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 Day 5: Social Highlights
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 the fifth day of L.A. Tech Week on social:

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LA Tech Week: How These Six Greentech Startups Are Tackling Major Climate Issues

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: How These Six Greentech Startups Are Tackling Major Climate Issues
Samson Amore

At Lowercarbon Capital’s LA Tech Week event Thursday, the synergy between the region’s aerospace industry and greentech startups was clear.

The event sponsored by Lowercarbon, Climate Draft (and the defunct Silicon Valley Bank’s Climate Technology & Sustainability team) brought together a handful of local startups in Hawthorne not far from LAX, and many of the companies shared DNA with arguably the region’s most famous tech resident: SpaceX.

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LA Tech ‘Moves’: LeaseLock, Visgenx, PlayVS and Pressed Juicery Gains New CEOs

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 ‘Moves’: LeaseLock, Visgenx, PlayVS and Pressed Juicery Gains New CEOs
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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LeaseLock, a lease insurance and financial technology provider for the rental housing industry named Janine Steiner Jovanovic as chief executive officer. Prior to this role, Steiner Jovanovic served as the former EVP of Asset Optimization at RealPage.

Esports platform PlayVS hired EverFi co-founder and seasoned business leader Jon Chapman as the company’s chief executive officer.

Biotechnology company Visgenx appointed William Pedranti, J.D. as chief executive officer. Before joining, Mr. Pedranti was a partner with PENG Life Science Ventures.

Pressed Juicery, the leading cold-pressed juice and functional wellness brand welcomed Justin Nedelman as chief executive officer. His prior roles include chief real estate officer of FAT Brands Inc. and co-founder of Eureka! Restaurant Group.

Michael G. Vicari joined liquid biopsy company Nucleix as chief commercial officer. Vicari served as senior vice president of Sales at GRAIL, Inc.

Full-service performance marketing agency Allied Global Marketing promoted Erin Corbett to executive vice president of global partnership and marketing. Prior to joining Allied, Corbett's experience included senior marketing roles at Disney, Warner Bros. Studios, Harrah's Entertainment and Imagi Animation Studios.

Nuvve, a vehicle-to-grid technology company tapped student transportation and automotive sales and marketing executive David Bercik to lead the K-12 student transportation division.

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