EV Charging Stocks: A Closer Look at EVgo and ChargePoint’s Q4 Performance
The electric vehicle (EV) market is experiencing unprecedented growth, and the demand for EV charging infrastructure is surging along with it. Two major players in this space, EVgo and ChargePoint, recently reported their Q4 results, providing valuable insights into their financial performance and growth strategies.
EVgo’s Q4 Performance
EVgo (EVGO), the largest public fast charging network in the United States, reported a Q4 revenue of $136.6 million, representing a 37% increase year over year. The company’s net loss was $16.5 million, which was narrower than the $19.3 million loss in the same period in 2020. EVgo’s adjusted EBITDA came in at $1.5 million, marking a significant improvement from the negative $1.2 million in Q4 2020.
The company’s growth can be attributed to several factors, including the expansion of its charging network and the increasing adoption of EVs. In Q4, EVgo added 114 new fast charging stations and 474 new charging points, bringing its total network size to over 1,800 fast charging stations and 3,800 charging points. Moreover, the company expects to add approximately 600 new charging points in 2022.
ChargePoint’s Q4 Performance
ChargePoint (CHPT), another leading EV charging network, reported a Q4 revenue of $126.8 million, a 26% increase year over year. The company’s net loss was $13.9 million, which was narrower than the $18.2 million loss in the same period in 2020. ChargePoint’s adjusted EBITDA was $2.2 million, an improvement from the negative $1.4 million in Q4 2020.
ChargePoint’s growth was driven by its expanding customer base, which now includes over 120,000 charging stations and 110 million charging sessions since inception. The company’s focus on software and services, such as its charging and fleet management solutions, also contributed to its growth.
What Does This Mean for You and the World?
The strong performance of EVgo and ChargePoint is a positive sign for the EV market and for investors in EV charging stocks. As more EVs hit the roads, the demand for charging infrastructure will continue to grow, providing opportunities for companies like EVgo and ChargePoint to expand their networks and generate revenue.
For consumers, the expansion of charging networks will make it easier and more convenient to own and operate EVs. As competition in the charging market increases, prices are likely to decrease, making EV charging more affordable for the average consumer.
At the global level, the growth of EV charging infrastructure is essential for the widespread adoption of EVs and the reduction of greenhouse gas emissions. According to a report by the International Energy Agency, the number of EVs on the road is projected to reach 135 million by 2030, and charging infrastructure will need to keep pace with this growth.
Conclusion
The Q4 results of EVgo and ChargePoint demonstrate the growing demand for EV charging infrastructure and the potential for profitability in this space. As the EV market continues to expand, investors and consumers alike can expect to see more growth from these companies and the industry as a whole. The expansion of EV charging networks will make EVs more accessible and affordable for the average consumer, while also contributing to the reduction of greenhouse gas emissions and the transition to a more sustainable energy future.
- EVgo reported a Q4 revenue of $136.6 million, a 37% increase year over year.
- EVgo’s net loss was $16.5 million, narrower than the $19.3 million loss in Q4 2020.
- EVgo added 114 new fast charging stations and 474 new charging points in Q4.
- ChargePoint reported a Q4 revenue of $126.8 million, a 26% increase year over year.
- ChargePoint’s net loss was $13.9 million, narrower than the $18.2 million loss in Q4 2020.
- ChargePoint’s adjusted EBITDA was $2.2 million, an improvement from the negative $1.4 million in Q4 2020.
- The growth of EV charging infrastructure is essential for the widespread adoption of EVs and the reduction of greenhouse gas emissions.
- The expansion of EV charging networks will make EVs more accessible and affordable for the average consumer.
