ChargePoint Holdings, Inc. (CHPT) shares surged more than 25% Friday after the EV charging company delivered a revenue beat that has investors wondering if a turnaround is finally taking shape. The stock closed at $10.71, well above where Wall Street skeptics think it should be trading.

The Numbers Tell Two Stories

ChargePoint reported third-quarter revenue of $105.67 million, comfortably beating the consensus estimate of $96.71 million. That's the good news. The bad news? Adjusted losses came in at $2.23 per share, missing expectations for losses of $1.31.

For the fourth fiscal quarter ending January 31, 2026, the company expects revenue between $100 million and $110 million, which came in above pre-call consensus and sparked optimism about a potential return to growth.

Why JPMorgan Isn't Buying It

Despite the beat, JPMorgan analyst Bill Peterson reiterated an Underweight rating with an $8 price target—suggesting the stock has quite a bit further to fall from Friday's levels.

Peterson credits the revenue surprise to stronger residential billings, driven by a 26% surge as buyers rushed to purchase EVs before the U.S. consumer EV tax credit expires. That's a pull-forward effect, not sustainable momentum, the analyst warns.

The bigger concern? Peterson doesn't expect meaningful growth acceleration in the near term as U.S. EV sales cool without the tax credit. Plus, margin improvement likely remains "several quarters away" due to the company's reliance on product mix and selling through lower-margin inventory.

His take: ChargePoint might be turning a corner, but it still has "several quarters of execution" ahead before the turnaround thesis really holds water.