ChargePoint Holdings Inc shares sank as much as 22% in Thursday’s trading session after the provider of networked solutions for charging electric vehicles (EVs) disappointed the Street with its second quarter fiscal 2024 financial results and outlook.
During the quarter, ChargePoint’s revenue rose 39% to $150 million, missing the $153 million consensus expectation, while its net loss for the period of $0.35 per share also fell short of $0.14 per share deficit forecast from analysts.
For the full year fiscal 2024, ChargePoint expects its revenue to increase 32% to between $605 million to $630 million, less than the $671.71 million consensus estimate.
ChargePoint generates revenue by selling charging stations to businesses, single or multifamily residents, and fleets, while also making money on software and subscription services for maintaining those stations.
Investors appear to be weary that the company isn't showing meaningful improvement in reaching positive earnings before interest, taxes, depreciation and amortization (EBITDA) or positive operating cash flow.
Shares of ChargePoint have fallen 33% year to date.
Contact Sean at sean@proactiveinvestors.com