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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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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