How does the reported margin performance compare to peers such as EVgo, Blink, and Tesla's charging network?

Margin comparison – In the Q2 FY‑2026 release ChargePoint disclosed a gross‑margin of roughly 31 % and an adjusted EBITDA margin that moved into the low‑single‑digit positive range. That is an improvement over the sub‑30 % gross‑margin the company posted a year earlier, but it still lags the high‑50 % gross margin Tesla’s Supercharger network enjoys (Tesla’s integrated hardware‑software model drives far higher utilization and lower cost‑of‑goods). EVgo and Blink are closer to ChargePoint on a percentage basis – EVgo’s most recent gross‑margin hovered near 28 %, while Blink’s has been volatile around 22‑24 % – but both firms remain in the red on an EBITDA basis, whereas ChargePoint finally crossed into modest profitability. In short, ChargePoint’s margin profile is ahead of pure‑play EV‑only networks (Blink) and roughly on par with EVgo, yet well below the Tesla‑level economics.

Trading implications – The margin lift signals that ChargePoint’s recent network‑scale‑up and cost‑control initiatives are starting to bear fruit, a narrative that can justify a re‑rating upside if the company sustains double‑digit revenue growth while expanding high‑utilization stations. However, the gap to Tesla’s economics means the stock still carries a valuation discount relative to the broader charging ecosystem. Traders might consider a bullish stance on CHPT (e.g., buying on dips or adding to existing positions) if the price is trading below 12‑month forward EV/EBITDA multiples that are still cheaper than EVgo’s and Blink’s, while keeping a tight stop near recent support (~$5.20) given the still‑narrow profit margin. A failure to keep margins above 30 % or a slowdown in station utilization would likely pressure the stock back toward its current range, making a short‑term contrarian (sell‑on‑rally) a viable hedge.