<p>過去一年對 <strong>ChargePoint</strong>(CHPT -2.29%) 來説並不是一個好年頭，特別是在這家電動汽車充電解決方案公司報告了疲弱的財季第二季度業績並推遲了盈利預測之後，情況變得更糟。</p>
<p>隨着公司前景黯淡，讓我們更仔細地看看其業績，看看股票是否會跌至 1 美元，或者是否會出現反彈跡象。</p>
<h2>收入下降</h2>
<p>最近 ChargePoint 面臨的一個大問題是收入下降，公司在過去四個季度中看到了可觀的收入下滑。</p>
<p>截至 2025 財年第二季度，即 7 月 31 日結束，其收入下降了 28%，至 1.505 億美元。網絡充電系統收入是主要的負面推動因素，暴跌了 44%，至 6410 萬美元。另一方面，訂閲收入增長了 21%，達到 3000 萬美元。前者是公司銷售的充電硬件，而後者是公司銷售的訂閲服務，讓商業和車隊客户管理他們的充電站，包括定價和能源管理。</p>
<p>公司將一些車隊交易推遲歸咎於問題，如延遲許可，這是導致其未達到收入指導高端的原因。</p>
<p>積極的一面是，公司的訂閲收入利潤率更高，這導致毛利率有了很好的改善。去年除去 2800 萬美元的存貨減值損失後，毛利率將從 19.3%（扣除該損失後為 1%）提高到 23.5%。</p>
<p>ChargePoint 還大幅減少了運營費用，將其削減了 29%，至 8830 萬美元。這些舉措共同幫助公司減少了虧損。</p>
<p>其調整後的虧損從 8610 萬美元減少了一半，至 4300 萬美元，而調整後的利息、税收、折舊和攤銷前利潤（EBITDA）從一年前的 8120 萬美元虧損改善為 3410 萬美元虧損。</p>
<p>公司季末存貨為 2.285 億美元，高於截至 1 月份財年開始時的 1.986 億美元。考慮到銷售大幅下降，這並不是一個好跡象，可能會導致未來減值。</p>
<p>在其財年的前六個月中，ChargePoint 的經營現金流為 1.137 億美元，自由現金流為 1.21 億美元。期末現金及等價物為 2.437 億美元，負債為 2.857 億美元。</p>
<p>為了繼續改善其成本結構，公司宣佈將裁員 15%。這次重組預計將導致 1000 萬美元的費用，主要來自解僱費用，但每年將為公司節省 3800 萬至 4100 萬美元的運營費用。</p>
<p>ChargePoint 預測財季第三季度收入將在 8500 萬至 9500 萬美元之間，而一年前其收入為 1.103 億美元。這將是中間值下降約 18%。與此同時，公司將其目標從本財年（2025 年）實現正調整後的 EBITDA 推遲到 2026 財年。管理層表示，明年需要 “適度” 的收入增長才能實現這一目標。與此同時，公司表示正在朝着 2027 財年實現顯著現金流的目標努力。</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>圖片來源：Getty Images。</p>
<h2>股票是否會跌至 1 美元，還是這是一個買入機會？</h2>
<p>ChargePoint 距離跌至 1 美元僅有約 25% 的跌幅，因此看到股價達到這一價格並不是一件難事。然而，儘管股價低，該公司的市值仍約為 6 億美元。</p>
<p>該公司一直在艱難地應對持續的收入下滑。消費者對電動汽車的興趣顯然已經開始減退。雖然電動汽車銷量仍在增長，但增長在第二季度放緩至 11%。然而，這種增長得益於一些大幅折扣。如果汽車製造商無法從電動汽車銷售中獲利，最終他們將轉向可以盈利的車輛。</p>
<p>對於混合動力車，包括插電混合動力車，需求一直在強勁增長。然而，普通混合動力車使用再生制動進行充電，不需要充電設備。這是混合動力市場的更大、增長更快的部分。</p>
<p>在這種背景下，公司似乎不願意大舉投資充電基礎設施。與此同時，隨着銷售預計連續第五個季度大幅下滑，目前很難信任 ChargePoint。雖然存在一些積極因素，但其不斷下滑的銷售額以及負現金流和資產負債表上的淨債務使得對該公司的投資成為一項風險投資。目前，公司似乎更注重生存而非蓬勃發展。</p>
<p>如果公司再次提交糟糕的財報，ChargePoint 的股價很可能會跌至 1 美元。</p>

CHPT

<p>ChargePoint 發佈了令人失望的第二季度業績報告，收入下降了 28%，原因是延遲的車隊交易和網絡充電系統收入的下降。儘管訂閲收入增長了 21%，但公司將實現正面調整後的 EBITDA 的時間表推遲到 2026 財年。為了解決現金流問題，ChargePoint 計劃裁員 15%。考慮到這些挑戰以及進一步可能出現的股價大幅下跌，根據當前情況，ChargePoint 的股票被認為是一項風險投資</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>過去一年對 <strong>ChargePoint</strong>(CHPT -2.29%) 來説並不是一個好年頭，特別是在這家電動汽車充電解決方案公司報告了疲弱的財季第二季度業績並推遲了盈利預測之後，情況變得更糟。</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>隨着公司前景黯淡，讓我們更仔細地看看其業績，看看股票是否會跌至 1 美元，或者是否會出現反彈跡象。</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 面臨的一個大問題是收入下降，公司在過去四個季度中看到了可觀的收入下滑。</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 財年第二季度，即 7 月 31 日結束，其收入下降了 28%，至 1.505 億美元。網絡充電系統收入是主要的負面推動因素，暴跌了 44%，至 6410 萬美元。另一方面，訂閲收入增長了 21%，達到 3000 萬美元。前者是公司銷售的充電硬件，而後者是公司銷售的訂閲服務，讓商業和車隊客户管理他們的充電站，包括定價和能源管理。</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>公司將一些車隊交易推遲歸咎於問題，如延遲許可，這是導致其未達到收入指導高端的原因。</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>積極的一面是，公司的訂閲收入利潤率更高，這導致毛利率有了很好的改善。去年除去 2800 萬美元的存貨減值損失後，毛利率將從 19.3%（扣除該損失後為 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 還大幅減少了運營費用，將其削減了 29%，至 8830 萬美元。這些舉措共同幫助公司減少了虧損。</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>其調整後的虧損從 8610 萬美元減少了一半，至 4300 萬美元，而調整後的利息、税收、折舊和攤銷前利潤（EBITDA）從一年前的 8120 萬美元虧損改善為 3410 萬美元虧損。</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>公司季末存貨為 2.285 億美元，高於截至 1 月份財年開始時的 1.986 億美元。考慮到銷售大幅下降，這並不是一個好跡象，可能會導致未來減值。</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>在其財年的前六個月中，ChargePoint 的經營現金流為 1.137 億美元，自由現金流為 1.21 億美元。期末現金及等價物為 2.437 億美元，負債為 2.857 億美元。</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>為了繼續改善其成本結構，公司宣佈將裁員 15%。這次重組預計將導致 1000 萬美元的費用，主要來自解僱費用，但每年將為公司節省 3800 萬至 4100 萬美元的運營費用。</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 預測財季第三季度收入將在 8500 萬至 9500 萬美元之間，而一年前其收入為 1.103 億美元。這將是中間值下降約 18%。與此同時，公司將其目標從本財年（2025 年）實現正調整後的 EBITDA 推遲到 2026 財年。管理層表示，明年需要 “適度” 的收入增長才能實現這一目標。與此同時，公司表示正在朝着 2027 財年實現顯著現金流的目標努力。</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>圖片來源：Getty Images。</p>
</div><h2>Is the stock headed to $1 or is this a buying opportunity?</h2>
<div class="lb-trans"><h2>股票是否會跌至 1 美元，還是這是一個買入機會？</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 距離跌至 1 美元僅有約 25% 的跌幅，因此看到股價達到這一價格並不是一件難事。然而，儘管股價低，該公司的市值仍約為 6 億美元。</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>該公司一直在艱難地應對持續的收入下滑。消費者對電動汽車的興趣顯然已經開始減退。雖然電動汽車銷量仍在增長，但增長在第二季度放緩至 11%。然而，這種增長得益於一些大幅折扣。如果汽車製造商無法從電動汽車銷售中獲利，最終他們將轉向可以盈利的車輛。</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>對於混合動力車，包括插電混合動力車，需求一直在強勁增長。然而，普通混合動力車使用再生制動進行充電，不需要充電設備。這是混合動力市場的更大、增長更快的部分。</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>在這種背景下，公司似乎不願意大舉投資充電基礎設施。與此同時，隨着銷售預計連續第五個季度大幅下滑，目前很難信任 ChargePoint。雖然存在一些積極因素，但其不斷下滑的銷售額以及負現金流和資產負債表上的淨債務使得對該公司的投資成為一項風險投資。目前，公司似乎更注重生存而非蓬勃發展。</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財報，ChargePoint 的股價很可能會跌至 1 美元。</p>
</div>

在收入預警導致股價下跌後，ChargePoint 的股票會跌至 1 美元嗎？