Core Viewpoint - The potential removal of the clean energy tax credit poses a threat, but EVgo Inc. is positioned for success due to improving vehicle affordability and a stable EV fleet [1][3]. Group 1: Market Dynamics - EVgo sees improving affordability of a wider range of vehicles as the main driver for mass EV adoption, with a forecast that a 40% decline in new EV sales is unlikely to impact its growth trajectory [1]. - Even without the tax credit, a 16% penetration of battery electric vehicles in the US by 2030 is still considered achievable [1]. Group 2: Strategic Positioning - EVgo's strategic presence in Republican-led states like Texas, Florida, and Arizona provides a competitive advantage, as these regions have less stringent emissions standards compared to California [3]. - The company is relatively insulated from new EV sales growth due to its ongoing momentum from a stable and growing EV fleet, with additional growth opportunities in autonomous and rideshare markets [3]. Group 3: Financial Outlook - EVgo's confidence in securing a Department of Energy loan is strong, with expectations that it will lead to upward revisions in EBITDA targets and a clear build schedule through 2030 [4]. - Concerns regarding potential clawbacks of funds are deemed exaggerated, as the government is unlikely to renegotiate finalized contracts, especially if infrastructure development boosts EV demand and US competitiveness [4]. Group 4: Growth Potential - With 10,000 viable charging sites and plans for further expansion, EVgo's growth trajectory remains bullish, supported by increasing opportunities as EV adoption rises [5].

Core Viewpoint - Electric vehicle (EV) stocks experienced a positive reaction following reports that the Trump administration may reduce regulatory burdens for autonomous driving, although the specifics remain unclear [1][4]. Group 1: Stock Performance - Lucid's stock increased by as much as 9.5%, Rivian's shares rose by 6.6%, and EVgo's stock jumped 15.8% in early trading, with respective gains settling at 5.7%, 0.4%, and 7.5% by 3:30 p.m. ET [2]. Group 2: Market Dynamics - The EV market has seen fluctuating narratives since Trump's election, initially perceived as a potential economic boom for EV sales, later shifting to concerns over cuts to EV subsidies, including the $7,500 tax credit [3][5]. - The current focus is on autonomous driving, with Tesla aiming to advance its Full Self-Driving (FSD) software despite regulatory challenges across states [3][4]. Group 3: Financial Challenges - Lucid reported a net income loss of $2.97 billion, Rivian's loss was $5.524 billion, and EVgo's loss was $44.52 million, highlighting the financial struggles of these companies [6]. - Both Lucid and Rivian have not demonstrated the ability to achieve gross profit on their production, raising concerns about their path to profitability in a competitive EV market [7][9]. Group 4: Speculation vs. Fundamentals - The market is currently driven by speculation, influenced by political comments and potential winners and losers in the EV sector, contrasting with the underlying fundamentals that indicate increasing competition and significant financial losses [8][9]. - The outlook for profitability remains uncertain for companies like Lucid and Rivian, as they continue to incur substantial losses while trying to scale their operations [9][10].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39572 EVgo Inc. (Exact name of registrant as specified in its charter) Delaware 85-2326098 (State or othe ...

Financial Data and Key Metrics - Revenue for Q3 2024 was $67.5 million, a 92% year-over-year increase, driven by growth in charging network and eXtend revenues [27] - Charging network revenue grew 98% year-over-year to $43.1 million, with retail, commercial, and OEM charging revenue each at least doubling [27] - eXtend revenue increased 109% year-over-year to $21.9 million [27] - Adjusted EBITDA loss improved to $8.9 million, a $5.4 million improvement compared to Q3 2023 [32] - Cash, cash equivalents, and restricted cash stood at $153.4 million as of September 30, 2024 [33] - The company generated $12.1 million in cash from operations in Q3 2024, marking the second consecutive quarter of positive cash flow [33] Business Line Data and Key Metrics - Operational stalls grew by 34% year-over-year, with 270 new stalls added in Q3 2024, bringing the total to 3,680 stalls [28] - Customer accounts increased by 57% year-over-year to over 1.2 million [28] - Network throughput more than doubled year-over-year to 78 gigawatt hours, with utilization increasing to 22% from 14% a year ago [29] - 56% of EV gross throughput came from Rideshare, OEM charging credit, and subscription accounts in Q3 [25] - The company added over 147,000 new customer accounts in Q3, a 39% increase compared to the same period last year [25] Market Data and Key Metrics - The company now has operational stalls in 40 states, with strong growth in throughput across all states, indicating widespread EV adoption in the US [6] - Over 40% of new stalls are expected to be in marginalized areas, aligning with the Justice 40 initiative [11] - The EV market in the US is transitioning from early adopters to the mass market, driven by more affordable vehicles [9] - The ratio of EVs to public fast charging stalls is expected to grow to nearly 180 by 2030, up from just under 90 at the end of 2023 [16] Company Strategy and Industry Competition - The company is focused on improving the customer experience, operating efficiencies, capturing high-value customers, and securing financing to achieve free cash flow breakeven [19] - EVgo is co-developing next-generation charging architecture with Delta Electronics, targeting a 30% reduction in gross CAPEX per stall [8][23] - The company is leveraging partnerships with rideshare companies and OEMs to drive predictable demand and growth [15][25] - EVgo is working on securing non-dilutive financing opportunities, including a $1.05 billion DOE loan, to accelerate stall deployment [9][26] Management Commentary on Operating Environment and Future Outlook - Management expects to achieve adjusted EBITDA breakeven in 2025, driven by continued EV adoption and operational efficiencies [36] - The company raised its 2024 revenue guidance midpoint by $2.5 million and adjusted EBITDA guidance midpoint by $4 million, reflecting strong performance and lower energy costs [34] - Management is confident in closing the DOE loan, which would accelerate stall deployment and improve unit economics [12][40] - The company sees significant growth opportunities from rideshare electrification, autonomous vehicles, and cable standardization [18][48] Other Important Information - EVgo completed the sale of 30C income tax credits for 2023 vintage stalls, generating $11 million in gross proceeds [26] - The company is deploying larger sites with 6-8 stalls per site, with 18% of sites having 6 or more stalls at the end of Q3 [19] - Autocharge+ adoption is growing, with 21% of sessions initiated through the seamless plug-and-charge experience [20] - The company is working on flagship sites with GM, featuring up to 20 or more stalls with advanced amenities [21] Q&A Session Summary Question: DOE Loan Closing Conditions and Timeline [39] - Management is confident in closing the DOE loan, with conditions largely within their control and no expectation of a lengthy process [40] Question: Near-Term Growth Drivers and eXtend Revenue [41] - Management expects continued growth in throughput and raised guidance for 2024, with eXtend revenue expected to decrease in Q4 due to project timing [42][43] Question: Utilization Rates Compared to Industry Averages [44] - EVgo's utilization rates are higher than many competitors due to strategic site selection and urban-focused deployments [45][46] Question: Autonomous Vehicle Charging Strategy [47] - The company sees autonomous vehicles as a significant growth opportunity and is building dedicated hubs for AV clients [48] Question: Tesla Charging Opportunity [50] - EVgo expects to attract Tesla drivers once the NACS connector is standardized, leveraging its urban network [51][52] Question: Expense Burden for DOE-Funded Expansion [54] - The company plans to leverage existing infrastructure and talent, with a focus on prudent growth and meeting EBITDA breakeven targets [55] Question: Alternative Funding Options [58] - EVgo is evaluating non-dilutive financing options to complement the DOE loan and expand stall deployment [59][60] Question: Delta Electronics Partnership and CAPEX Savings [61] - The partnership aims to reduce CAPEX per stall by 30% through improved customer experience and cost-efficient designs [62] Question: High Utilization Sites and DOE-Funded Sites [64] - The company expects no material difference in unit economics between current sites and those funded by the DOE loan, with continued improvements in utilization [65][66] Question: 30C Monetization Strategy [70] - EVgo is exploring strategies to maximize 30C monetization, potentially moving to semi-annual sales [70] Question: Rideshare and OEM Subscription Breakdown [71] - 56% of throughput comes from Rideshare and OEM subscriptions, with Rideshare accounting for 24% of commercial revenue [71]

Company Performance - EVgo Inc. reported a quarterly loss of $0.11 per share, slightly worse than the Zacks Consensus Estimate of a loss of $0.10, and compared to a loss of $0.09 per share a year ago, indicating an earnings surprise of -10% [1] - The company posted revenues of $67.54 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.66%, and showing significant growth from year-ago revenues of $35.11 million [2] - Over the last four quarters, EVgo has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - EVgo shares have increased approximately 50.8% since the beginning of the year, outperforming the S&P 500's gain of 25.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $67.94 million, and for the current fiscal year, it is -$0.40 on revenues of $258.74 million [7] Industry Outlook - The Automotive - Original Equipment industry, to which EVgo belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The outlook for the industry can significantly impact the performance of EVgo's stock, as historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

A new presidential administration could bring headaches for renewable energy.Renewable energy stocks dropped like a rock this week after Donald Trump was elected to another term as president and Republicans won control of the Senate. The speculation is that generous subsidies that have helped solar, electric vehicle (EV), and charging companies over the past four years will be halted, and that could put tremendous strain on the industry.According to data provided by S&P Global Market Intelligence, SolarEdge ...

U.S. stock futures were higher this morning, with the Dow futures gaining over 50 points on Friday. Shares of Rivian Automotive, Inc. RIVN fell sharply in today's pre-market trading after the company lowered its annual production guidance due to supply shortage of shared component on the R1 and RCV platforms. The company produced 13,157 vehicles at its manufacturing facility in Normal, Illinois, and delivered 10,018 cars during the same period. Rivian is experiencing a supply shortage that began in the thir ...

Company Overview - EVgo Inc. (EVGO) shares increased by 60.8% to close at $6.32, following a $1.05 billion conditional loan guarantee from the U.S. Department of Energy to expand its charging network [1] - The company plans to install approximately 7,500 new fast-charging stations nationwide by 2030 [1] Financial Performance - EVgo is expected to report a quarterly loss of $0.10 per share, reflecting an 11.1% decrease year-over-year [2] - Revenue expectations for the upcoming quarter are $66.45 million, which represents an 89.3% increase compared to the same quarter last year [2] Earnings Estimates - The consensus EPS estimate for EVgo has been revised 3.3% lower over the last 30 days [3] - A negative trend in earnings estimate revisions typically does not lead to price appreciation, indicating potential caution for future stock performance [3] Industry Context - EVgo operates within the Zacks Automotive - Original Equipment industry, which includes other companies like Driven Brands Holdings Inc. (DRVN) [3] - Driven Brands Holdings has an unchanged consensus EPS estimate of $0.22 for the upcoming report, representing a 10% increase from the previous year [4]

Core Insights - EVgo Inc. has secured a conditional loan guarantee of up to $1.05 billion from the U.S. Department of Energy to expand its electric vehicle charging network, resulting in a 60.81% increase in its stock price, the largest gain in over three years [1] Group 1: Funding and Expansion Plans - The financing will be used to install approximately 7,500 fast chargers across several U.S. states, including Arizona, California, Florida, Georgia, and Illinois, supporting the Biden administration's goal of establishing a national network of over 500,000 electric vehicle chargers by 2030 [2] - Low-cost financing is crucial for boosting electric vehicle adoption in the U.S., where charging equipment is significantly more expensive than in other regions, with incentives expected to reduce installation costs for operators [2] Group 2: Market Position and Partnerships - JPMorgan upgraded EVgo's rating from "neutral" to "overweight," indicating that companies like EVgo, which own and operate their charging infrastructure, are likely to outperform their peers [3] - EVgo currently operates nearly 1,000 fast-charging stations nationwide and has partnered with General Motors (GM) to install an additional 400 charging stations [3]

As the electric vehicle (EV) industry pursues mainstream adoption, the demand for robust charging infrastructure is more critical than ever. With global efforts to combat climate change and reduce reliance on fossil fuels, governments, automakers and technology providers are focused on building a system that supports electric mobility. This shift is reshaping the auto industry and driving investment in charging networks, battery technology, and renewable energy sources. On Thursday (Oct. 3) EVgo, an electri ...