Campbell, Calif. — On Thursday, June 1, ChargePoint announced revenue of $130 million for the first quarter of 2023. That’s a 59 percent increase from the first quarter of 2022. ChargePoint says this was the second best quarter in the company’s history.
“We did that while the EV installed base in North America and Europe are still in single-digits, and the EV market is only at the beginning of a decade’s long growth cycle,” said ChargePoint CEO Pasquale Romano. “We also achieved this growth in the midst of a challenging macroeconomic environment.”
ChargePoint saw strong growth in Europe and fleet business, the CEO explained.
“For the first time in our history, Europe delivered over 20% of ChargePoint’s quarterly revenue. Meanwhile, Q1’s fleet billings more than doubled year-over-year despite supply limitations on vehicles entering the segment relative to demand, and as a percentage of billings, fleet increased from Q4.”
The EV charging company says it operates 243,000 charging ports across North America and Europe. Since last quarter, ChargePoint has added 18,000 new charge ports to its network. Of those, about 21,000 of them provide DC fast charging.
Romano added: “From an environmental perspective as of the end of the quarter, we estimate that our network now has fueled approximately 6.3 billion electric miles avoiding approximately 252 million cumulative gallons of gasoline and over 1.25 million metric tons of greenhouse gas emissions. So when you put all that together, it shows that despite the current economic environment, ChargePoint growth continues.”
ChargePoint chief financial officer Rex Jackson says the company earned $98 million from network charging stations, $26 million from subscriptions and $5 million from other revenue. The company reported 79 percent of its revenue from North America with 21 percent coming from Europe.
“This improvement is primarily a combination of diminishing supply chain and logistics expense pressures, significant operational improvements and better scale,” Jackson explained. “We continue our considerable investment in our driver and host support infrastructure because we believe support and reliability, our critical differentiators for both drivers and our customers. We expect continued improvement in non-GAAP gross margin this year.”
ChargePoint believes EV adoption will take about a decade for North America and Europe. The company did not say how many new EV chargers would be installed this quarter or by the end of the year.
To find a ChargePoint EV charging station near you, go to: https://driver.chargepoint.com/
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Electric cars are plugged into a ChargePoint EV charging station 
A Nissan Leaf is plugged into a ChargePoint EV charging station 