Stock Trading in Green: ChargePoint Holdings Inc (NYSE: CHPT)

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ChargePoint Holdings Inc (NYSE: CHPT) stock rose over 5.1% on June 4th, 2021 (as of 12:09:52 UTC-4 · USD; Source: Google finance) after the company posted mixed results for the first quarter of FY 22.  Networked charging revenue for the first quarter was $26.8 million, which is an increase of 36% from $19.7 million in last year’s first quarter. The growth is driven by strength in demand from commercial, fleet and residential customers. The company has delivered first quarter GAAP gross margin was 22.8%, down from 23.7% in the first quarter of last year driven by principally of mix, which favored lower margin DC and residential offerings in the current quarter. First quarter GAAP gross margin was up sequentially from 21.0% in the fourth quarter of last year on similar mix, due to principally ongoing component cost reduction activities and operational improvements. The company has reported Non-GAAP net loss in the first quarter of $39.4 million, compared to $29 million in the prior year’s first quarter. As of April 30, 2021, cash on the balance sheet was $609.8 million to support the growth of the company. During the first quarter 11.9 million warrants were exercised for $73.8 million in cash.

Meanwhile, the company has added more new customers than in any prior quarter and the commercial business experienced a strong recovery, after COVID-19 related headwinds last year, bringing total to more than 5,000. The driver of the business, which is the electrification of mobility continues, with more than 2.3 million EVs expected to be sold in the U.S. and Europe in 2021, a year-over-year growth rate of over 40%. The company expects an acceleration in the business as EV penetration increases and economies in the key markets reopen.

CHPT in the first quarter of FY 22 has reported the adjusted loss per share of 84 cents, missing the analysts’ estimates for the adjusted loss per share of 10 cents, according to Capital IQ poll. The company had reported the adjusted revenue growth of 24 percent to $40.5 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $37.2 million.

ChargePoint expects revenue to be in the range of $46 million to $51 million for its quarter ending July 31, while reiterating its revenue outlook to be in the range of $195 million to $205 million for the fiscal year ending Jan. 31, 2022.

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