Written by Cláudio Afonso | LinkedIn | X
EVgo reported Tuesday its third-quarter earnings results, posting a 92% revenue surge as it added more than 147,000 new customer accounts between July and September.
Last month, the company announced it received a conditional commitment for up to $1.05 billion in loan guarantees from the U.S. Department of Energy to finance the installation of approximately 7,500 EV chargers over the next six years.
Revenue reached $67.5 million in the third quarter, up from $35.1 million, representing a 92% year-over-year growth. According to EVgo, this growth was driven by increases in both charging network and eXtend revenues.
As of the end of September, the company had “approximately” 3,680 stalls.
Shares of the charging firm surged 9% on Tuesday’s pre-market session to $5.90 shortly after the financial results were released.
The company’s chief executive Badar Khan noted “strong revenues and triple digit year-over-year network throughput growth” as the team “continued to meet demand head-on bringing a record number of stalls online in the third quarter.”
RBC Capital analyst Chris Dendrinos has recently released a new research note doubling the firm’s price target on EVgo to $8.
Toyota Motor announced recently a collaboration with the charging company to install DC fast chargers in Baldwin Park, and Sacramento, both areas located in California.
Written by Cláudio Afonso | LinkedIn | X
