EVgo Q3 Sales Surge 92% As Charging Revenues And Customer Growth Drive Performance; Stock Jumps
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 12 2024
0mins
Source: Benzinga
Strong Financial Performance: EVgo Inc reported a 92% year-on-year sales growth in Q3, reaching $67.535 million, surpassing estimates, with significant increases in charging network and eXtend revenues. The company also added over 147,000 new customer accounts, bringing the total to more than 1.2 million.
Positive Outlook and Market Response: Following the strong results, EVgo raised its FY24 revenue guidance and saw its shares rise by 22% to $6.59 in premarket trading, bolstered by a conditional loan guarantee from the DOE for up to $1.05 billion.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy EVGO?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on EVGO
Wall Street analysts forecast EVGO stock price to rise
8 Analyst Rating
6 Buy
2 Hold
0 Sell
Strong Buy
Current: 2.920
Low
4.00
Averages
5.65
High
7.50
Current: 2.920
Low
4.00
Averages
5.65
High
7.50
About EVGO
EVgo Inc. provides electric vehicle charging solutions. The Company owns and operates a public direct current fast charging network for electric vehicles in the United States. Its network of charging stations provides EV charging infrastructure to consumers and businesses. It partners with automotive original equipment manufacturers (OEMs), fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, gas stations, parking lot operators, governments and other organizations and property owners to locate and deploy its EV charging infrastructure. In addition to the provision of EV charging infrastructure, it is developing and deploying software-based, value-added services to drivers and partners.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
2025 Porsche Taycan 4S Cross Turismo Achieves 280-Mile Range
- Enhanced Range: The 2025 Porsche Taycan 4S Cross Turismo achieves a range of 280 miles, significantly improving from the previous generation's 220-230 miles, thereby enhancing the feasibility of long-distance travel and increasing consumer interest.
- Charging Network Integration: Porsche's partnership with Electrify America allows Taycan users to easily locate charging stations through an integrated navigation system, although some areas still face insufficient charging speeds, impacting user experience.
- Optimized Driving Experience: The new Taycan boasts nearly 600 horsepower and 523 lb-ft of torque, combined with Porsche's Active Ride system, ensuring a smooth ride across various terrains, which enhances brand image and attracts high-end consumers.
- Market Positioning Challenges: Despite offering exceptional performance and range, the starting price of around $130,000 may limit market acceptance, especially in the highly competitive electric vehicle sector.
See More
EVgo Appoints Keefer Lehner as CFO to Support 2025 Growth Goals
- Executive Transition: EVgo announced the appointment of Keefer Lehner as Chief Financial Officer effective January 12, 2026, succeeding retiring CFO Paul Dobson, ensuring financial stability as the company navigates the rapidly growing EV charging market.
- Experienced Leader: Lehner brings nearly 20 years of finance and operations experience, having served as CFO at KLX Energy Services where he successfully drove EBITDA growth and free cash flow generation, which is expected to support EVgo's strategic priorities.
- Financial Guidance Reaffirmed: EVgo reiterated its 2025 financial guidance, projecting total revenue between $350 million and $365 million, with potential ancillary revenue of up to $40 million, reflecting the company's confidence in future growth.
- Strategic Development: Lehner's appointment aligns with EVgo's nationwide charging infrastructure buildout plan, aimed at enhancing profitability and delivering long-term value through improved financial management.
See More
EVgo Appoints Keefer Lehner as CFO to Support 2025 Growth Objectives
- Executive Transition: EVgo has announced the appointment of Keefer Lehner as Chief Financial Officer effective January 12, 2026, succeeding retiring CFO Paul Dobson, ensuring financial stability as the company navigates the rapidly growing EV charging market.
- Financial Guidance Reaffirmed: The company reiterated its 2025 financial guidance, projecting total revenues between $350 million and $365 million, with ancillary upside potential of up to $40 million, reflecting confidence in future growth prospects.
- Leadership Transition Plan: Paul Dobson will remain in an advisory role until March 2026 to facilitate a smooth transition for the new CFO, thereby mitigating risks associated with management changes.
- Strategic Development: Keefer Lehner's previous role as CFO at KLX Energy Services, where he successfully drove EBITDA growth, is expected to provide critical support for EVgo's expansion of charging infrastructure and enhancement of profitability.
See More
EVgo Inc. Appoints Keefer Lehner as CFO Following Paul Dobson's Retirement; Reaffirms FY 2025 Guidance
New CFO Appointment: EVgo Inc. has appointed Keefer Lehner as Chief Financial Officer, effective January 12, 2025, succeeding Paul Dobson, who will remain in an advisory role until March 2026.
Financial Guidance for 2025: The company has reiterated its fiscal 2025 revenue expectations, projecting total revenue between $350 million and $405 million, with an adjusted EBITDA forecast ranging from a loss of $15 million to a profit of $23 million.
See More
EVgo Surpasses 5 Million Autocharge+ Sessions with 6x Customer Growth
- Significant User Growth: Since 2023, EVgo's Autocharge+ has seen a sixfold increase in enrollment, surpassing 300,000 users, demonstrating the strong market appeal of convenient EV charging and further solidifying EVgo's leadership in fast charging infrastructure.
- Charging Session Milestone: EVgo has surpassed 5 million Autocharge+ sessions, with nearly 30% of charging sessions initiated through this feature, indicating high user appreciation for the seamless charging experience, which enhances charging success rates and boosts customer satisfaction.
- Expanded Vehicle Compatibility: Currently, nearly 80 different EV models are eligible for Autocharge+, and this number is expected to grow as more vehicles enter the market, which will further drive EVgo's market penetration and user base expansion.
- Commitment to Technological Innovation: EVgo is focused on continuously developing and expanding technology solutions like Autocharge+ through collaborations with automakers and extensive testing at its Innovation Lab, aiming to enhance customer experience and drive future business growth.
See More
EVgo Surpasses 5 Million Autocharge+ Sessions with 300,000 Customers Enrolled
- Significant User Growth: Since 2023, EVgo's Autocharge+ enrollment has surged sixfold, now exceeding 300,000 customers, reflecting a rapid increase in electric vehicle charging demand and solidifying the company's leadership in fast charging infrastructure.
- Charging Session Milestone: EVgo has surpassed 5 million Autocharge+ sessions, with nearly 30% of charging sessions initiated through this feature, indicating strong user appreciation for the seamless charging experience and contributing to a higher charge success rate.
- Expanded Model Compatibility: Currently, nearly 80 different EV models are eligible for Autocharge+, including Cadillac, Chevrolet, Ford, and Rivian, with expectations for further growth as more vehicles enter the market, enhancing EVgo's market penetration.
- Commitment to Technological Innovation: EVgo CEO Badar Khan emphasizes the company's dedication to providing convenient fast charging experiences, with plans to continue collaborating with automakers to expand technologies like Autocharge+ and Plug and Charge, thereby enhancing customer satisfaction and competitive positioning.
See More
2025 Porsche Taycan 4S Cross Turismo Achieves 280-Mile Range
- Enhanced Range: The 2025 Porsche Taycan 4S Cross Turismo achieves a range of 280 miles, significantly improving from the previous generation's 220-230 miles, thereby enhancing the feasibility of long-distance travel and increasing consumer interest.
- Charging Network Integration: Porsche's partnership with Electrify America allows Taycan users to easily locate charging stations through an integrated navigation system, although some areas still face insufficient charging speeds, impacting user experience.
- Optimized Driving Experience: The new Taycan boasts nearly 600 horsepower and 523 lb-ft of torque, combined with Porsche's Active Ride system, ensuring a smooth ride across various terrains, which enhances brand image and attracts high-end consumers.
- Market Positioning Challenges: Despite offering exceptional performance and range, the starting price of around $130,000 may limit market acceptance, especially in the highly competitive electric vehicle sector.
See More
EVgo Appoints Keefer Lehner as CFO to Support 2025 Growth Goals
- Executive Transition: EVgo announced the appointment of Keefer Lehner as Chief Financial Officer effective January 12, 2026, succeeding retiring CFO Paul Dobson, ensuring financial stability as the company navigates the rapidly growing EV charging market.
- Experienced Leader: Lehner brings nearly 20 years of finance and operations experience, having served as CFO at KLX Energy Services where he successfully drove EBITDA growth and free cash flow generation, which is expected to support EVgo's strategic priorities.
- Financial Guidance Reaffirmed: EVgo reiterated its 2025 financial guidance, projecting total revenue between $350 million and $365 million, with potential ancillary revenue of up to $40 million, reflecting the company's confidence in future growth.
- Strategic Development: Lehner's appointment aligns with EVgo's nationwide charging infrastructure buildout plan, aimed at enhancing profitability and delivering long-term value through improved financial management.
See More
EVgo Appoints Keefer Lehner as CFO to Support 2025 Growth Objectives
- Executive Transition: EVgo has announced the appointment of Keefer Lehner as Chief Financial Officer effective January 12, 2026, succeeding retiring CFO Paul Dobson, ensuring financial stability as the company navigates the rapidly growing EV charging market.
- Financial Guidance Reaffirmed: The company reiterated its 2025 financial guidance, projecting total revenues between $350 million and $365 million, with ancillary upside potential of up to $40 million, reflecting confidence in future growth prospects.
- Leadership Transition Plan: Paul Dobson will remain in an advisory role until March 2026 to facilitate a smooth transition for the new CFO, thereby mitigating risks associated with management changes.
- Strategic Development: Keefer Lehner's previous role as CFO at KLX Energy Services, where he successfully drove EBITDA growth, is expected to provide critical support for EVgo's expansion of charging infrastructure and enhancement of profitability.
See More
EVgo Inc. Appoints Keefer Lehner as CFO Following Paul Dobson's Retirement; Reaffirms FY 2025 Guidance
New CFO Appointment: EVgo Inc. has appointed Keefer Lehner as Chief Financial Officer, effective January 12, 2025, succeeding Paul Dobson, who will remain in an advisory role until March 2026.
Financial Guidance for 2025: The company has reiterated its fiscal 2025 revenue expectations, projecting total revenue between $350 million and $405 million, with an adjusted EBITDA forecast ranging from a loss of $15 million to a profit of $23 million.
See More
EVgo Surpasses 5 Million Autocharge+ Sessions with 6x Customer Growth
- Significant User Growth: Since 2023, EVgo's Autocharge+ has seen a sixfold increase in enrollment, surpassing 300,000 users, demonstrating the strong market appeal of convenient EV charging and further solidifying EVgo's leadership in fast charging infrastructure.
- Charging Session Milestone: EVgo has surpassed 5 million Autocharge+ sessions, with nearly 30% of charging sessions initiated through this feature, indicating high user appreciation for the seamless charging experience, which enhances charging success rates and boosts customer satisfaction.
- Expanded Vehicle Compatibility: Currently, nearly 80 different EV models are eligible for Autocharge+, and this number is expected to grow as more vehicles enter the market, which will further drive EVgo's market penetration and user base expansion.
- Commitment to Technological Innovation: EVgo is focused on continuously developing and expanding technology solutions like Autocharge+ through collaborations with automakers and extensive testing at its Innovation Lab, aiming to enhance customer experience and drive future business growth.
See More
EVgo Surpasses 5 Million Autocharge+ Sessions with 300,000 Customers Enrolled
- Significant User Growth: Since 2023, EVgo's Autocharge+ enrollment has surged sixfold, now exceeding 300,000 customers, reflecting a rapid increase in electric vehicle charging demand and solidifying the company's leadership in fast charging infrastructure.
- Charging Session Milestone: EVgo has surpassed 5 million Autocharge+ sessions, with nearly 30% of charging sessions initiated through this feature, indicating strong user appreciation for the seamless charging experience and contributing to a higher charge success rate.
- Expanded Model Compatibility: Currently, nearly 80 different EV models are eligible for Autocharge+, including Cadillac, Chevrolet, Ford, and Rivian, with expectations for further growth as more vehicles enter the market, enhancing EVgo's market penetration.
- Commitment to Technological Innovation: EVgo CEO Badar Khan emphasizes the company's dedication to providing convenient fast charging experiences, with plans to continue collaborating with automakers to expand technologies like Autocharge+ and Plug and Charge, thereby enhancing customer satisfaction and competitive positioning.
See More
