Electric vehicle (EV) charging solution provider ChargePoint’s net loss narrowed by 11% year-over-year (YoY) to $79.4 million for the first quarter (Q1) of the financial year (FY) 2023-24, primarily driven by the higher revenue from the company’s networked charging systems.

The company’s income from the networked charging system for Q1 totaled $98.3 million, up 64% YoY, as it expanded the portfolio of charging solutions across North America and Europe.

ChargePoint’s total revenue for the quarter jumped 59% to $130 million compared to $81.6 million in Q1 2022. The income from the subscription services also increased by 49% YoY to $26.4 million.

The company’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) dropped by 25% to ~$50 million compared to $67 million last year, and the gross margin was 23%, up from 15% in Q1 2022.

The total operating expenses increased to $110 million during Q1, up 8% YoY.

President and CEO of ChargePoint Pasquale Romano said, “We focused on delivering our broad portfolio of charging solutions across North America and Europe while continuing to improve gross margins and managing operating expenses. As the only charging network to operate across all verticals in North America and Europe, we believe we remain well positioned to take advantage of the inevitable long-term growth opportunity ahead.”

According to a study published by BloombergNEF, ChargePoint led the charging infrastructure market in the United States in February 2023. Total investment in EV chargers is set to cross $100 billion in 2023, and the next $100 billion of spending is expected to be achieved within the next three years, per the study.

ChargePoint’s net loss widened to $78 million for Q4 2022 from $60 million in Q4 2021. The company attributed the higher loss to a higher stock-based compensation expense in the current quarter.