EVgo Services LLC (EVGO)

[WeTheMarket]

EVgo Inc. Reports Fourth Quarter and Full Year 2022 Results
March 30 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/90642563/evgo-inc-reports-fourth-quarter-and-full-year-202

Highlights
- Revenue grew to $27.3 million in the fourth quarter, representing an increase of 283% year-over-year driven by increasing throughput and execution of Pilot Flying J contract.
- For the full year 2022, revenue grew to $54.6 million, an increase of 146% over 2021.
- Network throughput reached 14.4 Gigawatt-hours (“GWh”) in the fourth quarter, an increase of 76% year-over-year.
2022 network throughput of 44.6 GWh grew 69% over 2021.
- Ended the fourth quarter with over 2,800 stalls in operation or under construction, with more than 180 new stalls added to the - EVgo network during the quarter and approximately 670 added during 2022.
- Added approximately 59,000 new customer accounts in the fourth quarter and approximately 224,000 during 2022, reaching approximately 553,000 overall at the end of 2022.

EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2022. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

Revenue increased to $27.3 million in the fourth quarter of 2022, compared to $7.1 million in the fourth quarter of 2021, representing 283% year-over-year growth. For the full year 2022, revenue increased to $54.6 million, compared to $22.2 million for the full year 2021, an increase of 146% year-over-year and at the high end of the Company’s revenue guidance range. Revenue growth was primarily driven by retail charging, eXtend, and ancillary revenues.

Network throughput increased to 14.4 GWh in the fourth quarter of 2022, compared to 8.2 GWh in the fourth quarter of 2021, representing 76% year-over-year growth. For the full year 2022, network throughput reached 44.6 GWh, reflecting growth of 69% year-over-year. The Company added approximately 59,000 new customer accounts during the fourth quarter, bringing the overall number of customer accounts to approximately 553,000 at quarter-end, an increase of approximately 63% year-over-year.

“In 2022 EVgo achieved record revenue reflecting the continued growth of EVgo’s ultra-fast DC charging network, blue-ribbon partnerships, and industry-leading technology offerings,” said Cathy Zoi, EVgo’s CEO. “EVgo remains focused on operational excellence and continuing to strengthen our network by adding new fast charging locations and upgrading stalls on our public network. Committed to creating a seamless charging experience for EV drivers and fleet operators, EVgo added new technology features like Autocharge+, PlugShare Premium, charging with Amazon Alexa, and we expanded EVgo AdvantageTM and EVgo OptimaTM. We expect 2023 will be another banner year for EVgo as we expand our network and revenue base, and deliver financial results that demonstrate discipline, agility, and innovation in serving the rapidly growing EV sector.”

Business Highlights

- Stall Development: The Company ended the fourth quarter of 2022 with over 2,800 stalls in operation or under construction. EVgo added more than 180 new DC fast charging stalls to its network during the quarter and approximately 670 for the year.
- Active Engineering and Construction (E&C) Stall Development Pipeline: The Company’s pipeline grew to approximately 4,000 stalls as of the end the fourth quarter of 2022 versus approximately 3,100 at the end of the fourth quarter of 2021.
- EVgo eXtendTM: During the fourth quarter, the Company began delivery of charging equipment for projects under the Pilot Flying J/GM program.
- EVgo ReNewTM: In 2022 EVgo launched ReNew, an enhanced maintenance and upgrade program designed to ensure stations across the EVgo network meet its quality and technology standards. For the year, the Company upgraded more than 100 stalls and retired approximately 160 stalls.
- EVgo Autocharge+: After its nationwide launch in September 2022, Autocharge+ is nearing 10% of total charging sessions initiated in recent months.
- Fleet Partnerships: EVgo expanded its project development portfolio with an autonomous vehicle company, added a national food and beverage company as a fleet partner who will take advantage of Optima™, EVgo’s proprietary fleet management software, and announced a national program with Lyft to serve their high-volume EV driver network.
- Connect the WattsTM: In January 2023, EVgo’s “Connect the Watts” program announced its inaugural class of “EV Charging Heroes,” recognizing leaders in the utility, site host, equipment and contracting sectors who are driving progress towards an all-electric future.

Financial & Operational Highlights

The below represent summary financial and operational figures for the fourth quarter of 2022.

- Revenue of $27.3 million
- Network Throughput of 14.4 gigawatt-hours
- Customer Account Additions of approximately 59,000 accounts
- Gross Loss of ($1.1) million
- Net Loss of ($17.0) million
- Adjusted Gross Profit of $5.0 million1
- Adjusted EBITDA of ($20.1) million1
- Cash Flows Used in Operating Activities of ($1.5) million
- Capital Expenditures of ($66.4) million
- Equity Issuance of 1.6 million Class A common stock shares with $10.4 million raised in net proceeds through an “at-the-market” equity offering

The below represent summary financial and operational figures for full year 2022.

- Revenue of $54.6 million
- Network Throughput of 44.6 gigawatt-hours
- Customer Account Additions of approximately 224,000 accounts
- Gross Loss of ($5.7) million
- Net Loss of ($106.2) million
- Adjusted Gross Profit of $13.2 million1
- Adjusted EBITDA of ($80.2) million1
- Cash Flows Used in Operating Activities of ($58.8) million
- Capital Expenditures of ($200.3) million
- Equity Issuance of 1.6 million Class A common stock shares with $10.4 million raised in net proceeds through an “at-the-market” equity offering

1Adjusted 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.