EVgo Inc. (Nasdaq: EVGO) has reported record-breaking results for the second quarter ending June 30, 2024. The company will discuss these results and other business updates in a conference call today at 11 am ET / 8 am PT.
For Q2 2024, EVgo’s revenue reached $66.6 million, up 32% from $50.6 million in the same quarter last year. This growth was fueled by increases in charging network revenues.
The company saw a remarkable 164% year-over-year increase in network throughput, reaching 66 GWh, compared to 25 GWh in Q2 2023. EVgo also added over 131,000 new customer accounts during the quarter, marking a 60% increase year-over-year. The total number of customer accounts exceeded 1 million by the end of the quarter, up 59% from the previous year.
“EVgo delivered another impressive quarter with strong financial and operational performance, marking our seventh consecutive quarter of double-digit growth in charging revenue,” said Badar Khan, EVgo’s CEO. “The high demand in the industry, combined with our strategic position as an owner-operator, has driven substantial growth in throughput and new customer accounts. We are committed to expanding our fast-charging infrastructure to enhance the EV driving experience and generate strong returns for our shareholders.”
Business Highlights
- Subaru Charging Credit: Subaru has extended its charging credit program with EVgo, offering new Subaru Solterra drivers a $500 EVgo charging credit.
- Stall Development: The company ended the quarter with approximately 3,440 operational stalls, including EVgo eXtend™ stalls, and added over 220 new DC fast charging stalls.
- EVgo eXtend™: There were 190 operational EVgo eXtend™ stalls by the end of the quarter.
- Network Utilization: Utilization of the EVgo network increased to 20%, up from about 11% in Q2 2023.
- Average Daily Network Throughput: The average daily throughput per stall rose to 227 kilowatt-hours, up 103% from 112 kilowatt-hours per day in Q2 2023.
- Commercial Charging: Throughput for EVgo’s commercial charging business, driven by rideshare, increased nearly threefold year-over-year.
- EVgo Autocharge+: Autocharge+ accounted for over 18% of total charging sessions in Q2 2024, with a 202% increase in sessions compared to the same quarter last year.
- PlugShare: PlugShare’s user base grew to 5.3 million registered users, with 8.5 million check-ins since inception.
Financial & Operational Summary
- Revenue: $66.6 million
- Network Throughput: 66 GWh
- New Customer Accounts: Over 131,000
- Gross Profit: $6.4 million
- Net Loss: $29.6 million
- Adjusted Gross Profit: $17.7 million
- Adjusted EBITDA: $(8.0) million
- Net Cash Provided by Operating Activities: $7.6 million
- Capital Expenditures: $24.2 million
- Net Capital Expenditures: $13.8 million
