Overview

EV charging network operator EVgo has reported better-than-expected second-quarter revenue and a narrower loss. The company’s network usage has increased, driven by more EV drivers and the success of its private-label eXtend unit.

Key Numbers

• Loss per share: 8 cents vs. 27 cents expected.
• Revenue: $50.6 million vs. $29.6 million expected.

Financial Performance

In Q2, EVgo reported a net loss of $21.5 million, or 8 cents per share. This is compared to a profit of $17 million, or 6 cents per share, on revenue of $9.1 million in the same period last year.

Increased Network Throughput

EVgo’s “network throughput,” which measures the amount of electricity provided to charging customers, grew by 147% YoY to 24.9 gigawatt-hours in Q2. This increase is attributed to the rising number of EVs on the road, more powerful EV batteries, and higher charger utilization.

Growth of eXtend Unit

Revenue from EVgo’s eXtend unit, which provides chargers for business clients under their own brands, accounted for nearly 66% of the company’s total revenue in Q2, totaling about $33.3 million. Major businesses like General Motors, Pilot, and Chase have already joined the eXtend program.

Operational Expansion

As of June 30, EVgo had approximately 3,200 fast charging stalls in operation or under construction, with an addition of more than 82,000 new customer accounts during the quarter. Furthermore, the company expects to have between 3,400 and 4,000 fast charging stalls by the end of the year.

Increased Guidance

EVgo has raised its revenue guidance for the full year to a range between $120 million and $150 million, up from $105 million to $150 million. The adjusted EBITDA loss is expected to be between $68 million and $78 million, a narrower range compared to the previous guidance of $60 million to $78 million.

Leadership Transition

CEO Cathy Zoi will retire from EVgo in November, with Badar Khan, a 25-year veteran of the energy sector and former president of National Grid’s U.S. operations, taking over as her successor.