ChargePoint Holdings Inc. (NYSE:CHPT) shares are trading higher Thursday after the company reported second-quarter results on Wednesday after market close.

• ChargePoint stock is among today’s top performers. What’s driving CHPT stock higher?

Q2 Beat with Revenue Growth and Improved Margins

ChargePoint reported an adjusted loss of 35 cents per share, beating the consensus estimate of a loss of 84 cents. In addition, the company reported revenue of $116.075 million, beating the consensus estimate of $105.223 million.

Networked charging systems revenue came in at $62.9 million, up 25% from $50.4 million in the same period last year. Subscription revenue rose 10% to $43.7 million from $39.9 million a year earlier. Cash, cash equivalents and restricted cash stood at $95.7 million as of July 31, with approximately 27 million shares of common stock outstanding.

“The second quarter was an exceptional quarter for ChargePoint as we exceeded the high end of our guidance, delivered record non-GAAP gross margin, and managed our cash with extreme rigor through continued operational discipline,” said Rick Wilmer, President and CEO of ChargePoint.

Q3 Sales Guidance

ChargePoint sees third-quarter sales of $105.000 million to $115.000 million, versus the consensus estimate of $109.286 million.

ChargePoint Shares Race Higher

CHPT Price Action: At the time of publication, ChargePoint shares are trading 18.11% higher at $6.13, according to data from Benzinga Pro.

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