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Jun 30, 2021
EVgo Q2 2021 Earnings Report
EVgo's second quarter results for 2021 were announced, showing revenue growth and increased customer base.
Key Takeaways
EVgo reported a revenue increase to $4.8 million, driven by overall increases in EV adoption and a customer count exceeding 275,000. The company placed 104 new charging stalls in service and expanded its commercial relationship with General Motors.
Completed business combination with Climate Change Crisis Real Impact I Acquisition Corporation (CRIS), resulting in net cash of $573 million.
Revenue increased by 16% quarter-over-quarter.
Customer base topped 275,000 due to accelerating EV adoption.
Added 104 new operational charger stalls, bringing the total to 1,548.
EVgo
EVgo
Forward Guidance
EVgo is affirming its prior financial forecast for full year 2021 of $20 million in revenues, 24 gigawatt-hours of network throughput, and ($58) million in Adjusted EBITDA.
Positive Outlook
- EVgo is affirming its prior financial forecast for full year 2021 of $20 million in revenues
- EVgo is affirming its prior financial forecast for full year 2021 of 24 gigawatt-hours of network throughput
- EVgo is affirming its prior financial forecast for full year 2021 of ($58) million in Adjusted EBITDA.
- Strong liquidity position enabling effective deployment of chargers.
- EVgo’s expectation of acceleration in our business due to factors including a re-opening economy and increased EV adoption
Challenges Ahead
- changes or developments in the broader general market
- ongoing impact from COVID-19 on our business, customers, and suppliers
- macro political, economic, and business conditions
- our limited operating history as a public company
- our dependence on widespread adoption of EVs and increased installation of charging station