ChargePoint Holdings, Inc. (CHPT)


January 11, 2024

CHPT: Announces Additional Cost Actions

By Steven Fox

Last night, ChargePoint (CHPT; $1.94; E/W) announced a “strategic reorganization”, including another reduction in the company’s headcount by 12% (vs. ~1,800 employees at the end of October), which new CEO Rick Wilmer believes will result…

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December 7, 2023

CHPT: Provides Details of Recent Pre-Announce

By Steven Fox

ChargePoint (CHPT; $2.05; E/W) produced FQ3 (Oct) results that were consistent with our recently lowered estimates for the company’s negative pre-announcement (“Big Miss Leads to CEO & CFO Changes”; 11/17). We note consensus was relatively…

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November 17, 2023

CHPT: Big Miss Leads to CEO & CFO Changes

By Steven Fox

Last night, ChargePoint (CHPT; $3.13; E/W) negatively pre-announced a big top and bottom line miss to its FQ3 (Oct) guidance, which comes after the company just raised $232mm through an at-the-market facility on October 11th….

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October 11, 2023

CHPT: Announces Dilutive Equity Raise

By Steven Fox

This morning, ChargePoint (CHPT; $4.06; E/W) announced it raised $175mm through its ATM equity facility with the issuance of 41.4mm shares of its common stock. More specifically, CHPT reached a commitment from a consortium of…

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September 7, 2023

CHPT: Reduce Rating to Equal-Weight

By Steven Fox

We lower our rating on ChargePoint (CHPT; $7.06) from Outperform to Equal-Weight after FQ2 (July) results disappointed even if we exclude an unexpected inventory write-down. CHPT also provided weaker than expected top and bottom-line targets…

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August 25, 2023

CHPT: Time to Catch That Falling Knife?

By Steven Fox

The shares of ChargePoint (CHPT; $6.79; O/P) are now down 30% since its FQ1 (Apr) results in early-June (-22% since July-end) and -57% YoY ahead of its FQ2 (Jul) results and outlook, scheduled for September…

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August 9, 2023

CHPT: Adding Preventative Software to Its Solution Set

By Steven Fox

Yesterday (8/8), ChargePoint (CHPT; $7.90; O/P) announced “significant” investments in a range of software and solutions aimed at ensuring nearly 100% battery electric vehicle (BEV) charger uptime. We think this announcement highlights how the company…

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July 31, 2023

CHPT: More Reasons to Buy

By Steven Fox

We reiterate our Outperform on the shares of ChargePoint (CHPT; $8.59; O/P), which have languished YTD (-10% vs. +37% for NASDAQ) despite improving profitability on still robust top line growth prospects. Along those lines, we…

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June 27, 2023

CHPT: More Reason to Buy

By Steven Fox

This morning, ChargePoint (CHPT; $7.51; O/P) formally announced availability of a North American Charging Standard (NACS) connector option for several of its Level 2 AC and DC fast chargers, including field updates for chargers already…

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June 21, 2023

CHPT: Misconceptions Create Buying Opportunity

By Steven Fox

We hosted a “fireside chat” yesterday with ChargePoint’s (CHPT; $7.93; O/P) CEO Pasquale Romano, as part of our Transportation Technology Conference, which we think highlighted a range of significant investor misconceptions around the business we…

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June 5, 2023

CHPT: Positives Still Outweighing Macro Risks

By Steven Fox

ChargePoint (CHPT; $9.07; O/P) shares dropped 7% on Friday (6/2) after the company posted another quarter of robust sales growth in FQ1 (Apr) with further gross margin improvements and opex discipline that led to some…

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May 24, 2023

CHPT: Growth Story Looks Undervalued into Earnings

By Steven Fox

We see favorable risk/reward around the shares of ChargePoint (CHPT; $8.36; O/P) into the company’s FQ1 (Apr) results and outlook, which are scheduled for next Thursday (6/1 after market). The stock is now down 26%…

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April 5, 2023

CHPT: 10-K Tidbits

By Steven Fox

We reviewed ChargePoint’s (CHPT; $10.02; O/P) 10-K, which was filed on Monday (4/3) for the fiscal year ending January 31st. The 10-K further highlighted the company’s leading scale in the still nascent battery electric vehicle…

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March 3, 2023

CHPT: Big Picture Says Ignore Slight Growth Disappointment

By Steven Fox

ChargePoint (CHPT; $11.26; O/P) produced another quarter of robust sales growth in FQ4 (Jan), albeit somewhat below Street expectations, with further gross margin improvements and opex discipline that led to better than expected operating losses….

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February 23, 2023

CHPT: Adds Another EV Partner

By Steven Fox

This morning, Fisker (FSR; $6.20; NR) announced that it selected ChargePoint (CHPT; $11.42; O/P) as its North American partner for electric vehicle (EV) public charging stations. Specifically, CHPT’s EV charging network can be used by…

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