ChargePoint Holdings Inc (NYSE:CHPT) stock rose 4.37% (As on Mar 3, 11:27:46 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 22. Networked charging systems revenue for the fourth quarter was $59.2 million, an increase of 109% from $28.3 million in the prior year’s same quarter and subscription revenue was $17.2 million, up 57% from $11.0 million in the prior year’s same quarter. Fourth quarter non-GAAP gross margin, which primarily excludes stock-based compensation expense and amortization from acquired intangible assets, was of 24% compared to 22% in the prior year’s same quarter primarily due to the impact of acquisitions. Non-GAAP pre-tax net loss in the fourth quarter, which excludes stock-based compensation expense and other items, was $58.5 million as compared to $33.6 million in the prior year’s same quarter. As of January 31, 2022, cash on the balance sheet was $315.6 million. The company had numerous successes in the first year as a publicly traded company, including a 65 percent year over year increase in annual revenue, two strategic acquisitions, expansion of our activated port count by over 60 percent, and growing our team of world class talent. Over 174,000 ports were activated as of Jan. 31, with approximately 51,000 in Europe. Fleet momentum continues with leading fleet companies: Element, LeasePlan USA, Wex, and Wheels Donlen.

CHPT in the fourth quarter of FY 22 has reported the adjusted loss per share of 23 cents, missing the analysts’ estimates for the adjusted loss per share of 18 cents. The company had reported the adjusted revenue growth of 90 percent to $80.7 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $76.1 million.

For FY23, ChargePoint anticipates revenue to be in the $450 million to $500 million range, a 96% increase from the previous year. The Street consensus is at $231.8 million. For the full fiscal year 2023, ChargePoint expects Non-GAAP gross margin of 22% to 26% and Non-GAAP operating expenses of $350 million to $370 million. At the midpoint, this represents an anticipated increase of 50% as compared to the prior year.

ChargePoint expects fiscal Q1 sales to be between $72 million and $77 million, with analysts polled by Capital IQ expecting $81.1 million. At the midpoint, this represents an anticipated increase of 84% as compared to the prior year’s same quarter.