Business
EVgo Inc. Reports First Quarter 2023 Results
Revenue grew to $25.3 million in the first quarter, representing an increase of 229% year-over-year. Network throughput reached 17.9 gigawatt-hours (“GWh”)
About this update from Evgo Inc.
[{"type":"text","content":"\n\nRevenue grew to $25.3 million in the first quarter, representing an increase of 229% year-over-year.\n\n\n\nNetwork throughput reached 17.9 gigawatt-hours (“GWh”) in the first quarter, an increase of 124% year-over-year.\n\n\n\nDouble-digit utilization realized in several new markets, including markets outside of California.\n\n\n\nEnded the first quarter with approximately 3,100 stalls in operation or under construction, with nearly 220 new stalls added to the EVgo network during the quarter.\n\n\n\nAdded more than 67,000 new customer accounts in the first quarter, reaching approximately 614,000 overall at the end of the quarter.\n\n\n\nAnnounced expanded agreement with Chevron, with EVgo selected as an EV-charging provider of choice for Chevron and Texaco stations.\n\n\n\nEntered into a new agreement with Audible to bring trial memberships to EVgo customers later in 2023.\n\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nEVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.\n\n\nRevenue increased to $25.3 million in the first quarter of 2023, compared to $7.7 million in the first quarter of 2022, representing 229% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging and eXtend revenues.\n\n\nNetwork throughput increased to 17.9 GWh in the first quarter of 2023, compared to 8.0 GWh in the first quarter of 2022, representing 124% year-over-year growth. The Company added approximately 67,000 new customer accounts during the first quarter, bringing the overall number of customer accounts to approximately 614,000 at quarter-end, an increase of approximately 63% year-over-year.\n\n\n“First quarter revenue growth was fueled by triple digit throughput growth as network utilization continues to increase faster than operational stall growth and EV adoption, demonstrating the strength of our business model,” said Cathy Zoi, EVgo CEO. “EVgo is investing ahead of the mass adoption of EVs in the United States and installed a record number of new stalls during the quarter. We also announced an exciting expansion of our program with Chevron, which is designed to pave the way for fast charging at conveniently...