ChargePoint Just Delivered Electrifying Guidance

ChargePoint Holdings (CHPT) is on the move.

All thanks to electrifying guidance, and the future of electric vehicles.

For one, President Joe Biden said his administration will “build a national network 500,000 electric vehicle charging stations” on the nation’s roads, according to CNN.

Two, with EV demand still accelerating, we could see thousands of charging stations across the U.S. Three, according to the company:

  • The electrification of mobility is happening at record rates, presenting a tremendous addressable market for ChargePoint
  • EVs projected to be 9.9% of new vehicles sold in 2025 and 29.2% 2030 in the U.S. and Europe (compared to 2.6% in 2019)
  • Cumulative EV charging infrastructure investment in U.S. and Europe projected to be ~$60 billion by 2030 and ~$192B by 2040

While the company just posted a 17-cent loss, missing estimates by a penny, sales were up to $80.7 million.  That was better than expectations for $75.9 million.  It was also better than company guidance for $78 million.  Better, for fiscal year 2023, ChargePoint expects to generate sales of $450 million to $500 million. Analysts were looking for $418 million in sales.

“ChargePoint delivered another outstanding quarter… advancing our technology leadership in our commercial, fleet and residential verticals,” said CEO Pasquale Romano in the company’s news release. “We had numerous successes in our first year as a publicly traded company, including a 65% year over year increase in annual revenue, two strategic acquisitions, expansion of our activated [charging] port count by over 60%.”