ChargePoint CEO Bullish Over Electric Pickups Prospects: Bloomberg - ChargePoint Hldgs (NYSE:CHPT)

Electric vehicle (EV) infrastructure company ChargePoint Holdings Inc CHPT CEO Pasquale Romano expects multiple businesses that maintain fleets of pickups to switch to electrics in the next few years over its cost-effectiveness, Bloomberg reports.
Romano also expects the fleet drivers to get hooked to the performance of the EVs.
President Joe Biden’s clean energy drive necessitates higher investment in charging station infrastructure. However, the charging station infrastructure companies’ profitability prospects will be restricted by home charging.
Romano expects the electric pickups to boost EV sales in parts of the country where they had previously struggled.
Tesla Inc TSLA may begin shipping its Cybertruck later in 2021. Ford Motor Co F plans to launch its electrified F-150 Lightning in 2022.
ChargePoint reported first-quarter FY22 revenue growth of 24% year-on-year to $40.5 million, beating the analyst consensus of $35.85 million.
Revenue from Networked charging systems rose 36.3% Y/Y to $26.8 million. Subscriptions revenue grew 20.2% Y/Y to $10.8 million.
EPS loss of $(0.17) missed the analyst consensus of $(0.10) loss.
ChargePoint used $38 million in operating cash flow and held $609.8 million in cash and equivalents.
The company sees Q2 revenue of $46 million - $51 million.
Price action: CHPT shares traded higher by 6.42% at $27.96 on the last check Friday.