EV charging solutions provider ChargePoint Holdings (NYSE: CHPT) will be reporting results this Wednesday after market close. Here’s what you need to know.
ChargePoint beat analysts’ revenue expectations last quarter, reporting revenues of $109.3 million, up 7.3% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates but revenue guidance for next quarter missing analysts’ expectations significantly.
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 decline 1.6% year on year, improving from the 8.8% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have 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 Q1 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 130%, beating analysts’ expectations by 42%, and Shoals reported revenues up 74.9%, topping estimates by 8.7%. Bloom Energy traded up 27.2% following the results while Shoals’s stock price was unchanged.
Read our full analysis of Bloom Energy’s results here and Shoals’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 4.7% on average over the last month. ChargePoint is up 26.6% during the same time and is heading into earnings with an average analyst price target of $6.33 (compared to the current share price of $7.86).
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