Highlights - Revenue grew to $25.3 million in the first quarter, representing an increase of 229% year-over-year. - Network throughput reached 17.9 gigawatt-hours (“GWh”) in the first quarter, an increase of 124% year-over-year. - Double-digit utilization realized in several new markets, including markets outside of California. - Ended the first quarter with approximately 3,100 stalls in operation or under construction, with nearly 220 new stalls added to the EVgo network during the quarter. - Added more than 67,000 new customer accounts in the first quarter, reaching approximately 614,000 overall at the end of the quarter. - Announced expanded agreement with Chevron, with EVgo selected as an EV-charging provider of choice for Chevron and Texaco stations. - Entered into a new agreement with Audible to bring trial memberships to EVgo customers later in 2023.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2023. 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 $25.3 million in the first quarter of 2023, compared to $7.7 million in the first quarter of 2022, representing 229% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging and eXtend revenues.
Network throughput increased to 17.9 GWh in the first quarter of 2023, compared to 8.0 GWh in the first quarter of 2022, representing 124% year-over-year growth. The Company added approximately 67,000 new customer accounts during the first quarter, bringing the overall number of customer accounts to approximately 614,000 at quarter-end, an increase of approximately 63% year-over-year.
“First quarter revenue growth was fueled by triple digit throughput growth as network utilization continues to increase faster than operational stall growth and EV adoption, demonstrating the strength of our business model,” said Cathy Zoi, EVgo CEO. “EVgo is investing ahead of the mass adoption of EVs in the United States and installed a record number of new stalls during the quarter. We also announced an exciting expansion of our program with Chevron, which is designed to pave the way for fast charging at conveniently located gas stations across the country. We expect revenue to increase over the remainder of the year as we benefit from increasing EV adoption, the mobilization of new, faster stations, and the deployment of EVgo eXtend sites with our partners.”
Business Highlights
- Program with Chevron: EVgo and Chevron entered into a new agreement to offer Chevron locations across the U.S. a turnkey DC fast charging solution with a variety of ownership models, including EVgo eXtend. Through the agreement, Chevron and Texaco branded stations nationwide will have access to industry-leading fast charging equipment and integrated solutions from EVgo through both the Company’s traditional EVgo-owned offering as well as EVgo eXtend. Under the agreement, EVgo will provide hardware, design, and construction of up to 350kW charging at these sites, as well as operations and maintenance, and networking and software solutions. - EVgo Advantage: Entered into a new agreement with Audible to bring trial memberships to EVgo customers later in 2023, making relevant audiobooks and Audible Original podcasts available to EV drivers while they charge. - Stall Development: The Company ended the first quarter of 2023 with approximately 3,100 stalls in operation or under construction. EVgo added nearly 220 new DC fast charging stalls to its network during the quarter. - Active Engineering and Construction (E&C) Stall Development Pipeline: The Company’s pipeline was approximately 3,500 stalls as of the end of the first quarter of 2023. - EVgo eXtendTM: During the first quarter, the Company continued delivering charging equipment and pre-engineering work for projects under the Pilot Flying J/GM program, and began site mobilization in the second quarter of 2023. - EVgo Autocharge+: Autocharge+ exceeded 10% of total charging sessions initiated. - Fleet Partnerships: EVgo won contracts for a second site at MHX, a behind-the-fence, class 8 truck company, and a second site at a national food and beverage company -- both of which include EVgo Optima™, the Company’s proprietary fleet management software. - PlugShare: Plugshare reached nearly 3.4 million registered users and achieved the milestone of 6.0 million check-ins since inception. - Public-Private Partnership: EVgo was awarded $7.3 million from the California Energy Commission’s (“CEC”) California Electric Vehicle Infrastructure Project (“CALeVIP”) 2.0 program to deploy more than 100 350kW chargers across 19 locations in disadvantaged and/or low-income census tracts. - Equity Issuance: In April 2023, the Company issued approximately 890,000 shares of Class A common stock with $5.7 million raised in net proceeds through an “at-the-market” equity offering.
Financial & Operational Highlights The below represent summary financial and operational figures for the first quarter of 2023.
- Revenue of $25.3 million - Network Throughput of 17.9 gigawatt-hours - Customer Account Additions of approximately 67,000 accounts - Gross Profit of $41 thousand - Net Loss of ($49.1) million - Adjusted Gross Profit of $6.4 million1 - Adjusted EBITDA of ($20.1) million1 - Cash Flows Used in Operating Activities of ($19.3) million - Capital Expenditures of ($65.2) million
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.
2023 Financial & Operating Guidance
EVgo is affirming 2023 guidance as follows:
Total revenue of $105 – $150 million Adjusted EBITDA of ($78) – ($60) million* Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 4,000 DC fast charging stalls in operation 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 for historical periods presented in this release, 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 first quarter 2023 earnings release will be held today at 11:00 a.m. ET / 8:00 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (888) 340-5044 (for U.S. callers) Toll/International: (646) 960-0363 (for callers outside the U.S.) Conference ID: 6304708
This press release, along with other investor materials, 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 2019 EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation’s largest public fast charging networks, EVgo’s owned and operated charging network includes around 900 fast charging locations, 60 metropolitan areas and 30 states. EVgo 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 a world-class charging experience where drivers live, work, travel and play.
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