EVgo Services LLC (EVGO)

[WeTheMarket]

EVgo Inc. Reports Fourth Quarter and Full-Year 2021 Results
March 23 2022 - 07:00AM, Business Wire
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/87631950/evgo-inc-reports-fourth-quarter-and-full-year-202

- 2021 Revenue increased by 52% year-over-year
- Network throughput in 2021 rose to 26.4 Gigawatt-hours (GWh), a 68% increase over prior year
- GAAP gross loss narrowed in 2021 to ($6.8) million from ($9.0) million in 2020
- Adjusted gross profit grew to $5.2 million for full-year 2021 compared to $0.5 million in 2020, and adjusted gross margin grew from 3% in 2020 to 23% in 2021, demonstrating operating leverage in the model from increasing vehicles in operation and throughput
- Ended year with approximately 340,000 customer accounts, marking an approximate 109,000 year-over-year increase, equating to approximately 80% of non-Tesla US EV sales
- Active Engineering and Construction pipeline increased to more than 3,100 fast charging stalls as of year-end 2021 vs approximately 2,500 at the year-end of Q3 2021
- Recently announced new charging partnerships with Toyota and Subaru
Introduced EVgo eXtendTM business line to increase customer and geographic expansion

EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full-year 2021 ending December 31, 2021. The Company generated continued growth in revenue, network throughput and customer accounts. EV adoption has accelerated with approximately 142,000 EVs sold in the U.S. during the fourth quarter of 2021 and 475,000 in full year 2021, illustrating the continued expansion of the EV sector and bringing more drivers onto the EVgo network.

Revenue increased to $7.1 million for the fourth quarter of 2021, compared to $4.2 million in the fourth quarter of 2020, exhibiting 70% year-over-year growth, and compared to $6.2 million for the third quarter of 2021, exhibiting 15% quarter-over-quarter growth. For full-year 2021, revenue increased to $22.2 million, compared to $14.6 million for full-year 2020, reflecting an increase of 52% year-over-year.

Network throughput increased to 8.2 GWh for the fourth quarter of 2021, compared to 4.2 GWh in the fourth quarter of 2020, exhibiting 95% year-over-year growth. For full-year 2021, network throughput reached 26.4 GWh, reflecting growth of 68% year-over-year. Total customer accounts grew to approximately 340,000 as of December 31, 2021, an increase of 47% over the prior-year period.

“EVgo finished 2021 strong, with momentum in revenue growth, customer acquisition and station development,” Cathy Zoi, EVgo’s CEO, stated. “Our expanding suite of charging partnerships with blue chip partners demonstrates not only the acceleration toward an electrified transportation future, but also the strength and differentiation of EVgo’s model. Our 12-year history as a pioneer in the fast-charging space, our commitment to technology-enabled innovation to enhance the EV charging experience for EV drivers, automakers, fleets and retailers, and EVgo’s leadership in ESG are positioning EVgo to continue to deepen and expand our business into a plethora of lucrative opportunities in the rapidly growing space.”

Business Highlights

- Toyota Charging Program: In February 2022, EVgo and Toyota, the world’s largest automaker, announced a charging credit relationship that will provide charging benefits at EVgo charging stalls for customers who buy or lease Toyota’s new EV, the bZ4X. Toyota expects the first bZ4X models to be available in 2022.
- Subaru Charging Program: In February 2022, EVgo and Subaru announced a preferred charging credit relationship that will provide EVgo charging credits for customers of Subaru’s new SUV EV, the Solterra. The Solterra is expected to be introduced in 2022.
- Introduced EVgo eXtend: Introduced white label charging solution to capture growing public charging demand in corridors and less urban areas currently underserved by the charging market while retaining attractive return potential.
- Station Development: The company’s operational stall count expanded to 1,676 with the addition of 286 charging stalls energized during full-year 2021. The company ended the year with 1,903 stalls either in operation or under construction. In addition, EVgo’s Active Engineering & Development Pipeline grew to approximately 3,100 stalls as of year-end 2021, up from approximately 2,500 at the end of the third quarter 2021.
- PlugShare User Growth: PlugShare continues to grow as the world’s largest user-generated EV charging platform, surpassing 2 million registered users for the first time, with 1 million downloads in 2021.

Financial & Operational Highlights

The below represent summary financial and operational figures for the fourth quarter of 2021.

- Revenue of $7.1 million
- Network throughput of 8.2 gigawatt-hours
- Gross loss of $1.8 million
- Net loss of $46.3 million
- Adjusted gross profit of $2.0 million
- Adjusted EBITDA of ($16.3) million
- Cash Flow from Operations of ($11.8) million for the fourth quarter of 2021
- Capital Expenditures of $25.3 million for the fourth quarter of 2021

The below represent summary financial and operational figures for full-year 2021.

- Revenue of $22.2 million
- Network throughput of 26.4 gigawatt-hours
- Customer account additions of approximately 109,000 accounts
- Gross loss of $6.8 million
- Net loss of $57.8 million
- Adjusted gross profit of $5.2 million
- Adjusted EBITDA of ($51.4) million
- Cash Flow from Operations of ($29.6) million for full-year 2021
- Capital Expenditures of $65.0 million for full-year 2021



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.

2. Excludes acquisition cost of Recargo/PlugShare.

2022 Financial & Operating Guidance

EVgo is introducing full-year 2022 guidance as follows:

- Total revenue of $48 – $55 million
- Network throughput of 50 – 60 GWh
- Adjusted EBITDA of ($75) – ($85) million

Additionally, EVgo is initiating stall target guidance: at the year-end of 2022, EVgo expects to have a total of 3,000 – 3,300 DC fast charging stalls operational or under construction.

“As demonstrated by our recent partnership announcements, we continue to see substantial interest in EVgo’s market-leading solutions and are prioritizing the rapid expansion of our best-in-class charging network and services,” said Olga Shevorenkova, EVgo’s CFO. “Such a market opportunity necessitates the investments we are making both into SG&A and capex, with a continued focus on prudent capital allocation practices and long-term value creation of the business. We believe the investments we are making will deliver substantial returns as EV adoption accelerates throughout the decade.”

Conference Call Information

A live audio webcast and conference call for our fourth quarter and year-end 2021 earnings release will be held at 11:00 AM ET / 8:00 AM PT on March 23, 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: 13726739

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 year-end 2021, 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 340,000 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.