Wallbox and EVgo reaffirmed key guidance despite reporting big misses in the first quarter. Wallbox stock plunged Wednesday while EVgo stock rose.
Their reports round out this week's earnings results from EV charging stocks and alternative-fuel stocks. On Monday, Blink Charging crushed revenue estimates for the first quarter on robust demand for EV charging stations. Fuel-cell firm Plug Power missed both earnings and revenue views.
EV Charging Stocks Eye Billions In Spending
New EV stocks generally receive sparse coverage from analysts. That means consensus targets don't benefit from the breadth of research and perspective enjoyed by more thoroughly covered stocks.
The Biden administration plans to spend $5 billion to build half a million public chargers, mainly along interstate highways. Still, EV charging stocks have sold off along with the broader EV market and stock market.
IBD Live: A New Tool For Daily Stock Market Analysis
Wallbox Earnings
Early Wednesday, Wallbox posted revenue of $29.8 million, which missed FactSet estimates by more than $6 million.
Year over year, revenue jumped 192% in euro terms, driven by robust demand for chargers, Wallbox said in Wednesday's earnings release. Charger sales jumped 180% to 51,000 units. The company touted gross margin of 41.4%, which surpassed its own forecasts.
Barcelona-based Wallbox forecasts revenue growth of 100%-115% in the current quarter. It reaffirmed its forecast for sales growth of 145%-190% in all of 2022.
"The full year 2022 appears to be evolving for us as we had expected, and we're excited to begin delivering new and innovative products to the market," Wallbox CEO Enric Asuncion said in the news release.
Wallbox stock tanked 7% to 10.89 Wednesday, falling further below the 50-day moving average. Shares are down more than 8% on the week.
EVgo Earnings
Early Wednesday, EVgo lost 21 cents, in line with a year ago. Revenue jumped 88% to $7.7 million.
Analysts polled by FactSet had expected EVgo to narrow losses to 12 cents per share on revenue of $8.8 million.
EVgo backed full-year 2022 revenue guidance of $48 million-$55 million and adjusted EBITDA of negative $75 million-negative $85 million. It also backed target guidance of 3,000—3,300 DC fast-charging stalls operational or under construction by year end.
"We continue to work with a number of partners to develop, and in some cases accelerate, plans for new EV charging stations across the U.S.," EVgo CEO Cathy Zoi said in Wednesday's release.
Shares pared gains to 1.8%, trading at 7.82 Wednesday. EVgo stock is down roughly 10% on the week and has a year-to-date loss of 21%.
Blink Charging Earnings
Blink Charging widened losses to 36 cents per share from an 18-cent deficit a year ago. Revenue surged 339% year over year to $9.8 million. Higher product sales and service revenues drove the "exponential" revenue gain, Blink said. Analysts expected a loss of 41 cents per share on revenue of $7 million.
In Q1, the number of charging stations sold or under contract nearly doubled year over year to 3,174, Blink Charging said in a late Monday earnings release. It touted a strategy based on making acquisitions and striking EV charging partnerships.
"Additionally, we continue to see success with state and federal government programs that promote the adoption of a reliable and convenient EV infrastructure," CEO Michael Farkas said in the earnings release.
Shares of Blink Charging gave up 3.9% to 15.64 on the stock market today. On Monday, Blink stock dived 13.5% to 15.53, setting its lowest levels since late 2020. A five-week decline has left BLNK down almost 41% from where it started the year.
Plug Power Earnings
Plug Power widened losses to 27 cents a share from 12 cents a year ago. Revenue swelled 96% to $140.8 million. Analysts were expecting a loss of 16 cents on revenue of $144.8 million.
Shares fell 4.4% to 15.02 Wednesday, extending this week's plunge. Plug Power stock is down nearly 23% on the week after hitting the lowest point since late 2020.
New York-based Plug Power focuses on hydrogen and fuel-cell systems. It targets stationary energy storage, industrial robots and commercial fleets. In April, Plug Power announced a deal giving Walmart an option to buy 20 tons per day (TPD) of liquid green hydrogen to fuel 9,500 lift trucks. It aims to produce 70 TPD of green hydrogen by end of 2022.
ChargePoint and Volta will report soon.
