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Highlights:
- ChargePoint Holdings posted revenue of US$ 125 million in Q3 2023.
- Blink Charging’s service revenue in Q3 2022 was US$ 3.1 million.
- Blink reported cash and cash equivalents in Q3 2022 came at US$ 57.0 million.
Tesla shares dropped 44 per cent in December as the electric vehicle behemoth is staring at its worst fall in a year. The EV maker is down from its all-time high in November 2021. Due to shutdowns in its China factories as a fallout of breakthrough Covid infections in the country, Tesla is facing losses leading to a steep fall in its shares.
Moreover, investors are also displeased over Elon Musk’s obsession with Twitter Inc., which he bought this year after enough drama for US$ 44 billion. However, what about other EV stocks? Are they going to capitalize on the fall of Tesla and dethrone the global leader in the EV segment?
Let’s look at two US-listed EV stocks and their performances in recent quarters:
Blink Charging Co. (NASDAQ:BLNK)
Blink Charging Co owns, operates, and offers EV charging services. The company has EV charging equipment for both residential and commercial purposes.
Blink Charging posted a 169 per cent growth in total revenues to US$ 1 7. 2 million in Q3 2022 against US$ 6.4 million in Q3 2021. The company's service revenue also rose by 123 per cent YoY in the third quarter of 2022 to US$ 3.1 million, compared to US$ 1.4 million the previous year.
The company contracted, deployed, or sold 7,834 charging stations in Q3 2022, up by 160 per cent compared to Q 3 2021.
Blink’s product sales in Q3 2022 rose 177 per cent to US$ 13.4 million compared to the same period in 2021. This was propelled by a rise in sales of DC fast chargers, commercial chargers, and residential chargers.
The cash and cash equivalents of Blink as of September 30, 2022, came to US$ 57.0 million.
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ChargePoint Holdings Inc. (NYSE:CHPT)
ChargePoint deals in EV charging system infrastructure and cloud-based services. The company designs develops, and markets networked EV charging points, helping consumers locate, reserve, and authenticate EV charging.
ChargePoint posted revenue of US$ 125 million in the third quarter of 2023, which was a 93 per cent growth YoY at US$ 65 million. The company reported improved GAAP and Non-GAAP gross margins by one percentage point quarter-over-quarter.
The Q3 2023 GAAP net loss was US$ 84.5 million against US$ 69.4 million in the prior year's corresponding quarter. The company posted about 342 million shares of common stock outstanding in the third quarter of 2023.
Bottom line
Although EV stocks were a favorite of investors, times are different now as the broader market is volatile. Past performances cannot be an assurance of future gains. So, it’s imperative that, as an investor, that one does proper market research before taking critical investment decisions. A diversified portfolio with a long-term strategy is the best way to invest in a bearish market like now. It will protect your money in the short term until the market returns to normal.
