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Chargepoint Holdings, Inc. (CHPT)
NYSE:CHPT
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ChargePoint Holdings
(NYSE:CHPT)
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Rating:45Neutral
Price Target:
$6.50
▲(19.71% Upside)
Action:ReiteratedDate:03/05/26
The score is held down primarily by weak financial performance (ongoing large losses, negative free cash flow, and elevated leverage versus a thin equity base). Earnings-call trends are improving (better margins and cash discipline), but technicals still point to a broader downtrend and valuation support is limited due to continued losses and no dividend.
Positive Factors
Improving gross margins and high subscription margins
Sustained improvement in gross margin, and very high subscription margins, indicate strengthening unit economics and recurring high-margin revenue. This supports a durable path to profitability as software and subscription mix scale, reducing long-term cash burn if trends persist.
Large, growing managed charging network
A large and expanding network creates network effects and stickiness: more managed ports and active users drive recurring fees, better utilization signals future hardware demand, and software-only ports increase predictable revenue, enhancing long-term monetization prospects.
Operational reliability and strong CSAT
High reliability, excellent first-time installation rates and strong CSAT reduce maintenance and churn costs while making ChargePoint a preferred partner for site owners and fleets. These operational improvements are durable drivers of lower unit costs and higher customer retention.
Negative Factors
Sustained unprofitability and weak margins
Despite margin improvement, deep negative EBIT and net margins and recurring adjusted EBITDA losses show the business still lacks operating leverage. Persistent unprofitability limits reinvestment, heightens financing needs, and delays the company’s ability to self-fund growth.
Negative operating and free cash flow
Ongoing negative operating and free cash flow constrain strategic flexibility and force reliance on external capital or debt. Even with improved cash usage year-over-year, continued cash burn threatens liquidity and raises the risk of dilution or costly refinancing over the medium term.
Elevated leverage and balance-sheet complexity
High debt-to-equity after equity compression increases solvency risk if losses continue. The recent debt exchange and capitalized interest add balance-sheet complexity and reduce clarity on cash obligations, making refinancing or navigating downturns more difficult over the medium term.
ChargePoint Holdings (CHPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$128.44M
Dividend YieldN/A
Average Volume (3M)456.95K
Price to Earnings (P/E)―
Beta (1Y)1.98
Revenue Growth-6.32%
EPS Growth28.82%
CountryUS
Employees1,395
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-1.85
Shares Outstanding23,653,090
10 Day Avg. Volume506,348
30 Day Avg. Volume456,953
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)6.58
Price to Sales (P/S)0.34
P/FCF Ratio-2.09
Enterprise Value/Market Cap2.01
Enterprise Value/Revenue0.63
Enterprise Value/Gross Profit2.06
Enterprise Value/Ebitda-1.44
Forecast
1Y Price Target
$6.14Price Target Upside13.08% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-7.11
Revenue Forecast (FY)$424.12M
ChargePoint Holdings Business Overview & Revenue Model
Company DescriptionChargePoint Holdings, Inc. provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. The company was founded in 2007 and is headquartered in Campbell, California.
How the Company Makes MoneyChargePoint generates revenue through several key streams. Primarily, it earns money from the sale and installation of its EV charging stations to businesses, fleet operators, and residential customers. The company also generates recurring revenue through subscription services that offer fleet management and charging station software solutions. Another significant revenue stream comes from network fees charged to station operators who use ChargePoint's platform for transaction processing and customer support. Additionally, ChargePoint has formed strategic partnerships with various automakers, utilities, and municipalities, which not only enhance its market presence but also contribute to its revenue through joint ventures and collaborative projects aimed at expanding EV infrastructure.
ChargePoint Holdings Key Performance Indicators (KPIs)
Any
Revenue by Segment
Highlights the revenue generated from different business segments, shedding light on which areas are driving growth and where the company might be focusing its strategic efforts.
Highlights the revenue generated from different business segments, shedding light on which areas are driving growth and where the company might be focusing its strategic efforts.
Data provided by:
The Fly
The FlyChargePoint Holdings Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:May 28, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial improvements—Q4 revenue growth, record non-GAAP gross margins, very strong subscription margins, meaningful operational reliability gains, and improved cash usage—alongside clear product and partnership catalysts (new hardware ramps, AI deployment, strategic alliances in Europe). Lowlights were largely near-term and structural: the company remains EBITDA negative (non-GAAP adjusted EBITDA loss of $18M), Q1 guidance reflects seasonality with potential sequential softness, elevated inventory and working capital timing risk, and balance sheet complexity from a recent debt exchange. On balance, positive trends in revenue, margins, user and utilization growth, operational metrics, and cash improvement outweigh the near-term challenges and path-to-profitability risks.Q4-2026 Updates
Positive Updates
Q4 Revenue at High End of Guidance; Continued YoY Growth
Revenue for Q4 was $109.0M (at the high end of guidance), up 3% sequentially and up 7% year-over-year, and full fiscal 2026 revenue was $411M.
Record Gross Margins, Strong Subscription Margins
Non-GAAP gross margin reached a record 33% in Q4 (32% for full FY26). Subscription gross margin hit a new GAAP record of 64%, reflecting scale and efficiencies in support-related costs.
Improved Cash Discipline and Reduced Net Cash Usage
Ended the quarter with $142M in cash after a $40M debt payment. Excluding that payment, full-year FY26 net cash usage was just $43M, an improvement from $133M used in the prior fiscal year.
Operational Improvements Driving Reliability and Customer Satisfaction
Stations that are down were reduced by over half year-over-year and are now below 1%. First-time-right deployments improved to above 95%. Customer satisfaction (CSAT) across driver, owner and home support is 8.5+/10, and over 80% of owner support cases are proactively detected.
Growth in Network, Users and New KPIs
ChargePoint manages ~385,000 ports (including >41,000 DC fast chargers) and nearly 130,000 software-only managed ports (~30% of ports under management). Monthly active users were 1.48M, up 8% year-over-year.
Increasing Utilization Indicators
More than 100,000 AC ports recorded time utilization above 30% at least one day in January 2026 (indicative of locations likely to seek expansion).
Product Innovation and Strategic Partnerships
New product ramps underway (Flex single-port AC ramping now; next-gen DC planned to ramp H2 with better margin profiles). Strategic partnerships highlighted include Ford Pro (integrated access in U.K. and Germany), expanded work with Georgia Power, a multiyear RAW Charging agreement with an initial commitment of $7.5M, and an ongoing partnership with Eaton.
Europe Strength and Market Momentum
Europe delivered robust double-digit growth; Q4 revenue mix was 23% Europe (the highest share since becoming public), and Europe contributed >130,000 ports.
Operational Levers from AI Delivering Early Benefits
Deployment of AI is producing measurable operational efficiencies (examples cited where teams can do twice as much work with fewer people); expected to accelerate product development, code generation/testing, and overall operational effectiveness.
Negative Updates
Adjusted EBITDA Loss and Continued Unprofitability
Non-GAAP adjusted EBITDA loss was $18M in Q4 (improved slightly from a $19M loss in the prior quarter and $17M in the year-ago quarter), indicating the company is not yet EBITDA positive.
Q1 Guidance Reflects Seasonality and Potential Near-Term Revenue Pressure
Guidance for Q1 FY27 revenue is $90M–$100M, reflecting typical seasonality; at the midpoint this implies a small year-over-year decline for the quarter despite improvements in utilization and active users.
Elevated Inventory Balance and Working Capital Volatility
Inventory balance was $215M, a slight increase quarter-over-quarter driven by foreign exchange and overhead capitalization (including tariffs). Management noted working capital benefits this quarter were helped by timing in trade payables and aggressive AR collections that may not repeat in Q1.
Cash Position After Debt Payment and Debt Accounting Complexity
Cash of $142M after a $40M debt payment; the November debt exchange includes significant discount accounting that capitalizes interest and places future interest payments as balance sheet liabilities (no P&L interest expense), adding complexity to the balance sheet.
Hardware Gross Margin Remains Flat Sequentially
Hardware gross margin was flat sequentially in Q4; management expects margin improvement to come from new hardware platforms later in the year rather than price increases.
Regulatory and Program Uncertainty (NEVI Domestic Content)
Potential rule changes around domestic content for NEVI-funded projects could affect non-obligated funds; management is awaiting final rules to assess any impact.
Company Guidance
ChargePoint guided first-quarter fiscal 2027 revenue of $90 million to $100 million (noting typical Q1 seasonality of a ~5%–15% decline versus Q4), after reporting Q4 revenue of $109 million (high end of guidance, +3% sequential, +7% year‑over‑year) and full‑year FY26 revenue of $411 million; Q4 non‑GAAP gross margin was a record 33% (FY26 non‑GAAP gross margin 32%) with subscription gross margin at a GAAP record of 64%, non‑GAAP operating expenses of $58 million in Q4 ($231 million for FY26), and a non‑GAAP adjusted EBITDA loss of $18 million (vs. $19 million prior quarter); cash ended Q4 at $142 million after a $40 million debt payment (FY26 net cash usage excluding that payment was $43 million vs. $133 million prior year), inventory was $215 million, and management expects near‑term non‑GAAP OpEx to remain in its current range while gross margin and revenue improvement ramp later in the year as new hardware and software products scale—backed by KPIs like 1.48 million monthly active users (+8% YoY), ~385,000 managed ports (including >41,000 DC and >130,000 in Europe), nearly 130,000 software‑only managed ports (~30% of ports), >100,000 AC ports recording >30% utilization at least one day in January, station outages below 1%, first‑time‑right deployments >95%, and CSAT scores ≥8.5/10.ChargePoint Holdings Financial Statement Overview
Summary
Revenue is roughly flat TTM versus the latest annual period, while profitability and cash generation remain the core issues: EBIT margin is still deeply negative and free cash flow remains meaningfully below zero despite improving gross margin and reduced cash burn. Balance sheet risk is elevated with high leverage versus a compressed equity base, even though total debt appears lower recently.Income Statement
TTM (Trailing-Twelve-Months) revenue is roughly flat versus the latest annual period (about $411M vs. $417M), following a decline in the prior year, which points to inconsistent top-line momentum. Profitability is the main weakness: gross margin improved to ~31% TTM (from ~24% in FY2025 and ~6% in FY2024), but operating losses remain large (EBIT margin ~-37% TTM) and net losses are still very heavy (net margin ~-54% TTM). Overall, the company is showing better unit economics, but it has not translated into sustainable operating leverage or earnings progress yet.24
Negative
Balance Sheet
Leverage looks elevated relative to the equity base: debt-to-equity is ~2.11x in TTM (and ~2.27x in FY2025), and equity has compressed sharply versus earlier years, increasing balance-sheet risk. A positive is the sizeable asset base (~$792M TTM), and total debt appears much lower TTM than in FY2025; however, profitability pressure is showing up in very weak returns on equity (ROE is deeply negative). In short, the balance sheet has become more strained as losses have reduced equity, even if absolute debt has come down recently.38
Negative
Cash Flow
Cash generation remains a key concern: TTM operating cash flow is negative (~-$63M) and free cash flow is also negative (~-$67M). There is improvement versus FY2025 (less cash burn than ~-$147M operating and ~-$159M free cash flow), but free cash flow trend is volatile and still meaningfully below zero. Losses continue to translate into cash outflows, and while free cash flow is slightly larger than net loss in magnitude (reflecting non-cash items/working capital), the business has not yet demonstrated self-funding operations.22
Negative
| Breakdown | Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 411.22M | 417.08M | 506.64M | 468.09M | 242.34M |
| Gross Profit | 125.60M | 100.68M | 30.12M | 85.93M | 53.53M |
| EBITDA | -179.78M | -218.85M | -412.87M | -312.79M | -117.21M |
| Net Income | -220.20M | -277.07M | -457.61M | -344.46M | -132.57M |
Balance Sheet | |||||
| Total Assets | 792.25M | 898.17M | 1.10B | 1.08B | 861.83M |
| Cash, Cash Equivalents and Short-Term Investments | 141.96M | 224.57M | 327.41M | 369.13M | 315.24M |
| Total Debt | 271.53M | 312.36M | 301.05M | 316.78M | 25.37M |
| Total Liabilities | 770.95M | 760.70M | 775.69M | 724.32M | 315.14M |
| Stockholders Equity | 21.30M | 137.47M | 327.68M | 355.64M | 546.68M |
Cash Flow | |||||
| Free Cash Flow | -67.00M | -159.02M | -348.37M | -285.61M | -173.59M |
| Operating Cash Flow | -62.84M | -146.95M | -328.94M | -267.05M | -157.18M |
| Investing Cash Flow | -4.17M | -12.07M | 85.58M | -126.15M | -221.74M |
| Financing Cash Flow | -20.00M | 28.54M | 306.52M | 372.86M | 549.69M |
ChargePoint Holdings Technical Analysis
Negative
5.43
Price Trends
6.30
Negative
7.57
Negative
9.87
Negative
Market Momentum
-0.26
Positive
36.94
Neutral
9.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CHPT, the sentiment is Negative. The current price of 5.43 is below the 20-day moving average (MA) of 5.98, below the 50-day MA of 6.30, and below the 200-day MA of 9.87, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 36.94 is Neutral, neither overbought nor oversold. The STOCH value of 9.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CHPT.
ChargePoint Holdings Risk Analysis
ChargePoint Holdings disclosed 65 risk factors in its most recent earnings report. ChargePoint Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ChargePoint Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
49 Neutral | $660.61M | -9.34 | 53.80% | ― | 39.21% | 9.08% | |
46 Neutral | $1.91M | 0.73 | ― | ― | -13.78% | 38.67% | |
45 Neutral | $128.44M | ― | -353.75% | ― | -6.32% | 28.82% | |
43 Neutral | $86.55M | -520.18 | -131.92% | ― | -23.14% | 14.29% | |
41 Neutral | $1.24M | -3.25 | -3734.39% | ― | -9.58% | 86.27% |
* Consumer Cyclical Sector Average
CHPT
ChargePoint Holdings
5.43
-8.57
-61.21%
BLNK
Blink Charging Co
0.61
-0.44
-41.71%
NAAS
NaaS Technology
2.22
-13.78
-86.13%
NVVE
Nuvve Holding
0.84
-58.76
-98.59%
EVGO
EVgo
2.11
-0.47
-18.22%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.