Shares of charging solutions provider EVgo (NASDAQ:EVGO) are rising upward today after the company posted better-than-anticipated fourth-quarter numbers.
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Revenue skyrocketed 283% year-over-year to $27.3 million. Net loss per share at $0.06 too came in narrower than expectations by $0.10. The surge in the top line came on the back of higher throughput and execution of the Pilot Flying J contract. Further, the company’s network throughput rose 76% to 14.4-gigawatt hours and it ended the quarter with 2,800 stalls.
But there’s more, EVGO increased its customer account tally by 59,000 to end the year at the 553,000 mark. The company remains focused on boosting its network and expects revenue to hover between $105 million and $150 million for 2023. Adjusted EBITDA loss is seen hovering between $78 million and $60 million.
Shares of the company have now gained nearly 40% so far this year. At the same time, short interest in the stock remains elevated at about 33% at present.
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