EVgo, Inc. (NASDAQ:EVGO) Q2 2024 Earnings Conference Call August 1, 2024 11:00 AM ET
Company Participants
Heather Davis - VP, IR
Badar Khan - CEO
Stephanie Lee - CFO
Conference Call Participants
Chris Dendrinos - RBC Capital Markets
Bill Peterson - JPMorgan
Craig Irwin - Roth Capital Partners
William Griffin - UBS
Chris Pierce - Needham & Company
Andres Sheppard - Cantor Fitzgerald
Operator
Thank you for standing by and welcome to the EVgo Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question. [Operator Instructions] Thank you.
I'd now to call over to Heather Davis, Vice President and the Investor Relations. You may begin.
Heather Davis
Good morning and welcome to EVgo's second quarter 2024 earnings call. My name is Heather Davis and I'm the Vice President of Investor Relations at EVgo. Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer and Stephanie Lee, EVgo's Interim Chief Financial Officer.
Today we will be discussing EVgo's second quarter financial results and our outlook for 2024 followed by a Q&A session. Today's call is being webcast and can be accessed on the investor section of our website at investors.evgo.com. The call will be archived and available there along with the company's earnings release and investor presentation after the conclusion of this call.
During the call, management will be making forward-looking statements that are subject to risks and uncertainties including expectations about future performance. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings including in the risk factor section of our most recent annual report on Form 10-K and quarterly report on Form 10-Q. The company's SEC filings are available on the investor section of our website.
These forward-looking statements apply as of today and we undertake no obligation to update these statements after the call. Also please note that, we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures including a reconciliation to the corresponding GAAP measures can be found in the earnings materials available on the investor section of our website.
With that, I'll turn the call over to Badar Khan, EVgo's CEO.
Badar Khan
Good morning everyone and thank you for joining us today. EVgo delivered yet another excellent quarter. We achieved record revenues over $66 million and charging network revenues grew 2.4x compared to last year, becoming the seventh sequential quarter of double-digits growth in charging revenue, and the sixth consecutive quarter of triple-digit year-over-year growth in network throughput. With the level of utilization and throughput we have in the network today, the annualized per store unit economics have improved over 300% in just a short six months, providing yet more confidence, we will complete our path to profitability and deliver adjusted EBITDA breakeven in 2025.