2023-03-30 16:04:10 ET
EVgo ( NASDAQ: EVGO ) stock soared over 20% on Thursday after reporting a beat on the top and bottom lines for its fiscal Q4 and eyed further improvement ahead.
The Los Angeles-based EV charging company posted less than half the loss anticipated by analysts while revenue easily surpassed expectations as well. The company reported an adjusted EBITDA loss of $20.1M, better than the $22.5M loss expected.
“Customer accounts increased by 63% year-over-year and year-over-year throughput growth of 69% exceeded year-over-year operational stall growth of 29%,” CFO Olga Shevorenkova said, zooming out on the full year gone by. “2022 revenue of $54.6M grew an impressive 146% year-over-year, driven by an increase in retail charging revenue, eXtend revenue, primarily through execution of the [Pilot Flying J] contract and the full year contribution of PlugShare revenue versus partial in 2021.”
Moving forward in 2023, the company expects total revenue between $105M and $150M against a $147.20M consensus. An adjusted EBITDA loss forecast of between $78M and $60M suggested upside to the $72.9M loss anticipated by analysts. The company also expects its subscription business to continue gaining momentum.
Shares of EVgo ( EVGO ) rose 22.09% on Thursday.
Read the earnings call transcript .
For further details see:
Why did EVgo stock surge on Thursday? Stronger than expected earnings, upbeat outlook