CAMPBELL, Calif. - ChargePoint (NYSE:CHPT) Holdings, Inc. (NYSE: CHPT), a prominent player in the electric vehicle (EV) charging network sector, has enhanced its leadership team with key appointments, including a new Chief Financial Officer (CFO), Chief Development Officer for Software, and a Board member. The company announced these strategic additions on Thursday, aiming to strengthen its position in the growing EV infrastructure market.
Mansi Khetani has been named CFO, effective July 9, 2024. Khetani, who joined ChargePoint in 2018, has a background in financial planning, corporate development, M&A, and investment banking, with previous senior roles at Gainsight and Rocket Fuel, and investment banking positions at Piper Jaffray and Merrill Lynch. She has served as interim CFO since November 2023, after leading the company's Financial Planning and Analysis.
Ash Chowdappa is appointed as Chief Development Officer for Software, bringing nearly 25 years of experience in technology leadership roles. Chowdappa's tenure includes serving as SVP of Software at HPE Aruba Networks, where he led R&D for the Cloud, Security & Network infrastructure portfolio. His expertise is expected to guide the software team across various regions, products, and segments at ChargePoint.
Joining the Board of Directors, Mitesh Dhruv will also serve on the Audit Committee. Dhruv's extensive background in accounting and finance includes a Wall Street career as an equity analyst, CFO of RingCentral (NYSE:RNG), Inc., and Audit Committee Chair at ZoomInfo Technologies Inc. Recognized in the software industry, Dhruv has been ranked in the All-America Best Software CFO category by Institutional Investor for three consecutive years.
ChargePoint's CEO, Rick Wilmer, expressed excitement about the appointments, emphasizing the leaders' capabilities and shared passion for advancing ChargePoint as the preferred platform for EV charging. The company, which has been innovating in EV charging since 2007, offers a comprehensive range of software, hardware, and services for various stakeholders in the EV ecosystem.
ChargePoint boasts a global network with access to over 1 million charging spots and has facilitated over 10 billion electric miles, underscoring its commitment to reducing emissions and shaping the future of transportation.
These leadership appointments come as ChargePoint continues to expand its global footprint and enhance its product offerings, positioning itself to capitalize on the accelerating shift toward electric mobility. The information is based on a press release statement from ChargePoint Holdings, Inc.
In other recent news, ChargePoint Holdings Inc. reported its first quarter financial results for fiscal year 2025, with revenue reaching $107 million, surpassing its guidance midpoint, but marking an 8% decrease from the previous quarter.
The company also reported a non-GAAP gross margin of 24% and non-GAAP operating expenses of $66 million. Despite a non-GAAP adjusted EBITDA loss of $36 million, ChargePoint maintains a positive outlook for the growing EV market and its strategic initiatives.
Benchmark, a financial analysis firm, recently adjusted ChargePoint's price target to $3.00 from the previous $4.25, while maintaining a Buy rating on the stock. This decision comes after ChargePoint's reaffirmation of its aim to achieve a positive EBITDA by 2025 and recent partnerships with Porsche and LG.
ChargePoint is also focusing on reducing operating expenses, particularly non-recurring engineering costs, and forecasts Q2 2025 revenue to be between $108 million and $118 million. The company has surpassed one million charging locations globally, contributing to over 10 billion electric miles, and anticipates a majority of sales to be recognized next year.
ChargePoint continues to expand its market presence and product offerings through new partnerships and hardware co-development projects with companies such as AcBel Polytech, Wistron NeWeb (WNC), and Airbnb.
InvestingPro Insights
As ChargePoint Holdings, Inc. (NYSE: CHPT) fortifies its executive team, investors and industry observers are closely watching the company's financial health and market performance. Recent data from InvestingPro provides a snapshot of ChargePoint's current financial landscape. With a market capitalization of $812.33 million, the company's valuation reflects investor sentiment and market conditions. Despite a notable 15.06% return over the last week, ChargePoint's P/E ratio stands at -1.68, indicating that the market expects future earnings growth despite current unprofitability.
InvestingPro Tips highlight several critical factors: ChargePoint is "quickly burning through cash" and has "weak gross profit margins" with a gross profit margin of 4.8% over the last twelve months as of Q1 2025. These metrics are crucial for potential investors to consider, especially in light of the company's strategic leadership changes. While the company's stock price movements have been volatile, and analysts do not expect profitability this year, ChargePoint's liquid assets do exceed its short-term obligations, providing some financial flexibility.
For those interested in a deeper dive into ChargePoint's financials and future prospects, InvestingPro offers a wealth of additional insights. There are currently 11 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/CHPT. To gain full access to these tips and other advanced financial metrics, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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