What happened
Investors eagerly plugged into Allego (ALLG 2.78%) stock this week. According to data compiled by S&P Global Market Intelligence, the electric vehicle (EV) charging equipment specialist's share price was up by nearly 10% week to date as of early Friday morning. The market was clearly impressed by the company's latest set of quarterly results.
So what
For its final quarter of fiscal 2022, Netherlands-based Allego's revenue came in at just under 61 million euros ($66 million), which was a nearly 11% improvement over the same period of fiscal 2021. The company also managed to narrow its net loss considerably -- this landed at 40 million euros ($43 million), a far sight better than the almost 96 million ($104 million) of the year-ago quarter.
Allego's top line consists of charging and services revenue. The former grew nearly threefold to a shade under 27 million euros ($29 million); the company attributed this to a wider charger network, higher utilization, and price raises. In contrast, services revenue declined considerably, dropping by 28% year over year to nearly 34 million euros ($37 million).
"The growth of our charging revenue confirms our strategy to swiftly develop our own ultrafast EV public network and the installation of our own ultrafast chargers grows," CEO Mathieu Bonnet said. "Finally, we continue to make strong progress on numerous other engagements."
Now what
Allego didn't publish any guidance within its earnings report. It did say that it would continue to build out its charger network, a sensible strategy given the increasing take-up of EVs not only in its native Europe, but throughout the world.
