EVgo: Close to-Crucial Mass, However Now With A Delayed Timeline (NASDAQ:EVGO)
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EVgo appoints Keith Hutchison as Company’s First CPO
EVgo Inc., one of the nation’s largest public fast charging networks for electric vehicles (EVs), has announced the appointment of Keith Hutchison as Chief People Officer (CPO). He will report directly to Badar Khan CEO of EVgo.
In this role, he will be responsible for the oversight of the Company’s entire employee lifecycle, from attraction and recruitment to development, retention and…
EV charging network operator EVgo delivered impressive second-quarter results that exceeded expectations, driven by a surge in electric vehicle (EV) users utilizing its charging network and robust growth in its private-label eXtend unit. These positive outcomes prompted the company to revise its full-year guidance upwards, igniting an approximately 8% increase in after-hours trading for its shares.
While EVgo reported a net loss of $21.5 million, or 8 cents per share, for the quarter, this was offset by the substantial growth in its core metrics. Notably, EVgo’s “network throughput,” which measures the total electricity supplied to its charging customers, surged by an impressive 147% year over year, reaching 24.9 gigawatt-hours in Q2. This boost was driven by a combination of factors, including a higher number of EVs on the road, the adoption of more powerful EV batteries requiring increased charging power, and greater utilization of EVgo’s charging infrastructure.
Another significant contributor to EVgo’s success was its “eXtend” unit, responsible for providing and managing chargers for corporate clients under their own brands. This segment accounted for around $33.3 million in revenue during the quarter, constituting nearly 66% of EVgo’s total revenue for the period. Notable partners in the eXtend program include major companies like General Motors, Pilot (a truck-stop operator), and Chase (a banking giant).
EVgo’s charging stall capacity also witnessed expansion, with approximately 3,200 fast charging stalls in operation or under construction by the end of June. This marked an increase from about 3,100 stalls at the close of the first quarter. Moreover, the company’s customer base experienced robust growth, as more than 82,000 new customer accounts were added during the period, bringing the total to around 688,000, reflecting a remarkable 55% year-over-year surge.
Elevated by these positive developments, EVgo revised its full-year revenue outlook to a range of $120 million to $150 million, up from its previous projection of $105 million to $150 million. The company also narrowed its estimated adjusted EBITDA loss to between $68 million and $78 million, refining the previous range of $60 million to $78 million.
As EVgo moves forward, its growth trajectory remains promising, further reinforced by the expected addition of between 3,400 and 4,000 fast charging stalls in operation or under construction by the end of the year.
In tandem with these announcements, EVgo shared news of an upcoming leadership transition. CEO Cathy Zoi is set to retire from the company in November, with board member Badar Khan poised to succeed her. Khan, a seasoned veteran with 25 years in the energy sector, and former president of National Grid’s U.S. operations, is expected to bring his extensive expertise to guide EVgo’s future endeavours.
Amazon’s conversational voice assistant, Alexa, has made its way into many electric vehicles in recent years. Now, along with ordering Alexa to ‘play Despacito’ or ‘call Mom,’ EV drivers in the U.S. with Alexa-enabled cars will be able to ask Alexa to find the nearest public charging spot. Charging network EVgo will be the first to partner with Amazon to offer this service later in 2023. Aside…
In fact, over 140 million Americans live within 10 miles of an EVgo charger. The company partners with eight OEMs and multiple grocery stores, hotels, gas stations, etc., to promote usage.
Fast charging is a critical component of EV adoption. The more fast charging options available, the more likely consumers will switch. Or, at least, this is what EVgo’s business model is based on.
So far, the business model is proving it has the potential to generate earnings. Here are a few of the biggest highlights from the EVgo Q2 2022 earnings report.
Revenue rose 90% YOY, reaching $9.1 million.
Network throughput reached 10.1 GWh, a 66% increase compared to last year.
Added around 67,000 new customer accounts in Q2, bringing the total to about 444,000.
P.S. Users of electric cars no longer have to worry about the high prices of gasoline or diesel, and those who are determined enough to install rooftop solar panels at home can also protect themselves from too high electricity prices…
(..)GM shared details of its plans for a new nationwide charging network in a press release today, explaining how both Pilot Company and EVgo are involved. General Motors and Pilot Company will collaborate to establish the DC fast charging network that will initially consist of 2,000 stalls across 500 Pilot and Flying J travel centers near major highways. Each of the charging piles on the network will don “Pilot Flying J” and GM’s “Ultium Charge 360” branding and will offer charge speeds up to 350 kW. EVgo will assist in the charger installations, operations, networking, and maintenance(..)
P.S. Now, the slowing down factor for the introduction of non-Tesla electric cars is not “range anxiety”, but rather “fast charger anxiety”, because even the existing non-Tesla fast charging station networks are quite poorly maintained by operators. Unlike Tesla’s Supercharger stations, you almost never know for sure whether a non-Tesla CCS fast charger will work on your planned route or not.
Tesla’s decision to make some Supercharger stations in Europe available to non-Tesla electric cars is a big plus for the entire electric car owner community and a very good advertisement for Tesla.
It’s good that GM, albeit belatedly, is finally starting to realize that reliable electric car charging stations are as important a component to the successful development of the electric car business as the electric cars themselves…
In an unexpected move, GM and EVgo have unveiled an automatic charge feature that is backward-compatible with all Bolt EV models. Simultaneously named Autocharge or Plug and Charge*, depending on which app you look at, the beta rollout delivers a more Tesla-esque fast charging experience for Bolt owners and will be rolled out to new Ultium models like the Hummer EV and Cadillac Lyriq.
Why ChargePoint Holdings, Blink Charging, EVgo, and Volta Shares Plummeted Then Rebounded Today
Why ChargePoint Holdings, Blink Charging, EVgo, and Volta Shares Plummeted Then Rebounded Today
What happened Stocks got hit hard early in Monday’s trading, and prominent electric-vehicle (EV) charging companies were initially big participants in the pullback. ChargePoint Holdings (NYSE:CHPT), Blink Charging (NASDAQ:BLNK), EVgo (NASDAQ:EVGO), and Volta (NYSE:VLTA) were down by as much as 15.2%, 12.1%, 12.4%, and 13%, respectively. However, they saw significant recovery momentum as the…
The Los Angeles Auto Show’s AutoMobility LA is the new auto industry’s first true trade show. This year it’s in-person and open to visitors who show a vaccinated card or negative COVID-19 test before entering. Once inside the Los Angeles Convention Center, it’s eye candy to car fans. The event includes global vehicle debuts, product reveals, test drives and celebrity meet-and-greets starting on…
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“Over the last 30 days, average daily throughput on EVgo’s network exceeded pre COVID-19 levels from late 2019 and early 2020. Further supporting the positive economic trajectory, EVgo recently announced achieving more than 250,000 customers on its charging network nationwide.”
