EVgo revenue beats analyst expectations as private-label charging business booms

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A view of an EVgo EV charging station on July 28, 2023 in Corte Madera, California. 
Justin Sullivan | Getty Images

EV charging network operator EVgo on Wednesday reported second-quarter revenue that beat Wall Street’s expectations and posted a narrower-than-expected loss, as more EV drivers used its network and revenue from its private-label eXtend unit boomed.

EVgo also increased its guidance for the full year. Shares were up about 8% in after-hours trading on Wednesday following the report.

Here are the key numbers from EVgo’s second-quarter report, compared with Wall Street analysts’ consensus estimates as reported by Refinitiv:

  • Loss per share: 8 cents vs. 27 cents expected.
  • Revenue: $50.6 million vs. $29.6 million expected.

The company reported a net loss of $21.5 million, or 8 cents per share. A year ago, EVgo reported a profit of $17 million, or 6 cents per share, on revenue of $9.1 million.

“We are pleased to report EVgo’s network throughput growth is accelerating, demonstrating the leverage in our business and financial model as the auto sector rapidly electrifies,” CEO Cathy Zoi said in a statement.

EVgo’s “network throughput” is a measure of the total amount of electricity provided to its charging customers. That figure grew 147% year over year to 24.9 gigawatt-hours in the second quarter, and by about 30% per individual charging stall, on average.

The increased throughput is a result of more EVs on the road, more powerful EV batteries that require more power to charge, and increased utilization of EVgo’s chargers, the company said.

EVgo also reported significant growth in its “eXtend” unit, which provides and manages chargers for business clients under those businesses’ own brands. Revenue from eXtend totaled about $33.3 million in the second quarter, or nearly 66% of EVgo’s total revenue for the period. 

General Motorstruck-stop operator Pilot and banking giant Chase are among the businesses that have signed up for the eXtend program.

As of June 30, EVgo had approximately 3,200 fast charging stalls in operation or under construction, up from about 3,100 at the end of the first quarter. The company added more than 82,000 new customer accounts during the period, for a total of about 688,000 as of June 30, up 55% year over year.

EVgo now expects revenue between $120 million and $150 million for the full year, up from $105 million to $150 million in its prior guidance. It now expects an adjusted EBITDA loss of between $68 million and $78 million, a narrower range than the $60 million to $78 million in its earlier guidance.

EVgo still expects to have between 3,400 and 4,000 fast charging stalls in operation or under construction at year-end, unchanged from its earlier guidance.

EVgo separately announced Wednesday that CEO Zoi will retire from the company in November. Board member Badar Khan, a 25-year veteran of the energy sector and the former president of National Grid’s U.S. operations, will succeed Zoi after her departure.

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