U.S. Secretary of Transportation Pete Buttigieg looks at an EVgo charging station during an electric vehicle event outside the Department of Transportation on October 20, 2021 in Washington, DC.
Drew Angerer | Getty Images
EV charging network operator EVgo on Thursday reported fourth-quarter revenue that beat Wall Street expectations and posted a smaller-than-expected loss as booming demand from commercial customers led to big jumps in sales and utilization.
While EVgo’s 2023 revenue guidance was a bit lower than Wall Street’s expectations, investors didn’t seem to mind: Shares were up more than 8% in pre-market trading after the news.
Here are the key numbers from EVgo’s fourth quarter earnings a reportcompared to Wall Street estimates as reported by Refinitiv.
- share loss: 6 cents, for an expected loss of 16 cents.
- he won: $27.3 million versus the expected $21.8 million.
EVgo’s revenue in the fourth quarter posted 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 at the end of the year, down from $484.9 million at the end of 2021.
For the full year, EVgo reported revenue of $54.6 million, grid throughput of 44.6 GWh, and adjusted EBITDA loss of $80.2 million, all in line with the guidance ranges it provided with Third quarter results In November.
EVgo’s network throughput, a measure of the total power delivered to charged customers, grew 76% year-over-year to 14.4 gigawatt-hours (GWh) in the fourth quarter. The company added about 59,000 new customer accounts during the period, and finished the year with more than 2,800 express charge kiosks in operation.
The company has seen significant growth in its “eXtend” unit, which provides and operates chargers for business customers under the company’s own brands. Total revenue from eXtend was about $16.7 million in the fourth quarter, or 61% of EVgo’s total revenue for the period, up from just $114,000 last year. Among the companies that have signed up for the eXtend program are General Motors, truck-stop operator Pilot, and banking giant Chase.
Retail freight revenue totaled $5.8 million in the quarter, up 65% from a year ago.
EVgo’s guidance for 2023 came with a caveat: The company isn’t yet sure how many US-made Chargers it’ll be able to get by the end of the year. New US government rules require domestically made chargers for some federally funded projects, and it’s not yet clear how much domestic manufacturing capacity will be up and running before the end of the year.
Here are the guidelines for EVgo provided for the current year:
- he won: Between $105 million and $150 million.
- Adjusted EBITDA loss: Between $78 million and $60 million
- Express Cargo Kiosks In Operation Or Under Construction: 3,400 to 4,000 by the end of the year.
This revenue guidance is slightly below Wall Street expectations. Analysts surveyed by Refinitiv expected 2023 revenues to reach an average of $153.7 million.
EVgo will hold a conference call for analysts and investors at 11 a.m. ET Thursday.
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