ChargePoint Holdings Inc. (CHPT) shares surged 13.33% in after-hours on Wednesday, September 1, 2021, and closed the daily trading at $24.06. Earlier in the regular trading session of Wednesday, CHPT’s stock gained 0.38%. CHPT shares have risen 108.14% over the last 12 months, and they have moved down 4.54% in the past week. Over the past three months, the stock has lost 19.19%, while over the past six months, it has declined 12.31%.
Let’s discuss recent news and developments.
CHPT recent financial results announcement
On September 01, 2021, ChargePoint Holdings, Inc (CHPT) reported results for its second quarter of fiscal 2022 ended July 31, 2021.
Q2 20222 financial highlights
- CHPT reported revenue of $56.1 million in Q2 2022 compared to $35.0 million in Q2 2021.
- GAAP gross margin was 19.2% in Q2 2022 compared to 25.8% in Q2 2021.
- The total cost of revenue was $45.34 million in Q2 2022 compared to $26.0 million in Q2 2021.
- Total operating expenses were $85.06 million in Q2 2022 compared to $32.6 million in Q2 2021.
- It suffered a GAAP net loss of $84.9 million in Q2 2022 compared to a net loss of $35.3 million in Q2 2021.
The financial outlook for Q3 2022
- For Q3 22, ChargePoint is expecting, revenue to be in the range of 60 – $65 million.
- For FY 22, the company is expecting, revenue to be in the range of $225 – $235 million.
CHPT recent acquisitions
- On August 11, 2021, ChargePoint Holdings, Inc acquired ViriCiti for a total purchase price of approximately €75 million in cash, subject to adjustments. The ViriCiti team, customer accounts, and technology will become part of ChargePoint’s operations.
- On July 20, 2021, CHPT announced signed a definitive agreement to acquire has·to·be, an e-mobility provider with a leading European charging software platform. ChargePoint will acquire has·to·be for a total purchase price of approximately €250 million. The transaction is expected to close in 2021, subject to the satisfaction of regulatory approvals and other customary closing conditions.
CHPT Pricing of Secondary Public Offering
On July 15, 2021, ChargePoint Holdings, Inc (CHPT), announced the pricing of its previously announced underwritten secondary offering of 12,000,000 shares of the Company’s common stock, par value $0.0001 per share, by certain stockholders of the Company, at a public offering price of $23.50 per share. ChargePoint will receive no proceeds from the offer.
CHPT partnership with Mercedes
On June 17, 2021, ChargePoint Holdings, Inc (CHPT), along with Mercedes-Benz USA, announced the new benchmark in EV charging in North America, Mercedes me Charge, to be launched with the all-new EQS all-electric luxury sedan and available in all EQ future mobility products from Mercedes-EQ.
Conclusion
The CHPT stock went up after the company raised its financial outlook for Q3 and FY 22 which attracted investors and it can continue to surge in the coming trading session on Thursday.
