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Investing.com -- Shares of EVgo (NASDAQ:EVGO) soared 37% following the company’s announcement of record first quarter 2025 earnings, surpassing analyst estimates with a narrower loss per share and higher revenue. The electric vehicle charging network provider reported a first-quarter loss per share of ($0.09), which was $0.02 better than the consensus forecast of ($0.11). Revenue for the quarter reached $75.3 million, beating the consensus estimate of $71.4 million and marking a 36% increase compared to the same period last year.
The company’s guidance for the second quarter of 2025 is optimistic, with projected revenue between $340-380 million, against analysts’ expectations of $351.8 million. EVgo’s CEO Badar Khan highlighted the company’s strong start to the year, driven by the expansion of its fast charging infrastructure and a solid balance sheet. Khan also expressed confidence in the company’s ability to achieve an Adjusted EBITDA breakeven in 2025, while continuing to invest in growth and the development of next-generation charging experiences.
Key financial and operational achievements for EVgo in the first quarter include a 49% year-over-year (YoY) increase in charging network revenue, reaching $47.1 million, and a 60% YoY growth in network throughput, amounting to 83 gigawatt-hours. The company also added over 180 new operational charging stalls, ending the quarter with a total of 4,240 stalls.
Stifel analyst Stephen Gengaro commented on EVgo’s performance, stating, "Overall, we expect EVGO shares to react well to its solid 1Q25 results, reiterated 2025 guidance, and positive data point related to its DOE Loan." Gengaro’s remarks reflect the market’s positive response to EVgo’s financial results and the reaffirmation of its full-year guidance.
EVgo’s financial highlights also included a gross profit of $9.3 million and an Adjusted Gross Profit of $25.4 million, with a net loss attributable to Class A Common Stockholders of $11.4 million. The company further bolstered its financial position by receiving a second advance of $19 million from its $1.25 billion loan guarantee from the U.S. Department of Energy, intended for expanding its fast charging network.
Investors are responding favorably to EVgo’s strong quarterly performance, ongoing expansion efforts, and reaffirmed financial outlook for the year, as evidenced by the significant rise in the company’s stock price.
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