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Wednesday, 11/08/2023 8:10:59 AM

Wednesday, November 08, 2023 8:10:59 AM

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EVgo Inc. Reports Third Quarter 2023 Results
November 08 2023

- Revenue grew to $35.1 million in the third quarter, representing an increase of 234% year-over-year.
- Network throughput reached a record 37 gigawatt-hours (“GWh”) in the third quarter, an increase of 208% year-over-year.
- Ended the third quarter with approximately 3,400 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 240 new stalls added during the quarter.
- Operationalized the first EVgo eXtend™ stalls with Pilot Company and GM.
- Added over 106,000 new customer accounts in the third quarter, reaching more than 785,000 overall at the end of the quarter.

EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ended September 30, 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 $35.1 million in the third quarter of 2023, compared to $10.5 million in the third quarter of 2022, representing 234% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend™ revenue.

Network throughput increased to 37 GWh in the third quarter of 2023, compared to 12 GWh in the third quarter of 2022, representing 208% year-over-year growth. The Company added over 106,000 new customer accounts during the third quarter, bringing the overall number of customer accounts to more than 785,000 at quarter-end, an increase of 58% year-over-year.

“EVgo’s growth engine is humming, with excellent year-over-year growth in revenues, throughput and utilization,” said Cathy Zoi, EVgo’s CEO. “We continue to deliver for our partners and customers. This quarter we opened the first EVgo eXtend™ stations at Pilot and Flying J locations, which are receiving great feedback from EV drivers. The EVgo team is making important progress on our network build out, customer experience, tech-enabled infrastructure, and ongoing cost efficiencies to develop the nation’s leading public fast charging company.”

Business Highlights

National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners were selected for proposed awards of $4.3 million in funding to deploy 32 fast charging stations in Colorado and Pennsylvania through their respective state NEVI programs.
Honda Agreement: EVgo and Honda partnered to provide EV drivers with direct access to EVgo’s public fast charging network and an EVgo charging credit of up to $750 for drivers of Honda and Acura EV models. Honda will also be integrating EVgo Inside™ as part of the agreement.
EVgo eXtendTM: During the third quarter, the Company operationalized the first fast charging sites in the eXtend™ program with Pilot Company and GM. EVgo also received the first shipment of 350kW fast chargers that are manufactured according to Build America, Buy America Act (BABA) standards.
Fleet Charging: EVgo’s public fleet charging business continues to grow driven by rideshare throughput. EVgo operationalized the first site for a national food and beverage company’s fleet, where they are utilizing Optima™, EVgo’s proprietary fleet management software.
EVgo Autocharge+: Autocharge+ exceeded 15% of total charging sessions initiated in the quarter and Autocharge+ charging sessions in the third quarter increased 67% compared to the second quarter of 2023.
PlugShare: PlugShare reached over 4.1 million registered users and achieved 7.4 million check-ins since inception. Pay with PlugShare, a technology feature that allows PlugShare users to pay for an EV charging session within the PlugShare app, launched in California in October 2023.

Financial & Operational Highlights

The below represent summary financial and operational figures for the third quarter of 2023.

Revenue of $35.1 million
Network Throughput of 37 gigawatt-hours
Customer Account Additions of approximately 106,000 accounts
Gross Profit of $0.6 million
Net Loss of $28.3 million
Adjusted Gross Profit of $9.3 million1
Adjusted EBITDA of ($14.2) million1
Cash Flows Used in Operating Activities of $7.3 million
Total Capital Expenditures of $24.0 million

1Adjusted Gross Profit 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 updating full year 2023 guidance as follows:

- Total revenue of $148 – $158 million
- Adjusted EBITDA of ($66) – ($62) million*

Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 3,700 DC fast charging stalls, including EVgo eXtend™, 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 third 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, 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 charging network, including EVgo eXtend™ sites, includes more than 950 fast charging locations, 65 metropolitan areas and 35 states. EVgo continues to add more DC fast charging locations across the U.S., including stations built 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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