Shares of ChargePoint surged 18.8% to $6.19 in after-hours trading on September 2 after the EV charging network operator reported fiscal second-quarter results that handily beat its own guidance — a rare bright spot for a stock that had been sliding for weeks from $5.83 to $5.21 over just five sessions. ChargePoint Delivers a Blowout Quarter That Reignites the Bull Case — but Is the Rally Running Ahead of the Business?
Shares of ChargePoint vaulted 18.8% to $6.19 in after-hours trading September 2, reversing a five-session slide that had dragged the stock from $5.83 to $5.21. The catalyst was unmistakable: a fiscal second-quarter earnings report that beat expectations on nearly every line, giving investors the clearest sign yet that the long-suffering EV charging company's turnaround may be taking hold.
Revenue Blew Past Wall Street and the Company's Own Targets
Revenue reached $116 million, surpassing the $105.43 million analyst estimate and marking an 18% increase from $98.6 million in the prior year's same quarter.
ChargePoint's own guidance had called for just $100 million to $110 million. The $10 million-plus beat above the top end signals genuine demand acceleration, not just conservative sandbagging. For a stock that had lost roughly half its value over the prior twelve months, down 51.9% in the last 12 months , proof of growth re-emerging matters enormously to shareholders questioning the company's viability.
Margins Hit Record Territory, Shrinking the Path to Breakeven
Non-GAAP gross margin — the share of each revenue dollar left after direct costs — jumped to a record 38%, up from 32% just one quarter ago. GAAP gross margin also rose to 36%, while GAAP net loss fell 46% to $35.6 million. The margin surge signals that newer, higher-margin hardware and a growing $44 million subscription revenue stream are shifting the business mix in the right direction. Subscription revenue increased 10% year-over-year , the steadier, software-driven income that doesn't depend on one-time equipment sales.
Hardware Sales Drove the Upside, but Seasonal Risks Loom
Networked charging systems revenue grew 25% year-over-year to $62.9 million — a sharp rebound from years of hardware declines. Yet ChargePoint guided Q3 revenue of just $105 million to $115 million, below Q2 levels , a reminder that hardware orders can be lumpy and seasonal. Investors cheering today's beat should note the midpoint implies a sequential step-down.
The Stock Is Still Down Sharply — and Still Losing Money
Even after the pop, ChargePoint trades far below its 2021 highs. The company's trailing net margin sits at roughly -50% , and fiscal 2026 produced a $220 million net loss . The question now: can the margin trajectory hold long enough to reach profitability before cash runs thin? One quarter doesn't make a turnaround — but for the first time in years, the math is trending the right way.