Revenue for the quarter ended last month fell to between $108 million and $113 million, down from a year ago and far short of the company’s guidance of at least $150 million. Pasquale Romano, who had been CEO since 2011, and Chief Financial Officer Rex Jackson were both replaced on Thursday.
ChargePoint stock, which has already lost more than two-thirds of its value this year, fell as much as 34% before the start of regular trading on Friday. From a peak of $11.2 billion in June 2021, the company’s market capitalization is expected to fall below $1 billion.
Tesla Inc. has built out a vast network of plugs with a different connector design than the rest of the US industry, making it difficult for EV charging companies to compete. The superior charging experience provided by the EV manufacturer has led almost all major automakers to adopt its connector as the new North American standard.
ChargePoint went public in 2021 after a merger with a special purpose acquisition company, as part of a wave of EV-related transactions that included Lordstown Motors Corp. and Lucid Group Inc. Many of these companies, some of which were risky, early-stage ventures burning a lot of cash, have soured on investors.
Rick Wilmer, who joined ChargePoint as chief operating officer in July of last year, was promoted to replace Romano, who will remain an adviser. Mansi Khetani, senior vice president of financial planning and analysis, will serve as an interim replacement for Jackson.