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ChargePoint Holdings, Inc. (CHPT) Stock Rising in Premarket, Here’s Why

ChargePoint Holdings, Inc. (CHPT), a provider of electric vehicle charging networks and charging solutions, has risen 5.69% in the premarket trading session. As a result, the stock was trading at $14.87 when last checked. During Wednesday’s regular trading session, the stock declined by 1.54% and closed the day at $14.07. The rise in aftermarket could be attributed to the announcement of financial results.

Q4 and FY 2022 Results

On Wednesday, after the closure of the market, CHPT announced the results for Q4 and FY 2022. The period ended on 31st January 2022. The company generated $80.7 million in terms of revenue during the quarter, an increase of 90% compared to Q4 2021. The non-GAAP net loss for the quarter was $58.5 million compared to $33.6 million for Q4 2021. The revenue generate during FY 2022 stood at $242.3 million, an increase of 65% compared to FY 2021. The non-GAAP net loss the company suffered during FY 2022 was $185.5 million against $117.6 million during FY 2021.

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FY 2023 Guidance

Alongside the results, CHPT provided guidance for FY 2023. The company expects the revenue to stand between 4450 and $500 million during FY 2023. The non-GAAP gross margin is expected to remain between 22% and 26%, while the non-GAAP operating expenses are expected to remain in a range of $350 to $370 million.

Comments from CEO of CHPT

Pasquale Romano, President, and CEO of CHPT commented that the company has delivered another outstanding quarter as well as the year. The quarter has seen the company exceed its quarterly and yearly revenue guidance targets. The period has also seen the company advance its technological leadership across the regions of North America. The company has had numerous successes during its first year as a publicly-traded company.

What’s in Store for CHPT?

Looking ahead, the analysts believe that even though CHPT stock holds several positive technical signals, still they are not enough for the stock to be considered as a buy candidate. Hence, investors should decide on their investments accordingly.

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