Electric vehicle (EV) adoption is on the rise, and with it, so too are the fortunes of EVgo, a leading provider of public electric vehicle fast charging services in the United States. As the U.S. is expected to add 1.6 million EVs in 2023, up 60% YoY, EVgo is well positioned to benefit from this trend.
EVgo’s (EVGO:NSD) network throughput rose 51% YoY to 12.1 GWh as it grew to 2,625 charging stalls accessible within 10 miles of 140 million Americans. This growth has been reflected in the company’s financials, as revenues rose 70% YoY in Q3 2022 to $10.5 million.
The company also added 54,000 new customer accounts for a total of 498,000, up 60% YoY. This is a clear indication that more and more Americans are turning to EVs, and that EVgo is meeting their needs.
Despite this positive outlook, it’s worth noting that EVGO stock shares have a 36% short interest. This means that investors are betting that EVGO stock will decrease in value, which could lead to a short squeeze. It’s always important to consider the sentiment of investors and analysts in your research.
Overall, EVgo is well-positioned to continue benefiting from the accelerating EV adoption trend. With a growing network, increasing revenues, and a rising number of customers, the company is on track to continue delivering strong results in the future.
EVgo, Inc. owns and operates a direct current fast charging network in the United States.
The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.
It also provides ancillary services, such as customization of digital applications, charging data integration, loyalty programs, access to chargers behind the parking lots, or garages, pay gates and pilots microtargeted advertising, and charging reservations; and maintenance and development and project management services through eXtendTM, including electric vehicle supply equipment installation, networking, and operations.
The company was incorporated in 2010 and is based in Los Angeles, California.