Business
EVgo Inc. Reports First Quarter 2022 Results
Revenue of $7.7 million in the first quarter of 2022, representing an increase of 86% year-over-year Network throughput of 8.0 Gigawatt-hours (GWh) in the
About this update from Evgo Inc.
[{"type":"text","content":"\n\nRevenue of $7.7 million in the first quarter of 2022, representing an increase of 86% year-over-year\n\n\nNetwork throughput of 8.0 Gigawatt-hours (GWh) in the first quarter of 2022, representing an increase of 95% year-over-year\n\n\nGross loss of $0.6 million in the first quarter of 2022, as compared to a gross loss of $1.7 million in the first quarter of 2021\n\n\nAdjusted gross profit increased to $2.9 million in the first quarter of 2022, showing an adjusted gross margin of 37%\n\n\nEnded the quarter with 2,110 stalls in operation or under construction, representing 129 new stalls in operation during the quarter, exclusive of retirements\n\n\nCustomer accounts totaled approximately 375,000 at the end of the first quarter of 2022\n\n\nAnnounced and expanded core partnerships and added charging locations with Chase Bank, Toyota, Subaru, Meijer, Whole Foods, and others\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nEVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter of 2022. The Company continues to execute on its growth plans on the back of continued EV market development.\n\nRevenue increased to $7.7 million in the first quarter of 2022, compared to $4.1 million in the first quarter of 2021, representing 86% year-over-year growth. Growth in revenue for the quarter was primarily driven by higher retail and fleet charging revenues, as well as growth in ancillary and regulatory credit revenue.\n\nNetwork throughput increased to 8.0 GWh in the first quarter of 2022, compared to 4.1 GWh in the first quarter of 2021, representing 95% year-over-year growth.\n\n“EVgo delivered a strong start to 2022, posting our strongest-ever quarter for new stalls in operation along with continued growth in customers and impressive growth in sites and stalls in our pipeline,” said Cathy Zoi, EVgo’s CEO. “We continue to work with a number of partners to develop, and in some cases accelerate, plans for new EV charging stations across the U.S. This growth is evident in new product innovations and partnerships like those with Chase Bank, which selected EVgo to build our DC fast chargers at approximately 50 of their retail locations. We are well positioned to capitalize on the strong tailwinds from increased growth in EV demand in the U.S. and continue the momentum for the remainder of 2022.”\n\nBusiness Highligh...