EVgo Inc. Reports 60% Revenue Growth to $256.8 Million for 2024

EVgo Inc., a leading U.S. electric vehicle (EV) fast-charging provider, reported total revenue of $256.8 million for the year ended December 31, 2024, a 60% increase compared to $160.9 million in 2023. This growth stemmed from increases across several revenue streams: retail charging revenue rose 111% to $96.7 million, commercial charging revenue increased 143% to $26.7 million, and OEM charging revenue jumped 200% to $15.6 million. Regulatory credit sales also contributed, rising 35% to $9.0 million, while OEM network revenue increased 37% to $7.8 million. EVgo eXtend revenue saw a 20% increase to $86.6 million, and ancillary revenue grew slightly by 1% to $14.5 million.

Despite the revenue increase, the company reported a net loss of $126.7 million in 2024, a slight improvement compared to the $135.5 million loss in 2023. The improvement in net loss was primarily due to a $21.8 million decrease in operating loss, partially offset by a $13.1 million loss from changes in the fair value of earnout and warrant liabilities and a $2.3 million decrease in net interest income. The company's gross profit improved significantly, rising to $29.4 million (11.4% gross margin) from $9.7 million (6.0% gross margin) in 2023. This improvement was driven by better leveraging of charging station costs, partially offset by lower margins from increased eXtend construction services revenue.

Operationally, EVgo's network throughput on its public network reached 277 GWh in 2024, significantly higher than the 128 GWh in 2023. The number of DC fast-charging stalls on the EVgo Public Network increased to 3,500 as of December 31, 2024, from 2,800 at the end of 2023. The company highlighted its partnerships with major automakers like General Motors, Honda, Nissan, and Toyota, emphasizing these relationships as key customer acquisition channels. EVgo also noted its strategic use of the DOE Loan, receiving an initial advance of $75.3 million in January 2025 to fund the construction of approximately 7,500 new DC fast-charging stalls. The company also mentioned its acquisition of PlugShare in 2021, expanding its offerings to EV drivers and business clients.

The company's 10-K filing identified several risk factors, including its status as an early-stage growth company with a history of losses, dependence on EV market growth, competition from established and emerging players, reliance on a limited number of vendors and customers, and potential challenges in managing rapid growth. The filing also detailed risks associated with the DOE Loan, including the need to meet specific conditions for loan draws and the potential for default. Further risks included the impact of changes in government regulations and incentives, technological advancements, and cybersecurity threats. The company employed 329 full-time employees as of February 15, 2025. The company stated it has no current plans to pay cash dividends on its Class A common stock.