The quarterly revenue of the owner of charging stations ChargePoint Holdings exceeded $100 million for the first time
The owner of a network of charging stations for electric vehicles, ChargePoint Holdings Inc. (CHPT), released the outcomes of the second quarter of 2022 on August 31. Once again, the company exceeded the expectations of Wall Street analysts, and quarterly revenue exceeded $100 million for the first time. ChargePoint Holdings’ income in the second quarter increased by 93% year-on-year and exceeded $108 million. Gross margin decreased from 2% to 17%, and net loss amounted to almost $93 million.
It should note that for several quarters in a row, ChargePoint Holdings has exceeded Wall Street forecasts regarding revenue because, after the publication of another strong report, quotes soared by more than 12%. The total number of electric vehicle charging port installations owned by ChargePoint Holdings has increased to almost 200,000 in North America and Europe, an increase of about 70% year-on-year and 7% more compared to the previous quarter. New customers provided practically a third of revenue in the last quarter. These data indicate that the popularity and prevalence of electric vehicles in major markets are growing, encouraging investment in charging infrastructure.
ChargePoint Holdings, as one of the electric vehicle charging industry leaders, benefits from this trend and determines investors’ optimism: they evaluate not only the current successes but also the prospects for increasing revenue as the number of owners of electric vehicles increases. The management of ChargePoint Holdings presented a forecast for the third quarter. The company expects revenue growth to almost double year-on-year and by about 20% compared to the second quarter of 2022. Previously, management reported that it plans revenue for 2022 of $ 450-500 million.
