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The Los Angeles-based charging company posted $50.6 million in revenue for the second quarter, handily beating consensus estimates of $29.46M. The company also posted an adjusted EPS loss of $0.08, coming in $0.18 ahead of estimates (consensus: -0.26).
Furthermore, the electric vehicle charging network has revised its revenue guidance for the entire year, signaling positive growth. Notably, the private label eXtend unit for businesses played a significant role, contributing approximately two-thirds of the total revenue for the quarter.
Shares of the company traded down marginally before the release Wednesday after EVgo announced the retirement of CEO Cathy Zoi and the appointment of Badar Khan to succeed her. Zoi oversaw a 957% increase in quarterly revenue since the Company went public in 2021, and will act as an advisor to the company, working closely with Khan through the end of 2023.
Shares of EVGO are up 26.22% in afternoon trading on Thursday.
