EVgo reports Q3 EPS (11c), consensus (9c)

Reports Q3 revenue $67.5M, consensus $65.95M.Network throughput increased to 78 GWh in the third quarter of 2024, compared to 37 GWh in the third quarter of 2023, representing 111% year-over-year growth. The Company added more than 147,000 new customer accounts during the third quarter of 2024, a 39% year-over-year increase in new accounts. The overall number of customer accounts was more than 1.2 million at quarter end, an increase of 57% year-over-year. “I’m pleased to report another record quarter anchored by strong revenues and triple digit year-over-year network throughput growth,” said Badar Khan, EVgo‘s (EVGO) CEO. “Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter. With our conditional commitment from DOE for a loan guarantee of up to $1.05 billion announced last month, EVgo is poised to lead the industry as the charging provider of choice. As we look ahead to the end of the year and into fiscal 2025, we are working diligently to complete the loan process, drive our next phase of growth as an owner and operator of fast charging infrastructure, and deliver continued and sustainable value creation for our shareholders.”