The following is a summary of the EVgo, Inc. (EVGO) Q1 2024 Earnings Call Transcript:
Financial Performance:
EVgo reported Q1 revenue of $55.2 million, a 118% increase year-over-year.
Retail charging revenues were $18.3 million, a 177% rise from the Q1 2023.
Their adjusted gross profit reached $17.3 million, rising from $6.4 million in Q1 2023, and resulted in an adjusted gross margin of 31.3%.
EVgo's projections indicate an annual adjusted EBITDA of $200 million by 2025.
The company's adjusted EBITDA for Q1 was negative $7.2 million, an improvement from negative $20.1 million the previous year.
EVgo reported a gross margin of over 30%, with an expectation to maintain the gross margin in the mid to high 20s for the rest of 2024.
Cash, cash equivalents, and restricted cash totaled at $175.5 million.
EVgo anticipates full year 2024 revenue to range between $220 million and $270 million.
Business Progress:
EVgo added 250 new operational stalls during Q1, bringing their total to around 3,000 stalls.
They plan to install 800 to 900 new owned and operated stalls in 2024.
EVgo is focusing on customer experience, increased efficiency, customer retention, and securing financing for self-sustainability.
They're working to reduce CapEx costs, enhance customer charging experience, and develop a next-generation charging architecture, aiming to reduce CapEx per stall by up to 30%.
Throughput on EVgo's network tripled year-over-year, and stall count grew 38% in Q1 compared to last year.
The company added 109,000 new customer accounts in Q1 2024 (a 63% increase year-over-year), making a total of over 981,000 customer accounts.
EVgo is capitalizing on the growth gap left by Tesla's slowed expansion of charging stations.
They expect their dynamic demand-based pricing model rollout across the network to improve margins.
EVgo is improving its network uptime by benefiting from software updates for predictive maintenance and diagnostics, which is reducing costs.
The company remains highly liquid with $176 million, expected to last through 2025 without requiring external funding.
More details: EVgo Inc IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.