ChargePoint Holdings Inc (NYSE: CHPT) reported third-quarter financial results after the close on Wednesday. Here's a rundown of the report.
Q3 Earnings: ChargePoint said third-quarter revenue decreased 12% year-over-year to $110.3 million, which missed the consensus estimate of $122.408 million, according to Benzinga Pro. The company reported a quarterly loss of 43 cents per share versus a loss of 25 cents per share in the prior year's quarter.
Networked charging systems revenue for the third quarter was $73.9 million, down 24%. Subscription revenue was $30.6 million, up 41%. Gross margin in the third quarter was negative 22%, down from 18% year-over-year.
The company ended the quarter with $397.4 million in cash, equivalents and restricted cash.
"ChargePoint's third quarter execution came up far short of its goals in the face of continued challenging macroeconomic conditions and execution challenges," said Rick Wilmer, president and CEO of ChargePoint.
"Though the quarter overall did not meet expectations, we did demonstrate how we continue to empower the entire EV ecosystem, across hardware and software, and we fortified our balance sheet, which leaves us well capitalized to execute on our strategy."
ChargePoint reaffirmed expectations for positive adjusted EBITDA in the fourth quarter of fiscal 2025.
CHPT Price Action: ChargePoint shares are down 25% over the last month. The weakness is largely due to the company's preliminary results, which were released in mid-November. The stock was down nearly 2% after hours.
