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Mar 31, 2023
EVgo Q1 2023 Earnings Report
EVgo's first quarter results for 2023 were announced, featuring revenue growth and increased network throughput.
Key Takeaways
EVgo Inc. reported a strong first quarter in 2023, with revenue reaching $25.3 million, a 229% increase year-over-year, and network throughput increasing by 124% to 17.9 GWh. The company added 67,000 new customer accounts, bringing the total to 614,000. EVgo is also expanding its partnerships with Chevron and Audible.
Revenue increased by 229% year-over-year, reaching $25.3 million.
Network throughput grew by 124% year-over-year to 17.9 GWh.
Approximately 67,000 new customer accounts were added, totaling approximately 614,000.
Approximately 3,100 stalls are in operation or under construction with nearly 220 new stalls added to the EVgo network during the quarter.
EVgo
EVgo
EVgo Revenue by Segment
Revenue by Segment
Charging, retail Revenue
CapyFin.comCharging, commercial Revenue
CapyFin.comCharging, OEM Revenue
CapyFin.comRegulatory credit sales Revenue
CapyFin.comNetwork, OEM Revenue
CapyFin.comeXtend Revenue
CapyFin.comAncillary Revenue
CapyFin.com Forward Guidance
EVgo is affirming 2023 guidance as follows: Total revenue of $105 – $150 million and Adjusted EBITDA of ($78) – ($60) million. Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 4,000 DC fast charging stalls in operation or under construction.
Positive Outlook
- Total revenue of $105 – $150 million
- Adjusted EBITDA of ($78) – ($60) million
- 3,400 – 4,000 DC fast charging stalls in operation or under construction by year-end 2023
- EVgo and Chevron entered into a new agreement to offer Chevron locations across the U.S. a turnkey DC fast charging solution with a variety of ownership models, including EVgo eXtend.
- EVgo entered into a new agreement with Audible to bring trial memberships to EVgo customers later in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income