Founded in 2007, the company had 132,000 charging ports in North America and Europe as of March.
Estimates: Analysts expect a loss of 11 cents per share on revenue of $37.18 million for fiscal Q1, which ended in April, according to Zacks Investment Research. The report is ChargePoint’s second as a publicly traded company.
Results: Loss of 17 cents a share on revenue of $40.5 million, up 24%. Networked charging revenue grew 36% to $26.8 million on rising demand from commercial, fleet and residential customers. Management said ChargePoint added more new customers in Q1 than in any prior quarter.
Liquidity slipped to s $609.8 million as of April 30 from $615 million on Feb. 26.
In its Q4 report, adjusted losses widened to $33.6 million from $32.5 million a year ago, as revenue slipped 2% to $42.4 million. For 2020, adjusted losses narrowed to $117.8 million from $129.9 million a year ago as revenue rose 1.4% to $146.5 million.
Outlook: The company sees Q2 revenue of $46 million-$51 million, above consensus of $45.2 million.
ChargePoint backed its forecast full-year revenue of $195 million-$205 million, a gain of 36.5% at the midpoint vs. last year. Wall Street analysts see 2021 revenue of $203.4 million.
“We expect an acceleration in our business as EV penetration increases and economies in our key markets reopen,” said CEO Pasquale Romano.
Shares rose 1.6% late after closing down 3.8% at 26.27 in Thursday’s stock market trading. ChargePoint stock is back above the 50-day and 200-day lines but has almost halved from January highs, according to MarketSmith charts analysis. Blink Charging (BLNK) stock rose 0.8%. Climate Change Crisis Real Impact I Acquisition (CLII), which is taking EVgo public, popped 7%.
In April, General Motors teamed up with several major EV charging networks to give customers access to nearly 60,000 plugs. Tie-ups included ChargePoint, Blink and EVgo. GM plans to only produce electric vehicles by 2035.
ChargePoint also expanded or struck partnerships last quarter with Volvo and Polestar, as well as LeasePlan USA, a fleet management company.
Also in April, President Biden pushed a $174 billion plan to spur the adoption of electric vehicles. He’s earmarking $15 billion to build a national network of 500,000 charging stations.
The EV charging market will be worth $60 billion by 2030 and $192 billion by 2040, according to ChargePoint. More than 4,000 commercial and fleet customers use its EV charging infrastructure.
ChargePoint stock debuted March 1 after the EV charging network merged with a blank-check company.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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