EV charging solutions provider ChargePoint Holdings (NYSE:CHPT) will be announcing earnings results this Wednesday after the bell. Here’s what to look for.
ChargePoint beat analysts’ revenue expectations last quarter, reporting revenues of $101.8 million, up 4.3% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS estimates and revenue guidance for next quarter topping analysts’ expectations.
Is ChargePoint a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting ChargePoint’s revenue to grow 6.7% year on year, a reversal from the 9.2% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. ChargePoint has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at ChargePoint’s peers in the renewable energy segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 166%, beating analysts’ expectations by 27.7%, and Sunrun reported revenues up 52.8%, topping estimates by 19.2%. Bloom Energy traded down 1.9% following the results while Sunrun was also down 10.6%.
Read our full analysis of Bloom Energy’s results here and Sunrun’s results here.
Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the renewable energy stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 4.8% on average over the last month. ChargePoint’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $6.90 (compared to the current share price of $5.56).
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