EVgo, Inc. (NASDAQ: EVGO) operates as a charging solutions provider, which focuses on building and operating charging infrastructure for electric vehicles. Shares of EV charging company are rallying 23% through afternoon trading on Thursday, March 30, 2023. Over the past three months, EVgo has seen average daily volume of 2.37 million shares. However, volume of 12.77 million shares or dollar volume of around $92.71 million, has already exchanged hands through afternoon trading.
Shares of EVgo are gaining after the company released fourth quarter and full-year 2022 financial results. For the fourth quarter of 2022, the EV charging company reported revenue of $27.3 million, which represents 283% year-over-year growth. The company reported a gross loss of $1.1 million and an overall net loss of $17 million. On an adjusted basis, EVgo saw an adjusted gross profit of $5 million and adjusted EBITDA of ($20.1) million. On the bright side, the company added 59,000 new accounts during the quarter and saw total network throughput of 14.4 gigawatt-hours.
Turning to the full-year 2022 financial results, EVgo reported total revenue of $54.6 million, which represented strong growth of 146% y/y compared to 2021. The company reported a net loss of $106.2 million, but an adjusted gross profit of $13.2 million and adjusted EBTIDA of ($80.2) million. For the year 2022, EVgo added 224,000 new accounts and produced a total of 44.6 gigawatt-hours across its charging network.
Management has also issued revenue and adjusted EBITDA guidance for full-year 2023. The company estimates total revenues coming in between $105 million and $150 million. Adjusted EBITDA is forecasted to be in a range of ($78) million to ($60) million. Furthermore, EVgo estimated to expand its charging network to a total of 3,400 and 4,000 stations in operation or under construction during 2023.
Overall, the company closed out 2022 with a total of 2,800 charging stations in operation or under construction. More than 180 new stations were added during the fourth quarter alone and over 670 total for the 2022 year.
During the fourth quarter, the company began delivering equipment for its projects with Pilot Flying J, which was a factor in the strong revenue growth for Q4. EVgo also launched its ReNew program, which is focused on enhanced maintenance and upgrading of stations across its network.
“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,” said Cathy Zoi, EVgo’s CEO. “EVgo remains focused on operational excellence and continuing to strengthen our network by adding new fast charging locations and upgrading stalls on our public network. Committed to creating a seamless charging experience for EV drivers and fleet operators, EVgo added new technology features like Autocharge+, PlugShare Premium, charging with Amazon Alexa, and we expanded EVgo AdvantageTM and EVgo OptimaTM. 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.”
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