: EVgo stock surges and revenue grows nearly 4-fold to beat expectations
Shares of EVgo Inc. EVGO surged 3.5% in premarket trading Thursday, after the electric-vehicle charging infrastructure company reported fourth-quarter revenue that soared nearly 4-fold to beat expectations, while losses narrowed sharply. The net loss for the quarter to Dec. 31 was $4.4 million, or 6 cents a share, after a loss of $12.0 million, or 18 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 16 cents. Revenue grew 282.4% to $27.3 million, beating the FactSet consensus of $19.9 million. “In 2022 EVgo achieved record revenue reflecting the continued growth of EVgo’s ultra-fast DC charging network, blue-ribbon partnerships, and industry-leading technology offerings,” said Chief Executive Officer Cathy Zoi. For 2023, the company expects revenue of $105 million to $150 million, surrounding the FactSet consensus of $144.1 million. The stock has charged up 28.6% year to date through Wednesday, while the S&P 500 SPX has tacked on 4.9%.
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