EVgo announced its financial results for the third quarter ending Sept. 30. Revenue for the third quarter of 2024 reached $67.5 million, compared to $35.1 million in the third quarter of 2023, representing 92% year-over-year growth. Revenue growth was driven by year-over-year increases in charging network and “eXtend” revenues, EVgo said.

According to EVgo, network throughput increased to 78 GWh in the third quarter of 2024, compared to 37 GWh in the third quarter of 2023, representing 111% year-over-year growth. The company said it added more than 147,000 new customer accounts during the third quarter of 2024, a 39% year-over-year increase in new accounts. The overall number of customer accounts was more than 1.2 million at quarter end, an increase of 57% year-over-year.

“I’m pleased to report another record quarter anchored by strong revenues and triple-digit year-over-year network throughput growth,” said Badar Khan, EVgo’s CEO. “Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter. As we look ahead to the end of the year and into fiscal 2025, we are working diligently to complete the loan process, drive our next phase of growth as an owner and operator of fast-charging infrastructure, and deliver continued and sustainable value creation for our shareholders.”

Business highlights

• DOE conditional commitment: On Oct. 3, EVgo said it received conditional commitment for a loan guarantee of up to $1.05 billion from the U.S. Department of Energy Loan Programs Office (DOE LPO) under its Title 17 program, to build approximately 7,500 fast charging stalls across the U.S.
• Co-development agreement for next generation charging architecture: EVgo and Delta Electronics signed a memorandum of understanding in October to co-develop the next generation of chargers.
• 30C income tax credits: EVgo sold its 2023 portfolio of 30C income tax credits for $11.0 million, before estimated transaction costs of $2.0 million, most of which is expected to be incurred in the fourth quarter, EVgo said.
• California Low Carbon Fuel Standard (LCFS): On Nov. 8, the California Air Resources Board voted to adopt amendments to the LCFS, which are expected to strengthen regulatory credit values for years to come, EVgo said.
• Stall development: The company said it ended the quarter with approximately 3,680 stalls in operation, including EVgo eXtend stalls. EVgo added over 270 new DC fast charging stalls during the quarter, including EVgo eXtend stalls.
• Average daily network throughput: Average daily throughput per stall for the EVgo network was 254 kilowatt hours per day in the third quarter of 2024, an increase of 64% compared to 155 kilowatt hours per day in the third quarter of 2023, according to the company.
• EVgo Autocharge+: EVgo said Autocharge+ was 21% of total charging sessions initiated in the third quarter of 2024, and the number of Autocharge+ charging sessions in the third quarter increased 132% compared to the third quarter of 2023.
• PlugShare: PlugShare reached 5.7 million registered users and achieved 8.8 million check-ins since inception, EVgo said.

Financial & operational highlights

According to EVgo, the below represent summary financial and operational figures for the third quarter of 2024:

• Revenue of $67.5 million;
• Network throughput of 78 gigawatt-hours;
• Customer account additions of over 147,000 accounts;
• Gross profit of $6.4 million;
• Net loss of $33.3 million;
• Adjusted gross profit of $18.0 million;
• Adjusted earnings before interest, taxes, depreciation, and amortization of ($8.9) million;
• Net cash provided by operating activities of $12.1 million;
• Capital expenditures of $25.8 million;
• Capital expenditures, net of capital offsets of $5.2 million.