The following is a summary of the EVgo, Inc. (EVGO) Q4 2023 Earnings Call Transcript:
Financial Performance:
EVgo reported Q4 2023 revenue of $50 million, an 83% YoY increase owing to higher retail and commercial charging revenues.
Adjusted gross profit for the quarter tripled to $13.3 million compared to Q4 2022.
However, the adjusted EBITDA was negative $14 million, showing slight improvement from negative $20.1 million in the same quarter of the previous year.
Full-year total revenue for 2023 was nearly triple that of 2022 at $161 million.
The company's full-year adjusted gross profit surged significantly from $13.3 million in 2022 to $41.8 million in 2023.
For 2024, EVgo projects its full-year revenue to be between $220 million and $270 million, with an adjusted EBITDA ranging from negative $48 million to negative $30 million.
Business Progress:
EVgo added over 930 new stalls to its owned and operated network in 2023 and attracted over 866,000 new customer accounts during the same year.
The company plans to add 800 to 900 new stalls to its network in 2024 with projected capital expenditures in the range of $95 million to $110 million.
EVgo's installed base turned profitable on a standalone basis in 2023, with the company expecting to reach EBITDA breakeven by 2025.
The company is also considering various financing options to sustain its operations beyond 2025.
With a focus on the urban and suburban locations and a commitment to serve all EVs irrespective of the manufacturer, EVgo is set to capitalize on the growing trend of EV adoption especially by the rideshare drivers and those living in multifamily housing.
More details: EVgo Inc IR
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