Business
EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results
Revenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year. For the full year 2023, revenue reached $161.0 million,
About this update from Evgo Inc.
[{"type":"text","content":"\n\nRevenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year.\n\n\n\nFor the full year 2023, revenue reached $161.0 million, an increase of 195% over full year 2022, and exceeding the high-end of the Company’s guidance range.\n\n\n\nNetwork throughput reached a record 50 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 257% year-over-year.\n\n\n\nNetwork throughput for the full year 2023 increased to 130 GWh, representing growth of 189% over full year 2022.\n\n\n\nEnded 2023 with approximately 3,550 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 260 new operational stalls added during the fourth quarter.\n\n\n\nAdded over 110,000 new customer accounts in the fourth quarter and approximately 366,000 during 2023, reaching more than 884,000 overall at the end of the year.\n\n\n\nNet loss was $36.6 million for the fourth quarter of 2023 and $135.5 million for the full year 2023.\n\n\n\nAdjusted EBITDA1 was ($14.0) million for the fourth quarter of 2023, and ($58.8) million for the full year 2023, outperforming the high-end of the Company’s guidance range.\n\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 ended December 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 reached $50.0 million in the fourth quarter of 2023, compared to $27.3 million in the fourth quarter of 2022, representing 83% year-over-year growth. For the full year 2023, revenue reached $161.0 million, compared to $54.6 million for the full year 2022, an increase of 195% year-over-year. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtendrevenue.\n\n\nNetwork throughput increased to 50 GWh in the fourth quarter of 2023, compared to 14 GWh in the fourth quarter of 2022, representing 257% year-over-year growth. For the full year 2023, network throughput reached 130 GWh, reflecting an increase of 189% year-over-year. The Company added over 110,000 new customer accounts during the fourth quarter of 2023, bringing the overall number of customer accounts to more than 884,000 at the end of the year, an increase of 60% year-over-year.\...