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ChargePoint Holdings Inc (NYSE:CHPT) shares are losing ground Thursday after the company reported soft second-quarter financial results. Here’s a rundown of the report.
ChargePoint’s top-line results came in light as total revenue decreased 28% on a year-over-year basis and Network charging systems revenue fell 44% year-over-year to $64.1 million. Subscription revenue increased 21% to $36.2 million in the quarter.
ChargePoint also announced a reorganization of its operations, including a 15% workforce reduction. The reorganization is expected to result in estimated annualized savings of approximately $41 million. The company anticipates approximately $10 million in restructuring costs.
"ChargePoint continued to execute against its strategy and deliver results in line with our stated goals. Our second quarter revenue was within our stated guidance range and gross margin improved sequentially for the third consecutive quarter," said Rick Wilmer, CEO of ChargePoint.
"Today, we have implemented an action plan to create efficiencies while reducing operating expenses. Our focus on delivering new software and hardware solutions that make it easier to go electric remains unchanged."
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What’s Next: ChargePoint expects third-quarter revenue to be in the range of $85 million to $95 million. The company also said it's now targeting positive non-GAAP adjusted EBITDA during fiscal year 2026.
Following the company’s quarterly results, Needham analyst Chris Pierce maintained ChargePoint with a Buy rating, but lowered the price target from $3 to $2.
CHPT Price Action: ChargePoint shares were down 14.8% at $1.44 Thursday morning, according to Benzinga Pro.
Photo: Wikimedia Commons.
Posted In: CHPT