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EVgo (EVGO)
NASDAQ:EVGO
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EVgo
(NASDAQ:EVGO)
Rating:50Neutral
Price Target:
$3.50
▼( -8.85% Downside)
Positive Factors
Financial Efficiency
EVGO realized capital offsets leading to a lower-than-expected cash burn of $25.2MM, which was below both the model and Street expectations.
Revenue Growth
EXtend revenue was $23.5MM during the quarter, which was 76% above the model and 34% above Street expectations.
Supply-Demand Imbalance
A durable growth setup for EVGO is backed by a current and likely to persist supply-demand imbalance in EV charging infrastructure.
Negative Factors
Charging Revenue
Charging revenue of $43.1MM fell 10% below the model and Street's expectations.
Market Sentiment
Industry sentiment and regulatory unknowns keep analysts on the sidelines.
Regulatory Environment
Regulatory messaging potentially puts a crimp on near term EV growth.
EVgo (EVGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.18B
Dividend YieldN/A
Average Volume (3M)4.33M
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue Growth45.15%
EPS Growth-2.91%
CountryUS
Employees329
SectorConsumer Cyclical
Sector Strength76
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.09
Shares Outstanding134,168,230
10 Day Avg. Volume5,150,896
30 Day Avg. Volume4,326,803
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.67
Price to Sales (P/S)0.00
P/FCF Ratio-8.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.75Price Target Upside75.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EVgo Business Overview & Revenue Model
Company DescriptionEVgo, 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 parking lot, or garage, 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.
How the Company Makes MoneyEVgo generates revenue primarily through charging services provided to electric vehicle owners who utilize its network of fast charging stations. EVgo charges customers based on the amount of electricity consumed during each charging session, often on a per-kilowatt-hour (kWh) basis. The company also engages in partnerships with automakers, fleet operators, and other commercial entities to expand its network and provide tailored charging solutions. Additionally, EVgo may receive revenue from government incentives and programs aimed at supporting the development of EV infrastructure. These partnerships and incentives contribute significantly to the company's earnings by enhancing its service offerings and expanding its market reach.
EVgo Financial Statement Overview
Summary
EVgo shows strong revenue growth from $16.1 million in 2019 to $256.8 million in 2024, indicating expansion. However, profitability remains elusive, with negative net income and EBIT margins and unstable cash flows. The balance sheet has improved but still shows high leverage and negative returns on equity.Income Statement
EVgo has shown significant revenue growth from $16.1 million in 2019 to $256.8 million in 2024, indicating strong expansion. However, the company has consistently reported negative net income, with a deteriorating EBIT margin, and gross profit margins remaining low. The net profit margin is deeply negative, reflecting ongoing challenges in achieving profitability.45
Neutral
Balance Sheet
The equity position has improved significantly from a large deficit in 2021, but leverage remains high with a debt-to-equity ratio of 0.20. The equity ratio stands at 55.2%, indicating moderate reliance on equity financing. The return on equity remains negative, posing concerns on shareholder returns.40
Negative
Cash Flow
Operating cash flow has improved slightly but remains negative. The free cash flow is also negative, reflecting heavy capital expenditures. The operating cash flow to net income ratio is unstable due to negative figures, indicating ongoing operational challenges.35
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 256.82M | 160.95M | 54.59M | 22.21M | 13.05M | Gross Profit |
| 29.37M | 9.71M | -5.65M | -6.83M | -13.00M | EBIT |
| -131.57M | -153.41M | -149.50M | -89.83M | -58.44M | EBITDA |
| -83.00M | -83.46M | -70.28M | -31.93M | -34.85M | Net Income Common Stockholders |
| -131.27M | -42.43M | -106.24M | -8.44M | -57.29M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 117.27M | 209.15M | 246.19M | 484.88M | 7.91M | Total Assets |
| 803.76M | 806.61M | 729.72M | 746.32M | 182.14M | Total Debt |
| 90.37M | 68.00M | 50.65M | 0.00 | 39.16M | Net Debt |
| -26.90M | -141.14M | -195.55M | -484.88M | 31.25M | Total Liabilities |
| 360.03M | 266.24M | 212.60M | 158.40M | 92.65M | Stockholders Equity |
| 443.73M | -160.59M | -358.10M | -1.36B | 89.49M |
| Cash Flow | Free Cash Flow | |||
| -102.04M | -195.95M | -259.05M | -94.61M | -39.42M | Operating Cash Flow |
| -7.26M | -37.05M | -58.79M | -29.60M | -20.08M | Investing Cash Flow |
| -94.47M | -143.31M | -199.71M | -87.77M | -19.34M | Financing Cash Flow |
| 13.09M | 143.02M | 19.81M | 594.63M | 47.08M |
EVgo Technical Analysis
Positive
3.84
Price Trends
2.97
Positive
3.10
Positive
4.32
Negative
Market Momentum
0.26
Positive
62.40
Neutral
37.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVGO, the sentiment is Positive. The current price of 3.84 is above the 20-day moving average (MA) of 3.47, above the 50-day MA of 2.97, and below the 200-day MA of 4.32, indicating a neutral trend. The MACD of 0.26 indicates Positive momentum. The RSI at 62.40 is Neutral, neither overbought nor oversold. The STOCH value of 37.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EVGO.
EVgo Risk Analysis
EVgo disclosed 66 risk factors in its most recent earnings report. EVgo reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
The growth of our business is substantially dependent on our ability to fully draw on our DOE Loan, which contains a number of conditions precedent to each draw. Failure to satisfy the conditions required to fully draw down on our DOE Loan would materially and adversely affect our business, financial condition and results of operations. Q4, 2024
2.
Our failure to comply with the covenants or other terms of the DOE Loan, including as a result of events beyond our control, could result in a default under the DOE Loan that could materially and adversely affect the ongoing viability of our business. Q4, 2024
3.
The DOE Loan is secured by a substantial portion of our consolidated assets, resulting in the lack of substantial remaining assets available for incurring additional secured indebtedness. Q4, 2024
EVgo Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $6.84B | 11.22 | 2.83% | 3.93% | 2.65% | -21.93% | |
58 Neutral | $228.71M | ― | -1.88% | ― | -6.22% | 91.93% | |
53 Neutral | $1.25B | ― | -108.04% | 2.47% | 6.65% | -111.16% | |
50 Neutral | $1.18B | ― | 19.14% | ― | 45.15% | -2.91% | |
44 Neutral | $210.28M | ― | -21.13% | ― | 451.93% | 49.23% | |
43 Neutral | $338.43M | ― | -121.64% | ― | -17.68% | 46.68% | |
41 Neutral | $170.17M | ― | 146.24% | ― | -3.84% | 67.67% |
* Consumer Cyclical Sector Average
Performance Comparison
EVGO
EVgo
3.84
1.76
84.62%
LAZR
Luminar Technologies
3.63
-20.97
-85.24%
HYLN
Hyliion Holdings
1.20
-0.26
-17.81%
ONEW
OneWater Marine
13.82
-12.04
-46.56%
CHPT
ChargePoint Holdings
0.72
-0.99
-57.89%
LUCK
Lucky Strike Entertainment
9.14
-3.06
-25.08%
EVgo Earnings Call Summary
Earnings Call Date:May 06, 2025
(Q1-2025)
| % Change Since: 38.63%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong growth in customer consumption, revenue, and operational expansion, alongside improvements in customer experience and operational efficiencies. However, challenges such as the impact of tariffs and fluctuating gross margins were noted. Overall, the highlights significantly outweigh the lowlights, indicating a positive sentiment.Q1-2025 Updates
Positive Updates
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.
Negative Updates
Impact of Tariffs
Approximately 25% of total capex cost per stall is subject to tariffs. The impact is expected to be around $4 million to $5 million in 2025, depending on final tariff rates.
Fluctuating Gross Margins
Charging network gross margin was 37.1%, down 370 basis points from the prior year due to higher maintenance costs and property taxes.
Company Guidance
In the recent Q1 2025 earnings call for EVgo Inc., several key metrics were highlighted, showcasing the company's robust performance and strategic initiatives. Notably, the average daily throughput per public stall surged by 36% year-over-year, contributing to a 60% growth in overall public network throughput compared to the previous year. EVgo reported a total revenue increase of 36% year-over-year, with charging network revenues rising by 49% and extend revenues growing by 23%. The company added over 180 new operational stalls, expanding the total to over 4,200. Financially, EVgo ended the quarter with $171 million in cash, cash equivalents, and restricted cash. The company remains on track to achieve adjusted EBITDA breakeven in 2025, maintaining a guidance range of $340 million to $380 million in total revenue for the year. EVgo's strategic focus includes improving customer experience, achieving operational efficiencies, capturing and retaining high-value customers, and securing additional non-dilutive financing to support future growth.EVgo Corporate Events
Shareholder MeetingsBusiness Operations and Strategy
EVgo Stockholders Approve Incentive Plan Amendment
Positive
May 21, 2025
On April 3, 2025, EVgo Inc.’s board of directors approved an amendment to the company’s 2021 Long Term Incentive Plan to reserve an additional 25 million shares of Class A common stock, pending stockholder approval. At the Annual Meeting held on May 15, 2025, stockholders re-elected Class I directors, ratified KPMG LLP as the independent registered public accounting firm for the year ending December 31, 2025, and approved the amendment to the Long Term Incentive Plan, reflecting strong stockholder support for the company’s strategic initiatives.
The most recent analyst rating on (EVGO) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on EVgo stock, see the EVGO Stock Forecast page.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.