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EVgo Q2 earnings: accelerating growth on soaring EV demand, revenue up 90% YOY

The US’s most extensive public fast charging network, EVgo, reported Q2 earnings today, reflecting strong growth on the heels of soaring EV demand.

EVgo operates over 850 fast charging locations across 30 states, making it the most prominent public fast charging network in the US. The company has been leading the charge for EV adoption by partnering with top automakers and providing charging access for consumers.

Meanwhile, EVgo’s Q2 earnings suggest the company is expanding along with the EV industry.

Founded in 2010, Evgo was the first charging operator to use 100% renewable energy. With EV demand rising quickly, EVgo is helping smooth the transition with access to charging.

In fact, over 140 million Americans live within 10 miles of an EVgo charger. The company partners with eight OEMs and multiple grocery stores, hotels, gas stations, etc., to promote usage.

Fast charging is a critical component of EV adoption. The more fast charging options available, the more likely consumers will switch. Or, at least, this is what EVgo’s business model is based on.

And so far, the rapid growth in EV demand is boosting EVgo’s business. The company has significant plans to continue growing in the industry. For example, in July, the company announced its first significant project for its white-glove service, EVgo eXtend.

EVgo is partnering with GM and Pilot Company to install 2,000 units at up to 500 US sites.

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Nissan Leaf at an EVgo charging station

EVgo Q2 2022 earnings highlights

EVgo’s Q2 2022 earnings show the company is growing along with the booming EV market. To expand its revenue sources, EVgo is implementing proprietary tech and analytics to provide a superior experience for both customers and partners.

So far, the business model is proving it has the potential to generate earnings. Here are a few of the biggest highlights from the EVgo Q2 2022 earnings report.

  • Revenue rose 90% YOY, reaching $9.1 million.
  • Network throughput reached 10.1 GWh, a 66% increase compared to last year.
  • Added around 67,000 new customer accounts in Q2, bringing the total to about 444,000.

Furthermore, EVgo is entering the rollout phase of the National Electric Vehicle Infrastructure (NEVI) program. The NEVI program provides around $5 billion to build a national EV charging network over five years.

Cathy Zoi, EVgo’s CEO, said:

Our results for the second quarter, together with the milestone EVgo extend partnership recently announced, reinforce EVgo’s leadership position in ultra-fast EV charging.

Overall, EVgo posted a net income of $16.9 million, its largest since going public. That said, EVgo’s Q2 earnings results are another step in the right direction for the fast charging leader.

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Avatar for Peter Johnson Peter Johnson

Peter Johnson is covering the auto industry’s step-by-step transformation to electric vehicles. He is an experienced investor, financial writer, and EV enthusiast. His enthusiasm for electric vehicles, primarily Tesla, is a significant reason he pursued a career in investments. If he isn’t telling you about his latest 10K findings, you can find him enjoying the outdoors or exercising