Welcome to our dedicated page for ChargePoint Holdings news (Ticker: CHPT), a resource for investors and traders seeking the latest updates and insights on ChargePoint Holdings stock.
ChargePoint Holdings, Inc. (symbol: CHPT) is a pioneering force in the energy and transportation industries, operating the world's largest electric vehicle (EV) charging network. Founded in 2007, the company is dedicated to enabling businesses and drivers to seamlessly transition to electric vehicles through its extensive range of charging solutions and robust network infrastructure.
Core Business and Products
ChargePoint designs, develops, and markets networked EV charging systems and cloud-based services that simplify the EV charging experience. Its hardware products cater to various applications, including home, commercial, and fast-charging setups. The company's software solutions allow consumers to locate, reserve, and authenticate EV charging, ensuring a smooth and efficient process.
Recent Achievements
ChargePoint has made significant strides in expanding its network, currently managing over 274,000 active charging ports across North America and Europe. The company continues to innovate and grow its product portfolio to meet the increasing demand for EV charging solutions.
Strategic Partnerships
In a notable recent development, ChargePoint announced a collaboration with AcBel Polytech Inc., a leading power supply manufacturer. This partnership aims to leverage AcBel's expertise in power design and Kinpo Group's electronic manufacturing capabilities to enhance ChargePoint's charging solutions. The collaboration is expected to expedite the development and deployment of advanced, reliable EV charging services, further solidifying ChargePoint's market position.
Financial Condition
ChargePoint primarily derives its revenue from the United States. The company's financial health is bolstered by its extensive and ever-expanding network of charging stations, coupled with strategic partnerships that enhance its product offerings and operational efficiency.
Mission and Vision
ChargePoint's mission is to get everyone behind the wheel of an electric vehicle and make the charging process effortless, regardless of the car model. The company's vision includes creating a new fueling network that moves people and goods on electricity, contributing to a sustainable future.
For more information, visit ChargePoint's official website.
ChargePoint reported a third quarter fiscal 2023 revenue of $125 million, marking a 93% year-over-year growth. The GAAP gross margin decreased to 18%, down from 25% due to supply chain challenges. ChargePoint guides for fourth quarter revenue between $160 million and $170 million, projecting a yearly total of $475 million to $485 million. Operating expenses are expected to decrease to $325 million to $335 million, down by $30 million from previous guidance. The net loss for the quarter was $84.5 million.
ChargePoint Holdings (NYSE:CHPT) announced it will release its third-quarter financial results after market close on December 1, 2022. The conference call for management to discuss these results is scheduled for 1:30 PM Pacific Time. Interested parties can access the live webcast on ChargePoint’s investor relations website. ChargePoint, a leader in electric vehicle charging networks, has been operational since 2007, offering a vast portfolio of charging solutions in North America and Europe, with over 133 million charging sessions delivered to date.
Nikola Corporation (NKLA) has partnered with ChargePoint (CHPT) to enhance electric vehicle charging infrastructure across the U.S. This collaboration enables the Nikola Sales and Service Dealer Network to resell ChargePoint's charging solutions, streamlining project designs for fleet customers. By accessing ChargePoint's software, Nikola aims to improve fleet management and operational efficiency. Initial deliveries of ChargePoint’s rapid deployment DC fast charging solutions are expected to begin in November 2022. This partnership positions Nikola to better serve its customers in the electrification of transportation.
ChargePoint Holdings, Inc. (NYSE: CHPT) has launched the CP6000, a versatile AC EV charging solution tailored for the European market. This new offering supports businesses and fleets in the transition to electric mobility, providing scalability, reliability, and a user-friendly experience. The CP6000 integrates network software and hardware, allowing for flexible configurations and seamless operation. ChargePoint aims to meet the expected rapid growth in EV charging demand, emphasizing its experience and commitment to simplifying the transition to electric vehicles.
Verkada has secured $205 million in a Series D funding round, raising its valuation to $3.2 billion. The funding, led by Linse Capital, will accelerate investments in existing and new product lines, expand hiring, and support geographic growth. Since 2020, Verkada has quadrupled its customer base and team size, nearly doubling revenue year-over-year. Their six product lines offer an integrated security solution, serving over 13,000 organizations worldwide, including several Fortune 500 companies.
ChargePoint (NYSE:CHPT) announced the appointment of President and CEO Pasquale Romano to the National Infrastructure Advisory Council (NIAC). Established to advise the U.S. President on critical infrastructure, NIAC aims to enhance resilience against physical and cyber risks. Romano emphasized the importance of reliable and accessible EV charging as the U.S. transitions to electric mobility. ChargePoint continues to lead in developing a comprehensive EV charging network, with over 123 million charging sessions delivered to date.
ChargePoint's second quarter fiscal 2023 revenue hit $108.3 million, marking a 93% year-over-year increase and exceeding guidance. Networked charging systems revenue rose 106% to $84.1 million, with subscription revenue growing 68% to $20.2 million. GAAP net loss was $92.7 million, widening from $84.9 million in the prior year. The company reaffirmed its annual revenue guidance of $450 million to $500 million and expects third-quarter revenue of $125 million to $135 million, projecting a 100% increase year-over-year.
ChargePoint Holdings (NYSE: CHPT) announced it will release its financial results for the second quarter ended July 31, 2022, after market close on August 30, 2022. Management will host a conference call at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss these results. A live webcast will be available on ChargePoint’s investor relations website, and a replay will be archived for one year. ChargePoint continues to expand its EV charging network, providing drivers access to hundreds of thousands of charging locations in North America and Europe.
Starbucks has partnered with Volvo and ChargePoint to install up to 60 DC fast chargers in 15 Starbucks locations along a 1,350-mile route from the Colorado Rockies to Seattle. The first four chargers are operational in Provo, Utah. This initiative aims to boost EV infrastructure, assisting both EV drivers and Starbucks customers. While any EV can use these chargers for a fee, Volvo drivers will enjoy complimentary access. The project aligns with Starbucks' sustainability goals, including a 50% reduction in carbon footprint by 2030.
ChargePoint has partnered with Charge Across Town and the State of California to deploy hundreds of EV chargers at multifamily properties statewide. This initiative aims to improve EV accessibility in low-income communities, with 75% of installations targeting these areas. Funded by a $4.25 million grant from the California Energy Commission, the project is expected to eliminate over 1.1 million metric tons of CO2 over five years, enabling residents to drive 2.7 million electric miles. ChargePoint continues to strengthen its EV charging infrastructure in California.
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