EVgo's Q4 Results Beat Expectations, Stock Surges.
EV charging network operator EVgo reported Q4 revenue of $27.3 million, a 283% YoY increase, beating Wall Street expectations, and posted a narrower-than-expected loss due to booming demand from business clients. The company's revenue guidance for 2023 fell slightly short of Wall Street's expectations, but shares were up over 8% in premarket trading following the news. EVgo's network throughput grew 76% YoY to 14.4 GWh in Q4, and the company added about 59,000 new customer accounts during the period. Revenue from its "eXtend" unit, which provides and manages chargers for business clients, totaled about $16.7 million in Q4, up from just $114,000 a year ago.