ChargePoint Stock Drops After Revenue Warning, Executive Changes

[Alex]

Hopefully they will stay in business.

Behind a paywall:

ChargePoint Stock Drops After Revenue Warning, Executive Changes

Electric vehicle charging provider ChargePoint Holdings replaced top executives and warned it would miss revenue projections for the third quarter, sending its shares down 35%. ChargePoint, which operates one of the largest EV charging networks in the U.S., on Thursday said its markets in the U.S.

www.wsj.com

But here is a summary

ChargePoint, a leading provider of electric vehicle (EV) charging stations, has seen its stock price plummet 35% after the company issued a revenue warning and announced executive changes.​

The company said that its revenue for the third quarter will be "far short of expectations" due to weak demand in the U.S. and Europe. ChargePoint blamed this on overall macroeconomic conditions and delays in fleet and commercial EV deliveries.​

In addition to the revenue warning, ChargePoint also announced that it is replacing its CEO, Pasquale Romano, with Rick Wilmer. Romano has been with the company since 2011 and has been CEO since 2016. Wilmer was previously the company's COO.​

The news of the revenue warning and executive changes sent ChargePoint's stock price tumbling 35% on Thursday. The company's shares closed at $2.02, down from $3.13 the previous day.​

This is a significant blow for ChargePoint, which has been one of the most successful companies in the EV charging industry. The company has raised over $1 billion in funding and has over 110,000 charging stations in operation across North America and Europe.​

It remains to be seen how ChargePoint will recover from this setback. The company will need to address the challenges of weak demand and supply chain disruptions in order to get back on track.​

 

[Andretex]

Their stock has taken a beating even before this 35% drop. I am still a big believer in charge point. I think their product is great and very functional for commercial use. The portal and app are great.

I just think they are not managed well. I think with the right management this company should do well.

I do own some stock and have decided to keep holding shares. We will see what the future holds.