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Short squeezes have been making and breaking investors for a century. One of the greatest short squeezes in history started on a SubReddit, where hundreds of thousands of retail investors drove the price of GameStop (NYSE: GME) shares up to an all-time high. While this will always a risky bet, GameStop remains a symbol of a company that went from representing retail struggles to executing a turnaround that defied expectations and conventions. Guided by an unorthodox CEO, just like the EV king Tesla Inc (NASDAQ: TSLA) made history with its flamboyant CEO, Game Stop is an example of a remarkable shift that was led also by the company’s largest shareholder. By transitioning from the pandemic-era turmoil to creating a robust financial footing, GameStop defied the logic of not only retail but of general business as it showed that one can survive by not growing.
But there are also lesser-known companies when it comes to the shorted universe, especially when it comes to the Tesla-made EV sector promising to revolutionize the future of the world.
Among such, there’s an EV charging company EVgo Inc (NASDAQ: EVGO) with extremely volatile shares that just reported a record breaking third quarter. Over the last year, EVgo counted 78 moves greater than 5% till mid-October. EVgo was awareded by the market for signing a memorandum of understanding with its longtime technology partner, Delta Electronics Inc to co-develop next-generation charging architecture to offer a superior experience for its customers and advance long-term charging solutions, improving convenience and reliability. With its latest quarterly results, things are looking even more bullish as EVgo is doing a good job at containing losses, reporting revenue growth of 92% YoY as revenue amounted to $68 million, topping forecasts by 2.4%. Moreover, EVgo posted a record network throughput of 78 GWh which represents a 111% YoY increase as it added more than 270 new operational charging stalls. In addition, its customer base expanded with 147,000 new accounts, with the total now exceeding 1.2 million. While it did post a net loss of $33.3 million, strategic investments and cost management did result in an improved adjusted EBITDA.
Then there’s also Worksport Ltd (NASDAQ: WKSP), a manufacturer and innovator of “made-in-USA” tonneau covers, as well as hybrid and clean energy solutions for the light truck and consumer goods sectors, with very high short interest upon its latest earnings report. Worksport continues to write a remarkable early growth story filled with groundbreaking innovation. Worksport is eyeing a record 2025 as it just reported significant YoY revenue growth for the third quarter. During the third quarter, Worksport posted that revenue surged 581% YoY to $3.12 million, with B2C sales making 51% of total revenue as they grew from last year’s $21,599 to now adding as much as $1.59 million to the overall sales table.