ChargePoint: Still Living On EV Hype
- ChargePoint still has an amazing $4.3 billion market cap, despite selling charging stations mostly at cost.
- The company still has no meaningful gross profit from subscriptions.
- The stock is far too expensive at 6x FY24 sales, despite the business burning tons of cash each quarter.
- This idea was discussed in more depth with members of my private investing community, Out Fox The Street. Learn More »
- Q3 GAAP EPS of -$0.25 .
- Revenue of $125.34M (+92.7% Y/Y) .
- GAAP and Non-GAAP gross margin both improved 1 percentage point quarter-over-quarter.
- As of October 31, 2022, cash and short term investments on the balance sheet were $397.6 million.
Any weakness tomorrow and ChargePoint could break the strong support recently around $11.50.