ChargePoint Holdings Inc after Wednesday’s close announced third quarter fiscal 2024 financial results that fell short of expectations on both the top and bottom lines.
The electric vehicle (EV) charging station network reported a 3Q net loss of $0.43 a share on revenue that fell 12% year over year to $110.3 million.
The analyst consensus forecast was for a loss of $0.22 per share and revenue of $117.14 million, according to Zacks Equity Research.
"ChargePoint’s third quarter execution came up far short of its goals in the face of continued challenging macroeconomic conditions and execution challenges," ChargePoint CEO Rick Wilmer said in a statement.
Looking ahead, the company said it remains committed to its goal of generating positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter of calendar 2024.
Shares of ChargePoint eased more than 2% in Wednesday’s after-hours session and have fallen 78% year to date.
Contact Sean at sean@proactiveinvestors.com