EVgo Services LLC (EVGO)

[WeTheMarket]

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: [phone] (for U.S. callers)
Toll/International: [phone] (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.