Today's notable upward trend in EVgo's share price.
EV shares for the electric vehicle (EV) charging service provider, EVgo (EVGO, -4.04%), witnessed a resurgence on Wednesday, following its optimistic third-quarter financial report released a day prior.
At 1:45 p.m. ET, EVgo's shares saw a climb of approximately 8.5% from the previous day's closing price.
EVgo's operations are thriving in the presence of Tesla's open charging system
During the market's pre-opening hours on Tuesday, EVgo disclosed its third-quarter figures. The results were promising, as the company's losses per share of $0.11 were slightly higher than predicted, but its revenue of $67.5 million managed to surpass expectations. Notably, its total network utilization saw an impressive 111% increase from the same period in 2023.
Moreover, EVgo signed up more than 147,000 new customer accounts during the third quarter, ending the period with over 1.2 million accounts – a 57% year-over-year growth.
The crux: An increasing number of EV drivers are gravitating towards EVgo's charging stations, even following Tesla's decision to open its exclusive charging network to various brands.
EVgo boosts projections and anticipates a critical achievement
EVgo further raised its expectations for the full-year revenue slightly, setting a range between $250 million and $265 million. Additionally, they expressed confidence in achieving breakeven on an adjusted EBITDA basis at some point in the next year – an important milestone.
Considering the positive third-quarter financial report, investors might be inclined to allocate more money into EVgo, demonstrating a renewed interest in financing the company's growth. The encouraging financial results and projected achievement of breakeven on an adjusted EBITDA basis could make EVgo an attractive option for those investing in the finance sector focused on the electric vehicle industry.
