Benzinga | Jun 4, 2021 02:52PM EDT

ChargePoint CEO Bullish Over Electric Pickups Prospects: Bloomberg

* Electric vehicle (EV) infrastructure company ChargePoint Holdings Inc (NYSE: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 (NASDAQ:TSLA) may begin shipping its Cybertruck later in 2021. Ford Motor Co (NYSE: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.