ChargePoint sells networked electric-vehicle charging systems to commercial, fleet and residential customers, along with related services. Its commercial AC chargers carry higher margins than its residential and DC fleet chargers, according to the company. Revenue was $411 million in the fiscal year ended January 31, 2026, roughly flat versus $417 million a year earlier and down from a peak of $507 million in fiscal 2024. About three-quarters of revenue is booked in the United States. The central fact is that the business consumes cash from operations; the company states it has had negative operating cash flows since inception. Cash from operations was a $157 million outflow in fiscal 2022, $267 million in fiscal 2023, $329 million in fiscal 2024, $147 million in fiscal 2025 and $63 million in fiscal 2026. We measure earnings power as operating cash flow, less the cash effect of working-capital swings, less stock-based compensation (a real cost paid in shares rather than cash), less the capital spending needed to keep the business running. On that basis the company lost roughly $254 million, $306 million, $363 million, $215 million and $180 million in the five fiscal years 2022 through 2026, which is $16.83, $18.10, $19.31, $9.90 and $7.70 per diluted share (adjusted for the 1-for-20 reverse split in July 2025). Because the 2022 to 2026 window covers the whole period since the company became publicly listed and its business has looked broadly similar throughout, the middle value of that window, a loss of about $17 per share, is the reference level, and it is negative. The most recent year did improve: the loss narrowed by about 16 percent in total dollars, through smaller cash losses before working capital, lower stock compensation ($65 million versus $76 million) and lower capital spending. A $48 million working-capital inflow that year, from collecting receivables and drawing down inventory, is excluded from our measure because it is a timing effect. We do not assume that improvement continues, because we can point to nothing contracted or already under way that turns it into positive cash flow. The first half of fiscal 2027 showed operating cash burn of $41 million, essentially the same as the $39 million burned in the first half of the prior year, so the improvement has not continued. What each case assumes. Our approach credits only growth that is contracted, backlogged, or the continuation of a long proven process, and only earnings drivers we can name and evidence today. For ChargePoint we could not identify one. Revenue has fallen from its fiscal 2024 peak, gross margins are described by the company itself as varying by product mix and new product launches, and the company states that it has incurred net losses and negative operating cash flows since inception and expects that to continue for the foreseeable future. A May 2025 partnership with Eaton, which adds Eaton's sales channel and co-development of bidirectional charging, is a real development, but it is untested: no disclosed volume or contract converts it into cash earnings, and the filing itself notes that it concentrates channel sales and depends on Eaton meeting its targets. So it does not enter any case. Cost reduction has narrowed losses but has not reached break-even, and a further cut is a hoped-for outcome rather than one already secured. As a result the bear, base and bull cases are all valued at $0 per share on the earnings stream alone: with no evidenced route to positive cash earnings, the business as it exists consumes cash rather than producing it. Balance sheet context. The company held $142 million of cash and restricted cash at January 31, 2026, down from $225 million a year earlier. In November 2025 it exchanged $328.6 million of its 2028 convertible notes for $186.5 million of new debt under a credit agreement, $25 million of cash and warrants over 1.67 million shares at $25 per share; about $11 million of the old convertible notes remain, and a revolving credit facility with a January 1, 2027 maturity is described in the filing. Continued cash burn of the current size would draw down the cash cushion over roughly two years, and it would need to be refinanced or replaced by new share issuance, which would dilute existing holders. We do not add cash or subtract debt when valuing the shares, because the stream of earnings itself is what we value. The company effected a 1-for-20 reverse split in July 2025 to cure a New York Stock Exchange minimum-price notice; the filing notes that failing the minimum price again could lead to delisting, and in some circumstances without any cure period. What would make this wrong. If ChargePoint demonstrably reaches sustained positive operating cash flow after stock compensation, for example through the Eaton channel scaling on disclosed volumes, or margin and cost gains that carry operating cash flow beyond break-even for several consecutive periods, the shares would be worth something and this assessment would rise. Until that is visible in reported results, we assign no value to the earnings stream and no positive margin-of-safety price is supported on this basis.