Executive Summary
ChargePoint reported Q3 FY2025 revenue of $100.0 million, topping the guided range of $85-95 million and marking a tangible step in operating discipline as management executes the three-year strategic plan. Non-GAAP gross margins remained steady at 26%, with operating expenses down to $59 million, contributing to a fourth consecutive quarter of improved non-GAAP adjusted EBITDA losses (-$29 million) and a reduced cash burn of $24 million for the quarter. The quarter featured meaningful progress in strategic partnerships and portfolio expansion, including deployments with General Motors, the Port of Stockton, SIXT USA, Energy Efficiency Pros, and IKEA, underscoring ChargePoint’s software-first and hardware-accelerated growth model. Net cash outflow improved versus earlier in the year, and the balance sheet remains liquid with $219.4 million in cash and undrawn liquidity of $150 million via a revolving credit facility, while debt maturities are not due until 2028.
Key Performance Indicators
QoQ: -10.94% | YoY:195.16%
QoQ: -12.65% | YoY:50.96%
QoQ: 300.00% | YoY:176.19%
Key Insights
Revenue: $99.612 million in Q3 2025, YoY -9.68%, QoQ -8.22%. Gross profit: $22.786 million; gross margin 22.87%, YoY +195.16%, QoQ -10.94%. Operating income: -$68.166 million; operating margin -68.43%. EBITDA: -$59.455 million. Net income: -$77.590 million; net income margin -77.89%. Non-GAAP adjusted EBITDA: -$29.0 million (fourth straight quarterly improvement). Cash flow: net cash provided by operating activities -$30.559 million; free cash flow -$33.394 million. Balance sheet: total assets $...
Financial Highlights
Revenue: $99.612 million in Q3 2025, YoY -9.68%, QoQ -8.22%. Gross profit: $22.786 million; gross margin 22.87%, YoY +195.16%, QoQ -10.94%. Operating income: -$68.166 million; operating margin -68.43%. EBITDA: -$59.455 million. Net income: -$77.590 million; net income margin -77.89%. Non-GAAP adjusted EBITDA: -$29.0 million (fourth straight quarterly improvement). Cash flow: net cash provided by operating activities -$30.559 million; free cash flow -$33.394 million. Balance sheet: total assets $966.338 million; total liabilities $785.357 million; total stockholders’ equity $180.981 million; cash and cash equivalents $219.409 million; total debt $320.004 million; net debt $96.02 million (cash net of debt). Revenue mix: Networked charging systems $53.0 million (53% of revenue); Subscriptions $36.0 million (37%); Other $11.0 million (10%). Geography: North America 83% of revenue, Europe 17%. Port count: >329,000 managed ports (YoY +20%). Inventory: down $7 million in the quarter; Operating expenses: $59 million (Q3 2025) versus $66 million in Q2 2025. Guidance: Q4 2025 revenue guided to $95-105 million. Key indicators suggest improving cost structure and continued demand for EV charging infrastructure despite macro/headwinds.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
99.61M |
-9.68% |
-8.22% |
| Gross Profit |
22.79M |
195.16% |
-10.94% |
| Operating Income |
-68.17M |
55.67% |
-8.64% |
| Net Income |
-77.59M |
50.96% |
-12.65% |
| EPS |
0.32 |
176.19% |
300.00% |
Key Financial Ratios
operatingProfitMargin
-68.4%
operatingCashFlowPerShare
$-0.07
freeCashFlowPerShare
$-0.08
Management Commentary
Key takeaways from management commentary and Q&A:
- Strategy and execution: The company highlighted progress on its three-year plan and the impact of the September restructuring. Rick Wilmer stated, “we have accomplished the first year goals of our strategic plan and done so ahead of schedule,” and emphasized that the Q3 revenue beat and improved OpEx validate the path to profitability. He also noted the CRO hire and organization realignment as enabling growth and scalable processes.
- Market conditions and demand signals: The management commentary underscored ongoing uptick in charger utilization and EV adoption, citing U.S. EV sales and market share records and a rising need for charging infrastructure; the port and fleet deployments (GM, Port of Stockton, IKEA, Red Bull fleet) illustrate a diversified and expanding addressable market.
- Margin trajectory and cost discipline: CFO Mansi Khetani reiterated that Q3 non-GAAP gross margin was 26% and expected to be “flattish to maybe improve slightly in Q4,” with meaningful margin upside anticipated in 2025 as inventory is sold through and Asia manufacturing comes online. She pegged the full-year OpEx benefit from the September restructuring at approximately $38 million annualized, with the full effect visible in Q4 and beyond.
- Balance sheet and liquidity: Management emphasized liquidity strength (cash on hand of ~$220 million, undrawn $150 million revolver, no debt maturities until 2028) and a deliberate focus on cash management as the company approaches EBITDA profitability.
“Revenue for the third quarter was $100 million, above our guidance range of $85 million to $95 million.”
— Rick Wilmer, Chief Executive Officer
“From a gross margin perspective, we ended at 26% in Q3. I expect it to be flattish to maybe improve slightly in Q4, but the majority of improvement or meaningful margin improvement will be realized next year as we sell-through our existing inventory and really start seeing the benefits of our Asia manufacturing.”
— Mansi Khetani, Chief Financial Officer
Forward Guidance
ChargePoint reaffirmed near-term revenue visibility with Q4 FY2025 guidance of $95-105 million. The company reiterated its expectation that the greatest margin improvements will occur next year as it leverages Asia-based manufacturing and continues to sell through existing finished goods inventory. Management also signaled ongoing progress toward positive non-GAAP EBITDA in a quarter of fiscal year 2026, contingent on revenue growth, continued gross-margin expansion, and disciplined OpEx management. Key factors investors should monitor include: (1) execution and monetization of next-generation software and hardware platforms, (2) progress and economics of Asia manufacturing, (3) rate of inventory de-risking and working capital release, (4) durability of demand across North America and Europe, and (5) trajectory of fleet, commercial, and residential charging deployments and associated subscription revenue growth.