EVgo (NASDAQ:EVGO) shares skyrocketed nearly 20% in the morning session today. This comes after the fast-charging infrastructure provider’s third-quarter sales jumped by 234.3% year-over-year to $35.1 million. The figure came in better than expectations of $29.8 million. Further, EPS of -$0.09 came in higher than the Street’s expectations by $0.11.
During the quarter, EVgo’s network throughput increased by 208% over the prior year to 37 gigawatt-hours. The company added more than 106,000 new customer accounts, taking the overall customer count to over 785,000.
EVgo had nearly 3,400 stalls in operation or under construction at the end of Q3. Additionally, the company recently operationalized the first charging site for a major food and beverage company’s fleet. Its PlugShare solution now boasts more than 4.1 million registered users, with nearly 7.4 million check-ins since its inception.
For Fiscal Year 2023, the company expects revenue to be in the range of $148 million to $158 million. Adjusted EBITDA for the year is anticipated to be between -$66 million and -$62 million.
Is EVGO a Good Stock to Buy?
Overall, the Street has a Hold consensus rating on EVgo and the average EVGO price target of $4.50 implies a hefty 60.1% potential upside. Despite today’s price gains, shares of the company still remain nearly 67% lower over the past year.
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