EVgo’s stock jumps after quarterly results beat expectation, amid a tripling in EV charging revenue

Shares of EVgo Inc.
EVGO,
-2.80%
rallied 7.6% toward a two-month high in premarket trading Wednesday, after the provider of electric-vehicle chargers company beat fourth-quarter revenue expectations, boosted by a tripling in charging revenue. Net losses widened to $12.6 million, or 12 cents a share, from $4.4 million, or 6 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 17 cents. Total revenue increased 83.1% to $50 million, above the FactSet consensus of $43.9 million, as total charging network revenue jumped 211.6% to $28.34 million. “EVgo passed an important inflection point in 2023 in that as a result of the utilization and throughput levels we are now seeing across our network, the installed base is now profitable on a stand-alone basis,” said Chief Executive Badar Khan. For 2024, the company expects revenue of $220 million to $270 million, which surrounds the current FactSet consensus of $259.8 million. The stock has tumbled 22.4% year to date through Tuesday, while the Global X Autonomous & Electric Vehicles ETF
DRIV,
-2.10%
has lost 3.5% and the S&P 500
SPX,
-1.02%
has gained 6.5%.