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Dec 31, 2024
EVgo Q4 2024 Earnings Report
EVgo reported record revenue growth and network throughput in Q4 2024.
Key Takeaways
EVgo's Q4 2024 revenue increased 35% year-over-year to $67.5 million, driven by a 73% growth in charging network revenue. The company achieved record network throughput of 84 GWh, up 68% from the prior year. Net loss improved to $35.6 million, while adjusted EBITDA reached negative $8.4 million. EVgo expanded its charging infrastructure, adding over 480 new stalls during the quarter and ending the year with approximately 4,080 stalls in operation.
Revenue grew 35% year-over-year to $67.5 million.
Charging network revenue increased 73% to $46.5 million.
Network throughput reached 84 GWh, a 68% increase.
EVgo ended the quarter with 4,080 charging stalls in operation.
EVgo
EVgo
EVgo Revenue by Segment
Revenue by Segment
eXtend Revenue
CapyFin.comAncillary Revenue
CapyFin.com Forward Guidance
EVgo expects revenue between $340 million and $380 million in FY25, with adjusted EBITDA ranging from -$5 million to $10 million. The company aims to expand its fast-charging network and improve customer experience through next-generation charging infrastructure.
Positive Outlook
- Projected revenue growth of approximately 40% in FY25.
- Expected adjusted EBITDA breakeven within the next year.
- Expansion of next-generation charging stations with enhanced reliability.
- Continued growth in network throughput and customer adoption.
- Strong financial position supported by DOE loan guarantee.
Challenges Ahead
- Ongoing net losses expected despite revenue growth.
- High capital expenditures required for expansion.
- Competitive pressure from other EV charging providers.
- Regulatory and permitting challenges could delay stall deployments.
- Potential supply chain disruptions affecting charger availability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income