
Thursday, August 01, 2024 7:23:33 AM
Achieves 6th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth
Raises Midpoint of Total Revenue Guidance by $10 Million
August 1, 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2024/q2/2024-08-01-EVgo-Q2-2024-Earnings-Release.pdf
Link to Investor Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2024/q2/2024-08-01-EVgo-Q2-2024-Earnings-Presentation.pdf
Link to Webcast https://events.q4inc.com/attendee/345859632
Link to Previous (Q1 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174370087
Highlights
• Revenue reached a record $66.6 million in the second quarter, representing an increase of 32% year-over-year.
• Charging network revenue totaled $36.4 million in the second quarter, an increase of 146% year-over-year, representing the 7th sequential quarter of double-digit charging revenue growth.
• Network throughput reached a record 66 gigawatt-hours (“GWh”) in the second quarter, an increase of 164% year-over-year, representing the 6th consecutive quarter of triple digit year-over-year growth.
• Added more than 220 new operational stalls during the second quarter, including EVgo eXtend™ stalls.
• Ended the second quarter with approximately 3,440 stalls in operation, including EVgo eXtend™ stalls.
• Added over 131,000 new customer accounts in the second quarter, reaching more than 1 million overall at quarter end.
Los Angeles – August 1, 2024 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2024. Management will host a conference call today at 11 am ET / 8 am PTto discuss EVgo’s results and other business highlights.
Revenue reached $66.6 million in the second quarter of 2024, compared to $50.6 million in the second quarter of 2023, representing 32% year-over-year growth. Revenue growth was driven by year-over-year increases in charging network revenues.
Network throughput increased to 66 GWh in the second quarter of 2024, compared to 25 GWh in the second quarter of 2023, representing 164% year-over-year growth. The Company added over 131,000 new customer accounts during the second quarter of 2024, a 60% year-over-year increase in new accounts. The overall number of customer accounts was more than 1 million at quarter end, an increase of 59% year-over-year. “EVgo delivered yet another quarter of great financial and operating results, including the 7th sequential quarter of double-digit charging revenue growth,” said Badar Khan, EVgo’s CEO. “We are seeing continual record demand in the industry, which we are well situated to capture given our position as an owner operator and as evidenced by the tremendous growth in throughput and new customer accounts. We look forward to continuing to execute on our strategic priorities and building the critically important, fast charging, OEM-agnostic infrastructure necessary to deliver an excellent customer experience for EV drivers across the nation. We are confident this momentum will result in strong returns for our shareholders.”
Business Highlights
• Subaru Charging Credit: Subaru extended their charging credit program with EVgo, giving new Subaru Solterra drivers a $500 EVgo charging credit.2
• Stall Development: The Company ended the quarter with approximately 3,440 stalls in operation,
including EVgo eXtend™ stalls. EVgo added over 220 new DC fast charging stalls during the quarter,
including EVgo eXtend™ stalls.
• EVgo eXtendTM: EVgo ended the quarter with 190 operational EVgo eXtend™ stalls.
• Network Utilization: Utilization on the EVgo network in the second quarter of 2024 was 20%, up from
approximately 11% in the second quarter of 2023.
• Average Daily Network Throughput: Average daily throughput per stall for the EVgo network was 227
kilowatt hours per day in the second quarter of 2024, an increase of 103% compared to 112 kilowatt hours per day in the second quarter of 2023.
• Commercial Charging: EVgo’s commercial charging business continues to grow driven by rideshare, with throughput increasing nearly threefold year-over-year.
• EVgo Autocharge+: Autocharge+ was over 18% of total charging sessions initiated in the second quarter of 2024, and the number of Autocharge+ charging sessions in the second quarter increased 202% compared to the second quarter of 2023.
• PlugShare: PlugShare reached 5.3 million registered users and achieved 8.5 million check-ins since
inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the second quarter of 2024.
• Revenue of $66.6 million
• Network Throughput1 of 66 gigawatt-hours
• Customer Account Additions of over 131,000 accounts
• Gross Profit of $6.4 million
• Net Loss of $29.6 million
• Adjusted Gross Profit2 of $17.7 million
• Adjusted EBITDA2 of ($8.0) million
• Net Cash Provided By Operating Activities of $7.6 million
• Capital Expenditures of $24.2 million
• Capital Expenditures, Net of Capital Offsets2 of $13.8 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 NonGAAP Financial Measures” included elsewhere in this release.


2024 Financial Guidance
EVgo is updating 2024 guidance as follows:
• Raising the midpoint of total revenue guidance by $10 million with total revenue guidance of $240 -
$270 million
• Adjusted EBITDA* of ($44) – ($34) million
* 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.
Conference Call Information
A live audio webcast and conference call for EVgo’s second quarter earnings release will be held today at 11 am
ET / 8 am 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 that will be used or referred to during the webcast and
conference call, 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 electric vehicle 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. EVgo is one of the nation’s largest public fast charging networks, featuring over
1,000 fast charging locations across more than 35 states, 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 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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