ChargePoint Stock: Overcoming Challenges and Embracing Growth Amidst Tesla Competition
ChargePoint Holdings, Inc. reported a Q3 2024 earnings miss, with revenue of $110 million, down 12% YoY. The company attributed the shortfall to delayed commercial fleet vehicle arrivals, a slowdown in commercial demand, and automotive labor disputes. ChargePoint's non-GAAP gross margin was negative 18% due to a $42 million non-cash impairment charge. The company aims to be adjusted EBITDA positive in Q4 of 2024 and highlighted positive developments such as increased sales of its consumer home charging station and the rollout of new products. ChargePoint ended the quarter with $397 million in cash and cash equivalents.