CHPT

ChargePoint is a structurally unprofitable EV-charging business whose top line is now going backwards: revenue slipped to $411M in FY2026 (-1.4% YoY), down from a $507M peak in FY2024, so the growth story that justified the SPAC-era valuation is gone. Management concedes in the MD&A it has "incurred net operating losses and negative cash flows from operations in every year since its inception," and the accumulated deficit has swelled to $2.11B. Yes, the losses are narrowing — net loss improved to -$220M and gross margin expanded to 30.5% (+24.8% gross profit) — but at a -51.1% operating margin and -53.5% net margin, this is loss-reduction, not a path to profit that the provided numbers let you underwrite.

The balance sheet is the disqualifier. Stockholders' equity has collapsed 84.5% to just $21.3M against $771M of liabilities — a 36.2x liabilities/equity ratio, meaning the equity cushion is effectively gone. Cash fell 37% to $142M while the company still burned -$62.8M from operations, and it carries $260M of debt ($228M long-term + $32.4M current) that dwarfs cash. The MD&A explicitly names its liquidity sources as including "sales of Common Stock under the 2022 and 2025 ATM Facility" — with 24.4M shares (post a ~95% share-count reset/reverse split) and a diluted loss of -$9.41, a live at-the-market program at a $5.96 price signals ongoing dilution of an already-depleted equity base.