Prism MarketView Index Mover: EVgo (EVGO) Electrifies Q4 Earnings and Takes Charge of the IP EV Index
Electric vehicle charging solution provider, EVgo, Inc. (NASDAQ: EVGO) who owns and operates a direct current fast charging network in the US announced earnings, before the open today, that has sent the stock up ~25%, in Thursday trade. Q4 earnings of ($0.06) vs Factset ($0.16) and revenue of $27.3M vs Factset $19.9M beat expectations. Additionally, the company highlighted a strong increase in y/y growth of 76% in network throughout.
However, FY guidance (Dec 2023) was bland. Revenues came in slightly short of expectations and were cited at $105M-150M vs Factset $144.1M. EVGO is not sure how many US made chargers it will be able to get at year end and cited they are expecting 3,400 – 4,000 DC fast charging stalls in operation or under construction. The US government recently implemented new rules that require domestically made chargers for some federally funded projects. Given the new rules, it is unclear how much domestic manufacturing capacity will be fully functioning before the end of the year.
As the Street digests the recent earnings call that took place at 11am ET, we will see if EVGO has enough power to continue its upward move in share price.
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