EVgo beat earnings estimates Thursday as more customers used its network to charge electric vehicles. EVgo stock soared off a low base Thursday and extended gains Friday.
The company also reported a surge in revenue tied to an EV charging project with General Motors and Pilot Flying J. A truck stop operator, Pilot Flying J is majority owned by Warren Buffett's Berkshire Hathaway.
EVgo Stock
Late Wednesday, Los Angeles-based EVgo posted $50.6 million in revenue for the second quarter, beating estimates. A loss of 8 cents per share was also less than expected.
Year over year, revenue surged 457%, the earnings release showed. Charging demand drove gains along with the company's white-label "eXtend" unit for businesses, which accounted for 66% of total revenue.
During the quarter, EVgo continued building out its eXtend project with GM and Pilot Flying J. EVgo expects the first site to start operating this quarter, it said Thursday.
Last year, the three companies partnered to build out a nationwide, coast-to-coast fast-charging network for electric vehicles. Berkshire Hathaway also holds a hefty stake in GM shares.
During Q2, EVgo and GM also opened their 1,000th charging stall.
In addition, EVgo on Thursday announced a CEO succession plan.
EVgo stock soared nearly 22% to 5.16 in Thursday's stock market action. The EV charging stock rose a further 1.6% to 5.24 Friday. EVgo stock tumbled in the past year and remains well below the August 2022 high of 12.65.
Li Auto Stock
Among China EV startups, Li Auto, Nio and Xpeng all disclosed momentum in July EV sales Tuesday.
But only Li Auto stock rose for the week, jumping more than 7% and scoring a new high, with earnings due early Tuesday.
The maker of premium hybrid-electric vehicles is expected to deliver a strong second quarter on the back of robust EV sales, which exceeded the high end of its guidance for the period. A clear leader among China startups this year, Li earns a spot on the IBD 50 list of top growth stocks.
Outlook may matter more than Q2 performance. Analysts at Deutsche Bank expect Li to guide to Q3 deliveries of around 100,000 units on strong demand for the L7 and L8 SUVs. That would be up from 86,533 units in Q2. Investors will also watch for updates on a price war in China's EV market this year.
Xpeng reports Aug. 18. Nio has not announced a date for earnings.
