US Secretary of Transportation Pete Buttigieg examines an EVgo charging station during an electric vehicle event outside the Department of Transportation October 20, 2021 in Washington, DC.
Drew Anger | Getty Images
EV charging network operator EVgo Fourth-quarter revenue on Thursday beat Wall Street expectations and posted a smaller-than-expected loss as booming demand from enterprise customers drove strong increases in sales and usage.
While EVgo’s 2023 revenue forecast was slightly below Wall Street expectations, investors didn’t seem to mind: Shares rose more than 20% in early trading following the news.
Here are the key figures from EVgo’s fourth quarter results reportcompared to Wall Street consensus estimates as reported by Refinitiv.
- Loss per share: 6 cents, against an expected loss of 16 cents.
- Income: $27.3 million, vs $21.8 million expected.
EVgo’s fourth quarter revenue marked a 283% increase over a year ago. The company’s net loss for the quarter was $17 million. The company had $246.2 million in cash and cash equivalents remaining at the end of the year, compared to $484.9 million at the end of 2021.
For the full year, EVgo recorded revenue of $54.6 million, network throughput of 44.6 GWh and an adjusted EBITDA loss of $80.2 million, all in line with orientation forks that he provided with his third quarter results in November.
EVgo’s network throughput, a measure of total energy delivered to charging customers, increased 76% year-over-year to 14.4 gigawatt hours (GWh) in the fourth quarter. The company added approximately 59,000 new customer accounts during the period and ended the year with more than 2,800 fast-charging stations in service.
The company has seen dramatic growth in its “eXtend” unit, which supplies and manages chargers for business customers under the companies’ own brands. eXtend’s revenue totaled approximately $16.7 million in the fourth quarter, or 61% of EVgo’s total revenue for the period, compared to just $114,000 a year ago. General Motorstruck stop operator Pilot and banking giant Chase are among the companies that have signed up for the eXtend program.
Retail charging revenue totaled $5.8 million in the quarter, up 65% from a year ago.
EVgo’s predictions for 2023 come with a caveat: The company doesn’t yet know how many US-made chargers it can get by the end of the year. New U.S. government rules require domestically made magazines for some federally funded projects, and it’s not yet clear what domestic manufacturing capacity will be operational before the end of the year.
Here is the advice provided by EVgo for the current year:
- Income: Between 105 and 150 million dollars.
- Adjusted EBITDA loss: Between 78 and 60 million dollars
- Fast charging stations in operation or under construction: 3,400 to 4,000 by the end of the year.
These revenue forecasts are slightly below Wall Street expectations. Analysts polled by Refinitiv expected 2023 revenue to average $153.7 million.
EVgo will hold a conference call for analysts and investors at 11 a.m. ET on Thursday.