EV charging solutions provider ChargePoint Holdings (NYSE: CHPT) will be reporting earnings this Thursday after market close. Here’s what investors should know.
ChargePoint beat analysts’ revenue expectations by 3.3% last quarter, reporting revenues of $98.59 million, down 9.2% year on year. It was a slower quarter for the company, with revenue guidance for next quarter missing analysts’ expectations significantly and a significant miss of analysts’ EBITDA estimates.
Is ChargePoint a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting ChargePoint’s revenue to decline 3.7% year on year to $95.89 million, improving from the 9.7% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$1.31 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. ChargePoint has missed Wall Street’s revenue estimates six times over the last two years.
Looking at ChargePoint’s peers in the renewable energy segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Bloom Energy delivered year-on-year revenue growth of 57.1%, beating analysts’ expectations by 22.8%, and EnerSys reported revenues up 7.6%, topping estimates by 6.9%. Bloom Energy traded up 18.1% following the results while EnerSys was also up 1.9%.
Read our full analysis of Bloom Energy’s results here and EnerSys’s results here.
Investors in the renewable energy segment have had fairly steady hands going into earnings, with share prices down 1.3% on average over the last month. ChargePoint is down 24.6% during the same time and is heading into earnings with an average analyst price target of $11.69 (compared to the current share price of $7.88).
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