Company Reports

We will discontinue analyst coverage of EVgo on or about Dec. 10.

EVgo reported third-quarter revenue of $92 million and an EBITDA loss of $5 million. Full-year revenue and EBITDA guidance was largely unchanged aside from a one-time potential impact with a contract close-out.

EVgo reported second-quarter revenue of $98 million and an EBITDA loss of $2 million. The company increase its full-year revenue guidance by 1%, while it maintained its EBITDA breakeven target.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

EVgo reported $75 million of revenue in the first quarter of 2025, a 36% jump from the same period last year and above the $70 million consensus estimate, per PitchBook. Network throughput jumped 60% in the same period to 83 GWh from 53 GWh, but was flat sequentially.

EVgo reported a 60% year-over-year revenue increase in 2024 to $257 million. Charging network revenue drove much of the increase, growing 113% to $158 million as network throughput increased 116% to 277 GWh.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

On Dec. 12 EVgo announced closing a $1.25 billion guaranteed loan facility from the US Department of Energy. The loan guarantee is expected to support the deployment of approximately 7,500 fast-charging stalls.

EVgo's third-quarter revenue jumped 92% year over year to $68 million driven by a 111% increase in throughput. Revenue guidance for 2024 was increased 1% at the midpoint, while adjusted EBITDA loss was decreased by 10% relative to prior guidance.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

EVgo shares rose 60% on Oct. 3 following news that the company has received a conditional commitment from the US Department of Energy for as much as $1.05 billion in debt financing.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

We are placing no-moat EVgo shares under review as we expect to increase our $2.00 fair value estimate by roughly 25% following second-quarter results. The driver of our expected higher valuation is increased confidence in operating leverage expanding margins as charging revenue scales in coming years. That said, we still view shares as overvalued. We question the long-term differentiation in EV charging site ownership, hence our no-moat rating.

We maintain our $2 fair value estimate for no-moat EVgo following its first-quarter results. We view the shares as fairly valued.

We are lowering our fair value estimate for no-moat EVgo to $2 from $3 after updating our long-term assumptions. The primary driver of our decreased valuation is lower assumed long-term market share in electric vehicle fast charging. We view shares as fairly valued.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

We maintain our $3 fair value estimate for no-moat EVgo following its fourth-quarter results. We view shares as fairly valued.

EVgo is a leading owner-operator of fast-charging direct current stations in the United States.

Clean energy stocks have had a roller-coaster 18 months. Optimism following the passage of the Inflation Reduction Act in August 2022 gave way to rising interest rates in 2023. We highlight three key themes for investors to focus on in 2024: interest rates, U.S. policy, and profitability.