EVgo Inc. Achieves Record Growth in Q3 2024

Evgo Inc. ( (EVGO) ) has released its Q3 earnings. Here is a breakdown of the information Evgo Inc. presented to its investors.

EVgo Inc. is a prominent player in the electric vehicle charging sector, known for its extensive public fast charging network across the United States and its innovative services aimed at accelerating electric transportation.

In its record-breaking third quarter of 2024, EVgo Inc. reported a significant revenue surge and continued growth in its network throughput, signaling robust demand for its charging infrastructure. The company’s revenue reached $67.5 million, marking a 92% year-over-year increase, bolstered by strong performance in its charging network and EVgo eXtend services.

Key financial highlights include a record network throughput of 78 GWh, an increase of 111% from the previous year, and the addition of over 270 new operational charging stalls. Furthermore, EVgo’s customer base expanded by adding 147,000 new accounts, bringing the total to over 1.2 million. Despite a net loss of $33.3 million, the adjusted EBITDA showed improvement, reflecting strategic investments and cost management.

Strategically, EVgo secured a conditional commitment for a $1.05 billion loan guarantee from the U.S. Department of Energy to accelerate the deployment of fast charging stalls nationwide. The company is also advancing its technology through a co-development agreement with Delta Electronics, aimed at enhancing the next generation of charging solutions.

Looking ahead, EVgo remains optimistic, raising its revenue and adjusted EBITDA guidance for 2024. The company is focused on completing its DOE loan agreement to fuel further expansion and aims to strengthen its leadership position in the EV charging market, aligning with its long-term growth and sustainability goals.