EVgo Inc. (NASDAQ: EVGO), a leading public fast charging provider for electric vehicles (EVs), saw its shares soar 7.38% in pre-market trading on Tuesday, following the company's record-breaking fourth quarter and full-year 2024 results.
The surge in EVgo's stock price can be attributed to its remarkable financial performance, driven by the rapid adoption of EVs and the expansion of its charging network across the United States.
In the fourth quarter of 2024, EVgo reported revenue of $67.5 million, representing a staggering 35% year-over-year increase. For the full year 2024, the company's revenue reached $256.8 million, a 60% jump compared to the previous year, meeting its annual guidance range.
Notably, EVgo's charging network revenue, which includes retail, commercial, and automaker (OEM) charging, as well as regulatory credit sales and network fees, surged by an impressive 73% year-over-year in the fourth quarter and a remarkable 110% for the full year. This growth was fueled by the increasing demand for EVs and the company's strategic partnerships with major automakers and businesses.
EVgo also reported record network throughput, a key metric for measuring the usage of its charging infrastructure. In the fourth quarter, network throughput reached 84 gigawatt-hours, a 68% increase year-over-year, while for the full year, it soared to 277 gigawatt-hours, a staggering 116% growth compared to 2023.
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