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magazinePod Point powers down but hopes change at the top can recharge the shares
There was some excitement when EV (electric vehicle) charging play Pod Point (PODP) joined the stock market in 2021.
At the time Shares expressed concerns about a lofty valuation, limited visibility on its road to profit and a competitive marketplace. These reservations have proved to be prescient despite its leading 15% market share in home EV charging units.
Pod Point will hope a change of leadership can prompt a change of fortunes after seeing its shares career lower from the 225p IPO price to just 35p today. In July founder Erik Fairbairn was replaced at the top on an interim basis by former Aston Martin Lagonda (AML) CEO Andy Palmer, who had previously served as the company’s senior independent director.
Results for the six months to 30 June (31 July) suggested the company is no closer to achieving profitability. Pod Point posted a drop in revenue of 26% to £30.6 million and saw its net loss widen by 337% to £33 million with cash on the balance sheet falling from £74.1 million at the start of 2023 to £58.8 million. A planned investor day in the fourth quarter looks like a crunch moment.
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