EVgo shares soared more than 22% after the provider of fast chargers for electric vehicles reported higher-than-expected revenue and a narrowing loss for the third quarter.
The company said its revenue increased 234% year-over-year from $10.5 million to $35.1 million, almost $5 million ahead of Wall Street estimates of $30.22 million.
The company improved its loss per share from $0.19 to $0.09, better than the expected loss per share of $0.28.
EVgo said its network throughout reached a record 37 gigawatt-hours, up 208% over the year-ago quarter.
It exited 3Q with more than 785,000 customers, adding 106,000 new customer accounts during the period.
The company also raised its full-year guidance, now expecting revenue in the range of $148 million to $158 million up from its prior guidance of $120 million to $150 million.
It also raised its adjusted earnings before interest, taxes, deprecation and amortization (EBITDA) forecast to a range of negative $66 million to negative $62 million, from its prior guidance range of negative $78 million to negative $68 million.
It continues to expect to have between 3,400 and 4,000 DC fast charging stalls in operation or under construction by the year-end.
“EVgo’s growth engine is humming, with excellent year-over-year growth in revenues, throughput and utilization," EVgo CEO Cathy Zoi said in a statement.
EVgo shares added 22.1% at US$2.81 in the early afternoon on Wednesday.
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