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Sep 30, 2024
EVgo Q3 2024 Earnings Report
EVgo achieved record revenue and significant year-over-year network throughput growth.
Key Takeaways
EVgo reported record third-quarter revenue of $67.5 million, a 92% increase year-over-year, driven by growth in charging network and eXtend revenues. Network throughput reached 78 GWh, up 111% year-over-year. The company added over 270 new operational stalls and 147,000 new customer accounts, reaching more than 1.2 million overall.
Record revenue of $67.5 million, representing a 92% increase year-over-year.
Charging network revenue totaled $43.1 million, a 98% increase year-over-year.
Network throughput reached a record 78 GWh, an increase of 111% year-over-year.
Added more than 270 new operational stalls, including EVgo eXtend stalls.
EVgo
EVgo
EVgo Revenue by Segment
Revenue by Segment
eXtend Revenue
CapyFin.comAncillary Revenue
CapyFin.com Forward Guidance
EVgo is updating 2024 guidance as follows:
Positive Outlook
- Raising the midpoint of total revenue guidance by $2.5 million with total revenue guidance of $250 - $265 million
- Raising the midpoint of Adjusted EBITDA guidance by $4 million with Adjusted EBITDA guidance of ($38) – ($32) million
- The loan is expected to support the Company in its efforts to double its deployment rate of critical charging infrastructure in high-growth markets
- Enable the expansion of EV charging access in rural and lower income communities
- California Air Resources Board voted to adopt amendments to the LCFS, which are expected to strengthen regulatory credit values for years to come.
Challenges Ahead
- EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets
- Competition from existing and new competitors
- EVgo’s ability to expand into new service markets, grow its customer base and manage its operations
- The risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns
- Fluctuations in EVgo’s revenue and operating results
Revenue & Expenses
Visualization of income flow from segment revenue to net income