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This statistic highlights ChargePoint Holdings’ Revenue by Segment, split between Networked Charging System, Subscription and Others, reported on a quarterly basis.
ChargePoint Holdings’ Revenue by Segment
|Segment||Q2 2021||Q1 2022||Q2 2022||Contribution in Q2 2022|
|Networked charging system||$21.37||$26.80||$40.87||73%|
(All figures in millions, except percentages)
With each passing quarter, the overall revenue steadily rises. The incremental increase in revenue from Q1 2022 to Q2 2022 is 38.53% on a quarterly basis. Moreover, on yearly grounds, the total revenue increased from $34.96 million in Q2 2021 to $56.12 million in Q2 2022 marking a jump of 60.53%.
Networked Charging System
Deliveries of EV charging system infrastructure, including a range of Level 2 AC products for use in residential, commercial, and fleet applications, as well as Level 3 DC, or fast-charge goods for use in commercial and fleet applications, are included in Networked Charging Systems revenue. The sale of Level 2 AC products currently accounts for a considerable amount of ChargePoint’s Networked Charging Systems revenue. ChargePoint recognizes revenue from Networked Charging System sales when the system is sent to the customer and ChargePoint’s performance obligation is fulfilled.
The revenue generated from this segment has been increasing constantly. The revenue grew by almost 91.25% on a yearly basis, from Q2 2021 where the revenue generated was $21.37 million to Q2 2022 where the revenue generated is $40.87 million. On a quarterly basis, the increase in revenue was 52.5%. The contribution to the revenue mix from this segment increased from 61.13% in Q2 2021 to 72.83% in Q2 2022.
The company’s Cloud Services, extended Assure warranties, and CPaaS, which bundles the use of ChargePoint-owned and operated systems with Cloud Services, Assure, and other benefits into a single subscription, generate subscription revenue. Unless the location allows the customer to derive incremental economic advantage from regulatory credits acquired on that EV charging station, CPaaS subscriptions are regarded to constitute a lease for the client’s use of ChargePoint’s owned and managed systems for accounting purposes. Lessor revenue comes from operating leases and hasn’t been significant in the past. As ChargePoint has a continuous commitment to provide such services to the customer, subscription revenue is normally recognized on a straight-line basis over time.
The revenue generated from this segment has been increasing constantly. The revenue grew by almost 23.14% on a yearly basis, from Q2 2021 where the revenue generated was $9.81 million to Q2 2022 where the revenue generated is $12.08 million. When compared to Q1 2022 where the revenue generated was $10.82 million, the increase in revenue was 11.83% quarterly. However, the contribution to revenue mix from this segment fell from 28.07% in Q2 2021 to 21.53% in Q2 2022. The contribution to the revenue mix decreased from 26.7% in Q1 2022 to 21.53% in Q2 2022.
The rest of ChargePoint’s revenue is made up of fees for transferring regulatory credits earned through participation in low-carbon fuel programs in approved states, charging-related fees received from drivers using ChargePoint-owned and operated charging stations, net transaction fees earned for processing payments collected on driver charging sessions at charging stations owned by its customers, and other professional services. Regulatory credit revenue is recognized when regulatory credits are transferred. Because ChargePoint has a continuing commitment to offer such services, revenue from fees for owned and operated sites is recognized overtime on a straight-line basis over the performance period of the service contract. When the charging session or transaction is finished, revenue from driver charging sessions and charging transaction fees is recognized. Professional service revenue is recorded as the services are provided.
The revenue generated from this segment declined from $3.78 million in Q2 2021 to $3.17 million in Q2 2022. However, there was a 9.68% quarterly increase, as compared to Q1 2022 where the revenue generated was $2.89 million. The contribution to total revenue fell from 10.8% in Q2 2021 to 5.64% in Q2 2022.
For over a decade, ChargePoint is dedicated to enable the movement of all people and products on energy. Today, ChargePoint is one of the largest charging networks in the world. It supports the mass adoption of electric vehicles (EVs), with strong positioning in North America and a growing presence in Europe.It is a well-established company, with a capital-light business model and has one of the most extensive portfolios in the industry, consisting of hardwares, softwares and services for business, fleet, and residential customers. ChargePoint currently has over 4,000 commercial and fleet customers and has completed over 87 million charging sessions.
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