LOS ANGELES - EVgo Inc. (NASDAQ:EVGO) reported a significant 32% increase in second-quarter revenue to $66.6 million, surpassing the analyst consensus estimate of $59.4 million. The company's earnings per share (EPS) for the quarter were -$0.10, narrowly beating the analyst estimate of -$0.11.
Following the announcement, EVgo's stock price climbed 5.5%, indicating a positive market response to the company's raised revenue guidance and strong quarterly performance.
The Los Angeles-based electric vehicle charging network provider saw its charging network revenue jump to $36.4 million, a 146% increase compared to the same period last year. This marks the seventh consecutive quarter of double-digit growth in charging revenue. EVgo's network throughput also hit a new high, reaching 66 gigawatt-hours (GWh), representing a 164% surge YoY and the sixth consecutive quarter of triple-digit growth.
EVgo's CEO, Badar Khan, commented on the results, "EVgo delivered yet another quarter of great financial and operating results, including the 7th sequential quarter of double-digit charging revenue growth.
We are seeing continual record demand in the industry, which we are well situated to capture given our position as an owner operator and as evidenced by the tremendous growth in throughput and new customer accounts."
In addition to financial growth, the company expanded its operational infrastructure, adding more than 220 new charging stalls during the quarter, ending with approximately 3,440 stalls in operation. The customer base also expanded significantly, with over 131,000 new customer accounts added in the second quarter, bringing the total to more than 1 million.
Looking ahead, EVgo has raised its full-year 2024 revenue guidance to a range of $240 million to $270 million, with the midpoint of this guidance surpassing the analyst consensus of $248.2 million. The adjusted EBITDA guidance for the year is projected to be between -$44 million and -$34 million.
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