ChargePoint's Q2 loss soars to Rs 10.3 billion

11 Sep 2023 CW Team

ChargePoint, a leading electric vehicle (EV) charging solutions provider, faced a substantial setback in the second quarter of fiscal 2024, reporting a net loss of Rs 10.3 billion. This marked a significant 35 per cent year-over-year increase from the Rs 7.6 billion loss.

The primary driver behind this surge in losses was an inventory impairment charge amounting to Rs 2.3 billion during the quarter.

On a brighter note, ChargePoint recorded impressive revenue figures for Q2, reaching Rs 12.4 billion. This represented a robust 39 per cent increase compared to the Rs 9 billion reported in the corresponding quarter of the previous year.

Notably, the revenue boost was driven by networked charging systems, which contributed Rs 9.4 billion, reflecting a substantial 36 per cent year-on-year growth from Rs 7 billion. Subscription revenue also experienced significant growth, surging to Rs 2.4 billion, a remarkable 48 per cent increase compared to the previous year's Rs 1.6 billion.

Despite these losses, Pasquale Romano, the President and CEO of ChargePoint, highlighted the company's efforts to secure working capital through a Rs 12.4 billion revolving credit facility and Rs 3.1 billion raised via an 'at-the-market' offering. Romano also underscored the company's commitment to streamlining operations, anticipating an annual cost-saving of around Rs 2.4 billion.

ChargePoint is currently undergoing a restructuring phase, involving a 10 per cent reduction in its global workforce. This move is expected to incur charges of approximately Rs 662 million, primarily in the third quarter, but it aims to enhance efficiency and agility within the organisation.

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