Electric vehicle (EV) charging solution provider ChargePoint’s net loss widened to $78 million for the fourth quarter (Q4) of the financial year (FY) 2022 from $60 million in Q4 2021.

The company attributed the higher loss to a higher stock-based compensation expense in the current quarter.

ChargePoint’s total operating expenses increased by 15% year-over-year (YoY) to $111.2 million for the October-December quarter.

The company posted a 93% YoY increase in its revenue at $152.8 million, primarily driven by higher sales of network charging systems worth $122.3 million.

The company said Q4 billings percentages were 69% for commercial, 19% for fleet, 11 % for residential, and others at less than 1%. From a geographic perspective, revenue from North America was 86%, and 14% from Europe. In the fourth quarter, Europe delivered $22 million in revenue, growing 129% YoY.

President and CEO of ChargePoint Pasquale Romano said, “ChargePoint delivered its largest sequential revenue growth to date and another record quarter, although below our guidance range as supply challenges for our DC solutions and quarter-end shipment challenges at this growth rate persisted. We continued to extend our technology and market leadership position across North America and Europe this year while driving 94% year-over-year growth and delivering improving gross margin and better operating expense leverage as we progress toward profitability.”

Full Year 2022

ChargePoint’s net loss for 2022 increased to $344.4 million from $132.2 million for FY 2021.

The company recorded an increase of 94% in its revenue at $468 million in 2022 compared to $241 million in 2021. Revenue rose due to $363.6 million worth of network charging system sales, up 109% from $174 million in the previous year.

The company recorded revenue of $125.3 million during the third quarter of 2022, up by 93% YoY from $65 million. However, the cost of revenue more than doubled to $102.7 million during the August-October period.

ChargePoint’s revenue for the first quarter stood at $86 million, a YoY growth of 102% from $40.5 million in the first quarter of 2021.