EV charging network operator EVgo on Wednesday reported second-quarter revenue that beat Wall Street’s expectations and posted a narrower-than-expected loss, as more electric vehicle drivers used its network and revenue from its private-label eXtend unit boomed.
EVgo also increased its guidance for the full year. Shares were up about 8% in after-hours trading following the report.
The company reported a net loss of $21.5 million, or 8 cents per share. A year ago, EVgo reported a profit of $17 million, or 6 cents per share, on revenue of $9.1 million.
“We are pleased to report EVgo’s network throughput growth is accelerating, demonstrating the leverage in our business and financial model as the auto sector rapidly electrifies,” CEO Cathy Zoi said in a statement.
EVgo’s “network throughput” is a measure of the total amount of electricity provided to its charging customers. That figure grew 147% year over year to 24.9 gigawatt-hours in the second quarter, and by about 30% per individual charging stall, on average.