ChargePoint (CHPT) prepares to report earnings for the third quarter late Thursday, with the quickening global adoption of electric vehicles (EVs) giving charging companies a boost. CHPT stock traded modestly higher early Thursday, after a big jump on Wednesday.
In the U.S., passage in August of the Inflation Reduction Act gave EV stocks in general a lift, including battery makers and charging station providers. The legislation provides, among its many transportation and energy measures, various incentives for public and private companies to build out a nationwide EV charging infrastructure.
A major advantage of battery-operated vehicles over traditional gasoline-powered vehicles is that, in the long run, they cost less to operate and maintain. Electricity is usually much cheaper than gasoline.
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Estimates: Analysts expect ChargePoint to widen losses to 19 cents per share from 14 cents a year ago, according to Zacks Investment Research. Revenue is seen soaring 102% to $131.35 million. Sales growth is seen accelerating from a 93% gain in Q2, which had marked ChargePoint’s first $100 million quarter.
Results: Check back Thursday after the market close.
Outlook: For the full fiscal year, analysts expect ChargePoint revenue of $485.16 million, above the midpoint of the company’s guidance of $450 million-$500 million, and up 100.2% vs. fiscal year 2022.
On Wednesday, shares of ChargePoint leapt 7.7% to 12.42. In early trade on the stock market today, shares moved up 0.3%. The stock remains well below its 50-day and 200-day moving averages. Wednesday’s advance narrowed the year-to-date loss for CHPT stock to 34.8%.
Besides ChargePoint, EV charging networks include EVgo (EVGO) and Blink Charging (BLNK). ChargePoint is nearly four times larger than its nearest peer, EVgo, measured by market capitalization.
But with more than 40,000 Supercharger charging stations, Tesla (TSLA) claims to own and run the largest fast-charging network in the world.
Blink and EVgo shares rallied…