Energy, Automobile, EV, Renewable News | EVgo Inc. Reports Record Third Quarter 2024 Results

EVgo Inc. Reports Record Third Quarter 2024 Results

November 12, 2024

Achieves 7^th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth

Raises Mid-Point of 2024 Revenue and Adjusted EBITDA Guidance

Record revenue of $67.5 million in the third quarter, representing an increase of 92% year-over-year.
Charging network revenue totaled $43.1 million in the third quarter, an increase of 98% year-over-year, representing the 8^th sequential quarter of double-digit charging revenue growth.
Network throughput reached a record 78 gigawatt-hours (“GWh”) in the third quarter, an increase of 111% year-over-year, representing the 7^th consecutive quarter of triple digit year-over-year growth.
Added more than 270 new operational stalls during the third quarter, including EVgo eXtend™ stalls.
Ended the third quarter with approximately 3,680 stalls in operation, including EVgo eXtend stalls.
Added over 147,000 new customer accounts in the third quarter, reaching more than 1.2 million overall at quarter end.

LOS ANGELES–(BUSINESS WIRE)–EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ended September 30, 2024. Management will host a conference call today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights.

Revenue for the third quarter of 2024 reached $67.5 million, compared to $35.1 million in the third quarter of 2023, representing 92% year-over-year growth. Revenue growth was driven by year-over-year increases in charging network and eXtend revenues.

Network throughput increased to 78 GWh in the third quarter of 2024, compared to 37 GWh in the third quarter of 2023, representing 111% year-over-year growth. The Company added more than 147,000 new customer accounts during the third quarter of 2024, a 39% year-over-year increase in new accounts. The overall number of customer accounts was more than 1.2 million at quarter end, an increase of 57% year-over-year.

“I’m pleased to report another record quarter anchored by strong revenues and triple digit year-over-year network throughput growth,” said Badar Khan, EVgo’s CEO. “Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter. With our conditional commitment from DOE for a loan guarantee of up to $1.05 billion announced last month, EVgo is poised to lead the industry as the charging provider of choice. As we look ahead to the end of the year and into fiscal 2025, we are working diligently to complete the loan process, drive our next phase of growth as an owner and operator of fast charging infrastructure, and deliver continued and sustainable value creation for our shareholders.”

Business Highlights

DOE Conditional Commitment: On October 3, 2024, EVgo received conditional commitment for a loan guarantee of up to $1.05 billion from the U.S. Department of Energy Loan Programs Office (“DOE LPO”) under its Title 17 program, to build approximately 7,500 fast charging stalls across the U.S. The loan is expected to support the Company in its efforts to double its deployment rate of critical charging infrastructure in high-growth markets and enable the expansion of EV charging access in rural and lower income communities. The Company is working towards satisfying certain technical, legal, environmental and financial conditions to enter into a definitive agreement with the DOE.
Co-Development Agreement for Next Generation Charging Architecture: EVgo and Delta Electronics signed a memorandum of understanding in October 2024 to co-develop the next generation of chargers to improve customer experience, enhance charger reliability, and drive cost efficiencies with advanced firmware and hardware design.
30C Income Tax Credits: EVgo sold its 2023 portfolio of 30C income tax credits for $11.0 million, before estimated transaction costs of $2.0 million, most of which is expected to be incurred in the fourth quarter.
California Low Carbon Fuel Standard (“LCFS”): On November 8, 2024, the California Air Resources Board voted to adopt amendments to the LCFS, which are expected to strengthen regulatory credit values for years to come.
Stall Development: The Company ended the quarter with approximately 3,680 stalls in operation, including EVgo eXtend™ stalls. EVgo added over 270 new DC fast charging stalls during the quarter, including EVgo eXtend™ stalls.
Average Daily Network Throughput: Average daily throughput per stall for the EVgo network was 254 kilowatt hours per day in the third quarter of 2024, an increase of 64% compared to 155 kilowatt hours per day in the third quarter of 2023.
EVgo Autocharge+: Autocharge+ was 21% of total charging sessions initiated in the third quarter of 2024, and the number of Autocharge+ charging sessions in the third quarter increased 132% compared to the third quarter of 2023.
PlugShare: PlugShare reached 5.7 million registered users and achieved 8.8 million check-ins since inception.

Financial & Operational Highlights

The below represent summary financial and operational figures for the third quarter of 2024.

Revenue of $67.5 million
Network Throughput¹ of 78 gigawatt-hours
Customer Account Additions of over 147,000 accounts
Gross Profit of $6.4 million
Net Loss of $33.3 million
Adjusted Gross Profit² of $18.0 million
Adjusted EBITDA² of ($8.9) million
Net Cash Provided by Operating Activities of $12.1 million
Capital Expenditures of $25.8 million
Capital Expenditures, Net of Capital Offsets² of $5.2 million

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¹		Network throughput for EVgo network excludes EVgo eXtend™ sites.
²		Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.

(unaudited, dollars in thousands)	Q3’24			Q3’23			Better (Worse)		Q3’24 YTD			Q3’23 YTD			Better (Worse)
Network Throughput (GWh)		78			37		111	%		197			80		146	%
Revenue	$	67,535		$	35,107		92	%	$	189,312		$	110,959		71	%
Gross profit	$	6,368		$	604		*	%	$	19,607		$	6,174		218	%
Gross margin		9.4	%		1.7	%	770 bps			10.4	%		5.6	%	480 bps
Net loss	$	(33,290	)	$	(28,257	)	(18	)%	$	(91,093	)	$	(98,877	)	8	%
Adjusted Gross Profit¹	$	17,989		$	9,281		94	%	$	52,934		$	28,539		85	%
Adjusted Gross Margin¹		26.6	%		26.4	%	20 bps			28.0	%		25.7	%	230 bps
Adjusted EBITDA¹	$	(8,881	)	$	(14,248	)	38	%	$	(24,070	)	$	(44,868	)	46	%

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¹		Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials.
*		Percentage over 999%

(unaudited, dollars in thousands)	Q3’24		Q3’23			Change		Q3’24 YTD		Q3’23 YTD			Change

Cash flows provided by (used in) operating activities	$	12,101	$	(7,256	)	267	%	$	5,575	$	(29,781	)	119	%

GAAP capital expenditures	$	25,835	$	24,028		8	%	$	71,102	$	124,085		(43	)%
Less capital offsets:
OEM infrastructure payments		4,909		6,022		(18	)%		16,691		15,939		5	%
Proceeds from capital-build funding		5,740		2,823		103	%		11,879		7,079		68	%
Proceeds from transfer of 30C income tax credits, net		9,978		—		*	%		9,978		—		*	%
Total capital offsets		20,627		8,845		133	%		38,548		23,018		67	%
Capital Expenditures, Net of Capital Offsets¹	$	5,208	$	15,183		(66	)%	$	32,554	$	101,067		(68	)%

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¹		Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials.
*		Percentage not meaningful

	9/30/2024	9/30/2023	Increase
Stalls in operation or under construction:
EVgo Network	3,800	3,240	17	%
EVgo eXtend™	620	140	343	%
Total stalls in operation or under construction	4,420	3,380	31	%

Stalls in operation:
EVgo Network	3,390	2,700	26	%
EVgo eXtend™	290	40	625	%
Total stalls in operation	3,680	2,740	34	%

2024 Financial Guidance

EVgo is updating 2024 guidance as follows:

Raising the midpoint of total revenue guidance by $2.5 million with total revenue guidance of $250 – $265 million
Raising the midpoint of Adjusted EBITDA^* guidance by $4 million with Adjusted EBITDA guidance of ($38) – ($32) million

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*		A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.

Conference Call Information

A live audio webcast and conference call for EVgo’s third quarter earnings release will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:

Toll Free: (888) 340-5044 (for U.S. callers)

Toll/International: (646) 960-0363 (for callers outside the U.S.)

Conference ID: 6304708

This press release, along with other investor materials that will be used or referred to during the webcast and conference call, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across 40 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial and operating performance, revenues, market size and opportunity, capital expenditures and offsets; EVgo’s progress on its network buildout, customer experience, technological capabilities and cost efficiencies; anticipated benefits and growth from the conditional commitment from the DOE for a loan guarantee; growth in the Company’s throughput; growth in the Company’s commercial charging business; and the Company’s collaboration with partners. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes or developments in the broader general market; EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; EVgo’s ability to satisfy the required conditions, enter into definitive agreements and receive loan funding in connection with, and to realize any anticipated benefits and growth from, the conditional commitment from the DOE for a loan guarantee; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; any current, pending or future legislation, regulations or policies that could impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs due to the results of the 2024 Presidential and Congressional elections; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, inflation and other increases in expenses; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants (collectively “Site Hosts”), original equipment manufacturers (“OEMs”), fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; and general economic or political conditions, including the conflicts in Ukraine, Israel and the broader Middle East region, and elevated rates of inflation and associated changes in monetary policy. Additional risks and uncertainties that could affect the Company’s financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo” in EVgo’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”), as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to EVgo as of the date hereof, and EVgo does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Financial Statements

EVgo Inc. and Subsidiaries
Condensed Consolidated Balance Sheets

	September 30,			December 31,
	2024			2023
(in thousands)	(unaudited)
Assets
Current assets
Cash, cash equivalents and restricted cash	$	153,406		$	209,146
Accounts receivable, net of allowance of $838 and $1,116 as of September 30, 2024 and December 31, 2023, respectively		35,395			34,882
Accounts receivable, capital-build		15,812			9,297
Prepaid expenses and other current assets		19,292			14,081
Total current assets		223,905			267,406
Property, equipment and software, net		407,650			389,227
Operating lease right-of-use assets		85,609			67,724
Other assets		2,173			2,208
Intangible assets, net		41,297			48,997
Goodwill		31,052			31,052
Total assets	$	791,686		$	806,614

Liabilities, redeemable noncontrolling interest and stockholders’ deficit
Current liabilities
Accounts payable	$	12,583		$	10,133
Accrued liabilities		40,283			40,549
Operating lease liabilities, current		6,471			6,018
Deferred revenue, current¹		31,782			32,349
Other current liabilities		11,146			298
Total current liabilities		102,265			89,347
Operating lease liabilities, noncurrent		79,464			61,987
Earnout liability, at fair value		719			654
Asset retirement obligations		20,109			18,232
Capital-build liability		47,021			35,787
Deferred revenue, noncurrent		70,666			55,091
Warrant liabilities, at fair value		5,656			5,141
Total liabilities		325,900			266,239
Commitments and contingencies
Redeemable noncontrolling interest		810,612			700,964
Stockholders’ deficit		(344,826	)		(160,589	)
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit	$	791,686		$	806,614

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¹		In 2024, deferred revenue, current, and customer deposits were combined into a single line item. Previously reported amounts have been updated to conform to the current period presentation.

EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)

	Three Months Ended								Nine Months Ended
	September 30,								September 30,
(in thousands, except per share data)	2024			2023			Change %		2024			2023			Change %
Revenue
Charging, retail	$	26,656		$	13,357		100	%	$	67,318		$	29,057		132	%
Charging, commercial		8,622			4,042		113	%		21,555			8,175		164	%
Charging, OEM		4,305			1,477		191	%		10,675			3,015		254	%
Regulatory credit sales		2,191			1,807		21	%		5,974			4,635		29	%
Network, OEM		1,278			1,114		15	%		6,328			4,555		39	%
Total charging network		43,052			21,797		98	%		111,850			49,437		126	%
eXtend		21,912			10,475		109	%		68,730			54,048		27	%
Ancillary		2,571			2,835		(9	)%		8,732			7,474		17	%
Total revenue		67,535			35,107		92	%		189,312			110,959		71	%

Cost of sales
Charging network¹		28,872			15,556		86	%		72,361			37,544		93	%
Other¹		20,753			10,328		101	%		64,294			44,997		43	%
Depreciation, net of capital-build amortization		11,542			8,619		34	%		33,050			22,244		49	%
Total cost of sales		61,167			34,503		77	%		169,705			104,785		62	%
Gross profit		6,368			604		954	%		19,607			6,174		218	%

Operating expenses
General and administrative		33,114			32,001		3	%		101,167			104,223		(3	)%
Depreciation, amortization and accretion		5,043			4,975		1	%		14,986			14,542		3	%
Total operating expenses		38,157			36,976		3	%		116,153			118,765		(2	)%
Operating loss		(31,789	)		(36,372	)	13	%		(96,546	)		(112,591	)	14	%

Interest income		1,809			2,898		(38	)%		6,146			7,095		(13	)%
Other (expense) income, net		(1	)		1		(200	)%		(18	)		1		*	%
Change in fair value of earnout liability		(374	)		442		(185	)%		(65	)		875		(107	)%
Change in fair value of warrant liabilities		(2,910	)		4,774		(161	)%		(515	)		5,785		(109	)%
Total other (expense) income, net		(1,476	)		8,115		(118	)%		5,548			13,756		(60	)%
Loss before income tax expense		(33,265	)		(28,257	)	(18	)%		(90,998	)		(98,835	)	8	%
Income tax expense		(25	)		—		*	%		(95	)		(42	)	(126	)%
Net loss		(33,290	)		(28,257	)	(18	)%		(91,093	)		(98,877	)	8	%
Less: net loss attributable to redeemable noncontrolling interest		(21,581	)		(18,536	)	(16	)%		(59,174	)		(69,054	)	14	%
Net loss attributable to Class A common stockholders	$	(11,709	)	$	(9,721	)	(20	)%	$	(31,919	)	$	(29,823	)	(7	)%

Net loss per share to Class A common stockholders, basic and diluted	$	(0.11	)	$	(0.09	)			$	(0.30	)	$	(0.34	)
Weighted average common stock outstanding, basic and diluted		106,206			102,687					105,491			86,449

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¹		In the fourth quarter of 2023, the Company changed the presentation of cost of sales to disaggregate such costs between “charging network” and “other.” Previously reported amounts have been updated to conform to the current presentation.

EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)

	Nine Months Ended
	September 30,
(in thousands)	2024			2023
Cash flows from operating activities
Net loss	$	(91,093	)	$	(98,877	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation, amortization and accretion		48,036			36,786
Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense		6,228			8,065
Share-based compensation		15,473			21,023
Change in fair value of earnout liability		65			(875	)
Change in fair value of warrant liabilities		515			(5,785	)
Other		5			23
Changes in operating assets and liabilities
Accounts receivable, net		(512	)		(14,581	)
Prepaid expenses, other current assets and other assets		(2,051	)		(289	)
Operating lease assets and liabilities, net		45			955
Accounts payable		210			2,781
Accrued liabilities		3,121			2,247
Deferred revenue¹		15,008			19,196
Other current and noncurrent liabilities		10,525			(450	)
Net cash provided by (used in) operating activities		5,575			(29,781	)
Cash flows from investing activities
Capital expenditures		(71,102	)		(124,085	)
Proceeds from insurance for property losses		234			242
Net cash used in investing activities		(70,868	)		(123,843	)
Cash flows from financing activities
Proceeds from issuance of Class A common stock under the ATM		—			5,828
Proceeds from issuance of Class A common stock under the equity offering		—			128,023
Proceeds from capital-build funding		11,879			7,079
Payments of deferred debt issuance costs		(2,326	)		—
Payments of deferred equity issuance costs		—			(5,090	)
Net cash provided by financing activities		9,553			135,840
Net decrease in cash, cash equivalents and restricted cash		(55,740	)		(17,784	)
Cash, cash equivalents and restricted cash, beginning of period		209,146			246,493
Cash, cash equivalents and restricted cash, end of period	$	153,406		$	228,709

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¹		In 2024, deferred revenue, current, and customer deposits were combined into a single line item. Previously reported amounts have been updated to conform to the current period presentation.