Rapidly Growing EVgo Is A Strong Buy

Aug. 27, 2024 8:13 AM ETEVgo, Inc. (EVGO) StockEVGO11 Comments
Larry Ramer
756 Followers
(9min)

Summary

  • EVgo's Q2 results show rapid growth, with charging network revenue up 146% YOY and overall sales up 32% YOY.
  • The firm's charging network margin increased to 34.2%, indicating growing profitability and a positive trajectory towards adjusted EBITDA turning breakeven in 2025.
  • Rising demand from rideshare and autonomous vehicle sectors, along with the deployment of NACS connectors, are key growth catalysts for EVgo.
  • EVGO's stable fixed costs and increasing revenue suggest a clear path to long-term profitability.

An electric car plugged in against a background of a rural location at sunset

Justin Paget

The second-quarter financial results of EV charging-station owner EVgo (NASDAQ:EVGO) showed that the firm is growing extremely rapidly. Going forward, the company's sales and EBITDA are likely to climb tremendously. Among the positive catalysts that will probably produce the latter scenario

This article was written by

756 Followers
I'm a veteran business news journalist with over ten years of experience. Globes, Israel's leading business publication, and The Jerusalem Post are among the companies for which I've worked.

Analyst’s Disclosure:I/we have a beneficial long position in the shares of EVGO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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