EVgo Inc. (NASDAQ:EVGO) shares are trading lower on Thursday.

The company reported earnings per share of 10 cents loss, in line with the street view. Quarterly revenues of $66.619 million (+32%) beat the street view of $59.369 million.

Charging network revenue totaled $36.4 million in the second quarter, an increase of 146% year-over-year.

Adjusted gross margin in the quarter under review expanded 110 basis points to 26.5%.

Network throughput reached 66 gigawatt-hours in the second quarter, an increase of 164% year over year. This represented the sixth consecutive quarter of triple-digit year-over-year growth.

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The company added more than 220 new operational stalls during the second quarter, including EVgo eXtend stalls.

EVgo added over 131,000 new customer accounts during the second quarter of 2024, a 60% year-over-year increase in new accounts. The overall number of customer accounts was more than 1 million at quarter end, an increase of 59% year-over-year.

"We are seeing continual record demand in the industry, which we are well situated to capture given our position as an owner operator and as evidenced by the tremendous growth in throughput and new customer accounts," said Badar Khan, EVgo's CEO.

Outlook: EVgo is updating its 2024 guidance, raising the midpoint of total revenue expectations by $10 million to a range of $240 million to $270 million (estimate: $248.65 million), while projecting adjusted EBITDA of negative $44 million to negative $34 million.

Price Action: EVGO shares are trading lower by 2.34% to $3.75 at last check Thursday.

Photo via Wikimedia Commons

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