EVgo Reports Record Revenue and Customer Growth in Q1 2025

Published 48 minutes agoEVGO

EVgo Reports Record Revenue and Customer Growth in Q1 2025

EVgo Inc. (Nasdaq: EVGO) has announced impressive financial results for the first quarter of 2025, sparking a significant rise in its stock performance. The company achieved a record $55.2 million in revenue, a 118% increase compared to the same period last year, according to a report by Businesswire. Additionally, EVgo's network throughput hit 53 gigawatt-hours, a remarkable 194% climb from the previous year. The company also saw substantial customer growth, adding approximately 109,000 new accounts, raising its total to over 981,000 accounts, up 60% year-over-year.

Beyond financial performance, EVgo marked considerable operational growth by installing around 250 new operational stalls, including the EVgo eXtend™ stalls, bringing the total number of stalls in operation or under construction to about 3,780. On the strategic front, EVgo expanded its agreement with Chevron, becoming the preferred EV charging provider for Chevron and Texaco stations. Another innovative move included partnering with Audible to offer EVgo customers trial audiobook and podcast memberships, enhancing the overall charging experience.

These developments reflect EVgo's ongoing efforts to solidify its market presence and expand its electric vehicle charging infrastructure across the US. The company remains committed to expanding partnerships and enhancing customer experiences as it continues to grow in a rapidly evolving industry.

Share this article

Twitter Facebook LinkedIn

Recent Articles

Diamondback Energy to Slash Budget as U.S. Oil Output Faces Decline

Diamondback Energy to Slash Budget as U.S. Oil Output Faces Decline

3 minutes agoFANG

Travis Stice, CEO of Diamondback Energy, has suggested that U.S. oil production may have reached its peak and could soon decline due to falling prices. This comes as Diamondback plans significant financial cutbacks, reducing its 2025 capital expenditures by $400 million to a range of $3.8 billion to $4.2 billion. Additionally, the company will cut three drilling rigs. The Financial Times reports this move is reflective of declining drilling activities across the industry. The reduction in rigs is expected to lead to a 10% decrease in U.S. drilling activity by the end of June, with further reductions anticipated into the third quarter. Other major shale companies, like Coterra Energy, are following suit with similar cutbacks in response to the drop in oil prices. The price of Brent crude has slumped to $60.23 per barrel, reaching a four-year low. This price drop is largely driven by OPEC+ production increases and broader global economic challenges. As prices remain low, U.S. shale producers face difficulties maintaining profitability, which may lead to curtailed operations or workforce reductions. While the current price of Diamondback Energy’s stock sits at $133.66, reflecting minimal change, the company and the broader industry continue to feel the pressure from the current market dynamics.

NVR, Inc. Announces $750 Million Stock Buyback

NVR, Inc. Announces $750 Million Stock Buyback

18 minutes agoNVR

NVR, Inc. has announced a significant step to enhance shareholder value by authorizing a $750 million stock repurchase program. The company’s Board of Directors approved the buyback of up to $750 million in outstanding common stock, continuing NVR's long-standing commitment to this initiative, which first began in 1994. According to PRNewswire, stock purchases will be conducted in the open market and through privately negotiated transactions, subject to market conditions. NVR has specified conditions under which these stock repurchases will take place, excluding purchases from the company’s officers, directors, or associated employee trusts. As reported, NVR had 3,039,944 shares of common stock outstanding as of December 10, 2024. This move keeps up with NVR's historical focus on shareholder returns through disciplined financial strategies. NVR's current stock price is $7,024.48, reflecting a slight decrease of $51.93 from the previous day’s close. The stock's intraday trading has seen a high of $7,122.25 and a low of $7,000.21, with the latest trade occurring on Tuesday. This repurchase program signals the company’s ongoing strategy to leverage available capital effectively for the benefit of its shareholders.

Lucid Group Revamps Executive Team for Global Expansion

Lucid Group Revamps Executive Team for Global Expansion

33 minutes agoLCID

Lucid Group has made significant changes to its executive team as part of its ambitious electric vehicle (EV) expansion strategy. The company announced the appointment of Taoufiq Boussaid as the new Chief Financial Officer, effective February 25, 2025. Boussaid, with his extensive background in strategic finance, previously served as CFO of NV Bekaert SA in Belgium. His arrival is expected to bolster Lucid’s financial strategies as the company gears up to increase production, particularly of the new Lucid Gravity SUV. In addition to the CFO appointment, there is a notable leadership transition within Lucid. CEO Peter Rawlinson is stepping down from his position, taking on a new advisory role as Strategic Technical Advisor to the Chairman. Marc Winterhoff, formerly Chief Operating Officer, has stepped in as the Interim CEO. Reuters reported that these shifts are crucial as Lucid prepares for significant growth phases. Lucid's strategic appointments are not limited to financial roles. The company is positioning itself for expansion in European and Chinese markets, with key hires like Alexander Lutz as Managing Director for Europe and Zhu Jiang to spearhead operations in China. These moves point to Lucid’s broader commitment to cement its presence in the global EV market, aligning with its plans to establish production facilities in China and the Middle East.

EVgo Reports Record Revenue and Customer Growth in Q1 2025

EVgo Reports Record Revenue and Customer Growth in Q1 2025

48 minutes agoEVGO

EVgo Inc. (Nasdaq: EVGO) has announced impressive financial results for the first quarter of 2025, sparking a significant rise in its stock performance. The company achieved a record $55.2 million in revenue, a 118% increase compared to the same period last year, according to a report by Businesswire. Additionally, EVgo's network throughput hit 53 gigawatt-hours, a remarkable 194% climb from the previous year. The company also saw substantial customer growth, adding approximately 109,000 new accounts, raising its total to over 981,000 accounts, up 60% year-over-year. Beyond financial performance, EVgo marked considerable operational growth by installing around 250 new operational stalls, including the EVgo eXtend™ stalls, bringing the total number of stalls in operation or under construction to about 3,780. On the strategic front, EVgo expanded its agreement with Chevron, becoming the preferred EV charging provider for Chevron and Texaco stations. Another innovative move included partnering with Audible to offer EVgo customers trial audiobook and podcast memberships, enhancing the overall charging experience. These developments reflect EVgo's ongoing efforts to solidify its market presence and expand its electric vehicle charging infrastructure across the US. The company remains committed to expanding partnerships and enhancing customer experiences as it continues to grow in a rapidly evolving industry.