EVgo (EVGO) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 revenue of $67.5 million, up 92% year-over-year, with charging network revenue up 98% and network throughput up 111% to 78 GWh.

• Customer accounts increased 57% to over 1.2 million, and operational stalls grew 34% to approximately 3,680.

• Utilization rates rose to 22%, with top-performing stalls achieving even higher rates, reflecting improved site selection and demand.

• Non-Tesla EV sales outpaced Tesla, with non-Tesla vehicles now the majority of network throughput.

• Secured a conditional commitment for a $1.05 billion DOE loan guarantee to accelerate stall deployment and network expansion.

Financial highlights

• Charging network revenue nearly doubled to $43.1 million, with retail, commercial, and OEM charging revenue each at least doubling year-over-year.

• eXtend revenues grew 109% to $21.9 million.

• Adjusted gross profit was $18 million, with adjusted gross margin at 26.6%, up 20 basis points year-over-year.

• Adjusted EBITDA loss improved to negative $8.9 million, a $5.4 million improvement from Q3 2023.

• Cash, cash equivalents, and restricted cash totaled $153.4 million as of September 30, 2024.

• Generated $12.1 million in cash from operations, second consecutive quarter of positive cash from operations.

Outlook and guidance

• Raised 2024 revenue guidance midpoint by $2.5 million to a range of $250–$265 million.

• Increased 2024 Adjusted EBITDA guidance midpoint by $4 million, now expected between negative $38 million and $32 million.

• Full-year capital expenditures net of offsets expected in the $50–$65 million range, with over 800 new owned stalls planned for 2024.

• On track for Adjusted EBITDA break-even in 2025, supported by continued network expansion and operational efficiencies.

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