EV charging solutions provider ChargePoint Holdings (NYSE:CHPT) will be reporting results tomorrow after the bell. Here’s what you need to know.
ChargePoint beat analysts’ revenue expectations by 1.3% last quarter, reporting revenues of $107 million, down 17.7% year on year. It was a slower quarter for the company, with a miss of analysts’ earnings estimates.
Is ChargePoint a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting ChargePoint’s revenue to decline 24.6% year on year to $113.5 million, a reversal from the 39% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.10 per share.
The majority of analysts covering the company have 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 five times over the last two years.
Looking at ChargePoint’s peers in the renewable energy segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Sunrun’s revenues decreased 11.2% year on year, beating analysts’ expectations by 1.2%, and American Superconductor reported revenues up 33.2%, topping estimates by 2.4%. Sunrun traded up 11.2% following the results while American Superconductor was down 9.4%.
Read our full analysis of Sunrun’s results here and American Superconductor’s results here.
There has been positive sentiment among investors in the renewable energy segment, with share prices up 6.6% on average over the last month. ChargePoint is up 1.6% during the same time and is heading into earnings with an average analyst price target of $2.7 (compared to the current share price of $1.89).
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