ChargePoint Holdings, Inc. (NYSE:CHPT) shares are trading lower in the premarket session on Wednesday.
Over the last six months, the company’s shares have lost over 70%, while the S&P 500 has gained over 13%.
Yesterday, the company reported fourth-quarter financial results and issued guidance below estimates.
ChargePoint reported quarterly losses of 23 cents per share, in line with analyst estimates. Non-GAAP gross margin was 22% as compared to 23% in the prior year’s same quarter.
Quarterly sales came in at $115.833 million, which missed the analyst consensus estimate of $118.777 million.
As of January 31, 2024, cash, cash equivalents, and restricted cash on the balance sheet were $357.8 million.
ChargePoint’s $150 million revolving credit facility remains undrawn and ChargePoint has no debt maturities until 2028.
“Quarterly milestones included the opening of the Mercedes-Benz HPC NA charging network and receiving FedRAMP authority to operate, which enables ChargePoint to bid for United States government contracts,” said Rick Wilmer, CEO of ChargePoint.
ChargePoint sees first-quarter revenue between $100 million and $110 million, lower than the $126.09 million estimate. At the midpoint, it represents an anticipated decline of 19% year-over-year.
On February 20, ChargePoint and AcBel Polytech, a Kinpo Group subsidiary specializing in power supply manufacturing, entered an agreement to develop EV charging solutions collaboratively.
“This collaboration with AcBel represents a significant milestone in the evolution of our product development strategy, and is a key component of our focus on execution and operational excellence,” Wilmer added.
Price Action: CHPT shares are trading lower by 5.50% to $1.89 premarket on the last check Wednesday.
