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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2021
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number 001-39004
ChargePoint Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware84-1747686
(State or other jurisdiction of incorporation or organization)(IRS Employer
Identification No.)
240 East Hacienda Avenue Campbell, CA
95008
(Address of principal executive offices)(Zip Code)
(408) 841-4500
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class             Trading Symbol(s)        Name of each exchange on which registered

Common Stock, par value $0.0001              CHPT                 New York Stock Exchange



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  x   No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x   No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filer
x
Smaller reporting company
x

Emerging growth company
x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes   o     No  x

The registrant had outstanding 331,027,104 shares of common stock as of November 30, 2021.


CHARGEPOINT HOLDINGS, INC.
Table of Contents
2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (this “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this Quarterly Report, regarding the future financial performance of ChargePoint Holdings, Inc. (“ChargePoint” or the “Company”), as well as ChargePoint’s strategy, future operations, future operating results, financial position, expectations regarding revenue, losses, and costs, margins, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of ChargePoint’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of, fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of ChargePoint. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ChargePoint that may cause the actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. If any of these risks materialize or ChargePoint’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that ChargePoint does not presently know or that ChargePoint currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect ChargePoint’s expectations, plans or forecasts of future events and views as of the date hereof. The Company anticipates that subsequent events and developments will cause ChargePoint’s assessments to change. These forward-looking statements should not be relied upon as representing ChargePoint’s assessments as of any date subsequent to the date hereof. Accordingly, undue reliance should not be placed upon the forward-looking statements. The Company cautions you that these forward-looking statements are subject to numerous risk and uncertainties, most of which are all difficult to predict and many of which are beyond the control of ChargePoint.
The following factors, among others, could cause actual results to differ materially from forward-looking statements:
ChargePoint’s success in retaining or recruiting, or changes in, its officers, key employees or directors;
changes in applicable laws or regulations;
the impact of the coronavirus (“COVID-19”) pandemic on the overall economy and ChargePoint’s results of operations, financial position and cash flows;
COVID-19-related supply chain disruptions and expense increases;
delays in new product introductions;
ChargePoint’s ability to expand its business in Europe;
ChargePoint’s ability to integrate newly acquired assets and businesses into ChargePoint’s own business and the expected benefits from newly acquired assets to ChargePoint, its customers and its market position;
the electric vehicle (“EV”) market may not grow as expected;
ChargePoint may not attract a sufficient number of fleet owners or operators as customers;
incentives from governments or utilities may not materialize or may be reduced, which could reduce demand for EVs, or the portion of regulatory credits that customers claim may increase, which would reduce ChargePoint’s revenue from this source;
3

the impact of competing technologies or technological changes could reduce the demand for EVs or otherwise adversely affect the EV market or our business;
data security breaches or other network outages;
ChargePoint’s ability to remediate its material weaknesses in internal control over financial reporting;
the possibility that ChargePoint may be adversely affected by other economic, business or competitive factors; and
any further changes to ChargePoint’s financial statements that may be required due to SEC comments to the Form 10-K, as amended, or further guidance regarding the accounting treatment of the Public Warrants and the Private Placement Warrants (each as defined below), and the quantitative effects of the restatement of Switchback Energy Acquisition Corporation’s (“Switchback”) consolidated historical financial statements.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other risk factors included herein. Forward-looking statements reflect current views about ChargePoint’s plans, strategies and prospects, which are based on information available as of the date of this Quarterly Report. Except to the extent required by applicable law, ChargePoint undertakes no obligation (and expressly disclaims any such obligation) to update or revise the forward-looking statements whether as a result of new information, future events or otherwise.

4


ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ChargePoint Holdings, Inc. Unaudited Condensed Consolidated Financial Statements
5


ChargePoint Holdings, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
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 cash400 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 
Inventories29,893 33,592 
Prepaid expenses and other current assets32,695 12,074 
Total current assets494,583 226,632 
Property and equipment, net34,726 29,988 
Intangible assets, net142,539  
Operating lease right-of-use assets23,621 21,817 
Goodwill200,681 1,215 
Other assets5,327 10,468 
Total assets$901,477 $290,120 
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable32,084 19,784 
Accrued and other current liabilities76,473 47,162 
Deferred revenue58,877 40,934 
Debt, current 10,208 
Total current liabilities167,434 118,088 
Deferred revenue, noncurrent62,364 48,896 
Debt, noncurrent 24,686 
Operating lease liabilities23,795 22,459 
Deferred tax liabilities28,351  
Common stock warrant liabilities29,282 — 
Redeemable convertible preferred stock warrant liability— 75,843 
Other long-term liabilities4,852 972 
Total liabilities316,078 290,944 
Commitments and contingencies (Note 7)
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 capital1,337,247 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 
    
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


ChargePoint Holdings, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021202020212020
(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 $63,591 
Subscriptions13,397 10,782 36,303 29,597 
Other4,126 3,017 10,177 10,910 
Total revenue65,034 36,365 161,665 104,098 
Cost of revenue
Networked charging systems38,720 22,382 97,846 61,406 
Subscriptions7,637 5,322 21,107 14,547 
Other2,621 1,408 6,662 4,100 
Total cost of revenue48,978 29,112 125,615 80,053 
Gross profit16,056 7,253 36,050 24,045 
Operating expenses
Research and development36,751 18,919 102,535 54,071 
Sales and marketing24,361 12,134 62,258 37,301 
General and administrative20,268 8,790 57,467 18,345 
Total operating expenses81,380 39,843 222,260 109,717 
Loss from operations(65,324)(32,590)(186,210)(85,672)
Interest income25 18 72 298 
Interest expense(3)(815)(1,502)(2,443)
Change in fair value of redeemable convertible preferred stock warrant liability (7,320)9,237 (18,301)
Change in fair value of common stock warrant liabilities(2,429) 30,911  
Change in fair value of contingent earnout liability  84,420  
Transaction costs expensed  (7,031) 
Other (expense) income, net(2,025)(85)(2,200)46 
Net loss before income taxes(69,756)(40,792)(72,303)(106,072)
Provision for (benefit from) income taxes(314)98 (211)203 
Net loss$(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)$(170,612)
Weighted average shares outstanding - Basic325,034,920 14,990,866 286,025,483 13,550,552 
Weighted average shares outstanding - Diluted325,034,920 14,990,866 292,575,318 13,550,552 
Net loss per share - Basic$(0.21)$(3.11)$(0.84)$(12.59)
Net loss per share - Diluted$(0.21)$(3.11)$(1.28)$(12.59)
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


ChargePoint Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended
October 31,
Nine Months Ended
October 31,
2021202020212020
(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)

The accompanying notes are an integral part of these condensed consolidated financial statements.
8


ChargePoint Holdings, Inc.
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(unaudited)

Redeemable Convertible Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ (Deficit) Equity
 
Shares(1)
Amount
Shares(1)
Amount
 (in thousands, except share data)
Balances as of January 31, 2021182,934,257 $615,697 22,961,032 $2 $62,736 $155 $(679,414)$(616,521)
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 
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 
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 
Reclassification of remaining contingent earnout liability upon triggering event
— — — — 242,640 — — 242,640 
Vesting of early exercised stock options— — — — 78 — — 78 
Repurchase of early exercised common stock— — (1,588)— — — — — 
Stock-based compensation— — — — 7,577 — — 7,577 
Net income— — — — — — 82,289 82,289 
Other comprehensive income— — — — — 7 — 7 
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 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 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 
Stock-based compensation— — — — 28,293 — — 28,293 
Net loss— — — — — — (84,938)(84,938)
Other comprehensive loss— — — — — (12)— (12)
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— — 1,741,713 — 976 — — 976 
Issuance of common stock upon exercise of warrants— — 1,379,800 — 1,264 — — 1,264 
Issuance of common stock pursuant to business combinations— — 5,695,176 1 102,057 — — 102,058 
Vesting of early exercised stock options— — — — 35 — — 35 
Stock-based compensation— — — — 16,022 — — 16,022 
Other comprehensive loss— — — — — (526)— (526)
Net loss— — — — — — (69,442)(69,442)
Balances as of October 31, 2021 $ 330,987,173 $33 $1,337,247 $(376)$(751,505)$585,399 
9


Redeemable Convertible Preferred StockCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders’ Deficit
 
Shares(1)
Amount
Shares(1)
Amount
  (in thousands, except share data)
Balances as of January 31, 2020160,583,203 $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, 2020160,583,203 $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 costs21,783,334 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, 2020182,366,537 $612,674 14,579,702 $1 $55,363 $50 $(547,775)$(492,361)
Redeemable convertible preferred stock and common warrants567,720 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, 2020182,934,257 $615,755 15,854,300 $2 $57,618 $28 $(588,665)$(531,017)

(1)The shares of the Company’s common and redeemable convertible preferred stock prior to the Merger (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 0.9966 established in the Merger as described in Note 3.

The accompanying notes are an integral part of these condensed consolidated financial statements.
10


ChargePoint Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended
October 31,
20212020
(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 amortization10,158 7,463 
Non-cash operating lease cost3,066 2,865 
Stock-based compensation51,893 3,308 
Amortization of deferred contract acquisition costs1,291 858 
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 expensed7,031  
Other2,203 1,043 
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net(26,579)10,053 
Inventories3,498 (5,975)
Prepaid expenses and other assets(18,879)(8,388)
Operating lease liabilities(2,193)(2,431)
Accounts payable10,633 (2,397)
Accrued and other liabilities16,110 1,569 
Deferred revenue29,715 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 warrants118,845  
Merger and PIPE financing511,646  
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 options4,214 2,201 
Change in driver funds and amounts due to customers1,933  
Net cash provided by financing activities547,224 128,747 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(748)13 
Net increase in cash, cash equivalents, and restricted cash220,000 95,940 
Cash, cash equivalents, and restricted cash at beginning of period145,891 73,153 
Cash, cash equivalents, and restricted cash at end of period$365,891 $169,093 
11


ChargePoint Holdings, Inc.
Condensed Consolidated Statements of Cash Flows - (continued)
Nine Months Ended October 31, 2021 and 2020
(unaudited)

Nine Months Ended
October 31,
20212020
(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
$