Welcome to our dedicated page for ChargePoint Holdings news (Ticker: CHPT), a resource for investors and traders seeking the latest updates and insights on ChargePoint Holdings stock.
ChargePoint Holdings, Inc. (symbol: CHPT) is a pioneering force in the energy and transportation industries, operating the world's largest electric vehicle (EV) charging network. Founded in 2007, the company is dedicated to enabling businesses and drivers to seamlessly transition to electric vehicles through its extensive range of charging solutions and robust network infrastructure.
Core Business and Products
ChargePoint designs, develops, and markets networked EV charging systems and cloud-based services that simplify the EV charging experience. Its hardware products cater to various applications, including home, commercial, and fast-charging setups. The company's software solutions allow consumers to locate, reserve, and authenticate EV charging, ensuring a smooth and efficient process.
Recent Achievements
ChargePoint has made significant strides in expanding its network, currently managing over 274,000 active charging ports across North America and Europe. The company continues to innovate and grow its product portfolio to meet the increasing demand for EV charging solutions.
Strategic Partnerships
In a notable recent development, ChargePoint announced a collaboration with AcBel Polytech Inc., a leading power supply manufacturer. This partnership aims to leverage AcBel's expertise in power design and Kinpo Group's electronic manufacturing capabilities to enhance ChargePoint's charging solutions. The collaboration is expected to expedite the development and deployment of advanced, reliable EV charging services, further solidifying ChargePoint's market position.
Financial Condition
ChargePoint primarily derives its revenue from the United States. The company's financial health is bolstered by its extensive and ever-expanding network of charging stations, coupled with strategic partnerships that enhance its product offerings and operational efficiency.
Mission and Vision
ChargePoint's mission is to get everyone behind the wheel of an electric vehicle and make the charging process effortless, regardless of the car model. The company's vision includes creating a new fueling network that moves people and goods on electricity, contributing to a sustainable future.
For more information, visit ChargePoint's official website.
ChargePoint (NYSE: CHPT), a leading provider of networked EV charging solutions, has reached a significant milestone. The company now offers drivers access to over one million charging places across North America and Europe, including public, private, and roaming ports. Additionally, ChargePoint's network has enabled more than 10 billion electric miles to date, with about 4 billion of those miles driven in the last year alone.
Through its mobile app, ChargePoint allows drivers to find, use, and pay for charging at relevant stations. The company estimates that drivers on its network have avoided over 410 million gallons of gasoline and more than 2.2 million metric tons of greenhouse gas emissions. This achievement underscores ChargePoint's commitment to delivering a seamless charging experience and supporting the growing demand for EV charging infrastructure.
ChargePoint (NYSE: CHPT) has announced its continued leadership in enabling DC fast charging at National Electric Vehicle Infrastructure (NEVI) program funded locations. The company has been selected for awards at more than 125 sites, totaling $75 million in proposed grant funding and representing nearly 600 fast charging ports across 20 U.S. states. ChargePoint's Express Plus charging stations, capable of delivering charge speeds up to 500kWh, are featured at all NEVI sites awarded to the company's customers or partners.
Rhode Island has become the first state to complete Phase 1 of the NEVI program, with two newly opened ChargePoint sites along Interstate 95. The NEVI program, part of the Infrastructure Investment and Jobs Act, aims to make ultra-fast charging accessible and reliable across U.S. highways with a $5 billion investment in EV infrastructure.
ChargePoint (NYSE: CHPT), a leading EV charging solutions provider, announces key appointments to boost its software-led EV charging platform. Mansi Khetani is named Chief Financial Officer, effective July 9, 2024. Khetani has been with ChargePoint since 2018, serving as interim CFO since November 2023. Ash Chowdappa joins as Chief Development Officer for Software, bringing 25 years of technology leadership experience, most recently from HPE Aruba Networks. Mitesh Dhruv, a seasoned finance professional, joins the Board and Audit Committee. These appointments aim to strengthen ChargePoint's leadership in EV charging infrastructure, leveraging extensive expertise in financial planning, product strategy, and software development.
ChargePoint (NYSE: CHPT), a leader in EV charging solutions, has announced significant updates to its be.ENERGISED platform. This European software now supports over 900 charging station models from 100+ manufacturers and includes the first payment terminal compliant with OCPI v2.2.1 standards and AFIR regulations. The enhanced platform enables eMSPs to provide drivers access to 750,000 stations across Europe, while CPOs can make their stations public through be.ENERGISED COMMUNITY roaming agreements.
The new CP6000 charger, offering scalable and reliable AC charging from 3.7 to 22kw per port, is also available. be.ENERGISED manages over 85,000 charging ports, facilitating 30 million charging sessions monthly, and includes features for VAT handling and automated invoicing. ChargePoint aims to futureproof both new and existing infrastructures, addressing the evolving needs of CPOs and eMSPs.
ChargePoint (NYSE:CHPT) and LG Electronics have entered a strategic partnership to develop advanced EV charging solutions. The collaboration will integrate ChargePoint's software with LG's hardware, aiming to deliver commercial charging solutions by late summer. Future projects may involve combining ChargePoint's software with LG's energy storage systems and smart home platform.
This partnership leverages the strengths of both companies, with ChargePoint's 306,000 charging ports and LG's reliable, high-quality EV chargers. The collaboration aims to compete for public sector infrastructure projects, particularly those requiring high-quality domestic production and information security. The agreement also positions LG to advance in the global EV charging market, supported by its new factory in Fort Worth, Texas.
ChargePoint and Porsche Cars North America (PCNA) have announced a partnership to integrate ChargePoint's network into the Porsche Charging Service. This collaboration will expand the number of charging stations available to Porsche customers to over 100,000 across North America. The integration will be accessible via the My Porsche app, streamlining the charging experience for Porsche's electric and plug-in hybrid vehicles. The new service is expected to go live in Q4 2024, coinciding with Porsche's upcoming electric vehicle launches, including the Taycan and Macan Electric.
ChargePoint Holdings (NYSE: CHPT) reported its Q1 fiscal 2025 financial results. Revenue reached $107 million, a decrease of 18% from $130 million in the same quarter last year. Networked charging systems revenue dropped by 34% to $65.4 million, while subscription revenue increased by 27% to $33.4 million.
The GAAP gross margin was 22%, and the non-GAAP gross margin was 24%. GAAP net loss improved by 10% to $71.8 million, and non-GAAP adjusted EBITDA loss improved by 25% to $36.5 million.
Operating expenses also saw improvements, with GAAP operating expenses reduced by 18% to $90.7 million and non-GAAP operating expenses reduced by 22% to $66.4 million. The company ended the quarter with $292.3 million in cash, cash equivalents, and restricted cash, and has no debt maturities until 2028.
ChargePoint provided Q2 fiscal 2025 revenue guidance of $108 million to $118 million and reiterated its goal to achieve positive non-GAAP adjusted EBITDA by the end of FY2025.
ChargePoint (NYSE: CHPT) has partnered with Airbnb (NASDAQ: ABNB) to facilitate easy installation of EV chargers for Airbnb hosts in the U.S. This collaboration aims to meet the increasing demand for EV charging among Airbnb guests. Effective immediately, Airbnb hosts can purchase and install ChargePoint chargers through a dedicated website, featuring hardware, software, and support services. This initiative is expected to enhance the appeal of Airbnb listings, as data shows that listings with EV chargers are booked more frequently and generate higher income. Additionally, the ChargePoint network includes over 917,000 charging locations. Airbnb searches for listings with EV chargers increased by over 80% from 2022 to 2023, and ChargePoint's North American drivers logged more than 79 million hours of residential charging in 2023.
ChargePoint (NYSE: CHPT) has introduced the Megawatt Charging System (MCS), a groundbreaking addition to its DC fast charging lineup.
This system is capable of delivering up to 1.2 megawatts initially, and up to 3 megawatts in the future, supporting the electrification of commercial trucking, marine, and aviation industries. The MCS will be showcased at the ACT Expo in Las Vegas from May 20-23, 2024. This innovation aims to reduce emissions from the transportation sector, which contributes over 400 million metric tons of greenhouse gases annually in the USA. ChargePoint's MCS will enable bi-directional charging and is integrated with the Power Link 2000 stations, part of their Express Plus DC fast charging platform.
This move aligns with global climate goals and positions ChargePoint as a leader in providing comprehensive EV charging solutions.
ChargePoint (NYSE: CHPT), a prominent provider of EV charging network solutions, will release its financial results for Q1 FY 2025 on June 5, 2024. The fiscal quarter concluded on April 30, 2024.
A conference call to discuss these results is scheduled at 1:30 p.m. PT (4:30 p.m. ET) on the same day, accessible via a live webcast on ChargePoint’s investor relations site. A replay will be available post-webcast for a year. The press release detailing the financial results will be posted on the same site before the webcast begins.
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