Electric vehicle (EV) charging solution provider ChargePoint Holdings recorded a net loss of $84.5 million in the third quarter (Q3) of the fiscal year (FY) 2023, compared to a loss of $69.4 million year-over-year (YoY).

The higher loss was due to higher operating expenses, particularly in research and development, along with sales and marketing.

The company recorded revenue of $125.3 million during the quarter, a YoY growth of 93% from $65 million. However, the cost of revenue more than doubled to $102.7 million during the August-October period.

The largest share of company revenue, amounting to $97.6 million, came from its network charging systems business, a YoY increase of 105% from $47.5 million. Subscription revenue was $21.7 million, up 62% YoY from $13.4 million.

ChargePoint provides a comprehensive portfolio of charging solutions for businesses.

ChargePoint’s installed base of networked ports grew to over 210,000, a YoY increase of 30% and a sequential increase of 6%. Over 65,000 are in Europe, and over 16,700 are DC fast chargers.

“ChargePoint delivered another quarter of growth exceeding 90% year-over-year, as we continue to scale the business to meet strong demand for our solutions across North America and Europe,” said Pasquale Romano, President, and CEO of ChargePoint. “Our networked, asset-light business model continues to enable our growth as we strive to deliver improved margins and operating leverage.”

During the quarter, the company announced that it would partner with Charge Across Town, an EV aggregator, and the State of California to deploy hundreds of EV chargers at multifamily properties like apartment buildings and condo complexes across the state. As part of this work, ChargePoint was awarded $4.25 million through the California Energy Commission’s Reliable, Equitable, and Accessible Charging for Multifamily Housing (REACH) program. Under the program, ChargePoint would partner with multifamily property owners and managers to install hundreds of electric vehicle charging ports, with 75% reserved for buildings in disadvantaged or low-income communities.

In August, the company installed four charging stations for Starbucks in Provo, Utah, as a part of the agreement between Starbucks Corporation and Volvo Cars. Additional charging stations powered by Chargepoint will be positioned along a 1,350-mile route that winds through national forests and major community hubs from the Colorado Rockies to the Starbucks Support Center in Seattle. By the end of the year, up to 60 DC fast chargers will be installed at up to 15 Starbucks stores approximately every 100 miles along the route.

For FY 2022, the company reported a revenue of $242.3 million, increasing by 65% from $146.5 million in the previous year.