ChargePoint (CHPT) issues its first earnings report since going public through a SPAC merger on March 1, while rival Blink Charging (BLNK) won a key grant from Ohio state as it looks to expand. ChargePoint stock and Blink Charging stock rose.
No reliable estimates are available for the ChargePoint earnings report, which comes out after the close. It operates more than 132,000 charging ports globally and aims to increase that to 2.5 million by 2025.
In September, the company said revenue grew 60% year over year in 2019 to $147 million. But it had a net loss of $133 million, due to expansion costs.
At the time, ChargePoint said 2020 revenue was expected to dip as the pandemic slowed EV sales but projected 60% compound annual growth from 2021 to 2026.
ChargePoint estimates the charging infrastructure market will be worth $190 billion by 2030, as EV adoption speeds up.
Shares of ChargePoint rose 4.4% to 29.90 in Thursday’s stock market trading but remain under the 50-day line. ChargePoint stock went public earlier this month after completing its reverse merger with Switchback Energy Acquisition Corp. Blink Charging stock jumped 13%.
Meanwhile, blank-check company Climate Change Crisis Real Impact I Acquisition Corp. (CLII), which is taking EV charging network operator EVgo public, rallied 8.4%. EVgo stock is expected to debut in Q2 under the ticker EVGO on the New York Stock Exchange.
Earlier Thursday, Blink Charging said the Ohio Environmental Protection Agency awarded it a grant to place 144 Blink fast-charging stations at 32 sites across the state, including clinics and hotels.
That follows a grant award for 11 Blink fast-charger deployments from Vermont in February. Blink operates 23,000 charging stations.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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