EVgo Reports Mixed Q2 Results

EVgo Inc EVGO reported second-quarter FY22 sales growth of 90% year-on-year to $9.08 million, missing the consensus of $10.81 million.
EVgo's network throughput for the quarter was 10.1 Gigawatt-hours (GWh), a 66% Y/Y growth.
Adjusted EBITDA loss was $(19.8) million versus $(11) million last year.
Gross loss for the quarter narrowed to $(0.7) million from $(1.7) million last year.
Total customer accounts totaled 444,000 as of June 30, 2022, adding 67,000 new customers during the quarter.
EVgo held $372.5 million in cash and equivalents as of June 30, 2022.
EPS of $0.06 beat the consensus of $(0.17).
Outlook: EVgo affirmed the FY22 sales forecast of $48 million - $55 million, against the consensus of $50 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 7.20% at $9.02 on the last check Tuesday.

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