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Charging point (New York Stock Exchange: CHPT) fell more than 20% in post-market trading Thursday after the electric vehicle charging network operator said third-quarter revenue will fall short of expectations as its major American markets North and Europe came under pressure.
He The company provided preliminary third-quarter revenue of between $108 million and $113 million, compared with $150 million to $165 million previously expected.
“Overall macroeconomic conditions, along with fleet and commercial vehicle delivery delays, impacted planned implementations with government, auto dealers and customers in the workplace,” said Rick Wilmer, who has been named new president and CEO of ChargePoint, effective November 16.
Wilmer, who succeeds Pasquale Romano, joined the California-based firm as COO in July 2022. He previously served as CEO at companies including Pliant technology, Leyden Energy, Mojo Networks and Chowbotics.
As of Oct. 31, 2023, the company said its cash, cash equivalents and restricted cash was approximately $397 million.
ChargePoint expects to take a non-cash impairment charge of $42 million for the third quarter, resulting in GAAP gross margin of negative -23% to negative -21% and non-GAAP gross margin of negative -19% to – 17% negative.
The company expects non-GAAP operating expenses of between $80 million and $82 million, compared to $81 million and $84 million previously expected.
ChargePoint also announced Thursday that Chief Financial Officer Rex Jackson has left the company.
Mansi Khetani, currently senior vice president of financial planning and analysis at ChargePoint, has been named interim chief financial officer.
The company will report its full third-quarter results on December 6.