Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 other jurisdiction of in ...

EVgo (EVGO) reported a fourth-quarter 2024 loss of 11 cents per share, narrower than the Zacks Consensus Estimate of a loss of 15 cents, as well as the year-ago period’s loss of 12 cents per share. Revenues of $67.5 million missed the Zacks Consensus Estimate of $69 million but increased 35% on a year-over-year basis due to strong growth in charging network revenues.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Key Q4 HighlightsEVgo recorded a network throughput of 84 gigawatt-hours ...

Financial Data and Key Metrics Changes - EVgo reported full year revenues of $257 million, representing a 60% year-over-year increase, with Q4 revenue growing 35% year-over-year to $67.5 million [44][50] - Total throughput on the public network for 2024 was 277 gigawatt hours, a 116% increase compared to the previous year [44] - Charging network gross margin improved to 37.6% in 2024, up from 26% in 2023, while adjusted EBITDA margin also showed significant improvement [49][51] Business Line Data and Key Metrics Changes - Full year revenues from the core charging business more than doubled year-over-year, with charging network revenues reaching $155.7 million, a 110% increase from $74.2 million in 2023 [11][45] - eXtend revenues increased by 20% to $86.6 million from $72.4 million in the prior year [45] - The average daily throughput per public stall was 269 kilowatt hours, compared to 197 kilowatt hours last year, indicating a significant increase in utilization [48] Market Data and Key Metrics Changes - Utilization on the network reached 24%, up from 19% a year ago, with 65% of stalls having utilization greater than 15% [10][47] - EVgo added a record 480 new operational stalls in Q4, bringing the total to over 4,000 operational stalls [11][43] - The company estimates that less than 10% of 2025 revenue will be driven by new first-time drivers of EVs, indicating a shift in focus towards overall electric vehicle operation rather than new sales [16][85] Company Strategy and Development Direction - EVgo plans to triple its installed base over the next five years, supported by a $1.25 billion loan guarantee from the Department of Energy [12][40] - The company is focusing on improving customer experience, operational efficiencies, and capturing high-value customers, with 56% of throughput coming from rideshare and subscription accounts [28][35] - EVgo is expanding its partnerships with site hosts and plans to launch flagship stalls in collaboration with GM, enhancing customer experience [38] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of charging infrastructure in stimulating demand for electric vehicles, especially in the context of competition with China [13][16] - The company remains confident in its business model, which is resilient to fluctuations in EV sales, as it is driven by the overall growth of electric vehicles in operation [20][112] - EVgo expects total revenues in the range of $340 million to $380 million for 2025, with a target of adjusted EBITDA breakeven [66] Other Important Information - EVgo's cash, cash equivalents, and restricted cash stood at $121 million as of December 31, 2024, and increased to approximately $200 million after the first draw of the DOE loan [53] - The company achieved a 9% reduction in gross CapEx per stall in 2024 and anticipates further reductions in 2025 [34][32] - EVgo is also exploring complementary non-dilutive financing options to support growth beyond the DOE loan [82] Q&A Session Summary Question: Status of the DOE loan and second drawdown - Management expressed confidence in the DOE loan, stating it is a legally binding contract and they have a productive relationship with the LPO team [74][75] Question: Guidance for full year outcomes - Management indicated that revenue guidance reflects some variability, with G&A expected to increase modestly due to investments in technology and inflation [87][88] Question: Impact of executive orders on funding - Management reiterated confidence in the loan and highlighted strong cash balances, indicating the ability to adjust CapEx deployment if necessary [100][102] Question: Strategy for AV charging stations - Management discussed the growth in dedicated hubs for autonomous vehicles, noting a different revenue model with fixed monthly payments [105][107] Question: Geographic growth strategy - Management confirmed a shift towards expanding outside California, following demand trends in other states [115][116] Question: Impact of tariffs on CapEx - Management stated minimal impact from tariffs, emphasizing a robust supply chain that is not reliant on imports from China [120][121]

Company Performance - EVgo Inc. reported a quarterly loss of $0.11 per share, better than the Zacks Consensus Estimate of a loss of $0.15, and compared to a loss of $0.12 per share a year ago, indicating an earnings surprise of 26.67% [1] - The company posted revenues of $67.51 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 2.85%, but showing an increase from year-ago revenues of $49.99 million [2] - Over the last four quarters, EVgo has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Stock Outlook - EVgo shares have declined approximately 39.8% since the beginning of the year, contrasting with the S&P 500's decline of only 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.15 on revenues of $75.26 million, and for the current fiscal year, it is -$0.55 on revenues of $369.98 million [7] Industry Context - The Automotive - Original Equipment industry, to which EVgo belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact EVgo's stock performance [5]

Nasdaq: EVGO – investors.evgo.com Q4 2024 Earnings Call March 4, 2025 SAFE HARBOR & FORWARD-LOOKING STATEMENTS Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "assume" ...

Core Viewpoint - EVgo's stock experienced a decline following its earnings report, as investors are concerned about the future of the electric vehicle (EV) industry without the support of former President Trump [1] Company Summary - EVgo reported its earnings, which did not meet investor expectations, leading to a drop in stock price [1] - The company is facing challenges in a potentially changing political landscape that may affect EV incentives and support [1] Industry Summary - The EV industry is at a critical juncture, with uncertainties regarding government support and policies that could impact growth [1] - Investors are weighing the implications of a future without Trump's backing, which could alter the dynamics of EV adoption and infrastructure development [1]

Revenue Performance - Revenue for Q4 2024 was $67.5 million, a 35% increase year-over-year[2] - Full year 2024 revenue reached a record $256.8 million, up 60% from 2023[2] - Total revenue for Q4 2024 was $67.5 million, a 35% increase from $50.0 million in Q4 2023[24] - GAAP revenue for Q4'24 was $67,513 thousand, representing a 35% increase compared to Q4'23, and FY 2024 revenue reached $256,825 thousand, up 60% from FY 2023[39] Charging Network Performance - Charging network revenue in Q4 2024 was $46.5 million, a 73% increase year-over-year[2] - Charging network revenue reached $46.5 million in Q4 2024, up 73% from $26.9 million in Q4 2023[24] - Charging Network Gross Profit for Q4 2024 was $18,838 thousand, up 116% from $8,719 thousand in Q4 2023[37] - Charging Network Gross Margin increased to 40.5% in Q4 2024, up 810 basis points from 32.4% in Q4 2023[37] Customer Growth - EVgo added over 133,000 new customer accounts in Q4 2024, reaching over 1.3 million total accounts[4] Operational Metrics - Network throughput for Q4 2024 was 84 GWh, representing a 68% increase year-over-year[2] - The average daily throughput per stall increased by 37% to 269 kWh in Q4 2024[4] - The company added over 480 new operational stalls in Q4 2024, totaling approximately 4,080 stalls in operation[2] Financial Losses and Improvements - The net loss for the year ended December 31, 2024, was $126.7 million, a 6% improvement compared to a net loss of $135.5 million in 2023[24] - GAAP net loss for Q4 2024 was $(35,608) thousand, a 3% improvement compared to $(36,589) thousand in Q4 2023[34] - Adjusted EBITDA for Q4 2024 was ($8.4) million, improving 40% from the previous year[10] - Adjusted EBITDA for Q4 2024 was $(8,404) thousand, a 40% improvement from $(13,962) thousand in Q4 2023[34] Cash and Assets - Cash and cash equivalents decreased to $117.3 million as of December 31, 2024, from $208.7 million in 2023[22] - Total assets as of December 31, 2024, were $803.8 million, slightly down from $806.6 million in 2023[22] Expenses and Cost Management - Operating expenses for Q4 2024 were $44.8 million, a marginal increase of 1% compared to $44.4 million in Q4 2023[24] - Adjusted General and Administrative Expenses for Q4'24 were $31,159 thousand, a 14% increase from Q4'23, while FY 2024 expenses totaled $108,150 thousand, a 7% increase year-over-year[39] - GAAP General and Administrative Expenses as a percentage of revenue decreased to 59.2% in Q4'24 from 77.6% in Q4'23, and for FY 2024, it decreased to 55.0% from 88.9% in FY 2023, reflecting a significant improvement[39] Capital Expenditures - Capital expenditures for the year were $94.8 million, a decrease from $158.9 million in 2023[26] - Capital expenditures for Q4'24 were $23,685 thousand, down 32% from Q4'23, and FY 2024 capital expenditures totaled $94,787 thousand, a 40% decrease compared to FY 2023[40] - Capital expenditures, net of capital offsets, for Q4'24 were $13,823 thousand, a 36% decrease from Q4'23, and FY 2024 net capital expenditures were $46,377 thousand, down 62% from FY 2023[40] Debt and Financing - The company generated $13.1 million in net cash from financing activities in 2024, compared to $143.0 million in 2023[26] - EVgo secured a loan guarantee of up to $1.25 billion from the U.S. Department of Energy to build approximately 7,500 fast charging stalls over the next five years[4] Adjustments and Reclassifications - The company reclassified certain revenues and costs in FY 2024, impacting the presentation of financial results[37] - Total adjustments to General and Administrative Expenses in Q4'24 amounted to $8,805 thousand, a 24% decrease from Q4'23, while FY 2024 total adjustments were $32,981 thousand, down 22% year-over-year[39]

Core Viewpoint - EVgo Inc is set to report its fourth-quarter earnings, with Wall Street anticipating a loss of 9 cents per share and revenues of $69.10 million, while the stock has seen a significant decline of 9.62% over the past year and 38.31% year-to-date [1]. Group 1: Stock Performance and Technical Indicators - EVgo stock is currently priced at $2.61, remaining below all major moving averages, indicating a strongly bearish trend, with the 200-day moving average at $4.27 [1]. - The Moving Average Convergence Divergence (MACD) indicator is at negative 0.29, signaling weak momentum, while the Relative Strength Index (RSI) is at 29.31, suggesting the stock is in oversold territory [2]. - Despite the bearish technical setup, the deeply oversold RSI indicates a potential for a short-term relief rally if buyers enter the market [2]. Group 2: Analyst Ratings and Price Targets - The consensus analyst rating for EVgo stock is currently a Buy, with an average price target of $6.97, suggesting a potential upside of 132.14% [4]. - Recent analyst ratings from JPMorgan and UBS support an average price target of $6, indicating significant upside potential from the current trading price of $2.44 [4].

Core Insights - The electric vehicle (EV) charging network, particularly EVgo, is experiencing significant growth ambitions despite a recent stall in overall electric vehicle sales in the United States [2][3]. Company Overview - EVgo operates one of the largest networks of charging stations in the U.S., with over 1,100 locations and 3,680 charging ports, aiming to capitalize on the growth of electric vehicles [4]. - Unlike Tesla's integrated network, EVgo provides charging solutions for non-Tesla electric vehicle owners, positioning itself as a necessary alternative to home charging [5]. Market Dynamics - In Q3 2024, EVgo's charging throughput grew by 111%, indicating rapid growth, particularly as non-Tesla electric vehicle sales increased by 18% year-over-year to 178,000 units [6]. - EVgo's revenue surged by 92% year-over-year to $62.5 million, with trailing-12-month revenue increasing by 1,530% since March 2021, highlighting its status as one of the fastest-growing businesses globally [7]. Future Growth Potential - Fully electric vehicles currently represent less than 10% of total vehicle sales in the U.S., but there is potential for this figure to rise significantly over the next decade, which would drive demand for EVgo's services [8]. - Projections suggest that EVgo's revenue could reach $2 billion or more in 10 years, assuming a continued annual growth rate of 23%, supported by federal financial backing [10]. Profitability Outlook - While revenue growth appears promising, profitability remains a concern, with EVgo's gross margin recently improving to around 10% but still considered thin [9]. - Assuming gross margins can improve to 15% over time, a net margin of 5% on projected revenues could yield $100 million in annual net income, suggesting a favorable valuation for EVgo's stock in the long term [11].

Core Insights - The EV charging stocks have faced significant challenges recently, coinciding with increased uncertainty in the industry due to recent actions by the Trump Administration [1] Industry Overview - The EV charging sector is currently experiencing a rough period, marked by a lack of positive developments and heightened uncertainty [1]