What Happened?
Shares of EV charging solutions provider ChargePoint Holdings (NYSE: CHPT) jumped 6.4% in the afternoon session after Department of Energy data showed that Tesla operated 41,552 Supercharger ports across the United States and Canada, trailing only ChargePoint.
According to Morningstar, the data highlighted the company's network scale as automakers and charging providers expand infrastructure. Automotive competitors collaborating through the charging venture Ionna doubled ports to 1,566 across more than 180 stations since early 2026.
Asset prices were also supported after United States core personal consumption expenditures inflation slowed to an annual rate of 3.4% in August from 3.7% in July. The reading was below expectations and reduced Treasury yields.
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What Is The Market Telling Us
ChargePoint’s shares are extremely volatile and have had 63 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 27 days ago when the stock gained 76.3% on the news that the company reported second-quarter 2026 revenue and earnings that topped Wall Street's expectations alongside significant margin improvement. According to the company's press release, ChargePoint generated revenue of $116.1 million, up 17.7% year on year, beating Wall Street's $105.2 million consensus. Adjusted EPS of -$0.35 beat analyst estimates of -$0.85, while its adjusted EBITDA loss narrowed to $4.75 million from negative $22.1 million last year.
On the earnings call, CEO Rick Wilmer and CFO Mansi Khetani tied the performance to record 38% gross margins (35% normalized excluding tariff refunds) and zero cash burn, aided by inventory falling to $179 million. Wilmer noted, “We achieved this performance despite the uncertainty, particularly in North America,” where elevated home-charging sales drove the beat but are not expected to recur next quarter. Management highlighted early-access shipments of the Eaton co-developed Express Solo DC charging platform, which demonstrated a 10% to 80% charge in 11 minutes at 600-plus kilowatts. For the third quarter, management guided for revenue of $110 million at the midpoint, a 4.1% year-on-year increase.
Speaking to CNBC during an interview, “The growth is starting to accelerate,” Wilmer added, noting “It’ll be driven substantially by the new products and technology we’re putting into the market.”.
ChargePoint is up 44.5% since the beginning of the year, but at $10.18 per share, it is still trading 17.5% below its 52-week high of $12.34 from October 2025. Despite the year-to-date gain, investors who bought $1,000 worth of ChargePoint’s shares 5 years ago would now be looking at only $25.45.
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