ChargePoint (CHPT) is working through inventory and is in a strong position to self-fund its path to profitability, Oppenheimer said in a note Thursday.

Management expects inventory to continue declining through the year, supporting a path toward positive operating cash flow, the brokerage said. Non-GAAP operating expenses are expected to remain below $50 million in fiscal Q3, according to the note.

Analysts said they are encouraged by initial traction with new products and view the company as a leading provider of autonomous vehicle charging infrastructure, which is seen to be nearing a "substantial" inflection point.

The brokerage raised its fiscal 2027 revenue estimate to $444 million from $427 million, and lowered its adjusted loss estimate to $2.13 per share from a loss of $2.45.

Oppenheimer has a perform rating on ChargePoint.

Shares of ChargePoint climbed past 68% in Thursday trading.

Price: 8.75, Change: +3.56, Percent Change: +68.59