Business
EVgo Inc. Reports Record Second Quarter 2024 Results
Achieves 6th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth Raises Midpoint of Total Revenue Guidance by $10 Million Revenue
About this update from Evgo Inc.
[{"type":"text","content":"\nAchieves 6th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth\n\n\nRaises Midpoint of Total Revenue Guidance by $10 Million\n\n\n\nRevenue reached a record $66.6 million in the second quarter, representing an increase of 32% year-over-year.\n\n\n\nCharging network revenue totaled $36.4 million in the second quarter, an increase of 146% year-over-year, representing the 7th sequential quarter of double-digit charging revenue growth.\n\n\n\nNetwork throughput reached a record 66 gigawatt-hours (“GWh”) in the second quarter, an increase of 164% year-over-year, representing the 6th consecutive quarter of triple digit year-over-year growth.\n\n\n\nAdded more than 220 new operational stalls during the second quarter, including EVgo eXtend™ stalls.\n\n\n\nEnded the second quarter with approximately 3,440 stalls in operation, including EVgo eXtend™ stalls.\n\n\n\nAdded over 131,000 new customer accounts in the second quarter, reaching more than 1 million overall at quarter end.\n\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nEVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2024. Management will host a conference call today at 11 am ET / 8 am PT to discuss EVgo’s results and other business highlights.\n\n\nRevenue reached $66.6 million in the second quarter of 2024, compared to $50.6 million in the second quarter of 2023, representing 32% year-over-year growth. Revenue growth was driven by year-over-year increases in charging network revenues.\n\n\nNetwork throughput increased to 66 GWh in the second quarter of 2024, compared to 25 GWh in the second quarter of 2023, representing 164% year-over-year growth. The Company added over 131,000 new customer accounts during the second quarter of 2024, a 60% year-over-year increase in new accounts. The overall number of customer accounts was more than 1 million at quarter end, an increase of 59% year-over-year.\n\n\n“EVgo delivered yet another quarter of great financial and operating results, including the 7th sequential quarter of double-digit charging revenue growth,” said Badar Khan, EVgo’s CEO. “We are seeing continual record demand in the industry, which we are well situated to capture given our position as an owner operator and as evidenced by the tremendous growth in throughput and new customer accounts. We...