EVgo (EVGO) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $257 million, up 60% year-over-year, with public network utilization reaching 24% and average daily throughput per public stall rising 37% to 269 kWh.

• Added over 1,230 new stalls in 2024, ending the year with 4,080 operational stalls, a 37% increase over 2023.

• Closed a $1.25 billion DOE loan guarantee to fund plans to more than triple the installed base and build 7,500 fast charging stalls over five years.

• Customer accounts grew to over 1.3 million, with 56% of throughput from rideshare, OEM charging credit, and subscription accounts.

• Network throughput increased 2.2x for FY2024, with public network throughput growing 116% to 277 GWh, outpacing US EVs in operation.

Financial highlights

• 2024 revenue reached $257 million, up 60% year-over-year, driven by charging network revenues of $155.7 million (up 110%) and eXtend/ancillary revenues of $101.2 million.

• Adjusted gross profit for 2024 was $75.7 million, with adjusted gross margin improving to 29.5%; Q4 adjusted gross margin was 33.7%.

• Adjusted EBITDA loss improved to $32.5 million, a $26.4 million improvement over 2023.

• Ended 2024 with $121 million in cash, cash equivalents, and restricted cash, rising to $200 million after the first DOE loan draw in January 2025.

• Capital expenditures net of offsets were $46.4 million for 2024, down 62% year-over-year.

Outlook and guidance

• 2025 revenue guidance is $340 million–$380 million, with two-thirds from charging network revenue.

• Targeting adjusted EBITDA break-even in 2025 (range: -$5 million to +$10 million), with 40% revenue growth expected.

• Fiscal 2025 CapEx net of offsets expected at $160 million–$180 million, with 30% offset by grants, incentives, and OEM payments.

• Plans to deploy 800–900 public and dedicated stalls in 2025, with 50% of builds in Q4 and potential to accelerate to 7,500 under the DOE loan.

• eXtend business expected to remain flat in 2025, with growth in the second half.