ChargePoint (CHPT) Stock After Q3 2026 Earnings: Debt Deal, Target Cut and What’s Next for the EV Charging Leader

Updated December 5, 2025 – For informational purposes only, not investment advice.

ChargePoint’s High‑Voltage Week

ChargePoint Holdings Inc. (NYSE: CHPT) has just packed a lot of news into a few weeks:

a return to year‑over‑year revenue growth in its third quarter of fiscal 2026,
a $172 million debt cut and maturity extension to 2030, and
a fresh price‑target downgrade from RBC Capital to $9, alongside a consensus Wall Street stance of “Reduce” / “Hold.” ^[1]

At the same time, the stock is trading around $8.5 per share (Dec 4 close), up from the sub‑$1 levels that forced a 1‑for‑20 reverse split in July, but still down roughly 60% year‑to‑date and almost 99% from its post‑SPAC highs on a split‑adjusted basis. ^[2]

Here’s how the latest earnings, balance‑sheet moves, analyst views and industry trends fit together as of December 5, 2025.

Q3 FY 2026: A Return to Growth, But Losses Remain

ChargePoint’s third quarter of fiscal 2026 (three months ended October 31, 2025) marked a modest but important inflection: revenue grew again and margins improved, even though the company is still losing money. ^[3]

Key points from the company’s official release and follow‑on analysis:

Revenue:
- Q3 revenue was $105.7 million, up about 6% year‑on‑year from $99.6 million.
- Networked hardware revenue was $56.4 million, up ~7%.
- Subscription revenue reached $42.0 million, growing 15% year‑on‑year. ^[4]
Margins:
- GAAP gross margin improved to 31%, from 23% in the same quarter last year.
- Non‑GAAP gross margin hit 33%, a record high, helped by a bigger share of higher‑margin software and services. ^[5]
Operating expenses and losses:
- GAAP operating expenses fell 16% to $76.8 million.
- Non‑GAAP operating expenses dipped to $57.5 million, down 2%.
- GAAP net loss narrowed to $52.5 million (down 32% from $77.6 million a year earlier).
- Non‑GAAP adjusted EBITDA loss improved to roughly ‑$19.4 million, ~32% better than the prior year. ^[6]
Guidance:
- For the fourth fiscal quarter ending January 31, 2026, ChargePoint guides revenue to $100–110 million.
- That midpoint is slightly ahead of prior Street expectations (around $102–103 million), according to independent Q3 coverage. ^[7]
Liquidity:
- Cash and cash equivalents stood at $180.9 million as of October 31. ^[8]

Management is still targeting a quarter of positive non‑GAAP adjusted EBITDA during fiscal 2026, banking on rising subscription revenue, higher gross margins and tighter cost control to pull the company out of deeply negative territory. ^[9]

On the earnings‑reaction front, research outfit StockStory highlighted the quarter as a revenue beat with early signs of operational discipline, noting that Q3 sales exceeded consensus by more than 10%, while adjusted EBITDA losses improved and guidance came in above expectations. ^[10]

Deleveraging: A $172 Million Debt Cut and Maturity Push‑Out

Arguably the most important non‑earnings headline came on November 18, 2025, when ChargePoint announced a privately negotiated exchange of its 2028 convertible notes. ^[11]

What changed:

The company exchanged $329 million of its Convertible Senior Notes due 2028 into:
- a new senior secured loan of about $157 million,
- up to $55 million in cash, and
- roughly $10 million of warrants exercisable at $25 per share. ^[12]
As a result, total debt dropped from about $340 million to $168 million, a reduction of $172 million, or just over 50%.
The maturity date shifted from 2028 to 2030, and annual interest expense is expected to fall by around $10 million. ^[13]
The exchange also removed a 125% “change of control” repayment premium (roughly $82 million) attached to the old notes. ^[14]

The new secured loan isn’t cheap – it carries a 12% annual interest rate and is backed by a first‑lien on much of the company’s assets – but it buys ChargePoint time and significantly reduces near‑term refinancing pressure.

For equity holders, this move doesn’t magically fix the balance sheet, but it shifts some enterprise value back toward shareholders by eliminating high‑coupon, premium‑laden debt at a discount and extending the runway for a turnaround. ^[15]

Strategy Shift: Software, Subscriptions and the New Platform

ChargePoint has spent the last two years repositioning itself from “just” a hardware vendor to a software‑ and services‑heavy EV charging platform.

A big milestone came with the November launch of the new ChargePoint Platform, a cloud‑based system designed to manage any OCPP‑compliant charger, not just ChargePoint‑branded hardware. ^[16]

Highlighted features from the company’s release:

AI‑driven optimization that analyzes usage patterns, station health, energy prices and vehicle context to optimize charging schedules, predict maintenance, and support dynamic pricing.
“Waitlist” virtual queues to improve stall utilization and driver experience.
Deep integration with the ChargePoint Installer App for faster, more reliable station onboarding.
AI data assistant and customizable dashboards for operators, supporting real‑time monitoring, alerts and reporting.
Dynamic energy management with load balancing, demand‑response integration and support for renewables to reduce energy and infrastructure costs.
True OCPP interoperability, allowing operators to manage chargers from multiple manufacturers through a single platform. ^[17]

This ties directly into the financial story. Subscription and software revenue grew 15% year‑on‑year in Q3 and now carry significantly higher gross margins than hardware, helping drive the non‑GAAP gross margin up into the low‑30% range. ^[18]

Earlier in fiscal 2026, MarketBeat’s deep‑dive on ChargePoint’s strategy highlighted three pillars:

Recurring software and services as the primary profit engine,
tighter operating expense discipline (non‑GAAP opex down ~15% year‑on‑year in Q1 FY26), and
European fleet partnerships, including a notable deal making ChargePoint the preferred platform for BNP Paribas subsidiary Arval’s new EV contracts in France and Germany. ^[19]

Combined with the new platform and ongoing work with power‑management giant Eaton on vehicle‑to‑everything (V2X) capabilities, the company is clearly trying to position itself as an energy‑management and software company as much as a charging‑hardware vendor. ^[20]

Analyst Reaction: Consensus “Reduce/Hold” and an RBC Target Cut

Sell‑side analysts are unconvinced that the worst is over.

RBC Capital: Target Down to $9, EV Demand in Question

On December 5, RBC Capital cut its 12‑month price target on ChargePoint from $10 to $9, keeping a “Sector Perform” (neutral) rating. ^[21]

RBC’s key points:

Q3 2026 results were “a bit better than expected” on revenue, but margins were softer due to a mix shift toward residential products.
Over the last twelve months, ChargePoint’s gross margin sits around 28%, still well below software‑like levels.
The company burned roughly $14 million in cash in the quarter, and levered free cash flow over the last year is around ‑$79 million, underscoring ongoing cash‑burn risk.
A high debt‑to‑equity ratio (~4.6x) worries RBC, even after the recent debt exchange.
Crucially, analysts cited “uncertainty in underlying EV demand growth” as a key reason for skepticism about ChargePoint’s path to positive EBITDA and cash generation, valuing the stock at 0.75× enterprise value to sales. ^[22]

Consensus: “Reduce” / “Hold” with Double‑Digit Upside Targets

MarketBeat’s latest analyst snapshot (December 3) shows: ^[23]

11 analysts covering CHPT
3 Sell, 7 Hold, 1 Buy
Consensus rating: “Reduce”
Average 12‑month target: $13.56 (roughly 60% above the pre‑market price when the piece was written)

It also notes:

Recent target cuts:
- Benchmark: $40 → $20 (still Buy)
- JPMorgan: $9 → $8 (Underweight)
- TD Cowen: $30 → $11 (Hold)
- Weiss Ratings: “Sell (e+)” tag. ^[24]
The stock opened around $7.88 on December 3 with a market cap near $184 million, a debt‑to‑equity ratio of 4.38, current ratio 1.67, and quick ratio 1.0 – liquid enough for now but clearly highly leveraged. ^[25]

StockAnalysis.com, which aggregates data from another set of brokers, echoes the caution with an average rating of “Hold”, a $13.78 target (about 62% upside from the Dec 4 close), trailing‑12‑month revenue of roughly $404 million and a net loss of about $235 million. ^[26]

There is, in other words, a wide gap between price and price targets, but those targets are coming from analysts who overwhelmingly rate the shares as neutral to negative.

Quant Models and Technicals: Short‑Term Neutral, Long‑Term Pessimism

Algorithmic and technical services are, if anything, more skeptical than the traditional sell side.

Intellectia.ai: “Strong Sell” With Oddly Low 2026–2030 Targets

Intellectia.ai’s forecast page currently classifies ChargePoint as a “Strong Sell candidate”, citing more negative than positive technical signals and a stock in a longer‑term downtrend. ^[27]

A few highlights:

CHPT ended December 4 at $8.52, up 2.04% on the day, with about 884k shares traded.
The model notes a mix of buy and sell signals across short‑ and medium‑term moving averages, resulting in a mid‑term neutral stance but an overall negative evaluation.
Short interest is estimated at around 16% of volume, with signs of some short covering. ^[28]

The site also publishes very low long‑term price projections, suggesting CHPT could trade in a $0.44–$1.03 range in 2026, with average monthly prices under a dollar. Given that ChargePoint just completed a 1‑for‑20 reverse split and now trades above $8, these long‑term dollar‑range forecasts appear to be on a different, probably pre‑split scale, and should be treated with caution rather than literal guidance. ^[29]

StockInvest / Short‑Term Technicals

Technical‑analysis service StockInvest (also syndicated via Intellectia) notes that CHPT has: ^[30]

risen about 2% on the last trading day to $8.52,
moved up in six of the past ten sessions,
but still sits in a falling longer‑term trend, with a model‑based expectation of roughly 23% downside over the next three months.

The stock is thus flagged as a high‑risk, high‑volatility name, upgraded from “Sell” to a more neutral “Hold/Accumulate” on short‑term momentum, but still flashing caution over a multi‑month horizon.

From Delisting Risk to a 1‑for‑20 Reverse Split

To understand why ChargePoint now has just ~24 million shares outstanding and trades in the high single digits, you need to rewind to early 2025. ^[31]

NYSE Non‑Compliance

On February 19, 2025, the New York Stock Exchange notified ChargePoint that it was out of compliance with the exchange’s $1 minimum average closing share price rule after the stock spent 30 straight trading days below that threshold.

The company told the NYSE it intended to cure the deficiency, explicitly mentioning the possibility of a reverse stock split subject to shareholder approval at its 2025 annual meeting.

1‑for‑20 Reverse Split

Shareholders subsequently approved a reverse‑split range of 1‑for‑2 to 1‑for‑30 on July 8, 2025, and the board settled on a 1‑for‑20 ratio.

The split became effective July 28, 2025, with CHPT trading on a split‑adjusted basis that day.
Each block of 20 old shares became 1 new share, and the price mechanically multiplied by 20.
OCC and other options‑market documentation confirms the 1:20 adjustment and associated option‑symbol changes.

Reverse splits don’t change the underlying business, but they are often seen as red flags – signals that a company’s stock has fallen so far it risks delisting. In ChargePoint’s case, they were a direct response to that risk.

Years of Heavy Losses and Restructuring

The split capped several years of heavy losses and restructuring:

In 2024, ChargePoint’s full‑year revenue fell 17.7% to about $417 million, down from ~$507 million in 2023, even as the net loss narrowed to roughly -$277 million (a 39% improvement). ^[32]
The company has repeatedly cut costs and jobs; earlier restructuring moves included workforce reductions of around 10% in 2023 and 15% in 2024, aimed at saving tens of millions annually. ^[33]

This backdrop explains why, despite Q3’s progress and the recent debt deal, analysts still view CHPT as a highly speculative turnaround, not a stable growth story.

The EV Charging Landscape: ChargePoint’s Role

All of this is happening against a backdrop of rapid, but uneven, EV charging build‑out.

Fast‑Charging: Tesla Leads, ChargePoint in the Pack

According to Q3 2025 data from EV‑charging analytics firm Paren, summarized by Electrek: ^[34]

The US now has over 64,000 DC fast‑charging ports at more than 12,000 stations.
In Q3 2025 alone, operators added about 4,000 new fast‑charging ports.
Tesla led deployments with 1,820 new ports, nearly 45% of all new DC fast chargers.
ChargePoint added about 300 new fast‑charging ports, ranking second for Q3 additions, ahead of players like Electrify America and EV Connect.

So while Tesla still dominates fast charging, ChargePoint is one of the key non‑Tesla contributors to new DC fast infrastructure, even though much of its legacy footprint is still Level 2.

Network Strengths and Weaknesses

A detailed June 2025 comparison of US charging networks from EV accessory vendor EVDANCE paints ChargePoint like this: ^[35]

Pros:
- One of the largest networks by number of locations, especially at workplaces and commercial sites.
- Broad vehicle compatibility and a useful app showing real‑time availability.
- Strong foothold in fleet and enterprise charging.
Cons:
- Many stations are Level 2, making them less suitable for road‑trip fast charging than Tesla or Electrify America.
- Because stations are often owned and maintained by third‑party hosts, performance and reliability can be inconsistent from site to site.

EVDANCE gives ChargePoint an overall user rating of ~4.0/5, recommending it mainly for daily commuters and urban charging, with Tesla and Electrify America better for high‑speed highway trips.

This duality mirrors ChargePoint’s investment thesis: a broad, sticky installed base and recurring software revenue, but intense competition and real‑world reliability challenges.

Bull vs Bear Case: What Today’s News Means for CHPT

Putting the latest earnings and announcements together, here’s how the arguments stack up.

The Bull Case

Supporters of ChargePoint focus on:

Improving Fundamentals
- Q3 shows a return to revenue growth, a record non‑GAAP gross margin, and narrowing losses. ^[36]
- Subscription revenue is growing faster than overall sales and carries superior margins.
Strategic Evolution
- The new ChargePoint Platform and the push into OCPP‑compatible software increase the company’s addressable market beyond its own hardware. ^[37]
- Partnerships with Eaton, large European fleet managers like Arval, and big brand customers (GM, SIXT, Red Bull, IKEA, Fortune 50 firms) broaden demand and validate the platform. ^[38]
Deleveraging and Extended Runway
- The $172 million debt reduction and maturity extension to 2030 improve solvency metrics and reduce annual interest costs, giving management more time to reach positive EBITDA. ^[39]
Secular Tailwinds
- Long‑term, EV adoption is still expected to rise, and public and private infrastructure funding (including US NEVI grants and European initiatives) continues to support charging‑network build‑out. Even if the pace of EV sales has cooled from earlier hype, charger demand tends to lag but follow fleet growth. ^[40]

Combine these factors with a market cap under $200 million and price‑to‑sales multiples under 1×, and bulls see a deeply beaten‑down infrastructure leader that could re‑rate sharply if profitability comes into view. ^[41]

The Bear Case

Skeptics point to equally strong concerns:

Persistent Cash Burn and High Leverage
- Even after Q3 improvements, ChargePoint is still burning cash and carrying levered free cash flow around ‑$80 million over the last year, with a debt‑to‑equity ratio above 4x. ^[42]
- The new secured loan is expensive (12% interest) and senior in the capital structure.
EV Demand Uncertainty
- RBC and others highlight that slower‑than‑expected EV adoption and wavering automaker commitments could delay the utilization and volume growth ChargePoint needs to justify its footprint and reach positive cash flow. ^[43]
Shareholder Dilution and Reverse Split Optics
- The 1‑for‑20 reverse split, NYSE non‑compliance episode, and years of negative returns have eroded investor trust. Many reverse‑split names continue drifting lower afterward. ^[44]
Analyst and Quant Skepticism
- Consensus rating “Reduce/Hold”, with 3 sells vs 1 buy, suggests few institutional backers are eager to call a bottom. ^[45]
- Quant services class the stock as “Strong Sell” or project negative 3‑month returns despite the recent bounce, highlighting ongoing downside risk and volatility. ^[46]
Execution Risk in a Crowded Market
- ChargePoint must simultaneously:
  - Keep improving hardware reliability and customer experience,
  - Successfully migrate customers to the new software platform, and
  - Compete with better‑capitalized rivals and Tesla’s still‑dominant Supercharger network. ^[47]

The net result: even after the selloff, many professionals view CHPT as a high‑risk, binary‑style story rather than a typical value play.

What to Watch in 2026

For investors following ChargePoint from here, the most important signposts heading into 2026 are:

Revenue Growth vs. EV Headwinds
- Does revenue keep growing mid‑single‑digits or better, or does macro and EV demand softness drag sales back into decline?
Subscription Mix and Gross Margins
- Can non‑GAAP gross margin stay above 30% and trend higher as software and services expand? ^[48]
Cash Burn and Free Cash Flow
- Do adjusted EBITDA and free cash flow move decisively toward breakeven, validating management’s 3‑year plan and the debt‑exchange strategy?
Balance Sheet and Capital Needs
- After the 2025 debt exchange, does ChargePoint avoid additional dilutive equity raises or expensive debt, or does it have to tap markets again?
Adoption of the New Platform
- How quickly do fleets, charge‑point operators and energy providers adopt the new software platform, and does it lift recurring revenue growth into more attractive double‑digit territory?

If these boxes start getting checked, the current single‑digit share price could look cheap in hindsight. If not, the market may continue to treat ChargePoint as a cautionary tale of SPAC‑era optimism colliding with capital‑intensive infrastructure reality.

Either way, as of December 5, 2025, ChargePoint is firmly in “high‑risk turnaround” territory: potentially rewarding for investors with strong risk tolerance and a long time horizon, but far from a conservative pick.