Record Growth in Customer Consumption
Customer consumption on the EVgo network increased with average daily throughput per public stall rising by 36% year-over-year and fivefold over three years. Overall public network throughput grew by 60% compared to last year.
Revenue and Operational Expansion
Total revenue grew 36% year-over-year, marking a near tenfold growth in three years. EVgo added over 180 new operational stalls this quarter, bringing the total to over 4,200 operational stalls.
Cash and Financing Strength
The company ended the quarter with $171 million in cash, cash equivalents, and restricted cash. A $1.25 billion loan guarantee with the Department of Energy secures financing for future growth.
Improved Customer Experience
Seamless plug and charge capability, Autocharge+, accounted for 27% of sessions initiated, and 95% of sessions resulted in a successful charge on the first try.
Progress in Operational Efficiencies
The joint development agreement with Delta Electronics aims to lower gross capex per stall by 30%. Call center costs per call declined 37% in Q1 compared to last year.