EVgo (US:EVGO)2022-03-23 18:20Business Overview - EVgo is a pure-play, sustainable business focused on building, owning, and operating essential infrastructure for the electrification of transportation[10] - EVgo has an operational track record as a pioneer in fast charging with over a decade of experience building and operating a public DCFC network[10] - EVgo has 8 OEM partners engaged to provide charging services and build out DCFC network[13] - EVgo's network is powered by 100% renewable energy[13] - EVgo has over 30 states and over 60 major metropolitan areas covered[13] Market Performance - Global EV sales market share more than doubled in 2021, from 411% (~3 million) in 2020 to 857% (~65 million) in 2021[15] - US EV sales doubled in 2021 to more than 475000 vehicles, with US EV market share increasing from ~15% to ~3%[14] - EVgo ended 2021 with ~340000 customer accounts, up 47% YoY[16] - FY 2021 revenue grew 52% to $222 million, driven by 68% network throughput growth[16] Financial Highlights - Q4'21 Adjusted Gross Margin was 280%, up from 222% in Q3'21[13, 29] - Full year 2021 Adjusted Gross Margin increased from 31% to 232%[32, 34] - EVgo provides 2022 guidance with revenue between $48 million and $55 million, and Adjusted EBITDA between ($75) million and ($85) million[39]