U.S.-based electric vehicle charging solutions company ChargePoint reported revenue of $100 million for the third quarter (Q3) FY 2025, exceeding its guidance range of $85 million to $95 million.

However, on a year-over-year (YoY) comparison, revenue decreased 10% from $110.3 million.

Revenue was primarily driven by networked charging systems, which contributed $53 million, accounting for 53% of the total.

Subscription revenue followed with $36 million, up 19% YoY. The company’s GAAP net loss was $77.6 million, reflecting a 51%YoY improvement from the $158.2 million loss in the same period last year.

Non-GAAP adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss also improved to $29 million, down from $34 million in Q2.

The earnings per share of -$0.10 was in line with expectations.

GAAP operating expenses were reduced by 30% YoY to $91 million, while non-GAAP operating expenses decreased by 12%YoY to $59 million.

According to Richard Wilmer, CEO, “Charging network operators have been reporting an upswing in charger utilization, a trend we are also seeing at ChargePoint. This is good for the industry as a whole and good for ChargePoint as a supplier of software and hardware.”

He said there would be no dramatic impact of the recent elections in the U.S. on the company’s business.

Performance and Outlook

ChargePoint saw increased charger utilization and a 20% YoY rise in its managed port count, now exceeding 329,000. EV sales in the U.S. grew 11% YoY in Q3, with 80% of Fortune 50 companies now ChargePoint customers.

ChargePoint expects Q4 FY 2025 revenue between $95 million and $105 million and aims for positive non-GAAP adjusted EBITDA by FY 2026, supported by revenue growth, margin improvements, and continued cost management.

ChargePoint said it is confident in its outlook, benefiting from the expanding EV market and its operational efficiency. The company’s position in North America and its plans for scaling manufacturing in Asia are key drivers for future growth.

The company’s net loss narrowed 45% YoY to $68.9 million in the second quarter of 2024 from $125.3 million.

ChargePoint reported a fourth-quarter of 2023 revenue that was 24% lower than the previous year as slowing EV adoption impacted sales.