The Evgo Inc (NASDAQ: EVGO) stock price rallied 25.04% after its Q4 2022 earnings results were released. The company’s Q4 revenues soared 283% to $27.3 million from $7.12 million in Q4 2021. The firm’s net loss fell 63% to $17.05 million from $46.32 million, while its margins fell to 18.3% from 28.2%.
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The EV charging company raised $10.4 million by issuing 1.6 million Class A shares at market prices and ended the quarter with $246.5 million in cash. The company remained focused on scaling its execution in Q4 2022 while growing its customer accounts by 63%, from 340,000 customers to 553,000.
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EVgo grew the number of active stalls and those under development by 29%, from 3,100 to 4,000, while growing its network throughput by 69%, from 44.6 GWh to 26.4 GWh. Still, the EV charging firm added 617 new stalls to its network in 2022, marking a 131% improvement to 2021.
In addition, the company grew the number of users on its PlugShare platform to over 3.0 million, representing a 50% improvement from last year. Some of the report’s highlights included that 140 million Americans live within 10 miles of an EVgo charger.
EVgo remains a market leader in the EV charging network industry as an independent operator apart from companies such as Tesla, which operates charging stations for the cars it manufactures. The company has chargers in over 30 states and constantly expands its network.
However, the company’s guidance for 2023 was slightly below analysts' expectations since it is not sure how many American-made chargers it will have received at the end of the year. Recent national security concerns have seen the government encourage EV charging infrastructure manufacturers to shift their operations back home.
EVgo’s loss per share was 6 cents beating analysts' expectations of a 16 cents loss per share. The company reported a significant growth in its “eXtend” division, which provides and manages chargers for clients under the businesses’ brands. Revenues from the unit were $16.7 million compared to $114,000 in 2021.
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Evgo stock price.
The Evgo stock price rallied 25.04% to trade at $7.19, rising from Wednesday’s closing price of $5.75.
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