So for every $1 of sales, it was burning 63 cents of cash.Īccording to ChargePoint’s guidance issued last year, it expected its 2024 revenue to come in at $984 million. In the first six months of 2022, it had $96.6 million of sales. In terms of free cash flow, for the first six months of fiscal 2022, it used $61.2 million of cash, 22% higher than during the same period a year earlier. On the bottom line, it lost $40.4 million during Q2, almost double its $22.6 million loss during the year-earlier period. Its non-GAAP gross margin for the quarter was 23.1%, 2.60 percentage points less than during the same period a year earlier. It also provided full-year sales guidance of $230 million, based on the midpoint of its guidance range. In September, it reported that its Q2 sales had soared 61% year-over-year to $56.1 million. How can ChargePoint generate positive free cash flow by the end of 2024? And that opportunity will drive CHPT stock higher.īut first, it has to keep growing its business, and that means it will have to burn more cash. While ChargePoint could loses its grip on the EV charging market, it has a great opportunity to make a huge amount of money in networked level two charging. and European charging infrastructure spending by 2030 and $190 billion of such spending by 2040. That’s a big head start in the EV charging market, which is expected to benefit from $60 billion of spending on U.S. That’s about seven times higher than its nearest competitor. Secondly, its asset-light business model could enable it to generate positive free cash flow by 2024.Įqually attractive is the fact that ChargePoint’s market share in networked, level two charging is 73%. Stifel’s analyst makes two central points about ChargePoint.įirst, it has an extensive network of charging stations in both North America and Europe.
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