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ChargePoint surprised with a record gross margin in the second quarter. Revenue fell by 9%, reaching 99 million dollars. Within expectations. The non-GAAP gross margin? An impressive 33%.
Three percentage points above the previous quarter. Eight points above last year. This is despite increased spending on R&D. Curious, isn't it? Subscriptions had a margin of 61%. It seems the scale is working. There are already more than 363,000 doors installed globally.
CEO Rick Wilmer did not hide his enthusiasm. Highest margin since the company went public. And there were tariff challenges. Cash management? Almost a miracle. 195 million at the end, only 2 million below the previous quarter.
The company postponed the EBITDA breakeven point. It wants to focus on new products. It has a partnership with Eaton and Flex Plus in Europe. Balancing costs and R&D is not easy during transitions.
The collaboration with Eaton can be a game-changer. Announced in May, it expands the reach of ChargePoint. EV sales in Europe rose 26% in the first half of the year. The company wants to ride this wave.
By 2026, the projection is 90 to 100 million in revenues. The focus? Positive cash flow and profit in adjusted EBITDA. But the breakeven point? Deferred to the future. We will see what happens.