EVgo Inc (NASDAQ:EVGO) reported first-quarter FY24 sales growth of 118.2% year-on-year to $55.16 million, beating the analyst consensus estimate of $52.389 million.

Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend revenue.

EVgo's network throughput for the quarter was 53 Gigawatt-hours (GWh), a 194% Y/Y jump.

Adjusted EBITDA loss was $(7.2) million versus $(20) million last year. EPS of $(0.09) beat the analyst consensus estimate of $(0.14).

Gross profit for the quarter was $6.8 million versus $41 thousand last year. Adjusted gross margin expanded 600 basis points to 31.3%

The company added approximately 109,000 new customer accounts during the first quarter, bringing the overall number of customer accounts to approximately 981,000 at quarter-end.

Ended the quarter with over 3,780 stalls in operation or under construction, including EVgo eXtend stalls. EVgo ended the quarter with 130 operational EVgo eXtend stalls.

EVgo held $175.5 million in cash and equivalents as of March-end.

"EVgo's business continues to grow and achieve record results, demonstrating the strength of our business model of owning and operating a fast-charging network as more Americans drive electric vehicles," said CEO Badar Khan.

EVgo also announced that Olga Shevorenkova will be stepping down as Chief Financial Officer and departing the company, effective on or about May 31.

Stephanie Lee, EVP of Accounting & Finance, will serve as Interim CFO from the time of Olga's departure until a permanent successor joins the company.

Outlook Reaffirmed: EVgo expects 2024 revenue of $220 million – $270 million against the consensus of $251.728 million.

EVGO expects an adjusted EBITDA of $(48) million – $(30) million.

Price Action: EVGO shares traded lower by 5.03% at $1.89 at the last check Tuesday.

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