EVgo Q2 Revenue Beats, Tesla Supercharger Deal Announced
EVGO is trading near its 52-week low of $1.41 (8.5% above the low).
Summary
EVgo's Q2 revenue of $82.65M beat the $79.91M consensus, driven by 19% growth in charging network revenue. Net loss widened 55% to $46.34M and adjusted EBITDA loss was $10.57M. The company announced a partnership with Tesla to deploy EVgo-branded Superchargers starting this year, expanding fast charging in the U.S. Full-year revenue guidance of $400M-$430M and adjusted EBITDA loss of $5M-$25M were provided. The Tesla deal and revenue beat are positive, but widening losses and cash burn remain concerns. This follows a Q1 where revenue grew 45% but losses also increased.
At the time of this announcement, EVGO was trading at $1.53 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $543M. The 52-week trading range was $1.41 to $5.18. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.