1. The Chevron or ExxonMobil for electric vehicles, providing the charging 'fueling stations'.

2. The Cisco for EV charging networks, supplying the hardware and software to manage charging infrastructure.

• EV Charging Stations: A range of AC and DC fast chargers for residential, commercial, fleet, and public use.
• Charging Network Software: A cloud-based platform for managing charging stations, user access, payments, and energy management.
• Network and Support Services: Installation, activation, ongoing maintenance, and customer support for charging infrastructure.

ChargePoint (CHPT) primarily sells its electric vehicle (EV) charging hardware, software, and services to other companies (B2B) rather than directly to individual consumers.

ChargePoint serves a highly diverse and fragmented customer base, spanning thousands of businesses, property owners, and fleet operators globally. Due to this broad distribution across various industries, ChargePoint typically does not disclose a few specific "major customers" that account for a significant portion of its revenue in the way a supplier might to a single large manufacturer. Instead, its customer base is characterized by widespread adoption across many types of entities.

While specific revenue concentrations for individual customers are not publicly disclosed, examples of public companies that utilize ChargePoint's solutions for their operations or properties include:

• Ryder System, Inc. (R): As a leading logistics and fleet management company, Ryder uses ChargePoint solutions to power its electric vehicle fleets and support its fleet electrification initiatives across its facilities.
• Simon Property Group (SPG): A prominent real estate investment trust (REIT), Simon Property Group deploys ChargePoint charging stations across its extensive portfolio of shopping malls, premium outlets, and other retail properties to provide charging services for its patrons and tenants.

Beyond these specific examples, ChargePoint's major customer categories, representing the types of businesses that are its primary customers, include:

• Commercial Workplaces: Companies and enterprises installing charging stations for their employees and visitors as a workplace amenity.
• Fleet Operators: Businesses, logistics companies, and government agencies transitioning their vehicle fleets (e.g., delivery, transit, service vehicles) to electric, requiring dedicated depot and on-route charging infrastructure.
• Retail and Hospitality: Stores, restaurants, hotels, entertainment venues, and other destination sites offering EV charging as an amenity to attract and serve customers.
• Multi-Family Dwellings (MFDs): Apartment complexes and condominium associations providing charging options for residents to support EV adoption in residential settings.
• Government and Municipalities: Public sector entities deploying charging infrastructure for public access, city fleets, and municipal buildings.
• Automotive Original Equipment Manufacturers (OEMs): While often partners for integrated charging solutions for their drivers, some OEMs and their dealership networks also purchase ChargePoint solutions for their own facilities (e.g., employee charging, customer charging at dealerships).

Flex Ltd. (FLEX)

Celestica Inc. (CLS)

The foremost risk for ChargePoint is its persistent lack of profitability and strained financial health. The company has a history of losses and negative cash flows, with weak subscription growth and high operating expenses consistently exceeding gross profits. Despite cost-cutting measures and strategic reorganizations, ChargePoint has yet to establish a clear path to profitability, raising concerns about the long-term viability of its business model.

Secondly, ChargePoint operates in a highly competitive market. It faces significant pressure from numerous rivals, including established players like Tesla, EVgo, and Blink Charging, as well as industrial giants such as Siemens and ABB, all vying for market share in the rapidly evolving EV charging infrastructure space. This intense competition can lead to pricing pressures and make it challenging for ChargePoint to maintain or expand its market position.

Finally, market volatility and the pace of EV adoption pose a substantial risk. ChargePoint's success is heavily dependent on the widespread acceptance and adoption of electric vehicles and the corresponding demand for charging stations. Slower-than-anticipated EV uptake, coupled with factors like delays in infrastructure funding or permitting, can directly impact ChargePoint's revenue and growth prospects.

Global Market

North American Market

European Market

• Growth in Subscription Revenue: ChargePoint consistently highlights the healthy growth of its subscription revenue, which represented 37% of total revenue in Q3 2025 and 40.5% in Q2 2025, growing 19% year-over-year in Q3 2025 and 10% year-over-year in Q2 2026. The company's business model emphasizes recurring revenue from its comprehensive portfolio of hardware, software, and services for commercial, fleet, and residential customers. This ongoing growth in subscriptions is a significant factor in ChargePoint's revenue strategy.
• New Product Introductions and Innovation: ChargePoint anticipates revenue upside from the introduction of new hardware, including its new AC hardware and the modular Express DC fast charging architecture. This new DC fast charging architecture, developed in collaboration with Eaton, is expected to "change the economics of DC fast charging for the industry." Additionally, the new Flex AC product line is also designed to contribute to future growth.
• Strategic Partnerships: The operationalization and growth stemming from strategic partnerships, notably with Eaton, are identified as future revenue drivers. The collaboration with Eaton includes a new modular Express DC fast charging architecture with end-to-end power infrastructure, featuring vehicle-to-grid (V2G) capabilities. ChargePoint has already recorded initial revenue deals from this go-to-market relationship. A collaboration with General Motors to accelerate EV charging infrastructure growth in North America by installing hundreds of ultra-fast charging ports in 2025 is also expected to contribute.
• Expansion in European Markets: ChargePoint has a growing presence in Europe, and improved performance in this region is expected to contribute to revenue growth. Europe accounted for 17% of Q3 2025 revenue, and continued expansion and market penetration there remain a key focus for the company.
• Improved Station Uptime and Customer Satisfaction: While not a direct revenue line item, ChargePoint's focus on operational excellence, including initiatives like the new tool to improve station uptime, directly enhances customer satisfaction. Increased reliability and customer support capabilities are winning deals over competitors, which in turn can lead to higher utilization of charging stations, increased transaction fees, and greater customer retention for both hardware and recurring subscription services.

Share Issuance

• ChargePoint went public in February 2021 through a business combination with Switchback Energy Acquisition Corporation, a special purpose acquisition company (SPAC).
• The SPAC transaction raised approximately $480 million in net proceeds for ChargePoint.

Inbound Investments

• Vanguard Group Inc. acquired 38,169,053 shares of ChargePoint on September 30, 2024, for $1.37 per share, significantly increasing its stake in the company.
• As of November 8, 2025, 37.77% of ChargePoint's stock is owned by institutional investors.
• During the previous two years, major institutional investors included Vanguard Group Inc. ($33.11M), State Street Corp ($14.11M), and Norges Bank ($9.73M).

Outbound Investments

• ChargePoint has made a total of 3 acquisitions, with two notable ones in 2021.
• In July 2021, ChargePoint acquired has·to·be, a European e-mobility technology provider, for approximately €250 million in cash and stock to strengthen its presence in Europe.
• In August 2021, ChargePoint acquired ViriCiti, an Amsterdam-based provider of cloud-based energy management and analytics solutions for electric buses and trucks, for $87.9 million.

Capital Expenditures

• Over the past five years, ChargePoint's average capital expenditure (CapEx) has been $15.18 million, with a median of $16.85 million.
• The company's highest CapEx in the last five years was $21.21 million, recorded on March 31, 2023.
• Cash flow for capital expenditures for the trailing twelve months ended July 2025 was -$7.13 million, with quarterly capital expenditures reported at $1.3 million for July 2025.