ChargePoint Holdings Inc shares will likely see little ‘juice’ when the electric vehicle (EV) charging network developer and operator reports its third quarter fiscal 2024 financial results after the close on December 6.
That’s because ChargePoint already warned investors on November 17 that it expects to report 3Q revenue in the range of $108 million to $113 million, down from previous estimates of $150 million to $165 million, and short of the $157 million Wall Street consensus forecast at the time.
The company cited "overall macroeconomic conditions" and delivery delays in the EV sector, notably in the fleet and commercial segments as reasons for the shortfall, sending its stock price 35% lower in a single trading session.
"We remain committed to our goal of generating positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in the fourth quarter of calendar 2024," ChargePoint Holdings CEO Rick Wilmer stated.
Wall Street’s consensus estimate is for a 3Q loss of $0.22 per share on revenue that is expected to fall 7% year over year to $117.14 million, according to Zacks Equity Research.
Shares of ChargePoint have fallen 78% year to date as of Wednesday’s closing price.
Contact Sean at sean@proactiveinvestors.com