ChargePoint Reports Narrower Loss and Revenue Growth in Q2
ChargePoint (NYSE:CHPT) reported better-than-expected second-quarter results, with a narrower loss and revenue growth that exceeded analyst forecasts. The company's shares surged by 53% following the announcement. ChargePoint posted $116.1 million in quarterly revenue, up 18% year-over-year and ahead of estimates at $105 million. Non-GAAP adjusted EBITDA loss narrowed to $4.8 million from a prior year loss of $29.7 million. The company also improved its gross margin by 500 basis points to 36%, with both GAAP and non-GAAP net losses significantly reduced compared to the previous year. ChargePoint provided revenue guidance for Q3 in the range of $105 million to $115 million, slightly above analyst expectations at $109 million. The company also announced key developments including a new executive appointment and early shipments of its Express Solo product.
Tickers: $CHPT
Topics: ChargePoint financial results loss improvement revenue growth stock price surge