Business
EVgo Inc. Reports Fourth Quarter and Full-Year 2021 Results
2021 Revenue increased by 52% year-over-year Network throughput in 2021 rose to 26.4 Gigawatt-hours (GWh), a 68% increase over prior year GAAP gross loss
About this update from Evgo Inc.
[{"type":"text","content":"\n\n2021 Revenue increased by 52% year-over-year\n\n\nNetwork throughput in 2021 rose to 26.4 Gigawatt-hours (GWh), a 68% increase over prior year\n\n\nGAAP gross loss narrowed in 2021 to ($6.8) million from ($9.0) million in 2020\n\n\nAdjusted gross profit grew to $5.2 million for full-year 2021 compared to $0.5 million in 2020, and adjusted gross margin grew from 3% in 2020 to 23% in 2021, demonstrating operating leverage in the model from increasing vehicles in operation and throughput\n\n\nEnded year with approximately 340,000 customer accounts, marking an approximate 109,000 year-over-year increase, equating to approximately 80% of non-Tesla US EV sales\n\n\nActive Engineering and Construction pipeline increased to more than 3,100 fast charging stalls as of year-end 2021 vs approximately 2,500 at the year-end of Q3 2021\n\n\nRecently announced new charging partnerships with Toyota and Subaru\n\n\nIntroduced EVgo eXtendTM business line to increase customer and geographic expansion\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nEVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full-year 2021 ending December 31, 2021. The Company generated continued growth in revenue, network throughput and customer accounts. EV adoption has accelerated with approximately 142,000 EVs sold in the U.S. during the fourth quarter of 2021 and 475,000 in full year 2021, illustrating the continued expansion of the EV sector and bringing more drivers onto the EVgo network.\n\nRevenue increased to $7.1 million for the fourth quarter of 2021, compared to $4.2 million in the fourth quarter of 2020, exhibiting 70% year-over-year growth, and compared to $6.2 million for the third quarter of 2021, exhibiting 15% quarter-over-quarter growth. For full-year 2021, revenue increased to $22.2 million, compared to $14.6 million for full-year 2020, reflecting an increase of 52% year-over-year.\n\nNetwork throughput increased to 8.2 GWh for the fourth quarter of 2021, compared to 4.2 GWh in the fourth quarter of 2020, exhibiting 95% year-over-year growth. For full-year 2021, network throughput reached 26.4 GWh, reflecting growth of 68% year-over-year. Total customer accounts grew to approximately 340,000 as of December 31, 2021, an increase of 47% over the prior-year period.\n\n“EVgo finished 2021 strong, with momentum in r...