Chargepoint Stock – The EV market continues to grow. We can discuss the semantics of this growth. The fact is that the electricity market is growing, and with that growth there can be opportunities. The first place to look is the current electric car manufacturers. I don’t want to focus on that in this article. There could be a nice long analysis about car manufacturers, but not for today. I look at some of the other potential winners from the growing market. It is often the case that companies that provide services in a growing market are some of the real winners. An obvious thing for the electricity market is the charging stations. This is a market that must grow if the electricity market is to grow. ChargePoint Holdings, Inc. (NYSE:CHPT) has the most charging stations nationwide. It also has a different strategy than many other EV charging station companies. I reviewed the company to see if it was acquired or not.
ChargePoint is different from other EV charging station companies. The company calls itself “a leading provider of electric vehicle charging solutions.” What makes his business different is that he does not sell electricity. From its 10-K, “ChargePoint sells network charging hardware connected through cloud-based software services (“Cloud” or “Cloud Services”) and supported by parts warranty solutions extended and working (“Assure”)… ChargePoint does not sell grid-charging hardware without software, typically does not own or operate EV charging facilities, does not monetize drivers, and does not does not depend on profits from the sale of electricity.
Chargepoint Stock
It sells the hardware to the site owner and lets them decide the price they charge for the electricity. ChargePoint makes its money from hardware sales and software subscriptions. The subscription software provides the following features: station and site host management, host pricing and payment transfer options, power management, driver management tools and integration with route planning for the system’s fleets. Its revenue is closer to a software-as-a-service business than a charging station business. This is how her business intends to function. However, most of the revenue still comes from hardware sales. I find it interestingly similar to some other companies I’ve seen in the past in Peloton and GoPro. These companies sell lower-margin hardware and cover costs through higher-margin software subscriptions. I think the ChargePoint has a longer lifespan than these two products. You may replace your GoPro every few years, ChargePoint will have its charging stations for much longer.
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This business strategy is much less capital intensive. They don’t bear the cost of expanding the charging stations and keep that cost on the books. They sell it for a gross profit. This also means that they do not receive ongoing revenue from collection fees and disrupt future revenue streams. They decide to forego that investment stream and put their money elsewhere. I see this as potentially good and bad. However, they get a subscription fee attached to the hardware because they don’t sell hardware without a subscription fee attached to it. This is where the profit for the company comes from. This strategy should also give the company a much faster path to profitability than some other EV charging station competitors. Those companies must continue to spend money on charging stations, and over time recoup the money by selling the electricity.
ChargePoint has also put more emphasis on Level 2 AC plugs for charging. These charging stations provide much slower charging, but the company estimates that Level 3 fast-charging DC plugs are 10 times more expensive to purchase and install. DC fast chargers are used for long journeys when you need to cover more kilometers quickly. AC charging is your most common local charging. They are found in businesses, homes, retailers, etc. When you plan to be plugged in for several hours or more, they provide a good charging option. So while the company has the most charging stations nationwide, it doesn’t have as many DC chargers as many of its competitors. This depends on the owner of the station as he buys the equipment and pays for the electricity.
There is a lot of competition for electric car charging. There are many startups in the space as well as larger established companies entering the space. Partnerships are also becoming an important part of this. Partnerships with companies as well as car manufacturers are starting to emerge. There are also a number of small operators in the market. In general, the market is very fragmented. I feel that there needs to be consolidation going forward for any business to be successful in the field. It can become very confusing and difficult to charge your electric car. You don’t want to have multiple apps and accounts with different providers to charge at their station, or at least get the maximum benefits of charging with them. I can’t imagine having a bill at every gas station I want to use. I understand that there are credit cards and other things that encourage people to come back and get benefits. This is not quite on par with charging networks. You need it to tell you where the next charger is and to plan your route. When different charging stations are on different networks, this becomes difficult to do. That’s why Tesla (TSLA) has built the largest network for its customers. You should be able to find a charger and not have to pull up three different apps to find the best route.
Some companies like Ford have started to collaborate with different charging networks to combine them under one roof. Through their BlueOval Charging Network, you can find charging stations from various companies that have partnered with the company. He currently works with Electrify America and Greenlots (now Shell). This can be withdrawn on the FordPass app on your phone or via your vehicle’s dashboard. You can plan a route and charging stations along the way and pay for it directly through the same app. This is essentially what Tesla has done with its supercharger network. GM did something similar with EVgo Inc (EVGO). This is the only way I see the charging network working for electric vehicles. There should be consolidated apps that can direct you to the various charging stations of the company and be used in any of them to charge. Either that, or charging companies are getting to the point where their charging stations are accessible to drivers everywhere. It can also come through consolidation.
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This is where it gets interesting for ChargePoint. They do not have their own charging stations and do not sell electricity. So they can work with companies like Ford or GM to integrate with their vehicles, but their profits are limited because they don’t sell electricity and don’t get a higher fee than what they already got from the charging owner. Therefore, they need to innovate and be accessible to as many customers as possible, otherwise site owners will not be interested in installing their systems. They have formed partnerships with some other charging networks, but those networks do not have to pay the monthly subscription, so there is no revenue for ChargePoint. They also stated the following on the conference call: “ChargePoint now has more than a dozen automotive partnerships where ChargePoint’s cloud services aggregate access to all major public charging networks in Europe and the Americas ‘ On through the OEM’s in-dash system or a companion app “. I am not sure what kind of revenue they will generate from this. I’m not sure if the OEMs are paying for this service or if this is just a way to be competitive to get more places and thus more subscription fees. It shows the importance of aggregation and partnerships within the network of accounts. The networks have to become more consolidated for this to work.
The final piece of the contest is that ChargePoint can’t rest on its laurels. With the high level of competition, there will always be a new, affordable, high-end charger on the way. ChargePoint needs to keep innovating or the location may not want to include their chargers and prefer to go with a competitor. This can be seen in the high costs of research and development incurred by the company. The question is whether ChargePoint can cover those costs sufficiently
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