The earnings call highlighted strong revenue growth and significant advancements in both customer expansion and technology development. However, ongoing EBITDA losses and dependency on federal funding pose challenges. The overall sentiment is cautiously optimistic with a focus on strategic growth and efficiency improvements.

Company Guidance

During the EVgo Q3 2024 earnings call, management provided updated guidance for the year, highlighting significant growth and strategic milestones. EVgo has raised the midpoint of its full-year revenue guidance to a range of $250 million to $265 million, driven by strong charging network revenues. The company also increased its adjusted EBITDA guidance to a range of negative $38 million to $32 million, reflecting improved gross margins and reduced energy costs. EVgo's network throughput more than doubled year-over-year, with utilization reaching 22%, and the company added over 147,000 new customer accounts in the quarter, bringing the total to more than 1.2 million. The call also addressed the anticipated benefits of a $1.05 billion loan guarantee from the U.S. Department of Energy, which is expected to facilitate the deployment of approximately 7,500 high-power charging stores over the next five years. Additionally, EVgo shared plans for a next-generation charging architecture aimed at reducing gross CapEx per store by 30% and emphasized its commitment to achieving adjusted EBITDA breakeven by 2025.

Record Revenue Growth

EVgo achieved a record revenue of $67.5 million in Q3 2024, representing a 92% year-over-year increase. Charging network revenue nearly doubled, reaching $43.1 million.

Significant Increase in Network Throughput

Network throughput more than doubled from last year to 78 gigawatt hours, with utilization increasing to 22% from 14% a year ago.

Expansion of Customer Accounts

EVgo added over 147,000 new customer accounts in Q3, a 57% increase from the previous year, bringing the total to over 1.2 million accounts.

Improved EBITDA and Gross Margin

Adjusted EBITDA loss improved to negative $8.9 million, a $5.4 million improvement over the same quarter last year. Adjusted gross margin also increased to 26.6%.

DOE Loan and Strategic Milestones

EVgo received a conditional commitment for a $1.05 billion loan from the DOE, aiming to build approximately 7,500 high-power charging stations over the next five years.

Partnership and Technology Advancements

EVgo announced a partnership with Delta Electronics to co-develop a new 400-kilowatt fast charger, targeting a 30% reduction in CapEx per store by deploying in the second half of 2026.

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EVgo (EVGO) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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EVGO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 19, 2025	2024 (Q4)	-0.10 / -	-0.12	―	―	―
Nov 12, 2024	2024 (Q3)	-0.11 / -0.11	-0.09	-22.22% (-0.02)
Aug 01, 2024	2024 (Q2)	-0.10 / -0.10	-0.08	-25.00% (-0.02)
May 07, 2024	2024 (Q1)	-0.11 / -0.09	-0.18	50.00% (+0.09)
Mar 06, 2024	2023 (Q4)	-0.17 / -0.12	-0.06	-100.00% (-0.06)
Nov 08, 2023	2023 (Q3)	-0.20 / -0.09	-0.19	52.63% (+0.10)
Aug 02, 2023	2023 (Q2)	-0.24 / -0.08	0.06	-233.33% (-0.14)
May 09, 2023	2023 (Q1)	-0.19 / -0.18	-0.21	14.29% (+0.03)
Mar 30, 2023	2022 (Q4)	-0.16 / -0.06	-0.18	66.67% (+0.12)
Nov 02, 2022	2022 (Q3)	-0.16 / -0.19	0.09	-311.11% (-0.28)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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EVGO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$5.40	$4.89	-9.44%
Aug 01, 2024	$3.84	$3.62	-5.73%
May 07, 2024	$1.99	$1.79	-10.05%
Mar 06, 2024	$2.78	$3.02	+8.63%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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