Q1 2024 EVgo Inc Earnings Call Transcript
Key Points
- EVgo Inc (EVGO) reported a significant year-over-year revenue increase of 118% in Q1 2024, reaching $55.2 million.
- The company experienced a substantial growth in network throughput, which nearly tripled year-over-year.
- EVgo Inc (EVGO) added 250 new operational installs in Q1, expanding the total number of stores to approximately 3,240, marking a 38% increase from the previous year.
- Customer base grew by 60% year-over-year, with EVgo Inc (EVGO) ending the quarter with more than 981,000 customer accounts.
- The company is on track to achieve EBITDA breakeven by the full year of 2025, supported by strong operational efficiencies and expanding network.
- The CFO, Olga Shevorenkova, announced her departure from EVgo Inc (EVGO), which could lead to transitional challenges in the finance department.
- Despite strong growth, EVgo Inc (EVGO) still reported a negative adjusted EBITDA of $7.2 million in Q1 2024, although this was an improvement over the previous year.
- The company faces uncertainties in EV sales, which could impact the final throughput numbers and financial performance for the year.
- EVgo Inc (EVGO) is heavily reliant on external financing to sustain its expansion, with significant capital expected to be raised through grants, OEM payments, and incentives.
- There is a noted seasonality in the business, with fluctuations in throughput and possibly margins due to varying utility tariffs and customer driving patterns.
Thank you for standing by, and welcome to the EVgo First Quarter 2024 earnings conference call. (Operator Instructions) Thank you. I'd now turn the call over to Heather Davis, Vice President, Investor Relations. You may begin.
Good morning, and welcome to EVgo's First Quarter 2024 earnings call. My name is Heather Davies, and I'm the Vice President of Investor Relations at Veeco. Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer, and Olga Shevorenkova, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's first quarter financial results and our outlook for 2024, followed by a Q&A session.
Today's call is being webcast and can be accessed on the Investors section of our website at investors dot Veeco.com. The call will be archived and available there along with the company's earnings release and investor presentation after the conclusion of this call.
During the call, management will be making forward-looking statements that are subject to risks and uncertainties,
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