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ChargePoint Shares Surge Higher on Q2 Earnings and Raised FY Revenue Outlook

Source: Streetwise Reports   09/02/2021

ChargePoint Holdings Inc. shares powered 8.25% higher after the firm reported a 61% increase in Q2/22…

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Source: Streetwise Reports   09/02/2021

ChargePoint Holdings Inc. shares powered 8.25% higher after the firm reported a 61% increase in Q2/22 YoY revenue and raised its FY/22 revenue guidance by 15% to $225-235 million.

After U.S. markets closed for trading yesterday, electric vehicle charging network company ChargePoint Holdings Inc. (CHPT:NYSE) announced financial results for its second quarter of 2022 ended July 31, 2021.

The company's President and CEO Pasquale Romano commented, "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."

ChargePoint Holdings reported that revenue in Q2/22 increased by 61% to $56.1 million, compared to $35.0 million in Q2/21. The firm noted that networked charging revenue rose to $40.9 million in Q2/22, which represented a 91% increase over the $21.4 million recorded in Q2/21.

The company advised that revenue growth was significant across commercial, fleet, and residential verticals in both North America and Europe. ChargePoint stated that commercial customers of all types are currently upping their investments in charging for their customers, employees, and visitors and noted that EV vehicle adoption has accelerated demand for residential use applications as well.

ChargePoint highlighted that as of July 31, 2021, the total number of activated ports within its network exceeded 118,000. The company mentioned that theses charging access ports include greater than 5,400 in Europe and more than 3,700 DC fast charge ports.

The firm posted a GAAP net loss of $84.9 million in Q2/22, which it said included "a $10.4 million loss from the change in fair value of warrant liabilities and $28.3 million in stock-based compensation expense."

The company stated that on a non-GAAP basis which excludes the above adjustments and other items, it registered a net loss in Q2/22 of $40.39 million, versus a net loss of $22.55 million in Q2/21.

ChargePoint indicated that as of July 31, 2021, it was well funded with $618.5 million in cash on its balance sheet.

The company provided some forward guidance and stated that for Q3/22 it expects revenue of between $60-65 million. The firm further advised that it is that it is raising its FY/22 revenue outlook to $225-235 million, up approximately 15% from its prior estimates of $195-205 million.

ChargePoint is endeavoring to create a new electrical transportation fueling network. The company claims to have one of the largest comprehensive EV charging networks. The firm has built an integrated cloud subscription platform designed to offer options for every charging scenario. The company's network covers everything from home and multifamily housing units to business workplaces, parking lots, hotels, retail, and commercial transport fleets.

With the use of a ChargePoint account, customers can access hundreds of thousands of charging locations in Europe and North America. The firm indicated that, so far, its customers have executed more than 92 million charging sessions.

ChargePoint started today day with a market cap of around $6.8 billion with approximately 321.5 million shares outstanding and a short interest of about 6.6%. CHPT shares opened 12% higher today at $23.79 (+2.56, +12.06%) over yesterday's $21.23 closing price. The stock has traded today between $22.18 to $23.80 per share and closed at $22.97 (+$1.74, +8.20%).

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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( Companies Mentioned: CHPT:NYSE, )

Energy & Critical Metals

Toshiba, Sojitz and CBMM partner to commercialize next-generation Li-ion batteries with NTO anodes

Toshiba Corporation, Sojitz Corporation, and CBMM have entered into a joint development agreement for the commercialization of next generation lithium-ion…

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Toshiba Corporation, Sojitz Corporation, and CBMM have entered into a joint development agreement for the commercialization of next generation lithium-ion batteries using niobium titanium oxide (NTO) as the anode material.

One of the major requirements for rechargeable battery development is greater energy density and faster charging. NTO has twice the theoretical volume density of the graphite-based anode generally used in lithium-ion batteries. In June 2018, the three companies entered into a joint agreement to develop NTO’s potential as an anode material.

This work, led by Toshiba’s Corporate Research & Development Center, has reached fruition with the development of prototype cells, and the companies have now agreed to extend collaboration for accelerating development of mass production processes and the early commercialization of next-generation lithium-ion batteries.


Prototype cell & Niobium Titanium Oxide (NTO)


The three companies aim to commercialize high energy density, quick charging batteries in FY2023, mainly targeting application in commercial e-vehicles. CBMM has contracted with Volkswagen Caminhões e Ônibus, a pioneer in the development and serial production of electric trucks in Latin America, to mature this technology further in real application. Toshiba and Sojitz will support this project.

The NTO battery will be installed on new electric vehicle designed by Volkswagen Caminhões e Ônibus as a pilot project and parties will collect the valuable vehicle operation data.

Niobium (Nb), one of the metallic elements, is an important additive in the production of high-grade steel alloys, including high-tensile and stainless steel, and its ability to enhance strength while reducing weight has made it indispensable for automotive applications. Brazil-based CBMM is the world’s leading producer of niobium and is well-known for its strong technology and product development programs.

As CBMM’s shareholder and distribution agent in the Japanese market, Sojitz has cultivated the knowledge and capabilities needed to establish a stable supply system and assist in the development of different applications for niobium.

Towards commercialization, Toshiba aims to secure stable supply of niobium materials from CBMM and Sojitz, and the three companies will target to gain market share in the rapidly expanding secondary battery market by utilizing CBMM and Sojitz’s global network.

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Energy & Critical Metals

SAKOR Technologies provides new dynamometer system to U of Houston for testing electric motor, inverter & control system designs

SAKOR Technologies provided the University of Houston’s Department of Electrical and Computer Engineering with a dynamometer test system designed to…

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SAKOR Technologies provided the University of Houston’s Department of Electrical and Computer Engineering with a dynamometer test system designed to test motor and inverter designs for use in hybrid and electric vehicle applications.


The system features dual opposin 7.5 kW AccuDyne four-quadrant AC motoring dynamometers, variable frequency drives, and a variety of subsystems configured for testing electrical machines. The dynamometers are capable of bi-directional loading and motoring, allowing researchers to test different algorithms and designs. One dynamometer will be used for testing permanent magnet motors and the other will be used to test induction motors.

The dynamometers feature regenerative operation, which recovers most of the load energy and makes the system extremely power efficient. They operate at up to 8,000 revolutions per minute (rpm) and offer up to 150% overload capacity, making them compatible with most small hybrid and electric vehicle architectures.

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The system is automated by SAKOR’s DynoLAB test automation control system which provides the capabilities necessary for the typical test engineer and/or technician to design and implement complex test procedures without the need to learn a programming language. tevp

We are extremely happy to be involved with universities pursuing important research and development necessary to design new energy efficient technologies. This flexible testing system is ideal for use in an academic environment and users can develop and test many different algorithms and technologies with a single test system.

—Randal Beattie, president of SAKOR
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Energy & Critical Metals

Mustang Mach-E first EV to pass Michigan State Police tests

The Ford Pro all-electric police pilot vehicle based on the 2021 Mustang Mach-E SUV has become the first all-electric vehicle to pass the rigorous Michigan…

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The Ford Pro all-electric police pilot vehicle based on the 2021 Mustang Mach-E SUV has become the first all-electric vehicle to pass the rigorous Michigan State Police 2022 model year evaluation. (Earlier post.)


Testing included acceleration, top speed, braking and high-speed pursuit, as well as emergency response handling characteristics. Michigan State Police is one of two law enforcement agencies that annually test new model year police vehicles and publish the results for use by agencies nationwide.

The fact that the Mustang Mach-E successfully stood up to the grueling Michigan State Police evaluation demonstrates that Ford can build electric vehicles that are capable, tough and reliable enough for even the most challenging jobs. We understand the needs of our commercial customers and are committed to unlocking new electrification opportunities for them.

—Ted Cannis, CEO of Ford Pro

Ford Pro submitted the all-electric police pilot vehicle for testing in the Michigan State Police 2022 model year evaluation 18-20 September. Michigan State Police will publish results for vehicles tested on its website later in the fall.

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