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EVgo (EVGO)
NASDAQ:EVGO
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EVgo
(NASDAQ:EVGO)
48Neutral
Positive Factors
Financial Strategy
The DOE loan will cover 80% of project costs, reducing the need for EVgo to raise additional equity.
Partnerships and Growth
EVgo has attractive and growing partnerships across car OEMs, ride-share, and autonomous driving fleets.
Negative Factors
Capital and Financing
Fears around having to raise dilutive capital have emerged due to an eroding market cap.
Market Confidence
Concerns around what Trump economic policies could do to broader consumer confidence for prospective EV/or general auto buyers have kept investors sidelined.
Regulatory Environment
A less friendly regulatory environment is leading to a likely flatter EV adoption trajectory.
EVgo (EVGO) vs. S&P 500 (SPY)
Market Cap
$735.18M
Dividend YieldN/A
Average Volume (3M)3.86M
Price to Earnings (P/E)―
Beta (1Y)2.17
Revenue Growth59.57%
EPS Growth14.59%
CountryUS
Employees292
SectorConsumer Cyclical
Sector Strength49
IndustryRetail - Discretionary
Share Statistics
EPS (TTM)-0.41
Shares Outstanding133,523,070
10 Day Avg. Volume4,341,846
30 Day Avg. Volume3,856,326
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)2.95
Price to Cash Flow (P/CF)-14.30
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.00Price Target Upside195.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EVgo Business Overview & Revenue Model
Company DescriptionEVgo offers charging solutions. The company develops and operates EV charging sites by leveraging which it dispenses electricity to EVs. It also earns revenues through business-to-business commercial relationships and the sale of regulatory credits generated via the sales of electricity and its operation and ownership of its DCFC network.
How the Company Makes MoneyEVgo generates revenue primarily through charging services provided to electric vehicle owners who utilize its network of fast charging stations. EVgo charges customers based on the amount of electricity consumed during each charging session, often on a per-kilowatt-hour (kWh) basis. The company also engages in partnerships with automakers, fleet operators, and other commercial entities to expand its network and provide tailored charging solutions. Additionally, EVgo may receive revenue from government incentives and programs aimed at supporting the development of EV infrastructure. These partnerships and incentives contribute significantly to the company's earnings by enhancing its service offerings and expanding its market reach.
EVgo Financial Statement Overview
Summary
EVgo shows strong revenue growth from $16.1 million in 2019 to $256.8 million in 2024, indicating expansion. However, profitability remains elusive, with negative net income and EBIT margins and unstable cash flows. The balance sheet has improved but still shows high leverage and negative returns on equity.Income Statement
EVgo has shown significant revenue growth from $16.1 million in 2019 to $256.8 million in 2024, indicating strong expansion. However, the company has consistently reported negative net income, with a deteriorating EBIT margin, and gross profit margins remaining low. The net profit margin is deeply negative, reflecting ongoing challenges in achieving profitability.45
Neutral
Balance Sheet
The equity position has improved significantly from a large deficit in 2021, but leverage remains high with a debt-to-equity ratio of 0.20. The equity ratio stands at 55.2%, indicating moderate reliance on equity financing. The return on equity remains negative, posing concerns on shareholder returns.40
Negative
Cash Flow
Operating cash flow has improved slightly but remains negative. The free cash flow is also negative, reflecting heavy capital expenditures. The operating cash flow to net income ratio is unstable due to negative figures, indicating ongoing operational challenges.35
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 256.82M | 160.95M | 54.59M | 22.21M | 13.05M | Gross Profit |
| 29.37M | 9.71M | -5.65M | -6.83M | -13.00M | EBIT |
| -131.57M | -153.41M | -149.50M | -89.83M | -58.44M | EBITDA |
| -83.00M | -83.46M | -70.28M | -31.93M | -34.85M | Net Income Common Stockholders |
| -131.27M | -42.43M | -106.24M | -8.44M | -57.29M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 117.27M | 209.15M | 246.19M | 484.88M | 7.91M | Total Assets |
| 803.76M | 806.61M | 729.72M | 746.32M | 182.14M | Total Debt |
| 90.37M | 68.00M | 50.65M | 0.00 | 39.16M | Net Debt |
| -26.90M | -141.14M | -195.55M | -484.88M | 31.25M | Total Liabilities |
| 360.03M | 266.24M | 212.60M | 158.40M | 92.65M | Stockholders Equity |
| 443.73M | -160.59M | -358.10M | -1.36B | 89.49M |
| Cash Flow | Free Cash Flow | |||
| -102.04M | -195.95M | -259.05M | -94.61M | -39.42M | Operating Cash Flow |
| -7.26M | -37.05M | -58.79M | -29.60M | -20.08M | Investing Cash Flow |
| -94.47M | -143.31M | -199.71M | -87.77M | -19.34M | Financing Cash Flow |
| 13.09M | 143.02M | 19.81M | 594.63M | 47.08M |
EVgo Technical Analysis
Negative
2.37
Price Trends
3.23
Negative
4.81
Negative
4.28
Negative
Market Momentum
-0.26
Negative
31.16
Neutral
40.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVGO, the sentiment is Negative. The current price of 2.37 is below the 20-day moving average (MA) of 2.69, below the 50-day MA of 3.23, and below the 200-day MA of 4.28, indicating a bearish trend. The MACD of -0.26 indicates Negative momentum. The RSI at 31.16 is Neutral, neither overbought nor oversold. The STOCH value of 40.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EVGO.
EVgo Risk Analysis
EVgo disclosed 61 risk factors in its most recent earnings report. EVgo reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
EVgo Peers Comparison
Overall Rating
UnderperformOutperform
Sector (59)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $797.99B | 118.08 | 10.52% | ― | 0.95% | -52.81% | |
59 Neutral | $12.50B | 10.40 | 2.26% | 3.63% | 1.65% | -18.81% | |
48 Neutral | $735.18M | ― | 19.14% | ― | 59.57% | 14.59% | |
45 Neutral | $31.91M | ― | -24.26% | ― | 10.25% | 52.91% | |
39 Underperform | $98.85M | ― | -69.69% | ― | 15.13% | 59.90% | |
36 Underperform | $3.59M | ― | -21.91% | ― | -76.66% | 47.08% |
* Consumer Cyclical Sector Average
Performance Comparison
EVGO
EVgo
2.40
-0.10
-4.00%
TSLA
Tesla
240.68
77.11
47.14%
AYRO
AYRO
0.56
-1.09
-66.06%
BLNK
Blink Charging Co
0.90
-2.02
-69.18%
BEEM
Beam Global
2.14
-4.78
-69.08%
EVgo Earnings Call Summary
Earnings Call Date: Mar 4, 2025 | % Change Since: -2.87% | Next Earnings Date: May 13, 2025
Earnings Call Sentiment Positive
The earnings call reflects a robust growth trajectory for EVgo, marked by significant increases in revenue, stall deployment, and customer base. The successful securing of a DOE loan and notable efficiency improvements further bolster a positive outlook. However, competitive challenges, potential policy impacts, and reliance on incentives present noteworthy risks.Highlights
Record Growth in Charging Network
Full year revenue grew 60% year-over-year; Q4 revenue increased for the ninth sequential quarter of double-digit growth. Utilization reached 24%, up from 19% last year.
Expansion of Operational Stalls
Added a record 480 new operational stalls in Q4, totaling over 1,200 new stalls for the year and surpassing 4,000 operational stalls.
DOE Loan Guarantee Secured
Closed a $1.25 billion loan guarantee with the Department of Energy, with the first $75 million advance received in January 2025.
Strong Customer Growth
Customer accounts grew over 50% year-over-year, reaching over 1.3 million.
Significant Efficiency Improvements
Achieved a 9% reduction in gross CapEx per stall for current generation chargers and targeting a 30% reduction with new generation architecture.
Positive Adjusted EBITDA Trajectory
Adjusted EBITDA improved to a loss of $32.5 million for 2024, a $26.4 million improvement over 2023, with a target of EBITDA breakeven in 2025.
Lowlights
Challenges in EV Charging Competition
Concerns about the US lagging behind China in EV infrastructure and competitiveness due to lower state sponsorship and fewer incentives.
Potential Impact of Executive Orders
Uncertainty regarding the impact of potential executive orders on electrification and the DOE loan.
LCFS Pricing Volatility
Acknowledgment of LCFS pricing risk affecting revenue projections.
Dependence on Incentives
Federal incentives, such as the 30C tax credits, represent about 10% of gross CapEx per stall, reducing reliance but still a factor.
Company Guidance
During EVgo's fourth-quarter and full-year 2024 earnings call, the company provided detailed guidance for 2025, highlighting several critical metrics and strategic priorities. EVgo expects to see total revenues between $340 million and $380 million, with two-thirds deriving from charging network revenue, and aims for adjusted EBITDA breakeven, ranging from a $5 million loss to a $10 million gain. The company plans to add 800 to 900 public and dedicated stalls in 2025, part of a broader strategy to triple its installed base over the next five years, supported by a $1.25 billion loan guarantee from the Department of Energy. Utilization rates have reached an industry-leading 24%, and with a focus on expanding partnerships, improving customer experience, and operational efficiencies, EVgo anticipates further growth in throughput and customer accounts. The company also highlighted a 30% target reduction in gross capital expenditures per stall through its joint development agreement with Delta Electronics. Despite potential uncertainties, EVgo remains confident in its resilient business model and its ability to maintain growth momentum in the evolving EV landscape.EVgo Corporate Events
Private Placements and FinancingBusiness Operations and Strategy
EVgo Secures $1.25 Billion for Charging Expansion
Positive
Dec 12, 2024
EVgo Inc. has secured a $1.25 billion loan facility from the U.S. Department of Energy to support the nationwide deployment of approximately 7,500 new fast charging stalls for electric vehicles, significantly expanding its network. This strategic move is expected to enhance public charging infrastructure, foster job creation, and support the growth of the EV market, positioning EVgo as a pivotal player in the transportation electrification ecosystem.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.