EVgo Inc's Earnings Report: Insights on Growth and Future
EVgo Inc Reports Fourth Quarter Insights
EVgo Inc shares, identified by the ticker symbol EVGO, have seen a downturn recently. This follows the company's announcement of their fourth-quarter financial results, which unfortunately did not meet analysts' expectations.
Financial Performance Overview
The reported loss per share for this quarter was 11 cents, which was higher than the consensus forecast of a 9 cents loss. Sales during this period reached $67.51 million, marking a 35% increase compared to the previous year's quarter. However, this figure fell short of the anticipated sales of $69.1 million.
Revenue Breakdown
In terms of charging network revenue, EVgo showed a robust performance, totaling $46.5 million, which reflects a significant 73% growth year-over-year. Network throughput also demonstrated impressive growth, registering 84 gigawatt-hours, an increase of 68%.
Expansion and Growth Initiatives
During the fourth quarter, EVgo expanded its infrastructure by adding over 480 new operational stalls. This effort brought their total operational stalls to approximately 4,080, showcasing their commitment to enhancing electric vehicle charging access.
Adjusted EBITDA Performance
Adjusted EBITDA for the quarter was a loss of $8.4 million, displaying a notable improvement from the previous year's loss of $13.96 million, representing a 40% reduction. Additionally, the adjusted gross margin increased by 720 basis points, reaching 33.7%.
Liquidity and Financial Position
By the end of the fourth quarter, EVgo maintained a strong cash position, with cash and equivalents amounting to $120.5 million. However, total liabilities rose to $360.03 million, compared to $266.23 million in the same quarter of the previous year.
CEO's Perspective on Future Growth
Badar Khan, the CEO of EVgo, expressed optimism regarding the company's growth trajectory. He indicated that they anticipate a revenue increase of around 40% in 2025, aiming to achieve breakeven in adjusted EBITDA while continuing investments in next-generation charging technologies.
Future Financial Guidance
Looking ahead, EVgo has set forth financial guidance for 2025, projecting total revenue to be between $340 million and $380 million, compared to the estimate of $357.813 million. The company expects adjusted EBITDA to range from a loss of $5 million to a potential profit of $10 million.
Current Stock Performance
As of recent trading, EVGO shares have decreased by 4.10%, bringing the stock price down to $2.34, reflecting the market's reaction to the earnings report.
Frequently Asked Questions
What were EVgo's earnings per share for the fourth quarter?
EVgo reported a loss per share of 11 cents for the fourth quarter.
How much revenue did EVgo generate in the fourth quarter?
The company generated $67.51 million in revenue, which was a 35% increase compared to the previous year.
What are EVgo's projections for 2025?
EVgo projects total revenue between $340 million and $380 million for 2025, with expectations for a 40% revenue growth.
What is EVgo's adjusted EBITDA for the recent quarter?
For the fourth quarter, EVgo's adjusted EBITDA was a loss of $8.4 million.
How is EVgo expanding its operational infrastructure?
EVgo added more than 480 new operational stalls in the fourth quarter, increasing their total to approximately 4,080 stalls.
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