ChargePoint Holdings (CHPT) Earnings Live: Can the Stock Recapture the Magic?

While Wall Street analysts haven’t yet responded to ChargePoint’s earnings, here’s a roundup of the most recent analysts calls:

• Last month, B. Riley lowered its price target for CHPT from $1.50 to $1.00.
• In April, UBS reduced its price target from $0.70 to $0.65.
• Goldman Sachs cut its price target from $0.75 to $0.50.

ChargePoint Holdings (NYSE: CHPT) reported its first-quarter fiscal year 2026 results, which, despite demonstrating notable progress in profitability and cost management, saw the stock decline sharply by 15% in after-hours trading.

For Q1 FY2026, ChargePoint reported total revenue of $97.64 million. This figure came in below the consensus estimate of $100.58 million and represents a 9% decrease from $107.04 million in the prior year’s same quarter, reflecting a continued year-over-year decline.

Networked charging systems revenue specifically dropped 20% to $52.1 million. However, subscription revenue showed a positive trend, increasing 14% year-over-year to $38.0 million, highlighting growth in recurring revenue streams.

On the profitability front, ChargePoint showed significant improvements. The company reported a GAAP net loss of $(57.1) million, a 20% reduction from $(71.8) million in the prior year, indicating a narrowing loss. More critically, the non-GAAP adjusted EBITDA loss narrowed to $(22.8) million, a substantial 38% improvement from $(36.5) million in the same quarter last year.

This adjusted EBITDA loss was somewhat higher than the consensus estimate of -$19.14 million, yet it still represented significant sequential improvement. GAAP gross margin improved to 29% (from 22% prior year), and non-GAAP gross margin reached 31% (from 24% prior year), driven largely by the growth in subscription revenue and better subscription margins.

For guidance, ChargePoint expects second-quarter fiscal 2026 revenue to be between $90 million and $100 million. The company also reaffirmed its commitment to achieving positive non-GAAP adjusted EBITDA during a quarter in fiscal year 2026.

This outlook, while showing a path to profitability, signals continued cautiousness around top-line growth. The after-hours stock decline underscores that investors are likely prioritizing the revenue miss and the ongoing overall decline in top-line growth, even as the company makes strides in operational efficiency and margin improvement.

Here are the most important quarterly numbers compared to estimates:

• Q1 Revenue Estimate: $100.58 million vs. Actual: $97.64 million
• EBITDA Estimate: -$19.14 million vs. Actual: -$22.8 million

ChargePoint’s investment case now depends on survival, not market share.

First, cash burn remains a structural threat. Even if Q1 burn improves sequentially, CHPT may still exit FY26 needing to raise capital. Any deterioration in working capital — especially large receivables from public entities or delayed subsidy collections — could shorten the runway. In a tighter rate environment, equity raises would likely be dilutive and further compress valuation.

Second, competitive dynamics are worsening. Tesla’s Supercharger network is expanding rapidly, and many states are funneling federal dollars through proprietary standards that could exclude or delay support for CHPT hardware. Meanwhile, new entrants and consolidation in Europe and the U.S. could pressure pricing.

Third, customer retention remains a soft spot. Several large commercial and fleet clients have slowed order cadence, and without contract renewals or upsells, recurring revenue could stagnate. If SaaS churn rises — or if hardware utilization rates fall — the long-term LTV assumptions underpinning CHPT’s model will erode.

Finally, credibility is still being rebuilt. With a new management team in place, investors need clean communication, accurate guidance, and visible progress on all restructuring KPIs. Another miss — even if small — could irreparably damage investor trust.

• Is there sequential growth in commercial/fleet charging deployments?
• Are hardware margins improving post-layoffs and SKU rationalization?
• How much cash was burned in Q1, and what’s the runway at current pace?

The top priority for investors is visibility. With demand volatility plaguing both public and private EV charging installs, CHPT must prove that its new operational model is lean enough to survive prolonged cycles. The company’s margin profile was dragged down in FY25 by bloated SKUs, hardware write-downs, and flatlining software subscriptions. This quarter needs to show meaningful gross margin rebound — even if revenue stays muted.

Fleet and commercial remain ChargePoint’s largest TAM buckets. Any evidence of recovery in fleet orders — or traction in public-private deployment programs — could shift the outlook for FY26. The company’s exposure to municipal infrastructure and utility partnerships remains a differentiator versus peers, but recent delays in subsidy flows and permitting timelines have muted those benefits.

In software and subscriptions, investors will want to see stability or growth in attach rates. ChargePoint-as-a-Service (CPaaS) remains a margin enhancer, but management has yet to prove that it can scale those offerings at low incremental CAC.

• Q1 EPS Estimate: -$0.057
• Q1 Revenue Estimate: $100.58 million
• YoY Revenue Decline: -6.0%
• EBITDA Estimate: -$19.14 million
• EBITDA Margin: -19.0%
• Short Interest: 20.73% of float

Consensus calls for a year-over-year revenue decline, reflecting macro softness in EV infrastructure rollouts and a slower-than-expected rebound in U.S. fleet and commercial charging segments. At $100.6M, top-line expectations are low and sit near the bottom of internal guide ranges.

EPS is forecast at -$0.057, showing modest sequential improvement from Q4’s -$0.08 but still reflective of steep operating losses. ChargePoint is also expected to report negative EBITDA of ~$19M, though that too would be an improvement if cost savings are already flowing through SG&A. The Street has significantly reset expectations after CHPT’s string of revenue and margin guide-downs in FY25.

Cash burn and liquidity metrics will be core to the earnings-day reaction. CHPT exited last quarter with ~$397 million in cash — but if working capital drains or restructuring charges reappear, that cushion could compress quickly. Management’s commentary on runway, debt covenants, and potential capital raises will carry equal weight to the income statement.