EVgo Reports Record Third Quarter 2024 Results

EVgo Inc., a leading electric vehicle charging solutions provider, unveiled its financial results for the quarter ending September 30, 2024. The company achieved a 92% year-over-year revenue growth, reaching $67.5 million in the third quarter. This growth was primarily fueled by increases in charging network and eXtend revenues. Network throughput soared to 78 gigawatt-hours, marking a remarkable 111% surge year-over-year, continuing the company’s streak of robust growth.

In operational highlights, EVgo added over 270 new operational stalls during the quarter, including the introduction of EVgo eXtend™ stalls. The quarter concluded with approximately 3,680 stalls in operation. Additionally, the company saw over 147,000 new customer accounts added during the period, showcasing a 39% increase from the preceding year. At the close of the quarter, EVgo had a significant milestone of over 1.2 million customer accounts, reflecting a 57% year-over-year growth.

Among key business developments, EVgo secured a conditional commitment for a loan guarantee amounting to $1.05 billion from the DOE Loan Programs Office. This initiative is set to support the company’s ambitions of expanding its critical charging infrastructure deployment, particularly in high-growth markets, emphasizing accessibility in rural and lower-income communities.

Looking forward, EVgo has adjusted its 2024 guidance, raising the midpoint for total revenue by $2.5 million, now forecasting total revenue in the range of $250 million to $265 million. The company also increased the midpoint for Adjusted EBITDA by $4 million to a guidance range of ($38) million to ($32) million.

EVgo’s achievements in the third quarter highlight its commitment to supporting the rapid adoption of electric vehicles and positioning itself as a key player in the industry. The company remains focused on sustainable growth and value creation for its shareholders, backed by strong operational performance and strategic initiatives.

For more information on EVgo’s financial performance and operational details, interested parties can access the full report on the company’s website or review the SEC filings for comprehensive insights on its performance and future prospects.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read EVgo’s 8K filing here.

EVgo Company Profile

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.