EVgo Inc. (NASDAQ:EVGO) shares are trading higher on Tuesday after the company reported first-quarter results.
EVgo registered quarterly earnings per share of 9 cents, in line with the analyst consensus estimate. Quarterly sales of $75.287 million (up 36% year over year), beating the street-view of $71.234 million.
Charging network revenue reached a record $47.1 million in the first quarter, up 49% year over year. This marks the 13th consecutive quarter of double-digit annual growth.
Also Read: EVgo Vs. ChargePoint: Tariffs, Technicals, And The Road To Profitability
Network throughput totaled 83 gigawatt-hours, representing a 60% increase from the prior year.
The company’s gross profit in the quarter under review gained 36% year over year to $9.323 million.
Gross margin in the quarter under review remained flat on a year-over-year basis to 12.4%, while Adjusted Gross Margin gained 240 basis points to 33.7%.
The company added over 180 new operational stalls in the first quarter, ending the period with a total of 4,240 stalls in operation.
“We anticipate being minimally impacted by tariffs, and we remain focused on achieving Adjusted EBITDA breakeven in 2025, while investing in growth, including our next generation charging experience,” said Badar Khan, EVgo’s CEO.
In the quarter under review, the company’s Adjusted EBITDA was negative $5.9 million, compared with negative $7.21 million a year ago.
The company stated that it continues to deploy critical fast-charging infrastructure across the U.S. and believes its strong balance sheet and owner-operator model position it well in meeting growing demand.
PlugShare has reached 6.5 million registered users and has achieved 9.4 million check-ins since its inception.
EVgo exited the quarter with cash and equivalents worth $150.01 million.
Outlook: EVgo affirms FY2025 sales outlook from $340.00 million-$380.00 million to $340.00 million-$380.00 million vs $351.87 million estimate.
Price Action: EVGO shares are trading higher by 35.2% to $3.750 at last check Tuesday.
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