Evgo Inc. Stock Price, News & Analysis

EVgo Inc. has announced a proposed award of $6.6 million from the California Energy Commission’s CALeVIP 2.0 program, aimed at expanding fast charging infrastructure across central and eastern California. This funding supports the Golden State Priority Project, focusing on disadvantaged and low-income communities. EVgo plans to deploy over 100 DC fast charging stalls featuring 350kW chargers at 17 locations, including Fresno and San Jose, enhancing accessibility and convenience for EV users. The company emphasizes its commitment to equitable charging solutions and public-private partnerships to promote rapid EV adoption.

EVgo reported significant growth in its Q4 2022 financial results, with revenue rising to $27.3 million, a 283% increase year-over-year, and a full-year revenue of $54.6 million, up 146% compared to 2021. Network throughput reached 14.4 GWh in Q4, marking a 76% increase from the previous year, and overall customer accounts surpassed 553,000. Despite these gains, the company faced net losses of $17.0 million in Q4 and $106.2 million for the year. EVgo plans to expand its network, aiming for 3,400-4,000 DC fast charging stalls by year-end 2023, while introducing guidance for total revenue between $105 to $150 million.

EVgo (NASDAQ: EVGO) has launched a promotional campaign in collaboration with Warner Bros. Pictures for the film Shazam! Fury of the Gods. Starting March 17, 2023, customers can earn 250 bonus EVgo Rewards points by sharing a selfie at specially branded EVgo charging stations in major U.S. cities like Los Angeles, San Francisco, Seattle, San Diego, and Denver. The EVgo Rewards program allows users to accumulate points for charging and social media interactions, redeemable for charging credits. This initiative aims to enhance customer engagement and promote EVgo's loyalty program.

EVgo Inc. (Nasdaq: EVGO) has announced it will report its fourth quarter and full year 2022 results on March 30, 2023, hosting a conference call at 8:00 a.m. PT / 11:00 a.m. ET. The company confirmed it holds no cash deposits in Silicon Valley Bank and expects to meet its previously provided financial guidance for 2022. Interested parties can access the live webcast via the Investor Relations page on EVgo's website. EVgo operates a significant network of fast charging stations powered by 100% renewable energy and aims to facilitate the adoption of electric vehicles.

EVgo (Nasdaq: EVGO) has announced a strategic reorganization to enhance its operational focus for 2023, prioritizing expansion of its public charging network and infrastructure projects. The company expects to achieve 2022 results within earlier provided guidance and will present its earnings on March 15, 2023. A recent Delaware Chancery Court ruling validated its capital structure, addressing previous uncertainties. Despite reducing headcount by approximately 40 employees, EVgo aims to improve efficiency by optimizing its cost structure while hiring in key operational roles to meet rising demand for electric vehicle charging.

EVgo Inc. (NASDAQ: EVGO) announces the expansion of its digital coupon platform, EVgo Advantage, to select Cumberland Farms and Wawa locations across several East Coast states, including Massachusetts, Connecticut, New York, Pennsylvania, Maryland, Virginia, and Florida. This program delivers on-the-spot promotions to enhance the charging experience for EV drivers, as a 2022 EVgo survey found that 87% of EV drivers shop at local retailers while charging. Launched in 2019, EVgo Advantage aims to increase customer engagement and foot traffic, showcasing EVgo's commitment to enhancing the EV charging landscape.