EVgo Inc. Announces Reports Record-Breaking Fourth Quarter 2024 Results, Eyes Significant Growth in 2025
EVgo Announce a leading provider of public fast-charging networks for electric vehicles (EVs), has announced its financial and operational results for the fourth quarter ended December 31, 2024. The company continues to solidify its position as a key player in the fast-charging industry, achieving record throughput, expanding its stall deployments, and securing crucial funding for future growth.
Management will host a live webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s latest financial performance and highlight key developments that reinforce its leadership in the EV charging market.
CEO’s Perspective on Growth and Expansion
EVgo’s Announce Chief Executive Officer, Badar Khan, expressed enthusiasm regarding the company’s progress over the past year. “EVgo finished 2024 strong, achieving record throughput and stall deployments,” Khan stated. “We have successfully secured financing that will enable us to more than triple our installed base within the next five years, further cementing our leadership in the fast-charging sector. As we move into 2025, our focus remains on enhancing the customer experience, improving operational efficiencies, and accelerating the deployment of charging stalls.”
Khan also emphasized EVgo’s commitment to financial sustainability, forecasting an estimated 40% revenue growth in 2025 while targeting Adjusted EBITDA breakeven. The company remains dedicated to investing in its next-generation charging solutions to enhance reliability and meet the evolving needs of EV drivers nationwide.
Key Business Highlights for Q4 2024
EVgo’s fourth-quarter results reflect a period of rapid expansion and technological advancements. Below are some of the notable achievements from the quarter:
Securing DOE Loan for Future Expansion
On December 12, 2024, EVgo secured a significant loan guarantee of up to $1.25 billion from the U.S. Department of Energy (DOE) Loan Programs Office under its Title 17 program. This funding will facilitate the development of approximately 7,500 fast-charging stalls across the United States over the next five years. This investment underscores EVgo’s commitment to bolstering the national EV charging infrastructure to support the growing adoption of electric vehicles.
Co-Development Agreement for Next-Generation Charging Technology
In January 2025, EVgo entered into a strategic partnership with Delta Electronics to co-develop next-generation charging hardware and software. The collaboration aims to enhance charger reliability, optimize cost efficiencies, and improve the overall customer experience. Under the agreement, EVgo will retain intellectual property rights to the innovative designs, reinforcing its technological leadership in the sector.
Deployment of J3400 (NACS) Connectors
EVgo made strides in adopting the J3400 (North American Charging Standard, or NACS) connectors. The first pilot site equipped with native NACS connectors became operational in February 2025, with additional locations planned throughout the year. This move aligns with the broader industry transition to standardized charging solutions, ensuring a seamless experience for all EV drivers.
Rapid Stall Deployment and Network Expansion
The company continued its aggressive expansion, ending the year with approximately 4,080 stalls in operation. During 2024 alone, EVgo added over 1,230 new DC fast-charging stalls, further reinforcing its presence as one of the largest public fast-charging networks in the country.
Increased Network Throughput and Charging Efficiency
EVgo’s network throughput showed a significant rise in Q4 2024, with an average daily throughput per stall reaching 269 kilowatt-hours per day—representing a 37% increase from the 197 kilowatt-hours per day reported in Q4 2023. This growth reflects the rising demand for fast charging and the improved efficiency of EVgo’s infrastructure.
Growth of Autocharge+ Adoption
Autocharge+, EVgo’s seamless plug-and-charge solution, accounted for 24% of total charging sessions in Q4 2024. Additionally, the number of Autocharge+ charging sessions surged by 104% compared to the same period in 2023. This increasing adoption indicates a strong consumer preference for effortless, automatic charging experiences.
Expanding Customer Base and PlugShare Community
EVgo experienced significant user growth, adding more than 133,000 new customer accounts in Q4 and over 522,000 for the full year, bringing its total customer base to over 1.3 million accounts by year-end. Meanwhile, PlugShare, EVgo’s widely used EV charging station locator app, reached 6.1 million registered users and recorded 9.1 million check-ins since its launch.
Financial Performance for Q4 and Full Year 2024
EVgo reported strong financial results, with substantial revenue growth and network utilization. Below are key financial metrics for Q4 2024:
- Revenue: $67.5 million
- Network Throughput: 84 gigawatt-hours
- New Customer Accounts: 133,000 added in Q4
- Gross Profit: $9.8 million
- Net Loss: $35.6 million
- Adjusted Gross Profit: $22.8 million
- Adjusted EBITDA: ($8.4) million
- Net Cash Used in Operating Activities: $12.8 million
- Capital Expenditures: $23.7 million
- Capital Expenditures (Net of Capital Offsets): $13.8 million
For the full year 2024, EVgo reported:
- Revenue: $256.8 million
- Network Throughput: 277 gigawatt-hours
- New Customer Accounts: Over 522,000 added
- Gross Profit: $29.4 million
- Net Loss: $126.7 million
- Adjusted Gross Profit: $75.7 million
- Adjusted EBITDA: ($32.5) million
- Net Cash Used in Operating Activities: $7.3 million
- Capital Expenditures: $94.8 million
- Capital Expenditures (Net of Capital Offsets): $46.4 million
