EVgo Q1 Results Miss Street View; Affirms FY22 Outlook

EVgo Inc EVGO reported first-quarter FY22 sales growth of 86% year-on-year to $7.7 million, missing the consensus of $8.73 million.
EVgo's network throughput for the quarter was 8.0 Gigawatt-hours (GWh), a 95% Y/Y growth.
Adjusted EBITDA loss was $(18.2) million versus $(9.8) million last year.
Gross loss for the quarter narrowed to $(0.6) million from $(1.7) million last year.
Total customer accounts totaled 375,000 as of March 31, 2022.
EVgo held $441.1 million in cash and equivalents as of March 31, 2022.
EPS of $(0.21) missed the consensus of $(0.14).
Outlook: EVgo affirmed the FY22 sales forecast of $48 million - $55 million, against the consensus of $51.18 million.
It expects an FY22 adjusted EBITDA loss of $(75) million - $(85) million.
The company sees FY22 network throughput of 50 – 60 GWh.
At year-end 2022, EVgo expects to have a total of 3,000 – 3,300 DC fast charging stalls operational or under construction.
Price Action: EVGO shares traded lower by 1.11% at $7.60 on the last check Wednesday.

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