EVGo’s Stock Surges on Better-Than-Expected Q4 Earnings

David Shultz

David Shultz reports on clean technology and electric vehicles, among other industries, for dot.LA. His writing has appeared in The Atlantic, Outside, Nautilus and many other publications.

EVGo’s Stock Surges on Better-Than-Expected Q4 Earnings
Image from EVGo

Shares of EVgo are up over 20% today after the company released Q4 earnings that outpaced predictions from Wall Street. Analysts had predicted the company would announce a loss per share in the neighborhood of $0.16-$0.18, but the Los Angeles-based electric vehicle charging company reported a much more meager loss, to the tune of just $0.06 per share.

Other numbers in the earnings report also looked encouraging. Revenue increased 287% year over year, totalling $27.3 million in Q4 2022 and outpacing the $21.8 million initially expected. EVgo is still in the red overall, but the margin is shrinking: In Q4 this year the net loss was $17 million, compared to $46 million in Q4 2021.

The company added 670 total charging stalls in 2022, with 180 of them coming online in the fourth quarter. Total network throughput (the amount of energy the company has moved through its system) increased to 44.6 gigawatt-hours (GWh), which is enough energy to charge 743,333 60kWh EV batteries, and represents a 69% increase over 2021. EVgo also added 59,000 new customer accounts in the Q4, 2022, buoying its total to 553,000.

Overall, the combination of increasing revenue, decreasing net loss, and an ever-growing charger/user network paints the picture of a company heading for success. That said, EVgo was cautious about its guidance for next year: The company predicts revenue between $105 million and $150 million for 2023—slightly lower than analysts’ previous expectations, but clearly not enough to damper traders’ enthusiasm today. Additionally, the company expects to have a total of 3,400-4,000 DC fast charging stalls installed by the end of 2023.

EVgo says the wide range of possible revenue and charger installations for 2023 stems from the recently issued federal regulatory guidance, which mandates that National Electric Vehicle Infrastructure (NEVI)-funded projects meet certain thresholds for domestic content and assembly. Specifically, the company says, hitting its goals will be dependent on domestic manufacturing coming online.

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LA Tech Week: Local Climate Investors Assess and Vet Green Startups

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

LA Tech Week: Local Climate Investors Assess and Vet Green Startups
Samson Amore

In a region known for being a national trailblazer when it comes to climate policies, there’s no shortage of green energy startups in L.A. looking for funding. There’s also a plethora of investors and incubators, which means founders looking for cash flow should be extra specific about their value proposition when they pitch to cut through the noise. At least that was the message coming from the panelists at the UCLA Anderson School of Management on Tuesday.

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Here's What People Are Saying About Day Two of LA Tech Week
Evan Xie

L.A. Tech Week has brought venture capitalists, founders and entrepreneurs from around the world to the California coast. With so many tech nerds in one place, it's easy to laugh, joke and reminisce about the future of tech in SoCal.

Here's what people are saying about day two of L.A. Tech Week on social:

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LA Tech Week: Technology and Storytelling for Social Good

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech Week: Technology and Storytelling for Social Good
Photo taken by Decerry Donato

On Monday, Los Angeles-based philanthropic organization Goldhirsh Foundation hosted the Technology and Storytelling For Social Good panel at Creative Visions studio to kick off LA Tech week.

Tara Roth, president of the foundation, moderated the panel and gathered nonprofit and tech leaders including Paul Lanctot, web developer of The Debt Collective; Alexis Cabrera, executive director of 9 Dots; Sabra Williams, co-founder of Creative Acts; and Laura Gonzalez, senior program manager of Los Angeles Cleantech Incubator (LACI).

Each of the panelists are grantees of Goldhirsh Foundation’s LA2050, an initiative launched in 2011 that is continuously trying to drive and track progress toward a shared vision for the future of Los Angeles. Goldhirsh’s vision is to make Los Angeles better for all and in order to achieve their goal, the foundation makes investments into organizations, creates partnerships and utilizes social capital through community events.

The panelists shared how the work they are doing in each of their respective sectors uses technology to solve some of society's most pressing challenges and highlight the importance of tech literacy across every community.

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