EVgo, Inc. EVGO shares are trading higher on Thursday. The company reported better-than-expected second quarter results and announced a leadership succession plan on Wednesday.
What To Know:
EVgo reported that its second quarter revenue increased to $50.6 million, compared to $9.1 million from the same quarter last year, representing 457% year-over-year growth. The company stated that revenue growth was primarily driven by year-over-year increases in eXtend and charging revenues.
"EVgo had a phenomenal second quarter with significant growth in key areas including stalls, throughput, customer accounts, utilization, and revenue," said Cathy Zoi, EVgo CEO. "We are pleased to report EVgo's network throughput growth is accelerating, demonstrating the leverage in our business and financial model as the auto sector rapidly electrifies. We continue to energize new stalls across the network and surpassed the double-digit utilization threshold for the quarter network wide.
On Wednesday, the company announced that its board of directors appointed Badar Khan to succeed Cathy Zoi as CEO, effective on or about Nov. 9. Zoi will serve as an advisor and work closely with Khan through the end of 2023 to ensure a smooth transition.
According to Benzinga Pro, 18.25% of available EVGO shares are currently being sold short.
EVgo, Inc. operates electric vehicle (EV) charging sites powered by renewable electricity using renewable energy certificates (RECs).
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BJDX Price Action: According to Benzinga Pro, EVgo shares are trading 21.5% higher at $5.15 at the time of publication.
Image: Courtesy of EVgo, Inc.
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