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EVgo Reports Record First Quarter 2024 Growth

The network expanded its customer base to roughly 1 million accounts, a 60% increase year-over-year.

Published May 14, 2024

One of America’s biggest fast-charging networks has reported its Q1 results, as EVgo reports record first quarter 2024 growth and signs of a promising future. EVgo reported record results as the DC fast-charging network expanded, attracted more EV drivers, and increased its utilization rate.

As of the end of Q1 2024, EVgo had 3,240 fast-charging stalls in operation (including 3,110 in the EVgo network and 130 in EVgo eXtend) and 540 under construction, for a total of 3,780. Chargers are currently installed at over 1,000 sites across more than 35 states. During Q1, the company added 250 new stalls, including EVgo eXtend sites at third-party businesses.

 

A snapshot of stall stats for EVgo's fast-charging network in Q1 2024.

A snapshot of stall stats for EVgo’s fast-charging network in Q1 2024.

 

Of EVgo’s chargers, 38% are 350 kilowatts, compared to 22% a year ago. The stations with six or more chargers have risen to 15%, compared to 8% last year. This means that stations are getting larger and more powerful.

 

An infographic showing EVgo's Q1 2024 market position and fast charging network.

An infographic showing EVgo’s Q1 2024 market position and fast charging network.

 

According to the company’s earnings report, the network’s throughput of 3,110 stalls surged by 194% year-over-year, from 19 GWh in Q1 2023 to 54 GWh in Q1 2024. That’s a new record.

The company’s revenues also reached a record level of $55.2 million, which is 118% more than a year ago when it reached $25.3 million. However, the net loss is still relatively high at $28.2 million, which decreased from over $49 million last year.

With nearly 109,000 new customer accounts added during the first quarter of 2024 (which is up 63% year-over-year), the network had more than 981,000 customer accounts— over 60% more than it had last year.

 

An infographic showing EVgo's growth during Q1 2024 compared to the same period last year.

An infographic showing EVgo’s growth during Q1 2024 compared to the same period last year.

 

According to EVgo, 91% of the charging sessions were “One and Done” – a rate defined as the ability to successfully initiate a charging session on the first attempt. A year ago, it was 87%. This means that despite improvements, one in ten first charging attempts fails.

Badar Khan, EVgo’s CEO, said:

“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. We continue to build new stalls across the U.S. and see throughput growth outpacing growth of EVs in operation. EVgo’s compelling unit economics, operating leverage, along with the tailwind of long-term EV adoption, gives us confidence that we will achieve adjusted EBITDA breakeven in 2025 and create significant shareholder value.”

One of the most interesting things about this update is that EVgo notes a quickly growing utilization rate. The company says that usage of the EVgo network amounted to approximately 19% in Q1 2024, compared to 9% in Q1 2023 and 6% in Q1 2022.

Increased usage, combined with general expansion, is crucial for the network to reach profitability.

Another interesting metric is the average daily throughput per stall for the EVgo network. In Q1 2024, it was 193 kWh per day per stall, 124% more than a year ago when the average daily throughput came to 86 kWh.

EVgo Autocharge+ accounted for over 18% of the total charging sessions initiated in the first quarter of 2024 (compared to 10% a year ago), and the number of Autocharge+ charging sessions increased 358% year-over-year.

Here are some key statistics for the EVgo network (excluding EVgo eXtend) in Q1 2024, compared to Q1 2023:

  • Number of stalls: 3,110 (up 32% from 2,350)
  • Network utilization: 19% (up from 6%)
  • Energy dispensed: 54 GWh (up 194% from 18 GWh)
  • Energy dispensed per charger: 193 kWh per day (up 124% from 86 kWh)
  • Number of customer accounts: 981,000 (up 60% from 614,000)
  • Average energy per customer: 55 kWh per quarter (up from 29 kWh)

EVgo expects that within 3-5 years, its network will more than double to 7,000 stalls.

 

An infographic showing EVgo's expected growth rate over the next 3-5 years.

An infographic showing EVgo’s expected growth rate over the next 3-5 years.

Read more about: EVgo | Fast charging | Public Charging

By: Staff Writer

The anonymous author of our 'Charging News' articles has a long history of interest in the field and comprehensive knowledge of all sorts of EV-related technical data. He writes for other sites when he's not providing this one with content.

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