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EVgo Inc. (EVGO-3.97%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenue of $256.8 million, a 60% increase from $161.0 million in the previous year. This growth was primarily driven by a significant increase in retail charging revenue, which rose by 111% to $96.7 million.
Commercial charging revenue also saw a notable increase of 143%, reaching $26.7 million. OEM charging revenue tripled, growing by 200% to $15.6 million.
EVgo reported a gross profit of $29.4 million for the year, an improvement of 202% from the previous year, with a gross margin of 11.4% compared to 6.0% in 2023.
Operating expenses slightly decreased by 1% to $160.9 million, with general and administrative expenses accounting for $141.1 million of this total.
The company recorded an operating loss of $131.6 million, a 14% improvement from the previous year's loss of $153.4 million.
EVgo's net loss for the year was $126.7 million, compared to a net loss of $135.5 million in the previous year.
The filing also highlights EVgo's increase in network throughput to 277 GWh and the expansion of its DC fast charging stalls to 3.5 thousand.
EVgo continues to focus on expanding its network and partnerships with OEMs and fleet operators to drive future growth.
The company acknowledges the impact of macroeconomic factors, such as inflation and geopolitical events, on its operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the EVgo Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.