EV Charging Stocks

Tesla Inc.

Tesla's Supercharger network is the largest DC fast-charging network in the world by connector count, with 79,918 connectors across 8,463 stations globally as of Q1 2026 — up 19% year-on-year. In 2024, Tesla began opening the Supercharger network to non-Tesla vehicles in North America; nearly every major automaker selling EVs in North America has adopted or committed to SAE J3400/NACS, though the transition is staggered by brand and model year — with many vehicles relying on adapters during the interim — converting the Supercharger into a revenue-generating public utility. Supercharger revenue sits within Tesla's "Services and Other" segment, which generated $12.53 billion in FY2025 (up 19% year-on-year); Tesla does not separately disclose charging revenue within this line. In Q1 2026, Tesla added over 2,200 net new stalls globally in a single quarter.

Tesla is primarily an electric vehicle manufacturer: automotive revenue of $69.53 billion represented approximately 73% of total FY2025 revenue of $94.83 billion. Investors in TSLA gain indirect exposure to the Supercharger network rather than a pure-play charging position. The primary FY2025 and Q1 2026 financial story is margin recovery — automotive gross margin (ex-regulatory credits) recovered to 19.2% in Q1 2026, up from 12.5% in Q1 2025. The broader investment thesis centres on FSD (Full Self-Driving) software monetisation, the Robotaxi service (launched June 2025; operating with limited geofenced unsupervised deployments in Austin, Dallas, and Houston as of April 2026), and the Optimus humanoid robot programme (first-generation production line being installed Q2 2026). As of Q1 2026, active FSD subscriptions reached 1.28 million, up 51% year-on-year.

ABB Ltd

ABB Ltd is a Swiss-Swedish industrial conglomerate listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB), operating in approximately 100 countries with around 110,000–113,000 employees. The company operates through three continuing business areas — Electrification, Motion, and Automation — plus Corporate and Other, which houses the E-mobility (EV charging) division. ABB's EV charging exposure sits within Corporate and Other, not within the Electrification segment; the E-mobility division manufactures DC fast chargers and AC charging infrastructure under the Terra product family, including the Terra 360 and AC wallbox series. The division is separately financed with a planned SIX Swiss Exchange IPO that has been repeatedly deferred since 2022; as of the most recent reporting period (Q1 2026) E-mobility was generating an Operational EBITA loss of $47 million per quarter. In December 2025, ABB sold a 60% stake in ChargeDot (its Chinese EV charging joint venture) as part of a partial rationalisation of the division.

ABB's core group generated $33.22 billion in FY2025 revenue at an Operational EBITA margin of approximately 19.0% (within the group's 18–22% target range). The Electrification segment (FY2025 revenues ~$17.4 billion) is ABB's largest and highest-margin division, serving data centres, utilities, and industrial customers — its primary growth driver, with Q1 2026 orders of $6.65 billion (+44% comparable growth). In October 2025, ABB agreed to divest its Robotics business to SoftBank Group for an enterprise value of approximately $5.375 billion; the transaction is expected to close in mid-to-late 2026, subject to regulatory approvals. EV charging represents a small and currently loss-making portion of total group revenue and is not separately reported.

EVgo Inc.

EVgo Inc. operates one of the largest public DC fast-charging networks in the United States, with 5,280 total stalls across more than 1,200 fast-charging locations in 47+ states as of Q1 2026 (5,100 at year-end 2025, +25% year-on-year). The network is exclusively DCFC: 62% of public stalls deploy 350 kW ultra-fast hardware, and the network supports both CCS and NACS connectors. The network delivered 366 GWh of throughput in FY2025 (up 32% year-on-year), with approximately 1.6 million registered customer accounts. EVgo's primary non-dilutive capital source is a DOE Title 17 loan with a total facility of $750 million (reduced from ~$1.25 billion by the First Omnibus Amendment in April 2026), supplemented by a $300 million commercial Credit Agreement. The company listed on Nasdaq via SPAC in July 2021; its majority shareholder is LS Power (EVgo Holdings), which held approximately 55.2% of EVgo OpCo as of Q1 2026.

Average network utilisation was approximately 24% in Q4 2025 — EVgo and Electrify America together significantly exceed the rest of the public DCFC industry (5% average per third-party data). The path to sustained positive Adjusted EBITDA depends on further throughput growth from an expanding EV fleet: FY2026 guidance (reaffirmed May 2026) is revenue of $410–$470 million and Adjusted EBITDA of $(20)M–$20M. Revenue composition is evolving toward higher-margin fleet, OEM, and eXtend (white-label operations) segments. Key commercial partnerships include GM (2,850 stalls under a build agreement), Uber (rideshare electrification), and Pilot Travel Centers. The company is targeting 12,500–13,900 year-end public stalls by 2029, with 1,400–1,650 new stalls planned in 2026 — the majority expected to operationalise in H2 2026.

ChargePoint Holdings

ChargePoint Holdings operates the largest EV charging network in North America, with more than 385,000 active ports running on ChargePoint software and access to approximately 1.37 million ports worldwide via roaming agreements, spanning commercial, fleet, workplace, and residential segments. The company's business model combines Networked Charging Systems hardware sales (52.6% of FY2026 revenue) with recurring software subscriptions including CMS (Charger Management Software), eMSP services, and ChargePoint-as-a-Service (CPaaS) — subscription revenue of $162.4 million in FY2026 grew 13% year-on-year and carries a record 64% gross margin. ChargePoint's FY ends January 31: FY2026 (ended January 31, 2026) total revenue was $411.2 million with a GAAP net loss of $220.2 million. The company serves both North American (83% of FY2026 revenue) and European (17%, growing) markets, with Level 2 AC its dominant product and a next-generation DC fast-charging platform — the Express Solo, launched April 2026 — with broader commercial ramp expected through FY2027. ChargePoint executed a 1-for-20 reverse stock split in July 2025 to regain NYSE minimum bid price compliance.

ChargePoint faces margin pressure from elevated inventory ($214.9 million at January 31, 2026) accumulated during a product transition, competitive intensity, and the structural challenge of a large Level 2 installed base in a market where DCFC demand is growing faster. Net cash used in operations improved sharply to $62.8 million in FY2026 (from $146.9 million in FY2025), and cash at January 31, 2026 was $141.6 million against ~$261 million in total debt. A March 2026 reorganisation is expected to generate further annual operating expense savings. The company's scale — trusted by over 60% of Fortune 500 companies (and over 80% of Fortune 50 companies per ChargePoint's FY2026 10-K) — and software platform remain key competitive strengths, but a concrete timeline to positive Adjusted EBITDA has not been publicly disclosed; management points to H2 FY2027 as the key inflection point as next-generation hardware ramps.

Blink Charging

Blink Charging is a US-based EV charging network operator — one of the largest EV charging networks in the United States, ranked third by the Department of Energy by networked port count as of its most recent reporting, with approximately 66,350 chargers connected to the Blink Network as of December 31, 2025 (~58,850 Level 2 and ~1,920 DCFC commercial chargers), of which ~8,250 are owned outright by Blink. Headquartered in Bowie, Maryland, the company operates across three deployment models: Blink-Owned Turnkey (Blink pays all costs, retains most revenue), Blink-Owned Hybrid (shared cost/revenue with property partner), and Host-Owned (host owns hardware, Blink provides network and fees). FY2025 revenue was $103.5 million (down 16.5% year-on-year), driven by a deliberate strategic shift away from hardware sales toward recurring service revenues: Charging Service Revenue grew 51% YoY to $32.3 million and Network Fees grew 53% to $12.2 million. Service Revenue reached 54% of Q4 2025 revenue — a record — against a 2028 target of 80%. The company has significant operations in the UK and Belgium, with a combined European and MENA footprint supplementing its US network.

The BlinkForward Initiative (announced May 2025) restructured the company materially: global workforce reduced from 513 to approximately 320 employees, in-house manufacturing exited (transitioned to contract manufacturing, completed January 2026), and run-rate OpEx reduced by approximately $39 million annually. Quarterly cash burn fell from $16.7 million in Q1 2025 to $2.0 million in Q4 2025 — the most significant operational achievement management cited. Cash at December 31, 2025 was $39.6 million; accumulated deficit stood at $822.4 million. On January 26, 2026, Blink received a Nasdaq deficiency notice for falling below the $1.00 minimum bid price requirement, with a compliance deadline of July 27, 2026 — management may pursue a reverse stock split. In July 2025, Blink acquired Zemetric Inc., adding fleet and energy management software and the Shasta Level 2 charger with ISO 15118 Plug & Charge support.

Wallbox N.V.

Wallbox N.V. manufactures EV charging solutions spanning residential, commercial, and public applications, with manufacturing in Spain (Barcelona), Germany (ABL GmbH subsidiary, acquired October 2023), and the United States, and distribution across more than 100 countries. Its product portfolio includes the Pulsar Max/Plus AC home and commercial charger family; the Supernova DC fast charger (60–240 kW); the Supernova PowerRing modular DCFC system (up to 400 kW per outlet via proprietary DC Link technology); the Quasar 2 bidirectional V2G residential charger (12 kW, CCS); and the Hypernova 400 kW split-type DC charger (announced but still in development as of the most recent reporting date, April 2026). Wallbox is incorporated as a Dutch public limited company (naamloze vennootschap, Amsterdam) with headquarters in Barcelona, and is listed on the NYSE. FY2025 revenue was €145.1 million (down 11.5% year-on-year), with a gross margin of 38.3%.

⚠️ **Distress flag:** Wallbox reported negative total equity of €(31.5) million at year-end 2025 and entered a standstill agreement with its banking pool on October 9, 2025. A Commercial Agreement was signed on April 8, 2026, and a Spanish court-sanctioned restructuring plan was secured alongside €11 million in interim bridge financing. The comprehensive restructuring plan was signed and the 2030 debt extension was finalised as confirmed in Wallbox's Q1 2026 results (May 2026). The proposed post-restructuring capital structure comprises a €57.6 million syndicated term loan, a €69.1 million PIK bullet instrument (maturing December 2030), and a €42.8 million working capital revolving facility, plus a €10.6 million new equity raise from existing shareholders. Creditors include BBVA, Banco Santander, CaixaBank, HSBC, and Citibank. Q1 2026 revenue of €29.7 million declined 21% year-on-year, attributed partly to distributor order deferrals during the refinancing uncertainty. The company also received an NYSE compliance deficiency notice in February 2026 for average global market capitalisation below $50 million and stockholders' equity below $50 million, adding a delisting risk layer.

NaaS Technology Inc.

NaaS Technology is the first US-listed EV charging service company operating in China and a subsidiary of Newlinks Technology Limited. It operates as a charging network aggregator and software platform, connecting approximately 1.15 million chargers across 360 cities as of September 30, 2024 — representing approximately 35% of China's total public charging infrastructure by connected charger count at that date. NaaS earns revenue through charging transaction fees, energy solutions, and software services to station operators rather than owning hardware directly. Partnerships with BYD sub-brands (Dynasty, Ocean, Fang Cheng Bao), NETA, IM Motors, and Hongqi integrate NaaS's network into OEM in-car charging interfaces. It is incorporated as a Cayman Islands holding company with operations conducted through PRC subsidiaries.

⚠️ **Distress flag:** NaaS received a Nasdaq minimum market value deficiency notice in February 2026 — its second such notice, having briefly regained compliance in December 2025 — and has until August 17, 2026 to maintain a market value above $35 million for ten consecutive business days. The notice also flagged non-compliance with stockholders' equity and net income thresholds. Market cap is approximately $25 million as of early May 2026 — still below Nasdaq's $35 million minimum market value threshold. Investors should treat this as a high-risk, sub-micro-cap position with material delisting risk by late 2026.

Nuvve Holding Corp.

Nuvve Holding Corp. is a San Diego-based vehicle-to-grid (V2G) technology company, spun out of the University of Delaware in 2010 and listed on Nasdaq via SPAC in 2021. Its proprietary Grid Integrated Vehicle (GIVe) platform enables bidirectional charging — allowing EV batteries to discharge electricity back to the grid during peak demand periods, earning grid services revenue for asset owners. Nuvve manages approximately 28.3 megawatts of charging capacity globally (as of Q4 2025) and has deployed V2G systems across school bus fleets, commercial fleets, and transit agencies in North America and Europe. In December 2025, the company expanded its strategic focus to include stationary energy storage and microgrids alongside its core V2G platform. Nuvve is incorporated in Delaware and headquartered in San Diego, California.

⚠️ **Distress flag:** Nuvve appealed a Nasdaq delisting determination in September 2025 and regained compliance with the minimum bid price rule (10 consecutive trading days at or above $1.00, achieved December 29, 2025) and the minimum stockholders' equity rule via a $5.4 million private placement (approved December 29, closed December 30, effective December 31, 2025). Nasdaq imposed a one-year mandatory panel monitor effective January 6, 2026. On April 20, 2026, Nuvve received a new Nasdaq delisting notice because its shares traded below $1.00 for 30 consecutive trading days; the company stated it intended to request a hearing, which would stay suspension pending the appeal outcome. Q3 2025 revenue was $1.6 million against a net loss of $4.8 million; market cap is below $5 million and highly volatile. The V2G technology is genuinely differentiated but commercialisation at scale remains in early stages, and the company requires ongoing external capital to sustain operations.

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