Evgo Inc. ( (EVGO) ) has released its Q4 earnings. Here is a breakdown of the information Evgo Inc. presented to its investors.
EVgo Inc. is a leading provider of public fast charging stations for electric vehicles in the United States, operating over 1,000 stations across more than 40 states. The company partners with various businesses to strategically deploy accessible charging infrastructure.
In its latest earnings report, EVgo Inc. announced record revenue and network throughput for the fourth quarter of 2024, marking significant growth compared to the previous year. The company also provided guidance for 2025, projecting further revenue growth and an adjusted EBITDA breakeven.
Key financial highlights from the report include a 35% year-over-year increase in fourth-quarter revenue to $67.5 million and a 60% increase for the full year 2024 to $256.8 million. Charging network revenue saw a remarkable 73% rise in the fourth quarter, while network throughput increased by 68% year-over-year. Additionally, EVgo added over 1,230 new operational stalls in 2024, ending the year with approximately 4,080 stalls.
Despite a net loss of $35.6 million in the fourth quarter, the company improved its adjusted EBITDA to ($8.4) million, aligning with the high end of its annual guidance range. EVgo’s strategic initiatives include a $1.25 billion loan guarantee from the U.S. Department of Energy to expand its fast charging network and a co-development agreement with Delta Electronics for next-generation charging architecture.
Looking ahead, EVgo’s management remains optimistic, expecting a 40% growth in revenues for 2025 and aiming to achieve adjusted EBITDA breakeven. The company plans to continue enhancing customer experience and expanding its charging infrastructure to maintain its leadership in the fast charging sector.