LOS ANGELES - EVgo Inc. (NASDAQ:EVGO), a leader in electric vehicle charging solutions, reported a significant beat on earnings and revenue for the first quarter of 2024, sending its shares up 3.5% as investors respond positively to the company's financial performance.
The company reported an adjusted EPS of -$0.09, surpassing the analyst estimate of -$0.11. Revenue for the quarter reached a record $55.2 million, exceeding the consensus estimate of $52.41 million and marking an impressive 118% increase YoY.
The company's network throughput also hit a new high of 53 gigawatt-hours (GWh) in the first quarter, a 194% surge YoY. EVgo's CEO, Badar Khan, attributed the strong quarter to the company's business model and the growing adoption of electric vehicles in the U.S. Khan expressed confidence in the company's trajectory, stating, "EVgo's compelling unit economics, operating leverage, along with the tailwind of long-term EV adoption, gives us confidence that we will achieve adjusted EBITDA breakeven in 2025 and create significant shareholder value."
For the full year 2024, EVgo provided guidance for total revenue in the range of $220 million to $270 million, with the midpoint of this range sitting slightly below the analyst consensus of $253.4 million. Despite this, the market's reaction suggests investors are focusing on the company's current growth and potential future profitability.
EVgo's growth was also reflected in the addition of nearly 109,000 new customer accounts in the first quarter, bringing the total to over 981,000. The company continued its expansion by adding 250 new operational stalls, including EVgo eXtend™ stalls, ending the quarter with approximately 3,780 stalls in operation or under construction.
The company's financial health was further evidenced by a net loss of $28.2 million, which showed a 43% improvement compared to the same period last year. Adjusted gross profit saw a substantial increase of 170% YoY, reaching $17.3 million.
In a statement, Khan highlighted the company's milestones and the strategic growth in their charging network, which has been crucial in driving the positive financial results.
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