ChargePoint

ChargePoint (NYSE: CHPT) sells the chargers, the software that runs them and the warranties that keep them working, but it rarely owns the stations. Its fiscal year ended Jan 31, 2026 (FY26): revenue $411.2M (−1%): Networked Charging Systems (hardware) $216.5M (−8%), Subscriptions $162.4M (+13%), Other $32.3M. The catch is margin. Hardware cost $199.7M to deliver on $216.5M of sales (about 8% gross margin, INFERENCE), while subscriptions cost $61.9M on $162.4M (about 62%, INFERENCE), so the recurring layer is what pays for the business. Gross profit rose to $125.6M (30.5% margin), but the loss from operations was still $210.1M, net loss $220.2M, and operating cash outflow $62.8M. To get through, ChargePoint swapped $328.6M of 2028 convertible notes into a $186.5M 12% senior loan plus $25M cash and warrants (Nov 2025), cut about 10% of staff twice in 2026, and held $95.3M of cash at Jul 31, 2026. The latest quarter (Q2 FY27, to Jul 31, 2026) was the best in a while: revenue $116.1M (+18%), gross margin 36.4% (helped by a one-time tariff refund) and net loss $35.6M.

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