U.S.-based electric vehicle charging solutions company ChargePoint’s net loss narrowed 45% year-over-year (YoY) to $68.9 million in the second quarter of 2024 from $125.3 million.

The company’s revenue fell to $108.5 million, a 28% YoY decline from $150.5 million.  The company attributed the decline to lower hardware revenue.

Networked charging systems revenue for the second quarter was $64.1 million, down YoY by 44% from $114.6 million. Subscription revenue was $36.2 million, up YoY by 21% from $30 million.

1H 2024

The company’s net loss narrowed by 31.26% YoY to $140.67 million in the first six (1H) from $204.64 million in the same period last year.

Revenue also dropped 23.15% YoY to $215.58 million from $280.52 million.

Speaking at the earnings call, ChargePoint’s CEO Richard Wilmer said “We are seeing green shoots already. Sales of passenger EVs have settled into a stable, predictable growth path, a clear sign of sustainable adoption. In Q2, OEM slashed U.S. lease prices to clear the way for 2025 models. These aggressive price cuts triggered a surge, with sales jumping 23% over Q1 and climbing 11% year-over-year, putting many drivers behind the wheel of an electric vehicle for the first time. When the 2025 models hit the market in the coming months, boasting superior specs and broader selection, EV momentum is only going to accelerate.’

He further added that the company’s plug-in hybrid sales rose by 59%.

“Our managed port count continues to grow now at approximately 315,000. DC port growth was nearly 10% for the quarter, up to nearly 30,000. With roaming, we offer more than 1.1 million places to charge worldwide, up more than 10% in the last quarter, thanks to great partnership work. Driver growth is critical to our growth, and we now have 1.2 million quarterly active users of 20% from our one million milestone late last year. We now count 76% of the Fortune 50 companies as customers.” added Wilmer.

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

In Q3 2023, the company’s revenue came in at $110.3 million, a 12%YoY decrease from $125.3 million due to a drop in commercial demand and supply chain adjustments.