EVgo (EVGO) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Speaker0 Hello, and welcome to the EVgo Inc. Q1 twenty twenty five Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Heather Davis, Vice President of Investor Relations. You may begin. Speaker1 Good morning and welcome to EVgoat's first quarter twenty twenty five earnings call. My name is Heather ...

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" or other similar expressions that predict or indicate future events or trends or that are not statements of his ...

Revenue Growth - Record revenue of $75.3 million in Q1 2025, representing a 36% increase year-over-year[5] - Total revenue for the three months ended March 31, 2025, was $75,287,000, representing a 36% increase from $55,158,000 in the same period of 2024[25] - Revenue from charging retail increased by 64% to $30,015,000 compared to $18,326,000 in Q1 2024[25] Charging Network Performance - Charging network revenue reached $47.1 million in Q1 2025, a 49% year-over-year increase, marking the 13th consecutive quarter of double-digit growth[5] - Network throughput was 83 GWh in Q1 2025, up 60% from 52 GWh in Q1 2024[10] - Average daily throughput per stall increased to 266 kWh in Q1 2025, a 36% rise from 196 kWh in Q1 2024[6] - EVgo Autocharge+ accounted for 27% of total charging sessions initiated in Q1 2025[6] - Charging Network Gross Profit for Q1'25 was $17,489, up 35% from $12,912 in Q1'24, with a Gross Margin of 37.1%[34] - Adjusted Gross Profit for Q1'25 was $25,370, a 47% increase from $17,287 in Q1'24, with an Adjusted Gross Margin of 33.7%[35] - Charging Network Gross Margin decreased by 370 basis points from 40.8% in Q1'24 to 37.1% in Q1'25[34] Customer Growth - Customer accounts increased by over 119,000 in Q1 2025, totaling 1.4 million accounts by the end of the quarter[11] - Added over 180 new operational stalls during Q1 2025, ending the quarter with a total of 4,240 stalls[6] Financial Position - Total assets as of March 31, 2025, were $855,981,000, up from $803,761,000 as of December 31, 2024, reflecting a growth of 6.5%[24] - Total liabilities increased to $433,107,000 as of March 31, 2025, from $360,030,000 at the end of 2024, marking a rise of 20.3%[24] - Cash and cash equivalents increased to $150,008,000 as of March 31, 2025, from $117,273,000 at the end of 2024, representing a growth of 28%[24] Profitability and Loss - The net loss attributable to Class A common stockholders for Q1 2025 was $11,362,000, a 16% increase compared to a net loss of $9,833,000 in Q1 2024[25] - Operating loss for the three months ended March 31, 2025, was $33,400,000, slightly higher than the operating loss of $32,370,000 in the same period of 2024, indicating a 3% increase[25] - GAAP net loss for Q1'25 was $(26,227), improving by 7% from $(28,193) in Q1'24[33] - Adjusted EBITDA for Q1'25 was $(5,929), an 18% improvement from $(7,207) in Q1'24[33] - EBITDA Margin for Q1'25 was (9.6%), improving by 1,780 basis points from (27.4%) in Q1'24[33] Capital Expenditures - Capital expenditures for the three months ended March 31, 2025, were $14,992,000, down from $21,071,000 in the same period of 2024, reflecting a decrease of 29%[26] - Capital Expenditures, Net of Capital Offsets, for Q1'25 were $8,146, a 40% decrease from $13,565 in Q1'24[36] Future Outlook - Total revenue guidance for 2025 is set between $340 million and $380 million, with Adjusted EBITDA projected between $(5) million and $10 million[17] - EVgo aims to achieve Adjusted EBITDA breakeven in 2025 while continuing to invest in growth and infrastructure[3]

While the EV revolution stalls, one charging stock is still sparking investor interest — and it's not ChargePoint Holdings Inc CHPT. JPMorgan analyst Bill Peterson thinks EVgo Inc EVGO is better positioned than ChargePoint heading into earnings season, citing more substantial utilization, partnerships, and a more straightforward path to sustainable returns."Fundamentals still favor owner-operators like EVGO over hardware-software players like CHPT," Peterson noted, adding that the muted EV demand still weig ...

EVgo Inc. (EVGO) , a leading provider of public fast-charging infrastructure in the United States, and Toyota Motor Corporation (TM) , have inaugurated their first DC fast-charging (DCFC) stations in Baldwin Park and Sacramento, CA. Developed under Toyota’s “Empact” vision, these co-branded stations, owned and operated by EVgo, feature 350kW chargers and can simultaneously serve up to eight vehicles.With a network of more than 1,100 stations across 40+ states, EVgo partnered with Toyota to enhance charging ...

Core Viewpoint - J.P. Morgan analyst Bill Peterson maintains an Overweight rating on EVgo Inc., while reducing the price forecast to $5 from $6, indicating confidence in the company's potential for substantial revenue growth despite current challenges [1][4]. Revenue Growth Drivers - EVgo's anticipated revenue growth is attributed to increased charger utilization, higher charge rates, and an expanding network footprint, potentially supported by a Department of Energy loan, even amid slower EV adoption rates [2]. Strategic Partnerships - The company has established valuable partnerships with car OEMs, ride-share services, and autonomous driving fleets, positioning itself favorably in the evolving electric vehicle market [2]. Market Challenges - Despite a modest recovery in market share, EVgo faces challenges due to concerns over Trump's economic policies, the future of EV funding programs like the IRA/BIL, and the safety of its Department of Energy loan [3]. Investor Sentiment - Investor sentiment remains cautious due to fears of "dilutive capital" needs and uncertainties surrounding EV incentives and loan security, with stock stabilization expected only after clarity on these issues [4]. Financial Estimates - FY25 revenue estimates have been lowered to $350 million from $354 million, while FY26 revenues are projected to increase to $475 million from a previous estimate of $436 million [4]. Stock Performance - EVGO shares are currently trading lower by 2.59%, at $2.445 [5].

The charging infrastructure market is exponentially expanding as electric vehicle (EV) adoption is accelerating worldwide. While China is currently leading in EV charging infrastructure, with more than 3.2 million public charge points, Europe is expanding rapidly, with over 900,000 public charge points, with countries like the Netherlands, France and Germany at the forefront. In contrast, the United States is working to catch up, with a little more than 206,000 publicly available charging ports and approxim ...

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]