ChargePoint (CHPT) Surges 15% on Beat-and-raise, Analysts Upbeat but Lower PTs
Shares of ChargePoint (NYSE: CHPT) are trading over 16% higher after the company delivered a beat-and-raise quarter.
Chargepoint reported a Q2 net loss of $40.4 million. Revenue for the quarter came in at $56.1 million versus the consensus estimate of $48.9 million.
“ChargePoint’s strong second quarter results demonstrate our continued growth and leadership in the electric revolution. We achieved record revenue, significantly grew our commercial, fleet and residential businesses, launched a charging integration with Mercedes, announced our agreement to acquire e-mobility technology provider has·to·be and acquired eBus and commercial vehicle management provider ViriCiti,” said Pasquale Romano, President and CEO of ChargePoint.
As for the full-year guidance, the company said it expects revenue to come in between $225 million and $235 million, versus the consensus of $205 million. The previous guidance was calling for $195 million to $205 million. For the current quarter, CHPT is looking for revenue of $60 million to $65 million.
Jefferies analyst David Kelley reiterated a Buy rating but lowered the price target to $36.00 per share from the prior $40.00.
“2Q sales beat ($56m vs. JEFE of $50m, consensus of $49m), while CHPT raised FY'22 sales guidance +15% at the midpoint (implies +57% yr/yr sales growth) vs. prior. Mix likely remains a 2H GM headwind, while OpEx likely continues to ramp to support ongoing charging build-out. Yet, we remain upbeat on longer term sales ramp & cost leverage as 2Q demonstrated the value of CHPT's commercial scale and integrated hardware, software, & services features,” Kelley said in a client note.
Needham analyst Vikram Bagri also lowered the price target to $35.00 per share from $39.00.
“CHPT's 2QF22 revenue beat company guidance and street consensus by 16% and 14%, respectively. Gross margin in 2QF22 was impacted by supply chain issues and stock based comp. The company raised FY22 revenue guidance by ~$30mm (~15%), primarily due to the beat in 1H and improved outlook. We were 5% above the previous guidance excluding the impact of recent acquisitions, which will add ~$4mm in revenues in 4QF22 alone. The acquisitions are also expected to be margin accretive. In 2QF22, CHPT made itself a formidable player in the market by strengthening its fleet offering through software launches, the ViriCiti acquisition and new partnerships. We maintain our Buy on CHPT and expect the shares to outperform on the release,” Bagri said in a note sent to clients.