Credit: EVgo

EVgo reports $9.1 million of Revenue, reaffirms the 2022 stall target guidance

Written by Cláudio Afonso | | LinkedIn | Twitter

U.S. largest public fast charging network for electric vehicles EVgo announced Tuesday its second quarter earnings results reporting $9.1 million of revenue and reiterating the annual stall target guidance of 3,000 – 3,300 DC fast charging stalls operational or under construction.

EVgo ended the second quarter with  2,397 stalls in operation or under construction and reiterated its guidance for this year of total revenue $48 — $55 million, a Network throughput of 50 – 60 GWh, and an adjusted EBITDA of $75 – $85 million.

“Our results for the second quarter, together with the milestone EVgo eXtend partnership recently announced, reinforce EVgo’s leadership position in ultra-fast EV charging,” said Cathy Zoi, EVgo’s CEO.

“We delivered 10 GWh of network throughput and accelerated customer account additions, demonstrating the growth potential of our business as consumers continue to adopt EVs. EVgo is entering the rollout period of the National Electric Vehicle Infrastructure (“NEVI”) program with strong momentum and substantial progress. As one of the longest running, largest, and most reliable public fast charging operators in the U.S., we could not be more excited about the possibility of accelerating our growth, expanding our partnerships, and helping to enable the wider, faster adoption of EVs across America,” Zoi added.

In July, the Company announced an agreement with GM and Pilot Company to install 2,000 stalls at up to 500 sites across U.S. Under the partnership, EVgo will procure, design, install, operate and maintain the network/stations.

The Q1 2022 was EVgo’s best quarter ever for “operational and mobilized charging stalls, representing a 166% increase in newly mobilized and newly operational stalls QoQ”, as said by the CEO during the previous Conference Call on May 11.

Written by Cláudio Afonso | | LinkedIn | Twitter