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 electric vehicle drivers used its network and revenue from its private-label eXtend unit boomed.
EVgo also increased its guidance for the total 12 months. Shares were up about 8% in after-hours trading following the report.
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Listed here are the important thing 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 corporate reported a net lack of $21.5 million, or 8 cents per share. A 12 months ago, EVgo reported a profit of $17 million, or 6 cents per share, on revenue of $9.1 million.
“We’re pleased to report EVgo’s network throughput growth is accelerating, demonstrating the leverage in our business and financial model because the auto sector rapidly electrifies,” CEO Cathy Zoi said in a press release.
EVgo’s “network throughput” is a measure of the entire amount of electricity provided to its charging customers. That figure grew 147% 12 months over 12 months to 24.9 gigawatt-hours within the second quarter, and by about 30% per individual charging stall, on average.
The increased throughput is a results of more EVs on the road, more powerful EV batteries that require more power to charge, and increased utilization of EVgo’s chargers, the corporate 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 within the second quarter, or nearly 66% of EVgo’s total revenue for the period.
General Motors, truck-stop operator Pilot and banking giant Chase are amongst the companies which have signed up for the eXtend program.
As of June 30, EVgo had roughly 3,200 fast charging stalls in operation or under construction, up from about 3,100 at the top of the primary quarter. The corporate added greater than 82,000 recent customer accounts through the period, for a complete of about 688,000 as of June 30, up 55% 12 months over 12 months.
EVgo now expects revenue between $120 million and $150 million for the total 12 months, up from $105 million to $150 million in its prior guidance. It now expects an adjusted EBITDA lack 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 individually announced Wednesday that Zoi will retire from the corporate in November. Board member Badar Khan, a 25-year veteran of the energy sector and the previous president of National Grid’s U.S. operations, will likely be her successor.