, threatens to kill off the two largest publicly held charging networks in the U.S., ChargePoint and Blink Charging.
Quarterly filings released by the two companies reveal that they both have less than a year of cash left. Details from ChargePoint state that the net cash it used in operating activities in the fiscal first quarter swelled from $71 million to $104 million. Its cash reserves also fell from $541 million to $314 million and while the company plans to reduce losses by two-thirds by the fiscal fourth quarter ending January 31, things aren’t looking great.
A recent survey from J.D. Power revealed that charging network satisfaction recently reached its lowest point with some 1 in 5 charging attempts failing.
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