EVgo Services LLC (EVGO)

[WeTheMarket]

EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results
March 06 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-and-FY2023-Earnings-Release.pdf
Link to Webcast https://events.q4inc.com/attendee/999843161
Link to Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-23-and-FY-23-Earnings-Presentation.pdf
Link to Prior (Q3 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173177446

Highlights
- Revenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year.
- For the full year 2023, revenue reached $161.0 million, an increase of 195% over full year 2022, and exceeding the high-end of the Company’s guidance range.
- Network throughput reached a record 50 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 257% year-over-year.
- Network throughput for the full year 2023 increased to 130 GWh, representing growth of 189% over full year 2022.
- Ended 2023 with approximately 3,550 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 260 new operational stalls added during the fourth quarter.
- Added over 110,000 new customer accounts in the fourth quarter and approximately 366,000 during 2023, reaching more than 884,000 overall at the end of the year.
- Net loss was $36.6 million for the fourth quarter of 2023 and $135.5 million for the full year 2023.
- Adjusted EBITDA1 was ($14.0) million for the fourth quarter of 2023, and ($58.8) million for the full year 2023, outperforming the high-end of the Company’s guidance range.
- EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full year ended December 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 reached $50.0 million in the fourth quarter of 2023, compared to $27.3 million in the fourth quarter of 2022, representing 83% year-over-year growth. For the full year 2023, revenue reached $161.0 million, compared to $54.6 million for the full year 2022, an increase of 195% year-over-year. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtendrevenue.

Network throughput increased to 50 GWh in the fourth quarter of 2023, compared to 14 GWh in the fourth quarter of 2022, representing 257% year-over-year growth. For the full year 2023, network throughput reached 130 GWh, reflecting an increase of 189% year-over-year. The Company added over 110,000 new customer accounts during the fourth quarter of 2023, bringing the overall number of customer accounts to more than 884,000 at the end of the year, an increase of 60% year-over-year.

“EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development resulting in revenue growth that nearly tripled,” said Badar Khan, EVgo’s CEO. “Our throughput growth continues to significantly exceed growth in EVs in operation. We added over 930 new stalls during the year including opening the first NEVI-funded site in the U.S. in London, Ohio with the Pilot Company and GM. Utilization and throughput growth accelerated driven by retail and fleet drivers.”

Mr. Khan concluded, “EVgo passed an important inflection point in 2023 in that as a result of the utilization and throughput levels we are now seeing across our network, the installed base is now profitable on a stand-alone basis. In 2024, we are well positioned to continue to expand our network and increase revenues while continuing to realize operational leverage as we target Adjusted EBITDA2 breakeven in 2025.”

1 Adjusted EBITDA is a non-GAAP measure and has not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For additional information, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
2 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, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.

Business Highlights
- Stall Development: The Company ended 2023 with 2,990 stalls in operation, including 100 EVgo eXtend™ stalls. EVgo added more than 260 new DC fast - charging stalls during the quarter and over 930 over the full year.
- Network Utilization: Utilization on the EVgo network in December 2023 was over 19%, up from 8% in December 2022.
- Network Throughput: Average daily throughput per stall for the EVgo network was 201 kilowatt hours per day in December 2023, an increase of 179% compared to 72 kilowatt hours per day in December 2022.
- Fleet Charging: EVgo’s public fleet charging business continues to grow, as full year 2023 fleet throughput grew over five times above full year 2022 fleet throughput driven by rideshare.
- National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners opened the first and third sites in the country under the NEVI program in Ohio and Pennsylvania, respectively.
- EVgo eXtendTM: EVgo ended 2023 with 100 operational EVgo eXtend™ stalls.
- EVgo Autocharge+: Autocharge+ was approximately 17% of total charging sessions initiated in the fourth quarter and Autocharge+ charging sessions in the fourth quarter increased 191% compared to the fourth quarter of 2022.
- PlugShare: PlugShare reached over 4.6 million registered users and achieved 7.9 million check-ins since inception.

Financial & Operational Highlights

The below represent summary financial and operational figures for the fourth quarter of 2023.
- Revenue of $50.0 million
- Network Throughput1 of 50 gigawatt-hours
- Customer Account Additions of more than 110,000 accounts
- Gross Profit of $3.5 million
- Net Loss of $36.6 million
- Adjusted Gross Profit2 of $13.3 million
- Adjusted EBITDA2 of ($14.0) million
- Cash Flows Used in Operating Activities of $7.3 million
- Capital Expenditures of $34.8 million
- Capital Expenditures, Net of Capital Offsets2 of $21.8 million

The below represent summary financial and operational figures for the full year 2023.
- Revenue of $161.0 million
- Network Throughput1 of 130 gigawatt-hours
- Customer Account Additions of more than 366,000 accounts
- Gross Profit of $9.7 million
- Net Loss of $135.5 million
- Adjusted Gross Profit2 of $41.8 million
- Adjusted EBITDA2 of ($58.8) million
- Cash Flows Used in Operating Activities of $37.1 million
- Capital Expenditures of $158.9 million
- Capital Expenditures, Net of Capital Offsets2 of $122.8 million
1 Network throughput for EVgo network excludes EVgo eXtend™ sites.
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets 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 Financial Measures” included elsewhere in this release.