<p>过去一年对 <strong>ChargePoint</strong>(CHPT -2.29%) 来说并不是一个好年头，特别是在这家电动汽车充电解决方案公司报告了疲弱的财季第二季度业绩并推迟了盈利预测之后，情况变得更糟。</p>
<p>随着公司前景黯淡，让我们更仔细地看看其业绩，看看股票是否会跌至 1 美元，或者是否会出现反弹迹象。</p>
<h2>收入下降</h2>
<p>最近 ChargePoint 面临的一个大问题是收入下降，公司在过去四个季度中看到了可观的收入下滑。</p>
<p>截至 2025 财年第二季度，即 7 月 31 日结束，其收入下降了 28%，至 1.505 亿美元。网络充电系统收入是主要的负面推动因素，暴跌了 44%，至 6410 万美元。另一方面，订阅收入增长了 21%，达到 3000 万美元。前者是公司销售的充电硬件，而后者是公司销售的订阅服务，让商业和车队客户管理他们的充电站，包括定价和能源管理。</p>
<p>公司将一些车队交易推迟归咎于问题，如延迟许可，这是导致其未达到收入指导高端的原因。</p>
<p>积极的一面是，公司的订阅收入利润率更高，这导致毛利率有了很好的改善。去年除去 2800 万美元的存货减值损失后，毛利率将从 19.3%（扣除该损失后为 1%）提高到 23.5%。</p>
<p>ChargePoint 还大幅减少了运营费用，将其削减了 29%，至 8830 万美元。这些举措共同帮助公司减少了亏损。</p>
<p>其调整后的亏损从 8610 万美元减少了一半，至 4300 万美元，而调整后的利息、税收、折旧和摊销前利润（EBITDA）从一年前的 8120 万美元亏损改善为 3410 万美元亏损。</p>
<p>公司季末存货为 2.285 亿美元，高于截至 1 月份财年开始时的 1.986 亿美元。考虑到销售大幅下降，这并不是一个好迹象，可能会导致未来减值。</p>
<p>在其财年的前六个月中，ChargePoint 的经营现金流为 1.137 亿美元，自由现金流为 1.21 亿美元。期末现金及等价物为 2.437 亿美元，负债为 2.857 亿美元。</p>
<p>为了继续改善其成本结构，公司宣布将裁员 15%。这次重组预计将导致 1000 万美元的费用，主要来自解雇费用，但每年将为公司节省 3800 万至 4100 万美元的运营费用。</p>
<p>ChargePoint 预测财季第三季度收入将在 8500 万至 9500 万美元之间，而一年前其收入为 1.103 亿美元。这将是中间值下降约 18%。与此同时，公司将其目标从本财年（2025 年）实现正调整后的 EBITDA 推迟到 2026 财年。管理层表示，明年需要 “适度” 的收入增长才能实现这一目标。与此同时，公司表示正在朝着 2027 财年实现显著现金流的目标努力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODk5OTAvZ2V0dHlpbWFnZXMtMTM0ODM0OTI0My5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODk5OTAvZ2V0dHlpbWFnZXMtMTM0ODM0OTI0My5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>股票是否会跌至 1 美元，还是这是一个买入机会？</h2>
<p>ChargePoint 距离跌至 1 美元仅有约 25% 的跌幅，因此看到股价达到这一价格并不是一件难事。然而，尽管股价低，该公司的市值仍约为 6 亿美元。</p>
<p>该公司一直在艰难地应对持续的收入下滑。消费者对电动汽车的兴趣显然已经开始减退。虽然电动汽车销量仍在增长，但增长在第二季度放缓至 11%。然而，这种增长得益于一些大幅折扣。如果汽车制造商无法从电动汽车销售中获利，最终他们将转向可以盈利的车辆。</p>
<p>对于混合动力车，包括插电混合动力车，需求一直在强劲增长。然而，普通混合动力车使用再生制动进行充电，不需要充电设备。这是混合动力市场的更大、增长更快的部分。</p>
<p>在这种背景下，公司似乎不愿意大举投资充电基础设施。与此同时，随着销售预计连续第五个季度大幅下滑，目前很难信任 ChargePoint。虽然存在一些积极因素，但其不断下滑的销售额以及负现金流和资产负债表上的净债务使得对该公司的投资成为一项风险投资。目前，公司似乎更注重生存而非蓬勃发展。</p>
<p>如果公司再次提交糟糕的财报，ChargePoint 的股价很可能会跌至 1 美元。</p>

CHPT

<p>ChargePoint 发布了令人失望的第二季度业绩报告，收入下降了 28%，原因是延迟的车队交易和网络充电系统收入的下降。尽管订阅收入增长了 21%，但公司将实现正面调整后的 EBITDA 的时间表推迟到 2026 财年。为了解决现金流问题，ChargePoint 计划裁员 15%。考虑到这些挑战以及进一步可能出现的股价大幅下跌，根据当前情况，ChargePoint 的股票被认为是一项风险投资</p>

<p>The past year has not been a good one for <strong>ChargePoint</strong>(CHPT -2.29%) and it only got worse after the electric vehicle (EV) charging solutions company reported weak fiscal second-quarter results and moved back its profitability forecast.</p>
<div class="lb-trans"><p>过去一年对 <strong>ChargePoint</strong>(CHPT -2.29%) 来说并不是一个好年头，特别是在这家电动汽车充电解决方案公司报告了疲弱的财季第二季度业绩并推迟了盈利预测之后，情况变得更糟。</p>
</div><p>With things looking dour for the company, let's take a closer look at its results and see if the stock is heading to $1 or if a rebound is in sight.</p>
<div class="lb-trans"><p>随着公司前景黯淡，让我们更仔细地看看其业绩，看看股票是否会跌至 1 美元，或者是否会出现反弹迹象。</p>
</div><h2>Declining revenue</h2>
<div class="lb-trans"><h2>收入下降</h2>
</div><p>Declining revenue has been a big issue for ChargePoint recently, with the company seeing sizable revenue declines the past four quarters.</p>
<div class="lb-trans"><p>最近 ChargePoint 面临的一个大问题是收入下降，公司在过去四个季度中看到了可观的收入下滑。</p>
</div><p>For its second quarter of fiscal year 2025, ended July 31, its revenue sank 28% to $150.5 million. Networked charging systems revenue was the big negative driver, plunging 44% to $64.1 million. Subscription revenue, on the other hand, rose 21% to $30 million. The former is the charging hardware the company sells, while the latter is a subscription the company sells that lets commercial and fleet customers manage their charging stations, including setting prices and managing energy.</p>
<div class="lb-trans"><p>截至 2025 财年第二季度，即 7 月 31 日结束，其收入下降了 28%，至 1.505 亿美元。网络充电系统收入是主要的负面推动因素，暴跌了 44%，至 6410 万美元。另一方面，订阅收入增长了 21%，达到 3000 万美元。前者是公司销售的充电硬件，而后者是公司销售的订阅服务，让商业和车队客户管理他们的充电站，包括定价和能源管理。</p>
</div><p>The company blamed a number of fleet deals getting delayed due to issues such as delayed permitting as the reason it missed the high end of its revenue guidance.</p>
<div class="lb-trans"><p>公司将一些车队交易推迟归咎于问题，如延迟许可，这是导致其未达到收入指导高端的原因。</p>
</div><p>On the positive side, the company's subscription revenue comes at much higher margins, which led to a nice improvement in gross margin. When taking out a $28 million inventory impairment charge last year, gross margin would have risen from 19.3% (1% after the charge) to 23.5%.</p>
<div class="lb-trans"><p>积极的一面是，公司的订阅收入利润率更高，这导致毛利率有了很好的改善。去年除去 2800 万美元的存货减值损失后，毛利率将从 19.3%（扣除该损失后为 1%）提高到 23.5%。</p>
</div><p>ChargePoint also nicely reduced its operating expenses, cutting them by 29% to $88.3 million. Together, this helped the company reduce its losses as well.</p>
<div class="lb-trans"><p>ChargePoint 还大幅减少了运营费用，将其削减了 29%，至 8830 万美元。这些举措共同帮助公司减少了亏损。</p>
</div><p>Its adjusted loss was cut in half from $86.1 million to $43 million, while its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) improved to a loss of $34.1 million from $81.2 million a year ago.</p>
<div class="lb-trans"><p>其调整后的亏损从 8610 万美元减少了一半，至 4300 万美元，而调整后的利息、税收、折旧和摊销前利润（EBITDA）从一年前的 8120 万美元亏损改善为 3410 万美元亏损。</p>
</div><p>The company ended the quarter with $228.5 million in inventory, which was up from $198.6 million at the start of its fiscal year ended in January. Given its big decline in sales, that's not a great sign and could lead to future write-downs.</p>
<div class="lb-trans"><p>公司季末存货为 2.285 亿美元，高于截至 1 月份财年开始时的 1.986 亿美元。考虑到销售大幅下降，这并不是一个好迹象，可能会导致未来减值。</p>
</div><p>Through the first six months of its fiscal year, ChargePoint has seen operating cash outflows of $113.7 million, and negative free cash flow of $121 million. It ended the period with $243.7 million in cash and equivalents and $285.7 million in debt.</p>
<div class="lb-trans"><p>在其财年的前六个月中，ChargePoint 的经营现金流为 1.137 亿美元，自由现金流为 1.21 亿美元。期末现金及等价物为 2.437 亿美元，负债为 2.857 亿美元。</p>
</div><p>In order to continue to improve its cost structure, the company announced it will reduce its workforce by 15%. The reorganization is expected to result in $10 million in charges, largely from severance pay, but save the company between $38 million and $41 million a year in operating expenses.</p>
<div class="lb-trans"><p>为了继续改善其成本结构，公司宣布将裁员 15%。这次重组预计将导致 1000 万美元的费用，主要来自解雇费用，但每年将为公司节省 3800 万至 4100 万美元的运营费用。</p>
</div><p>ChargePoint forecast fiscal Q3 revenue to be between $85 million and $95 million, compared to the $110.3 million in revenue it generated a year ago. That would be about an 18% decline at the midpoint. Meanwhile, it moved back its goal of reaching positive adjusted EBITDA from this fiscal year (2025) to fiscal year 2026. Management said it would need a &#34;moderate&#34; amount of revenue growth next year to achieve this goal. Meanwhile, it said it is looking toward significant cash flow in fiscal 2027.</p>
<div class="lb-trans"><p>ChargePoint 预测财季第三季度收入将在 8500 万至 9500 万美元之间，而一年前其收入为 1.103 亿美元。这将是中间值下降约 18%。与此同时，公司将其目标从本财年（2025 年）实现正调整后的 EBITDA 推迟到 2026 财年。管理层表示，明年需要 “适度” 的收入增长才能实现这一目标。与此同时，公司表示正在朝着 2027 财年实现显著现金流的目标努力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODk5OTAvZ2V0dHlpbWFnZXMtMTM0ODM0OTI0My5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F789990%2Fgettyimages-1348349243.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Is the stock headed to $1 or is this a buying opportunity?</h2>
<div class="lb-trans"><h2>股票是否会跌至 1 美元，还是这是一个买入机会？</h2>
</div><p>ChargePoint is only about another 25% decline from hitting $1, so it would certainly not be a huge stretch to see the stock hit that price. However, despite its low stock price, the company still has a market cap of about $600 million.</p>
<div class="lb-trans"><p>ChargePoint 距离跌至 1 美元仅有约 25% 的跌幅，因此看到股价达到这一价格并不是一件难事。然而，尽管股价低，该公司的市值仍约为 6 亿美元。</p>
</div><p>The company has been struggling mightily with continued revenue declines. Consumer interest in EVs has certainly begun to wane. While EV sales are still growing, growth slowed to 11% in Q2. However, that growth was helped by some heavy discounting. If automakers cannot turn a profit on EV sales, eventually they will turn away from EVs and toward vehicles they can make a profit on.</p>
<div class="lb-trans"><p>该公司一直在艰难地应对持续的收入下滑。消费者对电动汽车的兴趣显然已经开始减退。虽然电动汽车销量仍在增长，但增长在第二季度放缓至 11%。然而，这种增长得益于一些大幅折扣。如果汽车制造商无法从电动汽车销售中获利，最终他们将转向可以盈利的车辆。</p>
</div><p>Demand for hybrids, including plug-in hybrids, has been growing strongly. However, regular hybrids use regenerative breaking to charge and don't need charging equipment. This is the larger and faster-growing part of the hybrid market.</p>
<div class="lb-trans"><p>对于混合动力车，包括插电混合动力车，需求一直在强劲增长。然而，普通混合动力车使用再生制动进行充电，不需要充电设备。这是混合动力市场的更大、增长更快的部分。</p>
</div><p>Against this backdrop, it appears companies are reluctant to invest heavily in charging infrastructure. Meanwhile, with sales projected to heavily fall for the fifth straight quarter, it is difficult to trust ChargePoint at this point. While there are some positives, its declining sales along with negative cash flow and net debt on its balance sheet make an investment in the company a risky proposition. At this point, it appears the company is more focused on surviving than thriving.</p>
<div class="lb-trans"><p>在这种背景下，公司似乎不愿意大举投资充电基础设施。与此同时，随着销售预计连续第五个季度大幅下滑，目前很难信任 ChargePoint。虽然存在一些积极因素，但其不断下滑的销售额以及负现金流和资产负债表上的净债务使得对该公司的投资成为一项风险投资。目前，公司似乎更注重生存而非蓬勃发展。</p>
</div><p>If the company turns in another poor earnings report, ChargePoint's stock is likely headed to $1.</p>
<div class="lb-trans"><p>如果公司再次提交糟糕的财报，ChargePoint 的股价很可能会跌至 1 美元。</p>
</div>

在收入预警导致股价下跌后，ChargePoint 的股票会跌至 1 美元吗？