EVgo Inc ( EVGO ) reported first-quarter FY24 sales growth of 118.2% year-on-year to $55.16 million, beating the analyst consensus estimate of $52.389 million.

Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend revenue.

EVgo’s network throughput for the quarter was 53 Gigawatt-hours (GWh), a 194% Y/Y jump.

Adjusted EBITDA loss was $(7.2) million versus $(20) million last year. EPS of $(0.09) beat the analyst consensus estimate of $(0.14).

Gross profit for the quarter was $6.8 million versus $41 thousand last year. Adjusted gross margin expanded 600 basis points to 31.3%

The company added approximately 109,000 new customer accounts during the first quarter, bringing the overall number of customer accounts to approximately 981,000 at quarter-end.

Ended the quarter with over 3,780 stalls in operation or under construction, including EVgo ( EVGO ) eXtend stalls. EVgo ( EVGO ) ended the quarter with 130 operational EVgo ( EVGO ) eXtend stalls.

EVgo ( EVGO ) held $175.5 million in cash and equivalents as of March-end.

“EVgo’s business continues to grow and achieve record results, demonstrating the strength of our business model of owning and operating a fast-charging network as more Americans drive electric vehicles,” said CEO Badar Khan.

EVgo ( EVGO ) also announced that Olga Shevorenkova will be stepping down as Chief Financial Officer and departing the company, effective on or about May 31.

Stephanie Lee, EVP of Accounting & Finance, will serve as Interim CFO from the time of Olga’s departure until a permanent successor joins the company.

Outlook Reaffirmed: EVgo ( EVGO ) expects 2024 revenue of $220 million – $270 million against the consensus of $251.728 million.

EVGO ( EVGO ) expects an adjusted EBITDA of $(48) million – $(30) million. 

Price Action: EVGO ( EVGO ) shares traded lower by 5.03% at $1.89 at the last check Tuesday.