Nikola, ChargePoint stocks jump on fuel-cell deal, revenue outlook

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Nikola, ChargePoint stocks jump on fuel-cell deal, revenue outlook

 Nikola, ChargePoint stocks jump on fuel-cell deal, revenue outlook
Image source: Jirapong Manustrong,Shutterstock

Highlights

  • Nikola Corporation (NASDAQ: NKLA) completed an agreement with Germany’s Bosch Group for fuel-cell manufacturing.
  • The revenue of ChargePoint Holdings, Inc. (NYSE: CHPT) rose 61% YoY.
  • CHPT expects its Q3 revenue to be between US$60 million and US$65 million.

Stocks of Nikola Corporation (NASDAQ: NKLA) and ChargePoint Holdings, Inc. (NYSE: CHPT) drew massive investor interests on Thursday, September 2.

The NKLA stock was up 3.11 percent to US$11.095 at 10:23 am ET, while the CHPT stock was up 13.99 percent to US$24.20 at 9:25 am ET from their previous closing prices.

Nikola Corporation (NASDAQ: NKLA)

Nikola is an Arizona-based zero-emission vehicle manufacturer. It builds trucks powered by clean energy sources like hydrogen fuel. The stocks drew investors’ attention on Thursday after it announced the closing of an agreement with Germany’s Bosch Group for fuel-cell manufacturing. Nikola expects to launch its fuel-cell-powered trucks in 2023.

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Nikola’s loss from operations in Q2 of fiscal 2021 was US$138.39 million, compared to a loss of US$86.62 million in the year-ago quarter. Its adjusted EBITDA was a loss of US$73.90 million in Q2, 2021, compared to a loss of US$46.90 million in the previous year's corresponding quarter.

In addition, the company reported a net loss of US$143.23 million or US$0.36 per diluted share, against a net loss of US$115.78 million or loss of US$0.43 per diluted share in Q2 of fiscal 2020.

Nikola has a market cap of US$4.41 billion, a forward P/E one year of -7.08, and an EPS of US$-1.36. The NKLA stock dropped 33.08 percent YTD.

The Arizona-based firm’s 52-week highest and lowest stock prices were US$54.56 and US$9.02, respectively. Its share volume on September 1 was 14,047,990.

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ChargePoint Holdings, Inc. (NYSE: CHPT)

This California-based EV infrastructure company develops and operates EV charging stations. The company also provides cloud-based services for the sector. It has reported its Q2 earnings for fiscal 2022 at the market close on September 1.

ChargePoint raised the full-year revenue guidance after the results. It expects full-year revenue to be between US$225 million and US$235 million from its earlier forecast of US$195 million to US$205 million. It also raised the Q3 forecast to between US$60 million and US$65 million.

ChargePoint’s revenue surged 61 percent YoY to US$56.12 million in Q2, compared to US$34.95 million in the year-ago quarter. Its gross profit was US$10.77 million, against US$9.02 million in the year-ago quarter. The loss from operations was US$74.28 million, compared to a loss of US$23.53 million in the same period the previous year.

Its net loss came in at US$84.93 million, or US$0.29 per diluted share, compared to a loss of US$35.28 million, or US$6.97 per diluted share, in Q2 of the previous fiscal year.

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ChargePoint has a market cap of US$7.38 billion, and a forward P/E one year of -38.60. The stock value plunged 42.28 percent YTD.

The California-based company’s 52-week highest and lowest stock prices were US$49.48 and US$10.10, respectively. Its share volume was 16,637,060 on September 1.

Bottomline

Both the stocks saw significant gains in recent sessions. Analysts expect the electric vehicle market to witness robust growth in the coming years with the boom in the EV industry. Many countries, including the US, have pledged to cut vehicular emissions and promote zero-emission vehicles to meet the targets of the Paris Climate Agreement.

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