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Link to EVgo Q3 2022 Investor Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2022/q3/2022-11-02-EVgo-Q3-2022-Earnings-Call-Presentation-Final.pdf
EVgo Inc. Reports Third Quarter 2022 Results
November 02 2022 - 04:05PM
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/89448014/evgo-inc-reports-third-quarter-2022-results
Highlights
- Revenue grew to $10.5 million in the third quarter, representing an increase of 70% year-over-year
- Network throughput reached 12.1 Gigawatt-hours (“GWh”) in the third quarter, an increase of 51% year-over-year
- Ended the third quarter with 2,625 stalls in operation or under construction, and added 188 new stalls to the EVgo network during the quarter
- Added approximately 54,000 new customer accounts, reaching approximately 498,000 overall at the end of the third quarter
- Launched Autocharge+ nationwide, allowing drivers with compatible EVs, including many Teslas, to seamlessly initiate a charging session by simply plugging in their vehicle to an EVgo fast charger
- Entered into new site host agreements with several national brands, including Lowe’s
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter of 2022. Management will host a conference call at 5:00 p.m. ET today to discuss EVgo’s results and other business highlights.
Revenue increased to $10.5 million in the third quarter of 2022, compared to $6.2 million in the third quarter of 2021, representing 70% year-over-year growth. Revenue growth was primarily driven by higher retail charging revenue and increased ancillary revenues and regulatory credit sales. The Company added approximately 54,000 new customer accounts, bringing the overall number of customer accounts to approximately 498,000 at quarter-end, an increase of approximately 60% year-over-year.
Network throughput increased to 12.1 GWh in the third quarter of 2022, compared to 8.0 GWh in the third quarter of 2021, representing 51% year-over-year growth.
“During the third quarter, we continued to execute on our growth plans on the back of continued electric vehicle (“EV”) adoption and market development,” said Cathy Zoi, EVgo’s CEO. “Our latest results, coupled with our expanding fleet and site host partnerships, reinforce our position as a leader in EV fast charging. We saw continued growth across our core charging business, with strong increases in retail and rideshare throughput delivering higher revenues. We recently launched Autocharge+ nationwide, which simplifies the charging experience, as we continue to set a new bar in our rapidly expanding network. We believe our ability to drive technological innovation and deliver new products and solutions to consumers, commercial fleets and other partners will put us at the forefront of the robust and rapidly growing EV charging market.”
Business Highlights
- EVgo Autocharge+: In September, EVgo launched Autocharge+ nationwide at all EVgo DC fast charging locations, allowing many EV drivers (including those who drive a Tesla that can use a CCS adapter) to seamlessly initiate a charging session by simply plugging in their vehicle to an EVgo fast charger.
- Fleet Partnerships with EVgo Optima: As an established leader in fleet electrification with a diverse portfolio of collaborations, EVgo closed a new deal with MHX Solutions, a full-service logistics operation based in California. The Company continues to leverage EVgo Optima, the Company’s smart, cloud-based software platform for commercial fleet customers, demonstrating the potential of EVgo’s technology-enabled innovation. The agreement with MHX is the Company’s first EVgo Optima deployment for a Class 8 truck.
- Autonomous Vehicle (AV) Partnerships: EVgo signed an agreement for a new dedicated fast charging hub with an existing AV fleet partner as well as an agreement with a different partner to repurpose an existing dedicated site as the electrification needs for the space continue to grow.
- Commercial Partnerships: EVgo’s continued leadership in EV fast charging included new site host agreements with several national brands, including Lowe’s. These partnerships underscore the acceleration of EV adoption and the need for fast charging solutions across a variety of businesses.
- EVgo eXtend: The Company continues to see positive momentum building and managing its customers’ chargers with the EVgo eXtend program, including the Company’s nationwide partnership with the Pilot Company. During the third quarter, the Company started pre-engineering work on certain Pilot Flying J sites.
eXtend Workplace: During the quarter, EVgo received its first set of orders to deploy and manage L2 and DC fast charging stalls for GM employees at four different GM facilities.
- Connect the WattsTM: EVgo launched its Connect the WattsTM National EV Charging Recognition Program, which recognizes leaders in the EV charging ecosystem who are driving progress towards enabling an all-electric future.
- Station development: The Company ended the third quarter of 2022 with 2,625 stalls in operation or under construction. Excluding retired locations, this reflects the addition of 188 new DC fast charging stalls to its network during the quarter.
- Active E&C Stall Development Pipeline: The Company’s pipeline grew to 4,534 stalls as of the end the third quarter of 2022 versus 2,494 at the end of the third quarter of 2021. This included the addition of Pilot Flying J stalls during the quarter.
Financial & Operational Highlights
The below represent summary financial and operational figures for the third quarter of 2022.
- Revenue of $10.5 million
- Network throughput of 12.1 gigawatt-hours
- Customer account additions of approximately 54,000 accounts
- Gross loss of ($3.2) million
- Net loss of ($50.9) million
- Adjusted gross profit of $2.0 million1
- Adjusted EBITDA of ($22.2) million1
- Cash Flows Used in Operating Activities of ($19.0) million
- Capital Expenditures of ($133.9) million for the nine months ended September 30, 2022
1. Adjusted Gross Profit / (Loss) and Adjusted EBITDA 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 Measures” included elsewhere in this release.
1. Adjusted Gross Profit / (Loss), 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 measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.
2022 Financial & Operating Guidance
EVgo is affirming its total revenue guidance and updating its other guidance ranges for full-year 2022 as follows:
- Total revenue of $48 – $55 million
- Network throughput of 42 – 45 GWh
- Adjusted EBITDA of ($80) – ($85) million*
- Additionally, EVgo is updating its stall target guidance. At year-end 2022, EVgo expects to have a total of 2,800 – 3,100 DC fast charging stalls operational or under construction.
*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 and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s third quarter 2022 earnings release will be held at 5:00 PM ET / 2:00 PM PT on November 2, 2022. 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, 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 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. Since its founding in 2010, EVgo has led the way to a cleaner transportation future and its network has been powered by 100% renewable energy since 2019 through renewable energy certificates. As the nation’s largest public fast charging network, EVgo’s owned and operated charging network features over 900 fast charging locations – currently serving over 60 metropolitan areas across more than 30 states – and continues to add more DC fast charging locations 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, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables world-class charging experience where drivers live, work, travel and play.
Scott, according to their website, EVgo currently has over 850 EV fast charging stations. https://www.evgo.com/find-a-charger/
Oakland Expands Electric Vehicle Charging Access
October 12 2022
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/89281665/oakland-expands-electric-vehicle-charging-access
New charging station near Lake Merritt will help spur the adoption of electric vehicles by providing convenient and reliable access to public fast charging
The City of Oakland today celebrated the opening of an EVgo Inc. (NASDAQ: EVGO) fast charging station at 519 Lake Park Avenue in Oakland, CA. Located near Lake Merritt, the public electric vehicle charging station features six 200kW fast chargers, capable of charging a vehicle up to 80% in 15-45 minutes, depending on the capability of the vehicle.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221012005990/en/
(Photo: Business Wire)
This project adds to the 235 existing public EV chargers in Oakland, expanding the network of infrastructure to support the growing number of electric vehicles among residents and visitors.
The neighborhoods surrounding Lake Merritt have some of the highest densities of older apartment buildings in the Bay Area – buildings where it is particularly challenging to add onsite electric vehicle supply equipment (EVSE). This charging station therefore overcomes a major barrier for renters and apartment dwellers in zero-emission vehicle (ZEV) access.
“Since adopting the Equitable Climate Action Plan in 2020, Oakland has made critical strides in fighting the climate crisis while ensuring that the benefits of our actions go first and foremost to Oaklanders who need them most,” said Oakland Mayor Libby Schaaf. “This convenient new ZEV site shows our commitment to ensuring that all Oaklanders – including renters - are part of this critical transition.”
Mayor Schaaf joined Council President Nikki Fortunato Bas, Shayna Hirshfield-Gold, Oakland’s Climate Program Manager, Arthur Bart-Williams from GRID Alternatives, and Sara Rafalson, EVgo’s Vice President of Market Development and Public Policy, to announce the new charging station.
"I am thrilled to see this new electric vehicle charging station open in my district, centrally located next to Splash Pad Park, our two thriving commercial corridors on Grand and Lakeshore, and Lake Merritt, the crown jewel of our city,” said Council President Nikki Fortunato Bas. “This addition will not only help residents nearby to conveniently charge their vehicles but will also improve our ability to expand access for all to surrounding amenities in the neighborhood, while supporting the city's goals of equitable and sustainable development."
“Growing the number of people who drive EVs requires equitable distribution of public fast charging infrastructure,” said Sara Rafalson, EVgo’s Vice President of Market Development and Public Policy. “EVgo focuses on building stations in convenient locations such as near Lake Merritt where drivers can grab a bite to eat, walk through the park, or buy weekly groceries right off a major interstate while charging their EV. We look forward to deploying more charging infrastructure throughout the city of Oakland in order to support the transition to an all-electric future.”
The charging station near Lake Merritt supports the City’s Zero Emission Vehicle Action Plan, a roadmap for transitioning to a fully zero-emission vehicle transportation system by 2045.
“The City’s Zero Emission Vehicle Action Plan puts equitable access front and center,” said Shayna Hirshfield-Gold, Oakland’s Climate Program Manager. “Installing public charging stations is a critical action we can take to address barriers to electric vehicle adoption.”
For more information about EVgo, visit www.evgo.com.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in 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. Since its founding in 2010, EVgo has led the way to a cleaner transportation future and its network has been powered by 100% renewable energy since 2019 through renewable energy certificates. As the nation’s largest public fast charging network, EVgo’s owned and operated charging network features over 850 fast charging locations – currently serving over 60 metropolitan areas across more than 30 states – and continues to add more DC fast charging locations 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, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables world-class charging experience where drivers live, work, travel and play.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221012005990/en/
Media
Jean Walsh
City of Oakland
Public Information Officer
OaklandPIO@oaklandca.gov
510-541-7708 (cell)
For EVgo Investors:
investors@evgo.com
For EVgo Media:
press@evgo.com
EVgo Unveils New “EV Charging Hero” National Recognition Program
September 14 2022
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/89060005/evgo-unveils-new-ev-charging-hero-national-rec
The Connect the Watts™ National EV Charging Recognition Program celebrates leaders in the EV charging ecosystem for their work and achievements in driving the electrification of transportation
EVgo Inc. (NASDAQ: EVGO) (EVgo), the nation’s largest public fast charging network for electric vehicles (EVs), today introduced the Connect the Watts™ National EV Charging Recognition Program. The new program will recognize leaders within the EV charging ecosystem based on their level of commitment to and results in achieving widespread fast charger deployment. Nominations are now open and will be accepted through October 14 for 2022 recognition.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220914005131/en/
(Photo: Business Wire)
“With the Inflation Reduction Act recently signed into law, the development of a nationwide EV charging network has more momentum than ever. EVgo recognizes that turning this momentum into results will require key players throughout the charging ecosystem to rise to the occasion,” said Cathy Zoi, CEO of EVgo. “Through the Connect the Watts National EV Charging Recognition Program, we look forward to making sure these heroes and trailblazers are celebrated for their important work in enabling an all-electric future.”
The new program will recognize ‘EV Charging Heroes’ across the different sectors that work alongside EV charging companies to develop charging infrastructure, including site hosts, utilities, local and state governments, engineers, contractors, and equipment vendors. EVgo will share the objective criteria for each sector and annually award all who achieve. The National EV Charging Recognition Program is the latest expansion to Connect the Watts™, an EVgo initiative focused on bringing the EV charging infrastructure community together to identify best practices and accelerate fast charger deployment.
Since its inception, the Connect the Watts initiative has brought together stakeholders who are critical to providing drivers convenient and reliable EV charging across the U.S. Following the first two ecosystem-wide meetings in 2021, the initiative received participation from more than 200 stakeholders involved in the electrification of transportation and developed four EV charging implementation guides with best practices for utilities, local permitting, public funding, and the National Electric Vehicle Infrastructure (NEVI) program. All EV Charging Heroes will be recognized with a digital certificate to share with their networks and a trophy to acknowledge their accomplishments.
To nominate an EV Charging Hero, visit www.evgo.com/connect-the-watts/recognition.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles. As of the end of the second quarter 2022, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 444,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220914005131/en/
For Investors:
investors@evgo.com
For Media:
Press@evgo.com
Update on EVgo Institutional Ownership
https://fintel.io/so/us/evgo
3 Stocks Navigating the Rough Waters of Auto Equipment Industry
Rimmi Singhi September 02, 2022
https://www.zacks.com/commentary/1975649/3-stocks-navigating-the-rough-waters-of-auto-equipment-industry?art_rec=quote-stock_overview-zacks_news-ID01-txt-1975649
The Zacks Automotive - Original Equipment industry is in the doldrums as the microchip crunch is resulting in a decline in sales for automotive equipment providers. Escalating commodity and operating costs are acting as major speed bumps. Most auto equipment manufacturers are likely to have a tough time balancing their revenue generation, given broader challenges and escalating expenses. With the industry already in disarray amid the chip crisis, the performance of the companies will largely depend on how well they can manage the rising commodity and R&D expenses. In the prevailing scenario, a few industry participants like BorgWarner Inc. (BWA Quick QuoteBWA - Free Report) , ChargePoint Holdings (CHPT Quick QuoteCHPT - Free Report) and EVgo (EVGO Quick QuoteEVGO - Free Report) seem relatively strong to fend off the headwinds.
About the Industry
The Zacks Automotive - Original Equipment industry includes companies that engage in the designing, manufacture and distribution of automotive equipment components used for manufacturing vehicles. A few of the components manufactured by the participants include drive axle, engine, gearbox parts, steering, and suspension as well as brakes. Demand for original equipment depends directly on the sale of vehicles, which, in turn, is heavily reliant on economic growth and consumer confidence. Importantly, the rapidly globalizing world is opening up newer avenues for auto-equipment manufacturers who need to adapt to the changing dynamics through systematic research and development. From a future competitive standpoint, the industry players need to focus on technologies that offer the best value in a short span of time to the market.
Factors Deciding the Industry's Fate
Shortage of Microchips: Auto equipment manufacturers are dependent on microchips and a shortfall of the same is hindering their business operations. Industry participants are of the view that the chip crunch will persist through 2022 and next year as well, thereby impacting the production of light and commercial vehicles. The chip crisis and supply chain disruptions have been compounded by the Russia-Ukraine war, which is adversely impacting the sales of the industry participants, inducing lost revenues.
Commodity Cost Inflation: The industry players are also likely to suffer from escalating prices of raw materials and a tough labor market. Most of the industry players have acknowledged that the increasing cost of raw materials is set to impact their margins. Rising freight costs, logistical challenges and manufacturing inefficiencies are likely to further weigh on the gross margins of the auto equipment firms.
High Capex Requirements: Although evolving technologies and rising demand for electrified and autonomous vehicles are providing new opportunities to the industry, they are anticipated to strain the near-term financials of companies. With the technology shift in full swing, original equipment manufacturers have to develop and upgrade their offerings to remain on par with the evolving trends in the automotive market. The new features, upgrades and component designs call for abundant capital, which is likely to clip near-term cash flows.
Zacks Industry Rank Indicates Tepid Outlook
The Zacks Automotive – Original Equipment industry is a 61-stock group within the broader Zacks Auto-Tires-Trucks sector. The industry currently carries a Zacks Industry Rank #149, which places it in the bottom 41% of around 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates tepid near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are pessimistic about this group’s earnings growth potential. Since March, the industry’s earnings estimates for 2022 have declined 39%.
Despite the murky scenario, we will present a few stocks that you may invest in, given their growth endeavors. But before that, it’s worth taking a look at the industry’s performance and current valuation.
Industry Lags Sector & S&P 500
Over the past year, the Zacks Original Equipment industry has underperformed both the broader Auto sector and the Zacks S&P 500 composite. The industry has lost 39.1%, underperforming the sector and S&P 500’s decline of 16.7% and 14%, respectively.
Industry's Current Valuation
Since automotive companies are debt laden, it makes sense to value them based on the EV/EBITDA (Enterprise Value/ Earnings before Interest Tax Depreciation and Amortization) ratio.
On the basis of the trailing 12-month enterprise value to EBITDA (EV/EBITDA), the industry is currently trading at 19.21X compared with the S&P 500’s 12.2X and the sector’s 15.21X.
Over the past five years, the industry has traded as high as 21.48X, as low as 3.70X and at a median of 7.44X, as the chart below shows.
...
EVgo: EVgo is the largest public fast-charging network for EVs in the United States. It is also the first charging firm to be powered by 100% renewable energy. As of Jun 30, 2022, EVGO operated more than 850 charging locations. Customer accounts increased 60% year over year to roughly 444,000 at the end of the second quarter of 2022. The EVgo eXtend project, in partnership with General Motors and Pilot Company, is anticipated to lead to roughly 2,000 new stalls at 500 locations in the United States over the next few years. The company has also collaborated with Delta Electronics for 1,000 chargers in a bid to advance nationwide access to EV charging.
The Zacks Consensus Estimate for EVgo’s 2022 and 2023 sales implies year-over-year growth of 118% and 195%, respectively. The consensus mark for 2022 and 2023 bottom line signals a year-over-year improvement of 35% and 18%, respectively. EVgo currently carries a Zacks Rank #2.
EVgo institutional ownership.
https://fintel.io/so/us/evgo
EVgo Inc. Reports Second Quarter 2022 Results
August 09 2022
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/88792331/evgo-inc-reports-second-quarter-2022-results
Highlights
- Network throughput reached 10.1 Gigawatt-hours (“GWh”) in the second quarter of 2022, an increase of 66% year-over-year
- Revenue grew to $9.1 million in the second quarter of 2022, representing an increase of 90% year-over-year
- Ended the second quarter of 2022 with 2,397 stalls in operation or under construction, and operationalized 170 new stalls during the quarter
- Added approximately 67,000 new customer accounts, increasing overall to approximately 444,000 at the end of the second quarter of 2022
- Announced first major EVgo eXtend project, a collaboration with GM and the Pilot Company that is expected to lead to approximately 2,000 new stalls at up to 500 locations across the U.S. over the next few years. EVgo will install, operate and maintain the network for GM and Pilot Company
- Entered into New Charger Supply Agreement with Delta Electronics for 1,000 chargers (or 2,000 stalls) as part of effort to meet EVgo eXtend and other charger supply needs
- Detailed rollout of Autocharge+, ongoing growth at PlugShare, charging deal for the Cadillac LYRIQ, and award with the U.S. General Services Administration’s (“GSA”) Blanket Purchase Agreement (“BPA”)
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter of 2022. The Company continues to execute on its growth plans on the back of continued electric vehicle (“EV”) adoption and market development.
Revenue increased to $9.1 million in the second quarter of 2022, compared to $4.8 million in the second quarter of 2021, representing 90% year-over-year growth. Growth in revenue for the quarter was primarily driven by higher retail charging revenues, as well as growth in network original equipment manufacturers (“OEM”) and regulatory credit revenue. The Company added approximately 67,000 new customer accounts, bringing the overall number of customer accounts to approximately 444,000, an increase of 60% year-over-year.
Network throughput increased to 10.1 GWh in the second quarter of 2022, compared to 6.1 GWh in the second quarter of 2021, representing 66% year-over-year growth.
“Our results for the second quarter, together with the milestone EVgo eXtend partnership recently announced, reinforce EVgo’s leadership position in ultra-fast EV charging,” said Cathy Zoi, EVgo’s CEO. “We delivered 10 GWh of network throughput and accelerated customer account additions, demonstrating the growth potential of our business as consumers continue to adopt EVs. EVgo is entering the rollout period of the National Electric Vehicle Infrastructure (“NEVI”) program with strong momentum and substantial progress. As one of the longest running, largest, and most reliable public fast charging operators in the U.S., we could not be more excited about the possibility of accelerating our growth, expanding our partnerships, and helping to enable the wider, faster adoption of EVs across America.”
Business Highlights
EVgo eXtend: In July, the Company announced an agreement with GM and Pilot Company to install 2,000 stalls at up to 500 sites across U.S. Under the partnership, EVgo will procure, design, install, operate and maintain the network/stations.
Charger Supply Agreement: In July, EVgo entered into a Charger Supply Agreement with Delta Electronics, through which EVgo will purchase 1,000 chargers (equivalent to 2,000 stalls) from Delta, with an option to purchase more and expand the agreement over time.
Network reliability: EVgo’s uptime for stalls on its network was once again in the mid-90s percent through the first half of 2022, representing the Company’s focus on operational excellence and maintaining a highly reliable charging network.
EVgo Optima: Together with a major Midwestern investor-owned utility EVgo will help pilot a program powered by its Optima fleet solutions to assist in their fleet electrification efforts.
Launch of Autocharge+: During the quarter, the Company announced the rollout of its Autocharge+ functionality, which is designed to simplify and accelerate the charging experience for drivers.
BPA with U.S. GSA: EVgo, along with OSC~WEBco, was awarded participation in a new five-year Blanket Purchase Agreement to furnish EV supply equipment and ancillary services to federal government agencies and departments.
Station development: The Company ended the second quarter of 2022 with 2,397 stalls in operation or under construction. Excluding retired locations, this reflects an addition of 170 new operational DC fast charging stalls during the quarter.
Active E&C Stall Development Pipeline: The Company’s pipeline grew to 3,669 stalls by the end the second quarter of 2022 versus 2,067 at the end of the second quarter of 2021.
Financial & Operational Highlights
The below represent summary financial and operational figures for the second quarter of 2022.
- Revenue of $9.1 million
- Network throughput of 10.1 gigawatt-hours
- Customer account additions of approximately 67,000 accounts
- Gross loss of $0.7 million
- Net income of $17.0 million
- Adjusted gross profit of $3.4 million
- Adjusted EBITDA of ($19.8) million
- Cash Flow from Operations of ($18.5) million
- Capital Expenditures of $44.0 million
1. Adjusted Gross Profit / (Loss), Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin 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 “Definition of non-GAAP Financial Measures” and “Reconciliation of non-GAAP Measures” included elsewhere in this release.
2022 Financial & Operating Guidance
EVgo is affirming its previously announced guidance for full-year 2022 as follows:
- Total revenue of $48 – $55 million
- Network throughput of 50 – 60 GWh
- Adjusted EBITDA of ($75) – ($85) million
Additionally, EVgo is affirming its stall target guidance. At year-end 2022, EVgo expects to have a total of 3,000 – 3,300 DC fast charging stalls operational or under construction.
Conference Call Information
A live audio webcast and conference call for our second quarter 2022 earnings release will be held at 11:00 AM ET / 8:00 AM PT on August 9, 2022. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (877) 407-4018
Toll/International: (201) 689-8472
Conference ID: 13731661
This press release, along with other investor materials, 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 the nation’s largest public fast charging network for electric vehicles and is powered by 100% renewable energy. As of the end of the second quarter 2022, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 444,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
EVgo and the South Jersey Transportation Authority Open New Fast Charging Station on the Atlantic City Expressway at the Farley Service Plaza
August 04 2022
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/88758232/evgo-and-the-south-jersey-transportation-authority
EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs), and the South Jersey Transportation Authority (SJTA) today announced the opening of the first EVgo public fast charging station at milepost 21.3 on the Atlantic City Expressway. The addition of four new 200 kW fast charging stalls extends EVgo’s collaboration with transportation agencies and total station count to 17 EVgo-owned and operated locations across the Garden State.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220804005363/en/
“The SJTA is excited about our partnership with EVgo and this new charging station at Farley Travel Plaza will provide EV drivers with convenient and reliable charging service while traveling along the Atlantic City Expressway and support the state’s growing EV registrations,” said SJTA Executive Director, Stephen F. Dougherty. “Thanks to EVgo, drivers have an additional amenity to take advantage of alongside the food, ATM, gift shop, picnic area, dog walk and tourist information offerings currently available,” he added.
Drivers who visit the Farley Service Plaza station can initiate a charging session by using the EVgo app, EVgo program card or by credit card. EV drivers who sign up for and use an EVgo account will also unlock lower charging rates and earn EVgo Rewards™ points after every charge, which can be redeemed for charging credit.
“EVgo recognizes that more convenient and reliable fast charging on New Jersey roads means even more EV drivers can travel through South Jersey with the SJTA,” said Jonathan Levy, Chief Commercial Officer at EVgo. “These new EVgo fast charging stations on the Atlantic City Expressway are a win-win-win: a key part of EVgo’s continued growth, an integral piece of the state’s broader electrification goals, and a clear benefit to drivers looking to take advantage of the benefits of electric transportation.”
Built in collaboration with Nissan and funded in part by the New Jersey Department of Environmental Protection's It Pay$ to Plug In program, this new fast charging station will add charging infrastructure along a major corridor in South New Jersey. In 2020, Governor Phil Murphy set a goal of registering 330,000 EVs in the state by 2025 and more than 2 million by 2035. As of December 2021, there were approximately 46,453 battery electric vehicles (BEVs) registered in New Jersey, up 61% from 2020 (https://nj.gov/dep/drivegreen/dg-electric-vehicles-basics.html#:~:text=As%20of%20December%202021%2C%20there,Plug%2Din%20Hybrid%20Electric%20Vehicles). The growing EV adoption in the state warrants the fast deployment of charging infrastructure.
EVgo’s public fast charging network in New Jersey boasts 54 charging stalls, 46 DC fast charging stalls and 8 L2 stalls. Six of EVgo’s 17 locations in the state are within the New Jersey Turnpike Authority’s territory which includes two of the busiest toll roads in the U.S. – The New Jersey Turnpike and the Garden State Parkway.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles. With more than 850 fast charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220804005363/en/
For Investors:
Ted Brooks, VP of Investor Relations
investors@evgo.com
310-954-2943
For Media:
press@evgo.com
PlugShare Surpasses 5 Million Check-Ins as Number of EV Stations on App Increases 50%
August 03 2022
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/88746099/plugshare-surpasses-5-million-check-ins-as-number
With 2.5 million registered users, the EV community continues to leverage PlugShare as adoption continues to grow
PlugShare, the world’s leading EV community and a part of the EVgo Inc. (NASDAQ: EVGO) family since mid-2021, today announced that the platform has surpassed five million check-ins worldwide. Check-ins are how drivers review their charging experience on PlugShare to help inform the EV community. With more than 600,000 charging stations listed on the platform, PlugShare’s announcement comes on the heels of its recent user milestone of reaching over two million registered users globally. As part of this rapid growth, the number of stations featured on the PlugShare app increased by 50% over the last year.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220803005264/en/
As an interactive resource for EV drivers, PlugShare enables users to easily locate and navigate to chargers, filter results by their preferred network, charging speed or connector type (CHAdeMO, CCS, J-1772, Tesla), and share real-time charging station reviews around key factors like nearby amenities or performance of the charging equipment. This community feedback directly informs a station’s PlugScore rating, which reflects the charging experience of recent drivers. A greater number of user check-ins at stations enhances the accuracy of these PlugScores, providing an increasingly valuable service as millions of new EV drivers navigate their first EV charging experiences.
“PlugShare’s interactive feedback features and planning tools are an essential part of any EV trip, and this rapidly growing community makes it easier to incorporate charging into daily routines than ever before,” said Cathy Zoi, CEO of EVgo. “With over five million check-ins to date, EV drivers are relying on PlugShare for essential, real-time information on directions to chargers, pricing and reviews from fellow drivers – mitigating concerns from would-be and first-time EV drivers and further powering the mass transition to electric.”
PlugShare has experienced exponential growth alongside the increase in DC fast charging stations worldwide. As a result of this increase, PlugShare has added nearly as many DC fast charging station locations in the first half of 2022 as it did in all of 2021, and now lists over 100,000 DCFC stations on the platform globally -- a staggering 50% increase in only one year. Furthermore, in Q2 of 2022, PlugShare’s total number of global charging station locations listed on the platform increased by 21.9% while the total number of chargers increased by 25%, marking the largest quarterly increase in the history of the platform.
“Providing valuable data and tools to help enhance the everyday EV driver’s charging experience is essential to our business, no matter where they’re charging,” said Dan Wheeler, Digital Marketing Director at PlugShare. “Our growth in overall users and engagement directly demonstrates how drivers increasingly utilize digital tools to make real-time charging decisions, and we are thrilled to see this influx in user contributions as we help to support the growth of EV adoption worldwide.”
In addition to aforementioned PlugShare features, registered users can utilize Pay with PlugShare, which allows drivers to pay for and activate public charging stations directly from the app. Users also have the option to subscribe to a paid monthly membership in order to unlock an ad-free experience when using the platform.
For more information and to find the location of EV chargers within the EVgo charging network, visit www.evgo.com and www.plugshare.com.
About PlugShare
Based in El Segundo CA, PlugShare maintains the most comprehensive census of EV infrastructure in the world. They make the PlugShare app for iOS, Android, including in-dash for Android Automotive OS and open-source Android OS, and the web, the most popular EV driver app globally. PlugShare also provides sophisticated data tools, reports, custom consulting and comprehensive research on EVs for automakers, utilities, charging networks, government and the rest of the EV industry. It operates the world's largest EV driver survey research panel, PlugInsights, now with over 100,000 members.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles. With more than 850 fast charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005264/en/
For Investors:
Ted Brooks, VP of Investor Relations
investors@evgo.com
310-954-2943
For Media:
press@evgo.com
City of Philadelphia Partners with EVgo to Support Electrification of Municipal Fleet
July 21 2022
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/88643715/city-of-philadelphia-partners-with-evgo-to-support
Philadelphia will leverage EVgo public charging for fleet vehicles; City to only procure zero emissions vehicles by 2030
The City of Philadelphia’s Department of Fleet Services today announced a partnership with EVgo Inc. (NASDAQ: EVGO), a leader in fleet electrification and owner and operator of the nation’s largest public fast charging network for electric vehicles (EVs). Through the program, municipal vehicles from the City of Philadelphia will access charging on EVgo’s 100% renewable-powered network through a discounted fleet charging plan.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220721005351/en/
The City of Philadelphia aims to transition the City’s fleet of around 6,400 vehicles to clean and electric vehicles as laid out in the City’s Municipal Clean Fleet Plan. Currently representing about 13% of the municipal government’s carbon footprint, vehicle emissions are an important area to tackle to achieve the City’s goal of carbon neutrality by 2050. The City of Philadelphia has committed to not procuring new gas-powered vehicles after 2030.
EVgo’s public network serves over 60 metropolitan areas across more than 30 states, including over 60 EVgo charging stalls across the state of Pennsylvania. In the Philadelphia market, the municipal fleet will have access to more than 30 EVgo DCFC and 7 L2 charging stalls in convenient locations such as shopping malls, convenience stores, and pharmacies, including five locations with high-power 350 kW fast chargers. As of today, the City currently has over 85 electric vehicles in operation and is piloting different EV models.
“With gas prices on the rise, the move to clean and electric vehicles makes more sense than ever. This partnership with EVgo satisfies our immediate need for fast charging in order to deploy additional electric vehicles into active municipal service,” said Joseph Rosati, Commissioner of the Department of Fleet Services.
“EVgo is excited to be working with the City of Philadelphia to support public charging access for its growing municipal fleet of EVs,” said Cathy Zoi, CEO of EVgo. “Having grown up in the Philadelphia area, it is terrific to see electric vehicles zipping around where Ben Franklin’s kite experiment over 250 years ago advanced understanding of electricity’s power. The City of Philadelphia and EVgo both recognize the win-win that comes from private companies and municipal fleets working together to enable the shift to clean transportation.”
About the Department of Fleet Services
The Department of Fleet Services (Fleet) makes sure that the City’s vehicles are available, dependable, and safe.
Fleet buys and maintains vehicles for 43 City departments. The fleet includes ambulances, garbage trucks, police cruisers, riding mowers, snow plows, and more. Altogether, Fleet is responsible for:
- Over 6,000 vehicles owned by the City and its partners.
- 16 repair facilities staffed by Automotive Service Excellence (ASE)-certified technicians.
- 61 fuel sites located throughout Philadelphia.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. As of the end of the first quarter 2022, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet. For more information about EVgo Fleet Charging Solutions, visit www.evgo.com/charging-solutions/evgo-fleet-solutions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220721005351/en/
For Investors:
Ted Brooks, VP of Investor Relations
investors@evgo.com
310-954-2943
For Media:
EVgo: press@evgo.com
City of Philadelphia: press@phila.gov
EVgo and General Motors Activate Plug and Charge Across EVgo Network
June 27 2022 - 07:00AM
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/88455605/evgo-and-general-motors-activate-plug-and-charge-a
EVgo and GM technical collaboration provides streamlined charging experience; latest Autocharge technology available as Plug and Charge on GM brand apps
EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs), and General Motors (GM) today announced the availability of Plug and Charge for all GM EVs* with DC fast-charging capability on the EVgo network.
Plug and Charge enables EVgo GM customers to start a fast-charging session in seconds without the need to open a mobile app or swipe an RFID or credit card, saving EV drivers time and helping to deliver a seamless and secure charging experience.
GM’s Plug and Charge service utilizes the latest iteration of EVgo’s Autocharge technology, adding enhanced security features. The Autocharge technology builds on EVgo’s leadership position in EV charging innovation and streamlines the customer experience.
“At its core, this latest iteration of the Autocharge technology is a customer convenience feature that can save drivers time by simplifying the fast-charging experience while maintaining a high level of security and protection,” said Ivo Steklac, Chief Technology Officer at EVgo. “In collaboration with GM, EVgo continues to implement new technology across multiple hardware and software platforms to enhance the charging experience.”
This innovative technology will initially be available to all GM EVs with DC fast-charging capability** at EVgo stations. After a one-time enrollment, customers will unlock convenient fast charging on the EVgo network with the charger and car communicating to securely match the vehicle to the driver’s EVgo and GM brand app account.
To enroll, GM customers must register their vehicle in the GM brand app (myChevrolet, myGMC, myCadillac), link their EVgo account and activate Plug and Charge within their GM brand app.
“We want to be the company that makes the EV experience seamless and convenient for everyone,” said Hoss Hassani, GM vice president of EV Ecosystem. “Our collaboration with EVgo on Plug and Charge complements the work already in place with Ultium Charge 360 and is a part of our larger effort this year to expand charging infrastructure, access and education.”
For more information around the locations of fast chargers within EVgo’s charging network, visit www.evgo.com.
* Customers must have an EVgo account, active OnStar connected services and the GM brand app (myChevrolet, myGMC, myCadillac) associated with their vehicle to use the new service.
** CHAdeMO does not have a unique identifier and therefore cannot use Autocharge (or plug-and-charge). A certain subset of CCS vehicles also are unable to take advantage of Autocharge due to vehicle manufacturer limitations.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles. With more than 850 fast charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
For Investors:
Ted Brooks, VP of Investor Relations
investors@evgo.com
310-954-2943
For Media:
press@evgo.com
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220627005195/en/
View source version on businesswire.com: https://www.businesswire.com/news/home/20220627005195/en/
EVgo Announces Addition of Two New Board Members, Katherine Motlagh and Badar Khan
May 23 2022 - 07:00AM
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/88181967/evgo-announces-addition-of-two-new-board-members
Additions of Seasoned Technology and Energy Executives further strengthens Board of Directors with deep sector expertise
EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced the appointment of CyrusOne LLC Executive Vice President and Chief Financial Officer Katherine Motlagh as a director on the Board and the election of National Grid U.S. President Badar Khan at the 2022 Annual Meeting as a Class I Director. Katherine Motlagh’s term as a director expires at the 2024 annual meeting of stockholders while Badar Khan’s term expires at the 2025 annual meeting of stockholders.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220523005214/en/
Katherine Motlagh and Badar Khan (Photo: Business Wire)
Katherine Motlagh currently serves as Executive Vice President and Chief Financial Officer at CyrusOne, an owner and operator of more than 50 carrier-neutral data centers in North America, Europe, and South America. Motlagh, a Certified Public Accountant and Certified Management Accountant, brings extensive experience in the financial sector – including having served as CFO at subsidiaries of American Tower, a global infrastructure REIT – as well as previous Board experience from the National and European Boards of the Institute of Management Accountants. Upon the recommendation of the Nominating and Governance Committee of the Board, the Board approved the immediate appointment of Motlagh as a member and chair of the Audit Committee, and a member of both the Nominating and Governance Committee and the Compensation Committee.
Badar Khan currently serves as the U.S. President of National Grid, one of the largest investor-owned energy companies in the US — serving more than 20 million people throughout New York, Massachusetts, and Rhode Island. With more than 25 years of management and leadership experience within the energy sector, Khan has served on the board of directors of CRH plc since October 2021, and was previously the President of National Grid Ventures, a global portfolio of large-scale competitive energy projects. Prior to this role, he served as Chief Executive Officer of Direct Energy at Centrica plc. In addition to his role as Lead Independent Director, the Board approved the appointment of Khan as a member and chair of the Compensation Committee, and as a member of both the Nominating and Governance Committee and the Audit Committee.
“Katherine and Badar’s leadership, management and industry experience will be immensely valuable in guiding EVgo’s continuing growth,” said Cathy Zoi, CEO of EVgo. “Their strategic input and guidance will be a powerful asset as we expand our charging business and lead the way to achieving an electrified transportation sector.”
Board Nominee Experience Detail
Katherine Motlagh is the Executive Vice President and Chief Financial Officer of CyrusOne LLC (“CyrusOne”), an owner and operator of more than 50 carrier-neutral data centers in North America, Europe, and South America. In this role, she is a member of the executive management team and is responsible for CyrusOne’s accounting, finance, capital markets, tax, procurement, and investor relations. Prior to CyrusOne, she served as CFO of the Europe, Africa, and Latin America regions at American Tower -- a global infrastructure REIT which develops, owns, and operates multi-tenant communications real estate -- where she was responsible for providing strategic leadership and oversight of all financial activities and financial reporting, management of international tax policy, and planning and internal control compliance for international businesses in 18 countries. Her earlier career included divisional CFO roles as well as a variety of finance and accounting leadership roles responsibilities at Ericsson, Inc., Nokia, Inc., and Nextel Communications, Inc.
Motlagh earned a masters’ degree from the Academy of Finance in Moscow. She has previously served on the National and European Boards of the Institute of Management Accountants.
Badar Khan brings a wealth of experience in the energy sector to the Board. He currently serves as President at National Grid US, where he leads the company’s core domestic business operations and oversees the provision of electricity, natural gas and clean energy solutions to over 20 million people across Massachusetts, New York and Rhode Island. Prior to this role, he was the President of National Grid Ventures, a global portfolio of large-scale competitive energy projects – including electricity interconnectors, onshore wind and solar generation, competitive electricity transmission, and LNG storage – and oversaw the creation of National Grid Partners, the company’s venture capital and innovation arm. Additionally, Mr. Khan was Chief Executive Officer of Direct Energy at Centrica plc, the North American subsidiary that provides electricity, natural gas and home services.
Khan holds a degree in engineering from Brunel University in London and an MBA from the Wharton School of the University of Pennsylvania. He has served on the board of directors of CRH plc since October 2021.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. As of the end of the first quarter 2022, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005214/en/
For Investors:
Ted Brooks, VP of Investor Relations
investors@evgo.com
310-954-2943
For Media:
press@evgo.com
Buy EVgo Stock Before It Becomes the Tesla of EV Charging Stations
EVgo has impressive partnerships and strong competitive advantages
5/22/2022 · By Larry Ramer, InvestorPlace Contributor
https://investorplace.com/2022/05/buy-evgo-stock-before-it-becomes-the-tesla-of-ev-charging-stations/
Source: Sundry Photography / Shutterstock.com
Key Points
- EVgo (EVGO) continues to make partnerships that will increase its reach in the growing EV charger field.
- Analysts are warming up to the company and its valuation.
- The market for charging will likely be worth tens of billions of dollars soon.
EVgo (NASDAQ:EVGO) stock is well-positioned to rally due to the company’s impressive partnerships and its leadership in two key areas.
Meanwhile, an analyst at Credit Suisse was very bullish on EVGO stock in the wake of the company’s recently reported Q1 results, and the shares’ valuation is quite attractive after their recent, sharp decline.
EVgo’s competitive advantages in the EV charging sector space leave it poised to become the Tesla (NASDAQ:TSLA) of the space.
Impressive Alliances and Competitive Advantages
As I’ve noted in the past, EVgo has made partnership deals with multiple huge automakers and a number of sizeable retailers. Most recently, the company agreed to deploy its charging stations at 50 branches of JPMorgan’s (NYSE:JPM) Chase Bank.
And importantly, there was an indication that EVgo can meaningfully capitalize on its partnerships. Specifically, “a new joint marketing program” launched in Q1 by EVgo and Uber (NYSE:UBER) targeting Uber’s drivers has been significantly accelerating. In April, the total usage of EVgo’s chargers by the ride-sharing company’s drivers jumped 50%, compared with the average level in Q1, EVgo CEO Cathy Zoi explained.
Like Tesla, EVgo is ahead of its competitors in important areas. In EVgo’s case, the company has more fast-charging stations than any other public charging network in the U.S. EVgo notes that “More than 130 million people in the US live within a 10 mile drive of an EVgo fast charger.”
Tesla does have more fast-charging stations in the U.S. than EVgo, but only Tesla owners can use its stations. That makes EVgo the top fast-charging network for Americans who own EVs made by firms other than Tesla.
Additionally, all of its chargers use 100% renewable energy, an important selling point with most EV owners that none of the firm’s sizeable competitors (other than Tesla) seems to be able to match at this time.
Credit Suisse Upgraded EVGO Stock
On May 12, in the wake of EVgo’s Q1 results, Credit Suisse analyst Maheep Mandloi upgraded the company’s shares to “outperform” from “neutral.” Among the reasons for the upgrade are the company’s reiterated full-year guidance, its alliances, and its improved profitability.
Credit Suisse also noted that EVgo’s guidance did not take into account “the $615m being made available later this year to developers such as EVgo as part of the National Electric Vehicle Infrastructure Program.” That initiative is expected to be launched at the end of this year or in early 2023.
The bank added that the “valuation looks attractive.” I agree with that sentiment. After their recent pullback, the shares have a market capitalization of $2.35 billion. That market capitalization radically undervalues EVgo, because it is very well-positioned to capture a very large share of a market that’s likely to be worth many tens of billions of dollars annually.
Given EVgo’s strong competitive advantages and its very favorable valuation, I recommend that growth investors buy the company’s shares.
On the date of publication, Larry Ramer was long EVGO stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.
EVgo Inc. Reports First Quarter 2022 Results
May 11 2022 - 07:00AM
Business Wire
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/88075288/evgo-inc-reports-first-quarter-2022-results
Highlights
- Revenue of $7.7 million in the first quarter of 2022, representing an increase of 86% year-over-year
- Network throughput of 8.0 Gigawatt-hours (GWh) in the first quarter of 2022, representing an increase of 95% year-over-year
- Gross loss of $0.6 million in the first quarter of 2022, as compared to a gross loss of $1.7 million in the first quarter of 2021
- Adjusted gross profit increased to $2.9 million in the first quarter of 2022, showing an adjusted gross margin of 37%
- Ended the quarter with 2,110 stalls in operation or under construction, representing 129 new stalls in operation during the quarter, exclusive of retirements
- Customer accounts totaled approximately 375,000 at the end of the first quarter of 2022
- Announced and expanded core partnerships and added charging locations with Chase Bank, Toyota, Subaru, Meijer, Whole Foods, and others
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter of 2022. The Company continues to execute on its growth plans on the back of continued EV market development.
Revenue increased to $7.7 million in the first quarter of 2022, compared to $4.1 million in the first quarter of 2021, representing 86% year-over-year growth. Growth in revenue for the quarter was primarily driven by higher retail and fleet charging revenues, as well as growth in ancillary and regulatory credit revenue.
Network throughput increased to 8.0 GWh in the first quarter of 2022, compared to 4.1 GWh in the first quarter of 2021, representing 95% year-over-year growth.
“EVgo delivered a strong start to 2022, posting our strongest-ever quarter for new stalls in operation along with continued growth in customers and impressive growth in sites and stalls in our pipeline,” said Cathy Zoi, EVgo’s CEO. “We continue to work with a number of partners to develop, and in some cases accelerate, plans for new EV charging stations across the U.S. This growth is evident in new product innovations and partnerships like those with Chase Bank, which selected EVgo to build our DC fast chargers at approximately 50 of their retail locations. We are well positioned to capitalize on the strong tailwinds from increased growth in EV demand in the U.S. and continue the momentum for the remainder of 2022.”
Business Highlights
- Site host partnerships: Announced new partnership in April with Chase Bank to build out fast charging stations at 50 retail branch locations, added sites with shopping center operators Regency Centers and Brixmor, and powered up stations with retail partners including Whole Foods, Meijer, and Wawa
- OEM partnerships: Charging agreements in place with Toyota and Subaru moved into implementation, as the Company prepares to provide charging services to Toyota’s bZ4x customers and Subaru’s Solterra customers later this year
- Government and utility partnerships: Secured funding from various governmental agencies during the quarter, including the California Energy Commission and Colorado Energy Office, and received funding from utility partners NV Energy in Nevada and Public Service Electric & Gas in New Jersey
- Station development: The Company ended the first quarter of 2022 with 2,110 stalls in operation or under construction. Excluding retired locations, this reflects an addition of 129 new operational DC fast charging stalls during the quarter
- Active E&C Development Pipeline: The pipeline grew to 3,344 stalls by the end the first quarter of 2022 versus 1,477 at the end of the first quarter of 2021
- EVgo InsideTM: Launched Application Programming Interface (API) suite enabling third parties to access and integrate the full EVgo charging experience
Financial & Operational Highlights
The below represent summary financial and operational figures for the first quarter of 2022.
- Revenue of $7.7 million
- Network throughput of 8.0 gigawatt-hours
- Customer account additions of approximately 35,000 accounts
- Gross loss of $0.6 million
- Net loss of $55.3 million
- Adjusted gross profit of $2.9 million
- Adjusted EBITDA of ($18.2) million
- Cash Flow from Operations of ($19.8) million
- Capital Expenditures of $28.3 million
1. Adjusted Gross Profit / (Loss), Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin 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 “Definition of non-GAAP Financial Measures” and “Reconciliation of non-GAAP Measures” included elsewhere in this release.
2022 Financial & Operating Guidance
EVgo is affirming its previously announced guidance for full-year 2022 as follows:
- Total revenue of $48 – $55 million
- Network throughput of 50 – 60 GWh
- Adjusted EBITDA of ($75) – ($85) million
Additionally, EVgo is affirming its stall target guidance. At year-end 2022, EVgo expects to have a total of 3,000 – 3,300 DC fast charging stalls operational or under construction.
“We continue to demonstrate the ability to profitably scale EVgo’s operations,” noted Olga Shevorenkova, EVgo’s CFO. “We remain focused on building out our network and have seen expected growth in both our shorter- and medium-term development activities with stalls in operation or under construction growing to approximately 2,100 at the end of the quarter and our Active E&C Development pipeline increasing to more than 3,300 stalls at the end of the first quarter. We exited the quarter with $441 million in cash, continuing to position us with significant financial flexibility to execute on our growth plan.”
Conference Call Information
A live audio webcast and conference call for our first quarter 2022 earnings release will be held at 11:00 AM ET / 8:00 AM PT on May 11, 2022. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (877) 407-4018
Toll/International: (201) 689-8471
Conference ID: 13729219
This press release, along with other investor materials, 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 the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. As of the end of the first quarter 2022, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
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