2023-03-30 07:23:18 ET
EVgo ( NASDAQ: EVGO ) stock marked a strong premarket gain on Thursday after reporting a lighter than expected Q4 loss.
The Los Angeles-based EV charging infrastructure provider posted a $0.06 per share loss for the fourth quarter, less than half the loss anticipated by analysts. Meanwhile, revenue rose $282.4% from the prior year to $27.23M, outpacing analyst expectations by $7.07M. The company added about 59,000 accounts during the quarter. Margins contracted 990 basis points year over year to 18.3%.
“In 2022 EVgo achieved record revenue reflecting the continued growth of EVgo’s ultra-fast DC charging network, blue-ribbon partnerships, and industry-leading technology offerings,” CEO Cathy Zoi said. “We expect 2023 will be another banner year for EVgo as we expand our network and revenue base, and deliver financial results that demonstrate discipline, agility, and innovation in serving the rapidly growing EV sector.”
For the year ahead, the company expects total revenue between $105M and $150M, suggesting downside to the Street consensus of $147.20M. However, and adjusted EBITDA loss forecast of between $78M and $60M suggested an ability to beat the $72.9M loss anticipated by analysts. The company expects to have a total of 3,400 to 4,000 DC fast charging stalls in operation or under construction during the year ahead.
Shares of EVgo ( EVGO ) accelerated 3.5% upward on thin volume in premarket hours on Thursday.
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EVgo stock charges up on earnings beat