By Senad Karaahmetovic
ChargePoint Holdings Inc (NYSE:CHPT) shares are trading lower today after the EV charging stations operator gave a weaker-than-expected Q1 forecast.
The company reported a loss per share of $0.23 on revenue of $152.8 million, missing the average analyst consensus for a loss per share of $0.19 on revenue of $165.1M. Overall, revenue soared 89% year-over-year, although gross margin contracted 400 basis points to 18%.
Moreover, shares were hit after CHPT said it expects FQ1 revenue to come in at $127M, a large miss relative to the $154.6M consensus.
TD Cowen analysts commented:
“Light 1Q guide (seasonality is typical, light 1Q no surprise to us), and no full-year guide on either top-line or margin but peeling back the onion some reveals positive momentum on the cost front as GM continues its q/q improvement (+300bps total, +400bps on closely watched hardware) and opex remains relatively flat (just +2% q/q and 53% of revenue).”
In the meantime, Needham & Company analysts reinstated research coverage on ChargePoint with a Buy rating and a $14 per share price target.
“We expect 1QF24 revenue guidance to have a short-term negative impact on the stock, but we view the guidance as more of a one time communication issue vs a company momentum issue, and note that it didn't materially impact our long-term estimates,” they said in a client note.
Shares are down 11.5% at the open.