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LOS ANGELES – EVgo Inc. reported a notable 32% increase in second-quarter revenue, totaling $66.6 million, exceeding analysts’ expectations of $59.4 million. The company’s earnings per share (EPS) for the quarter was -$0.10, slightly surpassing the analyst estimate of -$0.11.
Following this announcement, EVgo’s stock surged by 5.5%, reflecting a positive market reaction to the company’s increased revenue forecast and strong quarterly results.
The electric vehicle charging network provider based in Los Angeles saw a substantial rise in charging network revenue, which climbed to $36.4 million—up 146% from the same period last year. This marks the seventh consecutive quarter of double-digit growth in charging revenue. Furthermore, EVgo’s network throughput reached a record high of 66 gigawatt-hours (GWh), representing a remarkable 164% year-over-year increase and the sixth consecutive quarter of triple-digit growth.
EVgo’s CEO, Badar Khan, commented on the impressive results, stating, "EVgo delivered yet another quarter of excellent financial and operational outcomes, including the seventh sequential quarter of double-digit charging revenue growth. We are witnessing ongoing record demand in the industry, which we are well-positioned to capture as an owner-operator, as evidenced by the substantial growth in throughput and new customer accounts."
Alongside financial growth, the company enhanced its operational infrastructure by adding more than 220 new charging stalls during the quarter, bringing the total to approximately 3,440 stalls in operation. The customer base also saw significant expansion, with over 131,000 new accounts created in the second quarter, resulting in a total exceeding 1 million.
Looking ahead, EVgo has increased its full-year 2024 revenue guidance to between $240 million and $270 million, with the midpoint of this estimate surpassing the analyst consensus of $248.2 million. The adjusted EBITDA guidance for the year is expected to fall between -$44 million and -$34 million.
