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ChargePoint Surges on Tesla's Supercharger Data
1 Oct
Summary
- ChargePoint shares rose 6.4% following Tesla's port data.
- Inflation cooled, reducing Treasury yields and supporting asset prices.
- ChargePoint reported Q2 2026 revenue beat and narrowed EPS loss.
ChargePoint Holdings (CHPT) saw its shares climb 6.4% in afternoon trading. This surge followed the release of Department of Energy data indicating Tesla operates 41,552 Supercharger ports across the U.S. and Canada, positioning it just behind ChargePoint. The data underscores ChargePoint's substantial network scale as the automotive sector enhances charging infrastructure.
Automotive competitors are expanding their networks, with the Ionna venture doubling its ports since early 2026. Meanwhile, U.S. core personal consumption expenditures inflation cooled to a 3.4% annual rate in August, down from 3.7% in July, falling below expectations and leading to reduced Treasury yields.
ChargePoint's stock is highly volatile, with numerous significant price swings over the past year. A recent notable gain of 76.3% occurred 27 days prior, following the company's strong second-quarter 2026 financial report. Revenue reached $116.1 million, a 17.7% year-on-year increase, surpassing Wall Street's $105.2 million consensus.
Adjusted earnings per share improved to -$0.35 from earlier estimates, and the adjusted EBITDA loss narrowed significantly to $4.75 million from negative $22.1 million year-over-year. These results were attributed to record 38% gross margins and zero cash burn, aided by a reduction in inventory to $179 million.
CEO Rick Wilmer noted the performance was achieved despite market uncertainties, particularly in North America. Higher home-charging sales contributed to the beat but are not expected to continue next quarter. The company also highlighted early shipments of its Express Solo DC charging platform, co-developed with Eaton, which can charge a vehicle from 10% to 80% in just 11 minutes at over 600 kilowatts.
For the third quarter of 2026, ChargePoint projects revenue of $110 million at the midpoint, representing a 4.1% increase year-on-year. Wilmer expressed optimism about accelerating growth, driven by new product introductions and advanced technology entering the market.
