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EVgo is a leading EV charging company based in Los Angeles. Their primary business is the own-and-operate model, including the installation of DC Fast chargers and the sale of electricity to EV drivers. The company currently operates the second largest DC fast charging network after Tesla (NASDAQ:TSLA) and appears well-positioned to be a leading player going forward.
Stifel analysts wrote in a note, “We expect robust U.S. EV sales growth over the next decade fueled by Government mandates, the proliferation of new models from both legacy automakers and EV OEMs, and consumer demand. EVgo’s large, growing fast-charging network positions it well to capitalize on this trend, supported by NEVI funding and support from partners.”
Stifel is forecasting that EVgo will end 2023-25 with 3,760, 5,246, and 7,606 charging stalls, respectively, versus 2,800 at the end of 2022. Their 2023-25 revenue forecasts for the company are $132 million, $241 million, and $428 million, respectively.
Shares of EVGO are down 7.68% in pre-market trading on Wednesday.
