- EVgo Inc EVGO first-quarter FY23 sales more than tripled to $25.30 million but missed the consensus of $26.91 million.
- EVgo's network throughput for the quarter was 17.9 Gigawatt-hours (GWh), a 124% Y/Y growth.
- Adjusted EBITDA loss was $(20) million versus $(18.2) million last year.
- Gross profit for the quarter was $41 thousand versus a loss of $(600) thousand last year. Adjusted gross margin contracted 1,190 basis points to 25.3%
- The company added approximately 67,000 new customer accounts during the first quarter, bringing the overall number of customer accounts to approximately 614,000 at quarter-end, an increase of 63% year-over-year.
- Ended Q1 with over 3,100 stalls in operation or under construction, with more than 220 new stalls added to the EVgo network during the quarter.
- EVgo held $163.5 million in cash and equivalents as of March 31, 2023.
- EPS of $(0.18) beat the consensus of $(0.21).
- "First quarter revenue growth was fueled by triple digit throughput growth as network utilization continues to increase faster than operational stall growth and EV adoption, demonstrating the strength of our business model," said CEO Cathy Zoi.
- Outlook, affirmed: EVgo expects 2023 revenue of $105 million - $150 million, with the consensus of $139.67 million.
- EVGO expects an adjusted EBITDA of $(78) million - $(60) million. Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 4,000 DC fast charging stalls in operation or under construction.
- Price Action: EVGO shares traded lower by 8.13% at $5.92 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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