Why Electric Vehicle Charging Firm EVgo Shares Are Skyrocketing Today

EVgo Inc. EVGO reported Q3 revenue of $35.1 million, beating the analyst consensus of $29.69 million. Revenues rose 234% year-over-year.

The company's net loss per share of ($0.09) beat the street view of ($0.21).

Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend revenue.

The company's network throughput reached a record 37 gigawatt-hours in Q3, an increase of 208% year-over-year.

Also Read: EVgo, eXtend Partners Bag $12.7M Fund For Fast Charging Infrastructure Expansion

Quarterly adjusted gross margin expanded by 730 bps to 26.4%.

EVgo reported an adjusted EBITDA loss of $(14.25) million, compared with a $(22.15) million loss a year ago.

The company exited Q3 with approximately 3,400 stalls in operation or under construction, including EVgo eXtend stalls, with over 240 new stalls added during the quarter.

In the quarter under review, the company added over 106,000 new customer accounts, reaching more than 785,000 overall at the end of the quarter. 

The company registered $(7.3) million of cash flows used in operating activities.  

EVgo exited the quarter with cash and equivalents worth $228.71 million. 

FY23 Outlook: EVgo expects total revenue of $148 million-$158 million in FY23 versus the $139.62 million estimate (prior view: $120 million-$150 million). 

The company sees FY23 adjusted EBITDA of $(66) million-$(62) million (prior view: $(78) million-$(68) million.

Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 3,700 DC fast charging stalls, including EVgo eXtend, in operation or under construction (prior view: 3,400 – 4,000 DC fast charging stalls).

Price Action: EVGO shares are trading higher by 20% to $2.77 premarket on the last check Wednesday.

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