Stay on Sidelines - ChargePoint Analysts Say Despite Positive Q1, Await More Proof of Growth
Stay on Sidelines - ChargePoint Analysts Say Despite Positive Q1, Await More Proof of Growth
Needham analyst Chris Pierce reiterated ChargePoint Holdings, Inc (NYSE:CHPT) with a Buy rating and a $3 price target.
Needham分析師Chris Pierce重申ChargePoint Holdings, Inc（紐交所代碼：CHPT）的買入評級和3美元的目標價。
Pierce said ChargePoint delivered fiscal first-quarter 2025 revenue above the midpoint of guidance, finding its footing vs. internal expectations for the first time in multiple quarters, a positive turnaround.
皮爾斯表示，ChargePoint交付的2025財年第一季度營收高於指導範圍的中點，首次在多個季度內符合內部預期，這是積極的轉變。
He expects the consensus second-quarter estimate to come down based on company guidance.
基於公司的指導，他預計第二季度的共識預期將下降。
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Still, the likelihood of a negative surprise is materially lower, given first-quarter execution, despite commentary of deal slippage, which aligns with ChargePoint's forecasts.
儘管有交易滑動的評論，但基於第一季度的執行，出現負面驚喜的可能性明顯降低，這與ChargePoint的預測相吻合。
Given past results, the analyst noted a stabilization in the business vs expectations and the lower likelihood of a negative top-line surprise as a net positive.
鑑於過去的成果，分析師指出，業務穩定vs預期和負面營收驚喜的可能性降低是淨積極的。
ChargePoint cited revenue and adjusted EBITDA coming in ahead of internal plans in the quarter, increasing Pierce's confidence in the company achieving what the consensus estimate implies is a stretch goal.
ChargePoint稱季度營收和調整後的EBITDA高於內部計劃，並增加了皮爾斯對公司實現共識估計所暗示的伸展目標的信心。
Despite a lower revenue assumption, the analyst still modeled a fourth-quarter adjusted EBITDA loss, but it was narrower than his prior forecast.
儘管收入預期較低，但分析師仍然對調整後的EBITDA虧損進行了第四季度的建模，但較其之前的預測更窄。
While ChargePoint cited confidence in its longer-term pipeline, pointing to above-normal seasonality driving higher fiscal second-half 2025 revenue,
雖然ChargePoint表達了對其長期管道的信心，並指出在高於正常季節性的情況下推動更高的2025財年下半年收入，
Pierce noted this as a show-me story.
皮爾斯將這視爲一個證明故事。
He saw a higher bar here post-second-quarter guidance. The gross margin and operating expenditure controls are currently doing the heavy lifting in the model.
他認爲，在第二季度的引導後，在這裏看到更高的門檻。當前，毛利率和運營支出控制正承擔着模型的重任。
Still, the consensus second-half revenue estimate needs to be higher, given minimal concrete proof points to date.
儘管迄今爲止僅有最少的具體證明點，但共識的下半年收入估計仍需要更高。
Pierce said a surge in working capital was the driver, given an inventory build in the quarter. His second-half revenue estimate is ~30% above his first-half estimate, setting a high bar.
皮爾斯表示，資本工作的激增是驅動因素，考慮到這一季度的庫存建立。他對下半年的收入估計比上半年的估計高約30％，設定了一個高門檻。
ChargePoint is converting $30 million in restricted cash to unrestricted cash and has yet to tap its $150 million line of credit. Still, if revenue growth is pushed out further, he expects liquidity concerns to grow unless ChargePoint can reverse its working capital growth.
ChargePoint正在將3000萬美元的限制性現金轉換爲非限制性現金，並且尚未動用其1.5億美元的信貸額度。但如果收入增長進一步推遲，他預計流動性擔憂將增長，除非ChargePoint能夠扭轉其營運資本增長。
Pierce projected second-quarter revenue and EPS of $112 million (prior $120 million) and $(0.17).
皮爾斯預測第二季度的營收和EPS分別爲1.12億美元(之前爲1.2億美元)和(0.17)。
Oppenheimer analyst Colin Rusch had a Perform rating on ChargePoint.
Oppenheimer分析師Colin Rusch對ChargePoint進行了表現評級。
As ChargePoint beat street expectations across metrics but guided slightly below the street, the analyst noted a solid foundation building for the company as it returns to growth.
由於ChargePoint在各項指標上超過了街道預期，但指導稍低於街道，分析師指出，該公司正在建立堅實的基礎，開始重返增長。
First, vehicles per public charging port have reached 20 in the US versus multiple studies suggesting a healthy level of charging infrastructure at 8-12 vehicles/port.
首先，每個公共充電端口的車輛數量已經達到20輛，而多項研究表明每個端口8-12輛的充電基礎設施水平是健康的。
Rusch acknowledged lag partly due to NEVI support working through the allocation system and tighter budget management for charging hosts.
Rusch表示對於NEVI支持通過分配系統進行的滯後部分是由於緊張的預算管理和充電主機市場原因。
The analyst expects both to become material growth drivers as the year progresses.
該分析師預計這兩個因素將在今年的其餘時間成爲重要的增長驅動因素。
On the operational side, he noted the company is executing well in its cost-out efforts, product/software enhancements, and cash management.
在運營方面，他指出公司在降低成本、產品/軟件增強和現金管理方面表現良好。
Rusch remained on the sidelines, looking for further evidence of revenue inflection higher.
魯斯奇觀望，尋找更多營業收入上升的證據。
Rusch projected second-quarter revenue and EPS of $114.1 million (prior $120.0 million) and $(0.07).
魯斯預測第二季度的營業收入爲1.141億美元（原先的1.2億美元）和每股收益爲$（0.07）。
Price Action: CHPT shares traded higher by 4.05% to $1.80 at the last check on Thursday.
股價表現：在週四最新交易中，CHPT股價上漲4.05%，至1.8美元。
Photo via Wikimedia Commons
照片通過Wikimedia Commons
譯文內容由第三人軟體翻譯。