US Secretary of Transportation Pete Buttigieg looks at an EVgo charging station during an electric vehicle event outside the Department of Transportation 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 business customers prompted big jumps in revenue and usage.
While EVgo’s 2023 revenue guidance fell slightly short of Wall Street expectations, investors didn’t seem to mind, with shares soaring over 8% in premarket trading following the news.
Here are the key numbers from EVgo’s fourth-quarter earnings report versus the Wall Street consensus estimates reported by Refinitiv.
- Loss per share: 6 cents, versus an expected loss of 16 cents.
- Revenue: $27.3 million versus $21.8 million expected.
EVgo’s fourth-quarter revenue increased 283% year over year. The company’s net loss for the quarter was $17 million. The company had $246.2 million in cash and cash equivalents at year-end compared to $484.9 million at the end of 2021.
For the full year, EVgo reported revenue of $54.6 million, network throughput of 44.6 GWh and an adjusted EBITDA loss of $80.2 million, all in line with the guidance ranges it provided with its results for the third quarter in November.
EVgo grid throughput, a measure of the total energy made available to charging customers, rose 76% year over year to 14.4 gigawatt hours (GWh) in the fourth quarter. The company added around 59,000 new customer accounts during the period and ended the year with over 2,800 fast charging stations in operation.
The company has seen dramatic growth in its ‘eXtend’ unit, which offers and manages chargers for business customers under the companies’ own brands. Revenue from eXtend was 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 Motors, rest stop operator Pilot and banking giant Chase are among the companies that have signed up for the eXtend program.
Retail charger revenue totaled $5.8 million for the quarter, up 65% year over year.
EVgo’s 2023 guidance came with a caveat: The company isn’t yet sure how many US-made chargers it will get by the end of the year. New US government regulations require domestically made chargers for certain federally funded projects, and it’s not yet clear how much domestic manufacturing capacity will be operational before the end of the year.
Here is the forecast that EVgo gave for the current year:
- Revenue: Between $105 million and $150 million.
- 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.
This sales forecast is slightly below Wall Street expectations. Analysts polled by Refinitiv had expected average revenue of $153.7 million for 2023.
EVgo will host a conference call for analysts and investors Thursday at 11 a.m. ET.