With aggressive growth in the charging network, the company’s recurring revenue will continue to swell.įurther, for Q1 2023, ChargePoint reported a gross margin of 23%, which was higher by 800 basis points from the same point in 2022. First, subscription revenue was $26.4 million, which was higher by 49% on a YoY basis. There are two important points to note in the company’s results. In all probability, CHPT stock has bottomed out.įor Q1 2023, ChargePoint reported revenue of $130 million, which was higher by 56% YoY. However, the stock has trended higher by 10% in the last four weeks. Let’s discuss three EV charging stocks that are best positioned to benefit.ĬhargePoint Holdings (NYSE: CHPT) stock has also been in a correction mode in the last 12 months. It’s also a good time to consider exposure to EV charging stocks, as operating leverage would translate into meaningful margin improvement. Therefore, the best part of growth is still to come for EV charging companies.Įven amidst increasing competition, the addressable market is significant to absorb multiple players. Similarly, Europe would need at least 3.4 million public charging stations by 2030 from the current level of about 375,000. Electric vehicle charging points in the United States are likely to increase by nearly 10-fold to 35 million by 2030. In terms of the impending growth potential, the following numbers are worth noting. Given the industry growth potential, it’s a good time to consider some of the top picks from the EV charging space. It finally seems that EV charging stocks are trading at attractive levels. Clearly, it’s been an extended period of downtrend from overbought levels. The bear market comes after a euphoric rally in 2020. The last 12 to 18 months have not been good for EV charging stocks.
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