Why EV Charging Firm EVgo Shares Are Surging Today
Portfolio Pulse from Lekha Gupta
EVgo, Inc. (NASDAQ:EVGO) shares surged after reporting Q4 FY23 results with an 83% Y/Y revenue increase to $50.0 million, surpassing analyst expectations. The company saw a 257% Y/Y increase in network throughput and added over 110,000 new customer accounts. Despite an adjusted EBITDA loss of $(14.0) million, the net loss per share of $(0.12) beat forecasts. CEO Badar Khan highlighted the company's profitability at the installed base level and its strong positioning for future growth. EVgo expects FY24 revenue between $220 million and $270 million, with an adjusted EBITDA of $(48) million to $(30) million. Shares rose 13.7% to $3.16 in premarket trading.
March 06, 2024 | 2:24 pm
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EVgo, Inc. reported strong Q4 FY23 results with significant revenue growth and network expansion, leading to a 13.7% premarket stock price increase.
EVgo's Q4 FY23 performance exceeded analyst expectations with a notable revenue increase and network throughput growth. The company's optimistic FY24 outlook and the CEO's positive statements about profitability and future growth prospects likely contributed to the positive investor sentiment, driving the stock price up in the short term.
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