Benzinga | Aug 11, 2021 01:16PM EDT

EVgo Q2 Sales Grow 61% Aided By Increased EV Adoption, Affirms FY21 Outlook

* EVgo Inc (NASDAQ:EVGO) reported second-quarter FY21 sales growth of 61.8% year-on-year, to $4.79 million driven by overall increases in EV adoption.

* Charger stall count as of June 30, 2021, totaled 1,548.

* EVgo's network throughput for the quarter was 6.1 Gigawatt-hours (GWh).

* EVgo held $1.4 million in cash and equivalents as of June 30, 2021.

* Adjusted EBITDA loss was $(11) million versus $(5.03) million last year.

* Net loss for the quarter widened to $(18.4) million from $(10.41) million last year.

* Last month, EVgo was chosen by General Motors Co (NYSE:GM) to serve as a preferred charging provider for its Ultium Charge 360 Fleet service.

* Outlook: EVgo affirmed its prior financial forecast for the full year 2021 of $20 million in revenues, 24 gigawatt-hours of network throughput, and $(58) million in Adjusted EBITDA.

* Price Action: EVGO shares traded lower by 0.35% at $10.67 on the last check Wednesday.