ChargePoint Holdings, Inc. (CHPT) Stock Analysis

ChargePoint’s principal competitive advantage is its scale and breadth in North American Level 2 (AC) charging, with over 342,000 active ports as of January 2025—more than any direct competitor. This network effect is reinforced by roaming partnerships, giving drivers access to over one million charging locations globally. Unlike vertically integrated rivals such as Tesla, which owns and operates its Supercharger network, ChargePoint employs a capital-light model: it sells hardware and software to site hosts, generating recurring, high-margin subscription revenue (up 20% to $144 million in FY2025).

ChargePoint’s open software platform is a further differentiator. It manages over 700 charger models from 85+ vendors, allowing customers to mix hardware and software providers. This flexibility contrasts with the closed ecosystems of Tesla and, to a lesser extent, EVgo. ChargePoint’s focus on customer support and network reliability—evidenced by AI-driven diagnostics and rapid issue resolution—has become a key selling point, especially as reliability concerns grow industry-wide.

However, ChargePoint’s DC fast charging presence remains limited (9.7% of ports), trailing Tesla and EVgo in this segment. The company’s recent partnership with Eaton aims to address this gap by accelerating deployment of high-power charging solutions. Overall, ChargePoint’s scale, software ecosystem, and customer-centric approach underpin its competitive edge, though its position in fast charging remains a strategic vulnerability.