EVgo Q3 Sales Surge 92% As Charging Revenues And Customer Growth Drive Performance; Stock Jumps

EVgo Inc (NASDAQ:EVGO) shares are trading higher after the company reported third-quarter sales growth of 92% year-on-year to $67.535 million, beating the consensus estimate of $65.952 million.

Revenue growth was primarily driven by year-over-year increases in charging network and eXtend revenues.

EVgo’s network throughput for the quarter was 78 Gigawatt-hours (GWh), a growth of 111% year-over-year.

The company added over 147,000 new customer accounts during the third quarter, bringing the overall number of customer accounts to more than 1.2 million at quarter end.

Adjusted gross profit for the quarter was $18.0 million versus $9.3 million last year. Adjusted gross margin expanded 20 basis points to 26.6% in the quarter.

Adjusted EBITDA loss was $8.9 million versus a $14.2 million loss last year. ...