ChargePoint: Problems Aren't Going Away
- ChargePoint continues to spit out large revenue growth from selling EV charging stations at limited positive margins.
- The subscription revenue base is only ~$85 million despite the company spending over $330 million in annual operating expenses.
- The stock still has a market cap topping $4 billion while burning all the SPAC cash with substantial cash flow burn each quarter.
- This idea was discussed in more depth with members of my private investing community, Out Fox The Street. Learn More »
ChargePoint Holdings (NYSE:CHPT) is still reporting fast revenue growth without much in the way of gross profits. The EV charging space is still too focused on throwing up charging stations without much in the way of actual demand for usage. My investment thesis remains ultra Bearish on the stock at just about any valuation until the business model changes.
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