A breathtaking view of an EVgo EV charging station in the beautiful town of Corte Madera, California.
Justin Sullivan | Getty Images
EVgo, the leading EV charging network operator, has announced its impressive second-quarter results, surpassing Wall Street’s expectations. The company reported robust revenue growth and a narrower loss than anticipated. This outstanding performance can be attributed to the increasing number of electric vehicle drivers utilizing EVgo’s charging network and the booming revenue from their private-label eXtend unit.
EVgo has also revised its guidance for the full year, further indicating its positive trajectory. As a result, the company’s shares experienced an 8% surge in after-hours trading following the release of the report.
Let’s take a closer look at the key figures from EVgo’s remarkable second-quarter report, in comparison to the consensus estimates of Wall Street analysts, as reported by Refinitiv:
- Loss per share: 8 cents (27 cents expected).
- Revenue: $50.6 million ($29.6 million expected).
In the second quarter, EVgo recorded a net loss of $21.5 million, equivalent to 8 cents per share. This is in contrast to the previous year’s profit of $17 million, or 6 cents per share, generated from $9.1 million in revenue.
Commenting on the impressive performance, CEO Cathy Zoi stated, “We are delighted to report that EVgo’s network throughput growth is accelerating, showcasing the strength of our business and financial model as the automotive sector rapidly transitions to electric vehicles.”
EVgo measures its “network throughput” by tracking the total amount of electricity provided to its charging customers. During the second quarter, this figure increased by an impressive 147% compared to the previous year, reaching 24.9 gigawatt-hours. On average, individual charging stalls experienced approximately 30% growth in throughput.
The surge in throughput can be attributed to various factors, including the increasing number of electric vehicles on the road, the higher power requirements of advanced EV batteries, and the increased utilization of EVgo’s charging infrastructure.
EVgo also reported significant growth in its “eXtend” unit, which offers charger management services for businesses under their own brands. In the second quarter, revenue from eXtend reached approximately $33.3 million, contributing to nearly 66% of EVgo’s total revenue for the period. Notable companies such as General Motors, Pilot (a prominent truck-stop operator), and Chase (a banking giant) have joined the eXtend program.
As of June 30, EVgo operated or had under construction approximately 3,200 fast charging stalls, a slight increase from the end of the first quarter. The company also witnessed substantial growth, acquiring over 82,000 new customer accounts, amounting to a total of approximately 688,000 as of June 30. This represents a noteworthy 55% year-over-year increase.
EVgo’s revised outlook for the full year anticipates revenue between $120 million and $150 million. This is an upgrade from their previous guidance range of $105 million to $150 million. The company also expects an adjusted EBITDA loss between $68 million and $78 million, narrowing the range from the previous guidance of $60 million to $78 million.
EVgo plans to continue expanding its fast charging infrastructure and aims to have between 3,400 and 4,000 charging stalls in operation or under construction by the end of the year, aligned with its earlier guidance.
In other news, EVgo announced that CEO Cathy Zoi will retire from the company in November. The board has appointed Badar Khan, a 25-year veteran of the energy sector and former president of National Grid’s U.S. operations, as her successor.
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