EVgo Q2 Financial Results: Soars Beyond Wall Street Predictions

EVgo Q2 Financial Results : EVgo’s second-quarter financial results beat Wall Street expectations on Wednesday. Due to more electric car drivers using their charging network, the corporation trimmed its losses better than projected and increased income. The company’s successful private-label eXtend unit also expanded during this time.

EVgo altered its full-year outlook, demonstrating its success. After-hours trading saw share prices rise 8%.

Refinitiv’s top numbers from EVgo’s second-quarter report and Wall Street predictions. The loss per share was 8 cents, compared to 27 cents expected.
Revenue was $50.6 million vs $29.6 million predicted. Comparing current data to last year’s helps explain EVgo’s performance. The corporation paid $21.5 million—eight cents per share. It made $9.1 million this year but $17 million last year, 6 cents per share.

CEO Cathy Zoi was pleased to see EVgo’s network traffic growing quicker. Electricity sent to charging clients is measured here. In the second quarter, it reached 24.9 gigawatt-hours, up 147% year-over-year. Each charging station had 30% more users.

Due to more electric cars on the road, more powerful EV batteries that require greater charging capacity, and more individuals utilizing EVgo’s charging stations, throughput has increased.

EVgo Q2 Financial Results
Image Of Charging Stations for Electric Cars

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The report also highlighted EVgo’s “eXtend” unit’s phenomenal growth. This business segment, which sells and manages chargers for business clients under their branding, earned $33.3 million in the second quarter. Nearly 66% of EVgo’s revenue came from this. General Motors, Pilot truck stations, and Chase have joined eXtend.

EVgo had 3,200 fast-charging stations as of June 30. The first quarter has 3,100 stalls. The company added 82,000 new subscribers to reach 688,000. 55% more than last year.

EVgo’s new income estimate is $120 million to $150 million, up from $105 million to $150 million. The annual adjusted EBITDA deficit is projected at $68–$78 million. The $60 million to $78 million range is smaller now.

The business still expects 3,400 to 4,000 fast-charging slots in use or under development by the end of the year, as promised.

EVgo also announced that CEO Cathy Zoi would leave in November. The board replaced her with 25-year energy industry veteran Badar Khan, who led National Grid’s U.S. operations.

EVgo is poised to lead the electric vehicle charging network industry with its outstanding financial performance, ambitious growth ambitions, and experienced leadership. Investors and EV lovers are watching this remarkable firm as it paves the way to more EVs.

Our Reader’s Queries

Is EVgo making money?

In the third quarter of 2023, the company’s revenue skyrocketed to $35.1 million, marking a whopping 234% increase from the previous year. The network throughput also hit a new high, reaching 37 gigawatt-hours (“GWh”), which is a remarkable 208% increase from the previous year. These impressive results demonstrate the company’s continued growth and success in the market.

What is EVgo earnings forecast?

EVGO is expected to report a loss of -$0.17 per share in the upcoming quarter, with a potential range of -$0.41 to -$0.03. This is a decline from the previous quarter’s earnings per share of -$0.09.

Is EVgo a good long term stock?

EVGO’s financial health and growth prospects suggest that it may not perform as well as the market. Its Growth Score is currently at a C level. However, recent price changes and earnings estimate revisions indicate that it could be a good option for momentum investors, with a Momentum Score of B.

Why is EVgo tanking?

TD Cowen’s recent downgrade of EVgo’s shares was based on a number of factors. One of the main concerns was the company’s funding, which has raised some red flags. Additionally, TD Cowen pointed out that EVgo’s rates have been on the rise, which could be a cause for concern. Overall, these issues have led to a downgrade in the company’s shares.

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