EV charging network operator EVgo (NASDAQ:EVGO) on Thursday reported fourth-quarter revenue that beat Wall Street expectations and posted a narrower-than-expected loss as booming demand from business clients drove big jumps in sales and usage.
While EVgo’s revenue guidance for 2023 fell slightly short of Wall Street’s expectations, investors didn’t seem to mind: Shares were up over 8% in premarket trading following the news.
The company lost six cents per share, versus a loss of 16 cents expected on revenue of $27.3 million, versus $21.8 million expected.
EVgo’s fourth-quarter revenue marked a 283% increase from a year ago. The company’s net loss for the quarter was $17 million. The company had $246.2 million in cash and equivalents remaining at year-end, down from $484.9 million at the end of 2021.
For the full year, EVgo reported revenue of $54.6 million, network throughput of 44.6 GWh, and an adjusted EBITDA loss of $80.2 million, all in line with the guidance ranges it provided with its third-quarter results in November.
EVgo’s network throughput, a measure of the total energy provided to charging customers, grew 76% year-over-year to 14.4 gigawatt-hours (GWh) in the fourth quarter. The company added about 59,000 new customer accounts during the period, and ended the year with over 2,800 fast-charging stalls in operation.
EVGO shares surged $1.22, or 21.2%, to $6.97.
