ChargePoint Holdings Inc ( CHPT ) reported second-quarter financial results after the market close on Wednesday. Here’s a look at the key metrics from the quarter.

Q2 Earnings: ChargePoint ( CHPT ) reported second-quarter revenue of $109 million, missing the consensus estimate of $113.6 million, according to Benzinga Pro. The EV charging company reported a quarterly loss of 16 cents per share, in line with analysts estimates.

Total revenue was down 28% on a year-over-year basis. Network charging systems revenue fell 44% year-over-year to $64.1 million. Subscription revenue increased 21% to $36.2 million. ChargePoint ( CHPT ) said it ended the quarter with $243.7 million in cash and cash equivalents.

“ChargePoint continued to execute against its strategy and deliver results in line with our stated goals. Our second quarter revenue was within our stated guidance range and gross margin improved sequentially for the third consecutive quarter,” said Rick Wilmer, CEO of ChargePoint ( CHPT ). 

“Today, we have implemented an action plan to create efficiencies while reducing operating expenses. Our focus on delivering new software and hardware solutions that make it easier to go electric remains unchanged.”

ChargePoint ( CHPT ) announced a reorganization of its operations, including a 15% workforce reduction. The reorganization is expected to result in estimated annualized savings of approximately $41 million. The company anticipates approximately $10 million in restructuring costs.

Outlook: ChargePoint ( CHPT ) expects third-quarter revenue to be in the range of $85 million to $95 million. The company also said it’s now targeting positive non-GAAP adjusted EBITDA during fiscal year 2026.

Management will further discuss these results on a conference call slated for 4:30 p.m. ET.

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CHPT Price Action: ChargePoint ( CHPT ) shares were down 8.28% in Wednesday’s after-hours session, trading at $1.55 at the time of publication Wednesday, according to Benzinga Pro.