Why EVgo (EVGO) Shares Are Charging Up Today - EVgo (NASDAQ:EVGO)

EVgo Inc EVGO reported that fourth-quarter sales nearly quadrupled year-on-year to $27.30 million, beating the consensus of $21.82 million.
EVgo's network throughput for the quarter was 14.4 Gigawatt-hours (GWh), a 76% Y/Y growth.
Adjusted EBITDA loss was $(20) million versus $(16.3) million last year.
Gross loss for the quarter narrowed to $(1.1) million from $(1.8) million last year.
Adjusted gross margin contracted 990 basis points to 18.3%
The company added approximately 59,000 new customer accounts during the fourth quarter, bringing the overall number of customer accounts to approximately 553,000 at quarter-end, an increase of 63% year-over-year.
Ended Q4 with over 2,800 stalls in operation or under construction, with more than 180 new stalls added to the EVgo network during the quarter and approximately 670 added during 2022.
EVgo held $246.2 million in cash and equivalents as of December 31, 2022.
EPS of $(0.06) beat the consensus of $(0.16).
"In 2022 EVgo achieved record revenue reflecting the continued growth of EVgo's ultra-fast DC charging network, blue-ribbon partnerships, and industry-leading technology offerings," said CEO Cathy Zoi.
Outlook: EVgo expects 2023 revenue of $105 million - $150 million, below the consensus of $153.66 million.
It expects an adjusted EBITDA of $(78) million - $(60) million.
Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 4,000 DC fast charging stalls in operation or under construction.
Price Action: EVGO shares traded higher by 7.83% at $6.20 in premarket on the last check Thursday.

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Why EVgo Shares Are Charging Up Today