ChargePoint Holdings Inc (NYSE:CHPT) shares dropped 5% after-hours following the company’s reported Q1 results, with EPS of ($0.27) coming in worse than the consensus estimate of ($0.19).
Revenue grew 102% year-over-year to $81.6 million, compared to the consensus estimate of $75.7 million. Networked charging systems revenue grew 122% year-over-year to $59.6 million, and subscription revenue grew 63% year-over-year to $17.6 million.
“Positive first quarter results, despite expected significant headwinds due to global supply constraints, are a testament to the strength of our business,” said Pasquale Romano, president and CEO of ChargePoint. “Our investments in a comprehensive portfolio for all verticals we serve continue to set us apart when customers seek a charging solution.”
The company expects Q2 revenue in the range of $96-$106 million. For the full 2023-year, the company expects revenue of $450-500 million, compared to the consensus estimate of $471.6 million.
Shares of Chargepoint are down 33% year-to-date.