EVgo sees reporting FY23 results that meet or exceed guidance ranges

Earlier, EVgo announced certain preliminary financial and operating results for fiscal year 2023. The company announced preliminary 2023 throughput of approximately 130 gigawatt-hours, or “GWh.” Utilization on the EVgo network in December 2023 was over 19% up from 15% in September 2023. EVgo ended 2023 with over 3,500 stalls in operation or under construction, including EVgo eXtend stalls. “EVgo anticipates reporting full year 2023 financial and operating results that meet or exceed the guidance ranges provided by the company on November 8, 2023. The date and call details for EVgo’s fourth quarter and full year 2023 earnings call will be announced at a later date,” the company stated. EVgo also announced a simplified organizational structure under which the company’s business development, marketing and technology functions will be streamlined and consolidated with operations, reporting to Dennis Kish, EVgo’s Chief Operating Officer, who in connection with this organizational realignment has been appointed President. Ivo Steklac, Chief Technology Officer, and Tanvi Chaturvedi, Chief Revenue Officer, will be departing the company. Mr. Steklac will serve as a strategic advisor to the company during a transition period and will depart during 2024. Ms. Chaturvedi is expected to remain in her role at EVgo through the end of February 2024. “EVgo has continued to drive impressive throughput growth on our network and top-line growth across the company as we remain relentlessly focused on delivering the ultimate customer experience and highest quality fast-charging solutions for EV drivers. We believe this realignment and resource optimization will allow EVgo to become leaner and more focused on our owned and operated public charging network and will position us for acceleration towards achieving profitability targets while driving superior shareholder returns in the long run,” said Badar Khan, Chief Executive Officer of EVgo.