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 grew 57% year-over-year to over 1.2 million, with 147,000 new accounts added in Q3; operational stalls increased to approximately 3,680.

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

• Non-Tesla EV sales now represent the majority of network throughput, outpacing Tesla for the first time.

• Net loss attributable to Class A common stockholders was $11.7 million, compared to $9.7 million in Q3 2023.

Financial highlights

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

• eXtend revenues rose 109% to $21.9 million.

• Adjusted gross profit was $18 million, and adjusted gross margin was 26.6%.

• 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 positive quarter.

Outlook and guidance

• 2024 revenue guidance raised to $250–$265 million; Adjusted EBITDA guidance improved to negative $38 million to $32 million.

• Clear path to Adjusted EBITDA break-even for full year 2025.

• Full-year capital expenditures net of offsets expected at $50–$65 million.

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

• Ongoing investments in technology and network expansion, including NACS connectors and meeting OEM and fleet demand.