Charging network operator EVgo's Q3 revenue falls 1%, misses estimates
Overview
US EV charging network's Q3 revenue fell 1% yr/yr, missing analyst expectations
Q3 adjusted EBITDA loss narrowed from prior year
Board reviewing unsolicited take-private proposal from LS Power; no decisions made yet
Outlook
EVgo expects 2026 revenue of $375 mln to $400 mln
Company sees 2026 adjusted EBITDA between $(30) mln and $(15) mln
EVgo expects to add 1,075 to 1,275 new stalls in 2026
Result Drivers
CHARGING NETWORK GROWTH - Co said charging network revenue rose 29% yr/yr, marking 19 consecutive qtrs of double-digit growth
NETWORK EXPANSION - Number of charging stalls in operation grew 20% yr/yr to 5,530
CUSTOMER BASE GROWTH - Co added over 95,000 new customer accounts in Q3, bringing total to over 1.9 mln
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $91.42 mln | $94.48 mln (9 Analysts) |
Q3 Loss Per Share | $0.14 | ||
Q3 Net Loss | $49.21 mln | ||
Q3 Adjusted EBITDA | -$3.53 mln | ||
Q3 Adjusted Gross Margin | 35.4% | ||
Q3 Adjusted Gross Profit | $32.37 mln | ||
Q3 Capex | $34.84 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
Wall Street's median 12-month price target for EVgo Inc is $2.00, about 9.3% above its November 6 closing price of $1.83
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)