ChargePoint Holdings Q1 Earnings Highlights: Revenue Beat, EPS Miss, Q2 Guidance, EBITDA Update And More

Electric vehicle charging infrastructure company ChargePoint Holdings CHPT reported first-quarter financial results after the market close Thursday. Here are the key highlights.

What Happened: ChargePoint reported first-quarter revenue of $130 million, which was up 59% year-over-year. The revenue beat a Street consensus estimate of $128.1 million, according to data from Benzinga Pro.

The company reported a loss of 23 cents per share in the first quarter, which missed a Street estimate of a loss of 17 cents per share.

ChargePoint had networked charging systems revenue of $98.3 million, which was up 65% year-over-year, and subscription revenue of $26.4 million, which was up 49% year-over-year.

“We focused on delivering our broad portfolio of charging stations across North America and Europe, while continuing to improve gross margins, and managing operating expenses,” ChargePoint CEO Pasquale Romano said. “The positive first quarter results are a testament to the strength and diversity of our business.”

The company ended the quarter with $313.7 million in cash.

Related Link: Why ChargePoint's Dip Is Your Ticket To Electric Profits: What 2 Analysts Think 

What’s Next: ChargePoint is guiding for second-quarter revenue to be in a range of $148 million to $159 million, representing year-over-year growth of 41% at the mid-point.

The company said it plans to reduce its non-GAAP adjusted EBITDA loss by around two-thirds by the fourth quarter of fiscal 2024 compared to the first quarter.

“As the only charging network to operate across all verticals in North America and Europe, we believe we remain well positioned to take advantage of the inevitable long-term growth opportunity ahead,” Romano said.

CHPT Price Action: ChargePoint shares are down 9% to $8.90 in after hours trading Thursday.

Read Next: ChargePoint's Path To Profitability Recognized By Analyst, Upgrades Stock To Buy 

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