Shares of ChargePoint (CHPT +8.92%) rocketed more than 77% higher this past week after the electric vehicle charging infrastructure provider reported stronger-than-expected financial results, and its leadership team gave upbeat commentary on the EV industry.

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ChargePoint’s losses are narrowing as it scales its operations

ChargePoint’s revenue rose 18% year over year to $116 million in its fiscal 2027 second quarter, which ended July 31.

The gains were fueled by a 25% surge in networked charging systems revenue to $63 million, and a 10% jump in subscription revenue to $44 million.

During a conference call with analysts, CEO Rick Wilmer noted that higher gas prices are boosting demand for EVs in the U.S. He also pointed to a J.D. Power report showing that once someone purchases an EV, they’re likely to continue to do so.

“Once consumers go electric, they stay,” Wilmer said.

Additionally, Wilmer said EV trends are even more favorable in Europe, with sales up 33% year over year in July.

“Globally, the long-term case for EV adoption continues to strengthen, and we are seeing meaningful real-time market dynamics that support continued growth for ChargePoint,” Wilmer said.

ChargePoint

Today’s Change

(8.92%) $0.81

Current Price

$9.89

At the same time, ChargePoint is working to cut costs. The company’s adjusted operating expenses declined by 11% to $52.3 million.

All told, ChargePoint’s adjusted net loss shrank by 72% to $9.2 million.

New innovations should drive ChargePoint’s expansion

Wilmer highlighted an ultrafast new charger that ChargePoint codeveloped with power management giant Eaton. Billed as “the world’s fastest stand-alone EV charger,” the Express Solo can deliver up to 600 kilowatts of power and charge an EV from 10% to 80% in just 11 minutes.

“We co-engineered Express with Eaton with an uncompromising focus on performance, scalability, energy density, and economics that we believe is unmatched,” Wilmer said. “Early access units have begun shipping, and the demand signal from customers has been exceptional.”