EVgo Inc. (EVGO) experienced a significant surge in its stock price, rising by 12.7% after hours on Wednesday. This boost came after the electric-vehicle charging station network provider unveiled an optimistic full-year sales outlook and reported better-than-expected second-quarter results.
Strong Financial Performance
Despite reporting a net loss of $21.5 million, or 8 cents per share, in the second quarter, EVgo's results surpassed expectations. In the same period last year, the company had achieved a profit of $16.9 million, or 6 cents per share. This year-on-year contrast can be attributed to strategic investments and expansion efforts undertaken by EVgo.
Furthermore, the company witnessed a remarkable increase in revenue, with figures skyrocketing by 457% to $50.6 million, compared to $9.1 million in the prior-year quarter. These numbers far exceeded the forecasted revenue of $29.5 million by analysts surveyed by FactSet.
Positive Sales Outlook
EVgo has revised its full-year sales forecast, now expecting revenues to range between $120 million and $150 million. This revision reflects an upgrade from its previous guidance announced in May, which projected sales between $105 million and $150 million.
Cathy Zoi, Chief Executive of EVgo, expressed her satisfaction with the company's growth trajectory: "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."
EVgo's Q2 results demonstrate its ability to capitalize on the expanding electric vehicle market through its robust business and financial model. With this promising performance, EVgo positions itself to thrive as more vehicles transition to electric power.
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