LOS ANGELES - EVgo Inc. (NASDAQ:EVGO) saw its shares jump 10.74% in premarket trading on Tuesday after the electric vehicle charging network operator reported better-than-expected third quarter revenue and raised its full-year outlook.
The company posted Q3 revenue of $67.5 million, up 92% YoY and surpassing analyst estimates of $66.56 million. Adjusted loss per share came in at $0.11, in line with Wall Street expectations.
EVgo's charging network revenue, which includes retail, commercial and OEM charging, soared 98% YoY to $43.1 million. Network (LON:NETW) throughput reached a record 78 gigawatt-hours in Q3, marking a 111% YoY increase and the seventh consecutive quarter of triple-digit YoY growth.
"I'm pleased to report another record quarter anchored by strong revenues and triple digit year-over-year network throughput growth," said Badar Khan, EVgo's CEO. "Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter."
The company added over 270 new operational charging stalls during Q3, including EVgo eXtend stalls, bringing its total to approximately 3,680 stalls in operation at quarter-end.
Looking ahead, EVgo raised its full-year 2024 revenue guidance to $250-$265 million, up from its previous outlook and above the consensus estimate of $258.1 million. The company also boosted its adjusted EBITDA forecast.
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