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Shares of EVgo Inc. got a nice boost Wednesday after the company, which operates an electric-vehicle-charging network, reported fourth-quarter results that beat expectations, with charging revenue more than tripling.

The company said growth in the usage of its charging stalls continues to exceed growth in EVs in operation. In 2023, 930 new stalls were added, to reach 2,990 stalls in operation at the end of the year.

“EVgo passed an important inflection point in 2023 in that as a result of the utilization and throughput levels we are now seeing across our network, the installed base is now profitable on a stand-alone basis,” Chief Executive Badar Khan said.

The stock
shot up 13.7% in premarket trading, putting it on track to open at the highest price since Jan. 8.

For the fourth quarter, net losses widened to $12.6 million, or 12 cents a share, from $4.4 million, or 6 cents a share, in the same period a year ago. That beat the FactSet consensus for per-share losses of 17 cents.

Total revenue increased 83.1% to $50 million, above the FactSet consensus of $43.9 million, as total charging-network revenue jumped 211.6% to $28.34 million.

In December, network utilization was over 19%, compared with 8% in December 2022. And average daily throughput per stall was 201 kilowatt hours per day, up 179% from 72 kilowatt hours per day last year.

For 2024, the company expects revenue of $220 million to $270 million, while the current FactSet consensus is for $259.8 million.

The stock has tumbled 22.4% year to date through Tuesday, while the Global X Autonomous & Electric Vehicles exchange-traded fund
has lost 3.5% and the S&P 500
has gained 6.5%.

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