ChargePoint shares rose more than 70% after second-quarter revenue of $116.1M beat the $105.2M expected and losses came in far below forecast. Its Level 3 rollout targets Europe, where AFIR mandates a 150kW charging point every 60km on the trans-European core network.
ChargePoint’s shares rose more than 70% on Thursday. Chief executive Rick Wilmer called it the beginning of the momentum, CNBC reported.
The quarter beat expectations on both lines. Revenue was $116.1M against $105.2M forecast, and the loss per share was 35 cents against 85 cents. Those are LSEG analyst averages.
ChargePoint does not own or run its chargers. It sells hardware, software and services to businesses, and has been working on service gaps in electric transit fleets.
A one-off tariff refund of about $4.2M helped the numbers. The company says normalised gross margin would still have set a record without it. It has not said when it expects to make a profit.
