EV Charging Firms Are Growing Fast — and Wall Street Hates Them
- Electric car charging stocks drop, even as revenue soars
- Cash burn, distant profits and SPAC stigma turn off investors
Electric-car charging companies finally have hit their hockey-stick moment, with sales soaring after years of sluggish growth. And many investors want nothing to do with them.
Shares of Blink Charging Co., ChargePoint Holdings Inc. and EVgo Inc. have slid over the last year, even as their annual revenues roughly doubled. ChargePoint stock on Tuesday had its best trading day since August, jumping as much as 16% after an upgrade from Bank of America Corp. But just over a week earlier, it hit an all-time low of $7.93, far below its 2021 peak of $35.69. The company, which runs the largest US network of charging stations for electric cars, saw its annual sales rise 94% last year to $468.1 million and is scheduled to report its latest results Thursday.