That being said, gross margins improved by 2% from Q1, reaching 19%. On its Q1 earnings call, the company mentioned supply chain challenges as a reason for shrinking margins. ChargePoint’s growth is attributed to the overall growth and interest in electric vehicles. Revenue grew 93% from last year and over 30% from the first quarter. In Q2, Chargepoint’s revenue hit a critical milestone of $108 million, its first quarter reaching over $100 million. Volvo charges at Starbucks with ChargePoint EV charger Source: ChargePoint ChargePoint posts first $100 million quarter in Q2 As ChargePoint’s Q2 earnings show, EV demand is not slowing, and charging options are more critical than ever. On top of this, California says it will ban all gas-powered cars by 2035, another win for the EV industry. For one thing, the Inflation Reduction Act provides incentives for both EV buyers and charging companies. Since then, several events are now expected to push demand for EVs even further.
Its latest partnership with Volvo and Starbucks started rolling out in Q2 with plans for a DC fast charging network from Seattle to Colorado.ĬhargePoint has consistently grown alongside the EV industry, but the first quarter sparked concerns over profitability and shrinking margins. The charging solutions provider is partnered with top retailers, OEMs, gas stations, commercial properties, parking companies, fleets, residential real estate firms, and more.
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More EVs on the road means more drivers will need a place to charge.ĬhargePoint provides both personal and commercial EV charging options in North America and Europe, focusing on level 2 chargers. As automakers invest billions into creating electric models, the need for charging availability is becoming evident.
Since its foundation in 2007, ChargePoint has built an extensive EV charging network with over 200,000 locations, supporting the industry as more electric vehicles hit the streets.
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