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Investing.com -- ChargePoint Holdings, Inc. (NYSE:CHPT) reported first quarter fiscal 2026 results that beat earnings estimates but missed on revenue, while providing weak guidance that sent shares tumbling 8.7% in after-hours trading.
The electric vehicle charging network provider posted adjusted earnings per share of -$0.12, beating analyst expectations of -$0.13. However, revenue came in at $98 million, falling short of the $100.61 million consensus estimate and declining 9% YoY.
For the second quarter, ChargePoint expects revenue between $90 million to $100 million, well below analyst projections of $108.3 million. The weak outlook appears to be driving the negative market reaction.
"In Q1 ChargePoint continued to improve key metrics - including subscription margin and overall gross margin – while also announcing partnerships and products that are expected to deliver meaningful growth," said CEO Rick Wilmer.
Subscription revenue grew 14% YoY to $38 million, while networked charging systems revenue fell 20% to $52.1 million. The company’s GAAP gross margin improved to 29% from 22% a year ago, with non-GAAP gross margin rising to 31% from 24%.
ChargePoint reduced its GAAP operating expenses by 10% YoY to $81.8 million and non-GAAP operating expenses by 15% to $56.7 million. The company ended the quarter with $196.3 million in cash and no debt maturities until 2028.
Despite the revenue decline, ChargePoint reaffirmed its commitment to achieving positive non-GAAP adjusted EBITDA during a quarter in fiscal year 2026.
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