LOS ANGELES – EVgo Inc. (NASDAQ:), a leader in electric vehicle charging solutions, reported a significant beat on earnings and revenue for the first quarter of 2024, sending its shares up 3.5% as investors respond positively to the company’s financial performance.
The company reported an adjusted EPS of -$0.09, surpassing the analyst estimate of -$0.11. Revenue for the quarter reached a record $55.2 million, exceeding the consensus estimate of $52.41 million and marking an impressive 118% increase YoY.
The company’s network throughput also hit a new high of 53 gigawatt-hours (GWh) in the first quarter, a 194% surge YoY. EVgo’s CEO, Badar Khan, attributed the strong quarter to the company’s business model and the growing adoption of electric vehicles in the U.S. Khan expressed confidence in the company’s trajectory, stating, “EVgo’s compelling unit economics, operating leverage, along…
