Q2 2024 EVgo Inc Earnings Call Transcript
Key Points
- EVgo Inc (EVGO) achieved record revenues of over $66 million, with charging network revenues growing 2.4 times compared to last year.
- The company has seen seven consecutive quarters of double-digit growth in charging revenue and six consecutive quarters of triple-digit year-over-year growth in network throughput.
- EVgo Inc (EVGO) surpassed 1 million customer accounts, reflecting strong customer acquisition and growth.
- The company has raised the midpoint of its revenue guidance for the full year and narrowed its adjusted EBITDA guidance, indicating confidence in its financial outlook.
- EVgo Inc (EVGO) is on track to add 800 to 900 new owned and operated stores this year, expanding its network significantly.
- Despite strong revenue growth, EVgo Inc (EVGO) reported an adjusted EBITDA of negative $8 million for the second quarter of 2024.
- The company faces seasonality in its charging network margin, with higher electricity tariffs in the summer impacting profitability.
- EVgo Inc (EVGO) expects to incur additional costs in the second half of the year for the development of next-generation architecture and financial systems to support project financing.
- The company is still awaiting finalized 30C guidance from the treasury, which could impact its financing plans.
- There is uncertainty regarding the impact of potential changes in government policy on EVgo Inc (EVGO)'s business, particularly related to the DOE loan program.
Thank you for standing by, and welcome to the EVgo Second Quarter 2024 earnings conference call. (Operator Instructions) Thank you. I'd now like to turn the call over to Heather Davis, Vice President of Investor Relations. You may begin.
Good morning, and welcome to EVgo's Second Quarter 2024 earnings call. My name is Heather Davis, and I am the Vice President of Investor Relations at EVgo. Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer; and Stephanie Lee, EVgo's Interim Chief Financial Officer. Today, we will be discussing EVgo's second 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.evgo.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
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