Business
EVgo Inc. Reports 2021 Third Quarter Results
Revenue increase of 29% quarter-over-quarter as retail and fleet segments realized solid activity increases over the second quarter of 2021 Network
About this update from Evgo Inc.
[{"type":"text","content":"\n\nRevenue increase of 29% quarter-over-quarter as retail and fleet segments realized solid activity increases over the second quarter of 2021\n\n\nNetwork throughput rose to an all-time high of 8.0 Gigawatt-hours (GWh), a 31% increase over the second quarter of 2021\n\n\nGross loss of ($1.7) million, compared to ($1.7) million in the prior quarter, with gross margin of (27%) compared to (35%) in the prior quarter\n\n\nAdjusted gross profit of $1.4 million, up from $1.0 million in the prior quarter with adjusted gross margin expanding to 22.2% from 21.4% in the prior quarter\n\n\nEnded third quarter of 2021 with total cash and cash equivalents of $521 million\n\n\nCustomer accounts continue to increase, ending the quarter at approximately 310,000\n\n\nActive Engineering and Construction pipeline increased in the quarter to nearly 2,500 fast charging stalls\n\n\nRevised and expanded agreement with General Motors (GM) to increase the size of the build-out program by 500 fast charging stalls, taking the total program to 3,250 stalls through 2025\n\n\nIntroduction of new loyalty, pricing, and per transaction payment\n\n\nLaunch of EVgo OptimaTM, sophisticated fleet management software platform\n\n\nExpanding fleet strategy including new fleet partnerships with General Motors, Merchants Fleet, Electric Last Mile Solutions and a large trucking company partner\n\n\nIncreasing full-year 2021 revenue guidance to $20-22 million and network throughput guidance to 24-26 GWh\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nEVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ending September 30, 2021. The Company generated continued growth in revenue, network throughput and customer accounts. EV adoption has accelerated with approximately 130,000 EVs sold in the US during the third quarter of 2021 proving the continued expansion of the EV sector and bringing more drivers on EVgo network.\n\nRevenue increased to $6.2 million for the third quarter of 2021, compared to $4.8 million for the second quarter of 2021, exhibiting 29% quarter-over-quarter growth. Network throughput has reached 8.0 GWh with 31% quarter-over-quarter growth. Total customer accounts grew to more than 310,000 at the end of the third quarter of 2021.\n\n“EVgo’s operations in the quarter demonstrated further progress toward an electrified tr...