EVgo (EVGO) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue of $66.6 million, up 32% year-over-year, with charging network revenue up 146% and network throughput up 164% to 66 GWh.

• Customer accounts surpassed 1 million, with operational stalls increasing 37% year-over-year to 3,440 and over 220 new stalls added in Q2.

• Utilization rate rose to 20% from 11% a year ago, with average daily throughput per stall more than doubling to 227 kWh.

• Non-Tesla EVs now account for the majority of network throughput, with rideshare, OEM charging credit, and subscription plans making up 56% of throughput.

• Net loss figures varied, with net loss attributable to Class A stockholders at $10.4 million and GAAP net loss at $29.6 million for Q2 2024.

Financial highlights

• Adjusted gross profit was $17.7 million, with adjusted gross margin at 26.5%, and charging network margin improved to 34.2% from 19.1% year-over-year.

• Adjusted EBITDA was -$8.0 million, an improvement from -$10.6 million in Q2 2023.

• Cash, cash equivalents, and restricted cash totaled $162.7 million as of June 30, 2024.

• Capital expenditures, net of offsets, were $13.8 million in Q2 2024, down 48% year-over-year.

• Retail charging revenue grew 146% year-over-year to $22.3 million; commercial charging revenue rose 193% to $7.1 million.

Outlook and guidance

• Raised 2024 revenue guidance midpoint by $10 million to a range of $240–$270 million.

• Adjusted EBITDA guidance for 2024 is -$44 million to -$34 million, with breakeven targeted in 2025.

• Expect to add 800–900 new owned and operated stalls in 2024, with capital expenditures net of offsets projected at $90–$105 million.

• Management expects continued revenue growth driven by increased EV adoption, network expansion, and government incentives.

• The company believes its cash position is sufficient to meet working capital and capital expenditure requirements for at least the next twelve months.