )% | 0.2 | % |
October 31, | |||||||||||||||||||||||
Provision for income taxes | 2021 | 2020 | Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Three months ended | $ | (314) | $ | 98 | $ | (412) | (420.4) | % | |||||||||||||||
Percentage of profit/(loss) before provision for income taxes | 0.5 | % | (0.2) | % | |||||||||||||||||||
Nine months ended | $ | (211) | $ | 203 | $ | (414) | (203.9) | % | |||||||||||||||
Percentage of profit/(loss) before provision for income taxes | 0.3 | % | (0.2) | % |
July 31, | ||||||||||||||||
Provision for income taxes | 2021 | 2020 | Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Three months ended | $ | 65 | $ | 48 | $ | 17 | 35.4 | % | ||||||||
Percentage of profit/(loss) before provision for income taxes | (0.1 | )% | (0.1 | )% | ||||||||||||
Six months ended | $ | 103 | $ | 105 | $ | (2 | ) | (1.9 | )% | |||||||
Percentage of profit/(loss) before provision for income taxes | (4.0 | )% | (0.2 | )% |
Nine Months Ended October 31, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Net cash (used in) provided by: | |||||||||||
Operating activities | $ | (109,083) | $ | (70,921) | |||||||
Investing activities | (217,393) | 38,101 | |||||||||
Financing activities | 547,224 | 128,747 | |||||||||
Effects of exchange rates on cash, cash equivalents, and restricted cash | (748) | 13 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | $ | 220,000 | $ | 95,940 |
Six Months Ended July 31, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Net cash (used in) provided by: | ||||||||
Operating activities | $ | (61,198 | ) | $ | (50,069 | ) | ||
Investing activities | (7,788 | ) | 41,052 | |||||
Financing activities | 541,590 | 125,365 | ||||||
Effects of exchange rates on cash, cash equivalents, and restricted cash | (6 | ) | 36 | |||||
Net increase in cash, cash equivalents, and restricted cash | $ | 472,598 | $ | 116,384 | ||||
Exhibit | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | ||||||||
101.SCH | ||||||||
101.CAL | ||||||||
101.DEF | ||||||||
101.LAB | ||||||||
101.PRE | ||||||||
December 15, 2021 | ||||||||
CHARGEPOINT HOLDINGS, INC. | ||||||||
By: | /s/ Rex S. Jackson | |||||||
Name: | Rex S. Jackson | |||||||
Title: | Chief Financial Officer and Principal Financial Officer | |||||||