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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