ChargePoint shares surged by more than 70 per cent on Thursday after the electric vehicle charging company reported stronger-than-expected quarterly results, with chief executive Rick Wilmer saying the rally marked “the beginning of the momentum”.
The stock’s rise followed results showing revenue of $116.1 million for the second quarter of fiscal 2027, ahead of analysts’ average forecast of $105.2 million. The company reported a loss of 35 cents a share, substantially narrower than the expected loss of 85 cents.
ChargePoint’s shares reached $8.79, up 69.4 per cent on the previous close, according to market data. It was the company’s sharpest advance since a reverse stock split last year helped it comply with the New York Stock Exchange’s minimum share-price requirement.
“The growth is starting to accelerate,” Mr Wilmer said in an interview. “It’ll be driven substantially by the new products and technology we’re putting into the market.”
ChargePoint points to new products and improving margins
ChargePoint’s revenue rose 18 per cent year on year, while income from networked charging systems increased 25 per cent to $62.9 million. Subscription revenue grew 10 per cent to $43.7 million.
The company’s gross margin also improved, with the generally accepted accounting principle measure rising to 36 per cent from 31 per cent a year earlier. ChargePoint said its non-GAAP gross margin reached a record 38 per cent, although both measures benefited from a tariff refund worth about $4.2 million.
Even without that payment, the company said its underlying gross margin would have set a new record. Its adjusted Ebitda loss narrowed sharply to $4.8 million, compared with $22.1 million in the same quarter last year.
ChargePoint supplies charging hardware, software and related services to customers including businesses, rather than owning and operating the charging stations itself. It is rolling out high-performance Level 3 chargers in Europe and next-generation Level 2 and Level 3 products in the United States.
The company has also been applying artificial intelligence to reduce charging times, speed up software development and improve operational efficiency, Mr Wilmer said.
ChargePoint’s third-quarter guidance calls for revenue between $105 million and $115 million. The midpoint would represent growth of about 4 per cent compared with the same period last year.
The chief executive said the company had recorded four consecutive quarters of year-on-year growth and expected that improvement to accelerate, particularly from next year.
ChargePoint’s outlook comes as the US electric vehicle market faces weaker-than-expected demand following the withdrawal of federal support, including a consumer benefit worth up to $7,500 for new EV purchases. Mr Wilmer said the downturn had been overstated and argued that better products would ultimately prevail.
The company is nearing the end of a three-year plan focused on reducing cash use and losses. Its quarterly net loss has fallen from $125.3 million three years ago to $35.6 million, and Mr Wilmer said ChargePoint was approaching profitability on an adjusted Ebitda basis.
