ChargePoint Holdings, Inc. has reported first-quarter 2024 revenue that beat analyst estimates but fell short on earnings, while revenue guidance for its second quarter was also light, sending its shares lower in pre-market trading.
The electric vehicle (EV) charging infrastructure company posted a 59% increase in revenue to $130 million for the quarter ended April 30, 2023, beating the Wall Street consensus estimate of $128 million. Revenue from networked charging systems gained 65% to $98.3 million, while subscription revenue rose 49% to $26.4 million.
The company also reported that its gross margin improved to 23% from 15% a year earlier.
Its non-GAAP pre-tax net loss narrowed to $52.8 million from $71.7 million in 1Q 2023, while its loss per share narrowed to $0.23, down from $0.27 but missing the $0.17 expected by the Street.
“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,” the company’s president and CEO Pasquale Romano said in a statement.
“The positive first quarter results are a testament to the strength and diversity of our business. 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.”
For the second quarter, the company has guided for revenue of $148 million to $158 million. At the midpoint, it said this represents an increase of 41% from 2Q 2023. The consensus estimate from FactSet was for revenue of $165.6 million.
The company’s shares fell 3.5% to $9.41 in pre-market trade.
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