EVgo Inc (NASDAQ:EVGO) shares are trading higher after the company reported third-quarter sales growth of 92% year-on-year to $67.535 million, beating the consensus estimate of $65.952 million.
Revenue growth was primarily driven by year-over-year increases in charging network and eXtend revenues.
EVgo's network throughput for the quarter was 78 Gigawatt-hours (GWh), a growth of 111% year-over-year.
The company added over 147,000 new customer accounts during the third quarter, bringing the overall number of customer accounts to more than 1.2 million at quarter end.
Adjusted gross profit for the quarter was $18.0 million versus $9.3 million last year. Adjusted gross margin expanded 20 basis points to 26.6% in the quarter.
Adjusted EBITDA loss was $8.9 million versus a $14.2 million loss last year. Loss per share of 11 cents beat the analyst consensus loss estimate of 12 cents.
Badar Khan, EVgo's CEO, said, "Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter. With our conditional commitment from DOE for a loan guarantee of up to $1.05 billion announced last month, EVgo is poised to lead the industry as the charging provider of choice."
The company added more than 270 new DC fast charging stalls in the quarter, including EVgo eXtend stalls. Ended the quarter with over 3,680 stalls in operation, including EVgo eXtend stalls.
EVgo held $153.4 million in cash, cash equivalents and, restricted cash as of September-end.
Outlook Revised: EVgo raised the midpoint of its FY24 total revenue guidance by $2.5 million, now expecting between $250 million and $265 million (vs. consensus of $257.34 million) compared with the prior range of $240 million to $270 million.
Investors can gain exposure to the stock via SPDR S&P Kensho Intelligent Structures ETF (NYSE:SIMS) and Invesco WilderHill Clean Energy ETF (NYSE:PBW).
Price Action: EVGO shares are up 22% at $6.59 premarket at the last check Tuesday.
Photo: Courtesy of EVgo, Inc.
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