EVgo Q2 Sales Grow 61% Aided By Increased EV Adoption, Affirms FY21 Outlook

EVgo Inc EVGO reported second-quarter FY21 sales growth of 61.8% year-on-year, to $4.79 million driven by overall increases in EV adoption.
Charger stall count as of June 30, 2021, totaled 1,548.
EVgo's network throughput for the quarter was 6.1 Gigawatt-hours (GWh).
EVgo held $1.4 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA loss was $(11) million versus $(5.03) million last year.
Net loss for the quarter widened to $(18.4) million from $(10.41) million last year.
Last month, EVgo was chosen by General Motors Co GM to serve as a preferred charging provider for its Ultium Charge 360 Fleet service.
Outlook: EVgo affirmed its prior financial forecast for the full year 2021 of $20 million in revenues, 24 gigawatt-hours of network throughput, and $(58) million in Adjusted EBITDA.
Price Action: EVGO shares traded lower by 0.35% at $10.67 on the last check Wednesday.