As of July 31, 2023, the Company had approximately 360 million shares of common stock outstanding. As of July 31, 2023, cash on the balance sheet was $263.9 million, which includes $37.7 million of at-the-market share offering gross proceeds during the second quarter. Non-GAAP Adjusted EBITDA Loss was $81.2 million also reflects this inventory impairment charge in the second quarter, as compared to $56.2 million in the prior year's same quarter. Non-GAAP pre-tax net loss was $86.1 million as compared to $62.3 million in the prior year's same quarter, both reflecting the $28.0 million inventory impairment charge. Second quarter GAAP net loss was $125.3 million, up from $92.7 million in the prior year's same quarter. This inventory impairment charge was taken to address legacy supply chain-related costs and supply overruns on a particular DC product. Second quarter GAAP gross margin was 1%, down from 17% in the prior year's same quarter, and non-GAAP gross margin was 3%, down from 19% in the prior year's same quarter, in both cases primarily due to a $28.0 million, or 19 percentage point, inventory impairment charge. Subscription revenue was $30.0 million, up 48% from $20.2 million in the prior year’s same quarter. Networked charging systems revenue for the second quarter was $114.6 million, up 36% from $84.1 million in the prior year’s same quarter. Second quarter revenue was $150.5 million, up 39% from $108.3 million in the prior year’s same quarter. Second Quarter Fiscal 2024 Financial Overview We remain committed to delivering on our goal of generating positive non-GAAP adjusted EBITDA by the end of calendar 2024.” We took an inventory impairment charge to address a significant supply-chain related issue, and we announced an estimated $30 million in annualized operating expense savings from reorganizing the business for agility, efficiency and scale. “In the quarter we fortified our access to working capital with a $150 million revolving credit facility and $38 million raised via our 'at-the-market' offering. Our revenue of $150 million represents a 39% year-over-year increase despite a hesitant economy,” said Pasquale Romano, President and CEO of ChargePoint.
“In the second quarter, ChargePoint delivered solid growth. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its second quarter of fiscal 2024 ended July 31, 2023. CAMPBELL, Calif.-( BUSINESS WIRE)- ChargePoint Holdings, Inc.
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