Market Capitalization Summary - NIO has a market capitalization of 14.376 billion [2] - TAL Education has a market capitalization of 8.903 billion [2] - Vipshop has a market capitalization of 8.852 billion [2] - Miniso has a market capitalization of 6.079 billion [2] - JD Health has a market capitalization of 5.543 billion [2] Stock Performance - NIO's stock increased by 0.36 (+2.07%) [2] - TAL Education's stock decreased by 1.06 (-1.91%) [2] - Vipshop's stock decreased by 0.33 (-2.95%) [2] - Miniso's stock decreased by 0.59 (-1.29%) [2] - JD Health's stock decreased by 0.14 (-0.78%) [2] Additional Company Insights - Lufax Holdings has a market capitalization of 2.443 billion [2] - Huya has a market capitalization of 0.786 billion [3] - Xiaoniu Electric has a market capitalization of 0.286 billion [3] - Cheetah Mobile has a market capitalization of 0.116 billion [3] - Yunmi has a market capitalization of 0.094 billion [3]

Market Capitalization Summary - TAL Education Group has a market capitalization of 14.104 billion [2] - Vipshop Holdings has a market capitalization of 8.066 billion [2] - 7.705 billion market capitalization for SouFun Holdings [2] - 6.042 billion market capitalization for WuXi AppTec [2] - 2.461 billion market capitalization for Lufax Holding [2] Stock Performance - TAL Education Group's stock increased by 0.75 (+3.77%) [2] - Vipshop Holdings' stock rose by 0.34 (+2.29%) [2] - SouFun Holdings saw a stock increase of 1.75 (+4.05%) [2] - WuXi AppTec's stock increased by 0.70 (+2.75%) [2] - Lufax Holding's stock rose by 0.05 (+1.79%) [2] Additional Company Insights - The stock of iQIYI increased by 0.38 (+4.04%) with a market cap of 2.417 billion [2] - Xunlei's market capitalization is 2.74 billion with a stock increase of 0.09 (+2.09%) [4] - The market cap of Huami is 0.1758 billion with a stock increase of 0.02 (+0.98%) [4]

Company Overview - EVgo powered more than 395 million zero-emission miles in 2023[9] - EVgo reduced more than 150,000 metric tons of CO2 in 2023[9] - EVgo has over 1 million customer accounts as of May 2024[20, 21] - EVgo's chargers serve 70+ EV models as of the end of 2023[26] - Capital offsets are anticipated to reduce vintage capex by approximately 40%[42] Market Opportunity - The EV market is underpinned by approximately $410 billion of OEM commitments[53] - States with 100% ZEV commitments represent 40% of US light duty vehicles[53] - DCFC as a percentage of total charging is growing in California, from 5%-10% to 25%-30%[67] - The addressable market for DCFC is projected to be $12-$15 billion by 2030[64, 65] Financial Performance - EVgo's revenue increased from $22 million in 2021 to $161 million in 2023, with a guidance of $220-$270 million for 2024[77] - Charging network margin was 28% in 2023 and 40% in Q1 2024[78, 131] - Adjusted EBITDA was -$59 million in 2023, with a guidance of -$48 million to -$30 million for 2024[80]

Market Capitalization Overview - New Oriental has a market capitalization of 14.065 billion [2] - TAL Education (好未来) has a market capitalization of 8.413 billion [2] - Miniso (名创优品) has a market capitalization of 5.728 billion [2] - JD.com (京东) has a market capitalization of 66.01 billion [2] - iQIYI (爱奇艺) has a market capitalization of 2.439 billion [3] Stock Performance - New Oriental's stock decreased by 0.15 (-0.77%) [2] - TAL Education's stock decreased by 0.21 (-1.20%) [2] - Miniso's stock increased by 1.24 (+2.61%) [2] - iQIYI's stock decreased by 0.05 (-0.48%) [3] - JD.com's stock increased by 0.39 (+3.92%) [3] Company Comparisons - New Oriental's market cap is significantly higher than that of TAL Education, which is about 60% of New Oriental's value [2] - Miniso's market cap is approximately 67% of TAL Education's market cap [2] - iQIYI's market cap is lower than that of Miniso, indicating a weaker market position [3] Industry Insights - The overall market performance shows a mixed trend with some companies experiencing gains while others face declines [2][3] - The education sector, represented by New Oriental and TAL Education, shows volatility with both companies experiencing stock price fluctuations [2] - E-commerce and entertainment sectors, represented by Miniso and iQIYI, also reflect varying market sentiments [2][3]

Market Capitalization Summary - The market capitalizations of various companies are listed, with notable figures including 136.20 billion for a leading company and 88.05 billion for another significant player [2] - Companies like MINISO and VIPSHOP have market caps of 76.81 billion and 75.61 billion respectively, indicating strong positions in the market [2] - TAL Education and other firms show varying market caps, with TAL at 66.64 billion and others like Zai Auto and Huya at 35.18 billion and 29.68 billion respectively [2] Stock Performance Overview - Stock price changes are noted, with MINISO showing a slight increase of +0.07 (+0.41%) and VIPSHOP increasing by +0.24 (+1.70%) [2] - TAL Education's stock rose by +1.03 (+2.43%), while other companies like Dada and Yatsen experienced minor fluctuations [2] - Companies such as Lexin and Huya saw declines, with Lexin down by -0.49 (-5.71%) and Huya down by -0.19 (-4.24%) [2] Company Specific Insights - MINISO and VIPSHOP are highlighted as strong competitors in the retail sector, with significant market caps and positive stock performance [2] - TAL Education continues to show resilience with a notable market cap and stock price increase, reflecting investor confidence [2] - Companies like Dada and Yatsen are also mentioned, indicating a diverse range of players in the market with varying performance metrics [2]

Group 1 - The article suggests that there are opportunities in undervalued stocks that are mispriced by the market as of May [1] - It emphasizes the importance of conducting personal research or consulting a financial advisor before making investment decisions [3] - The content is intended for informational purposes only and does not constitute a solicitation to buy or sell securities [3]

Preliminary Information [Frequently Used Terms](index=4&type=section&id=Frequently%20Used%20Terms) Defines key terms and acronyms like "DOE Loan" and "Pilot Infrastructure Agreement" used in the report - Key defined terms include the **"DOE Loan,"** a loan guarantee from the U.S. Department of Energy, and the **"Pilot Infrastructure Agreement,"** a significant partnership with Pilot Travel Centers and GM to build up to **2,000 DC fast charger stalls**[24](index=24&type=chunk)[36](index=36&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) Cautions investors on forward-looking statements, highlighting risks such as EV adoption dependence and reliance on the DOE Loan - The company highlights several key risks that could cause actual results to differ from forward-looking statements, including: - Dependence on widespread EV adoption - Reliance on the DOE Loan for business growth and the ability to comply with its covenants - Competition from existing and new players in the EV charging market - Supply chain disruptions and inflationary pressures[49](index=49&type=chunk) PART I. FINANCIAL INFORMATION [Financial Statements](index=9&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for Q1 2025, showing revenue growth and changes in assets and liabilities [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Details the company's financial position, showing an increase in total assets to **$856.0 million** and liabilities to **$433.1 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $150,008 | $117,273 | | Total current assets | $251,278 | $205,375 | | Property, equipment and software, net | $413,869 | $414,968 | | Total assets | $855,981 | $803,761 | | Total current liabilities | $110,897 | $111,410 | | Long-term debt | $76,296 | $— | | Total liabilities | $433,107 | $360,030 | | Total stockholders' deficit | $(36,774) | $(256,109) | [Condensed Consolidated Statements of Operations](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Reports Q1 2025 financial performance, with total revenue of **$75.3 million** and a net loss of **$26.2 million** Q1 2025 vs. Q1 2024 Statement of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $75,287 | $55,158 | | Gross profit | $9,323 | $6,841 | | Operating loss | $(33,400) | $(32,370) | | Net loss | $(26,227) | $(28,193) | | Net loss per share | $(0.09) | $(0.09) | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash movements for Q1 2025, showing a net increase in cash of **$50.1 million** driven by financing activities Q1 2025 vs. Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(10,246) | $(14,082) | | Net cash used in investing activities | $(14,970) | $(21,023) | | Net cash provided by financing activities | $75,284 | $1,485 | | **Net increase (decrease) in cash** | **$50,068** | **$(33,620)** | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, significant customer concentrations, and the new DOE long-term debt facility - For Q1 2025, one customer represented **31.1%** of total revenue. As of March 31, 2025, one customer comprised **23.7%** of total net accounts receivable[91](index=91&type=chunk) - On December 12, 2024, a subsidiary entered into a loan guarantee agreement with the U.S. Department of Energy (DOE). As of March 31, 2025, the outstanding balance was **$76.3 million**, with **$979.1 million** of principal remaining available to borrow[119](index=119&type=chunk) - Under the GM Agreement, EVgo is required to install **2,850 charger stalls** by June 30, 2028. As of March 31, 2025, the company had **28 stalls** remaining to meet its quarterly installation milestone but expects to meet the cumulative milestone by year-end 2025[130](index=130&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, highlighting revenue growth, key performance indicators, and liquidity position [Results of Operations](index=43&type=section&id=Results%20of%20Operations) Details Q1 2025 operational results, showing a **36%** revenue increase to **$75.3 million** and an improved net loss Revenue by Stream - Q1 2025 vs. Q1 2024 (in thousands) | Revenue Stream | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Charging, retail | $30,015 | $18,326 | 64% | | Charging, commercial | $7,783 | $5,107 | 52% | | Charging, OEM | $5,258 | $2,732 | 92% | | eXtend | $23,488 | $19,151 | 23% | | **Total revenue** | **$75,287** | **$55,158** | **36%** | - The increase in retail charging revenue was primarily due to higher throughput volume from more customers and increased usage per customer[219](index=219&type=chunk) - General and administrative expenses increased **13%** to **$38.6 million**, driven by higher payroll costs from increased headcount and a rise in professional and legal fees[230](index=230&type=chunk) [Key Performance Indicators](index=39&type=section&id=Key%20Performance%20Indicators) Presents key operational metrics, including a significant increase in network throughput and DC stalls in operation Key Performance Indicators | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Network throughput on the EVgo Public Network (GWh) | 83 | 52 | | Number of DC Stalls on the EVgo Public Network (in thousands) | 3.5 | 3.0 | [Non-GAAP Financial Measures](index=46&type=section&id=Non-GAAP%20Financial%20Measures) Discusses non-GAAP financial measures, including Adjusted EBITDA of **$(5.9) million** and reduced capital expenditures Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP net loss | $(26,227) | $(28,193) | | EBITDA | $(7,263) | $(15,109) | | **Adjusted EBITDA** | **$(5,929)** | **$(7,207)** | Capital Expenditures, Net of Capital Offsets (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP capital expenditures | $14,992 | $21,071 | | Less capital offsets | $6,846 | $7,506 | | **Capital Expenditures, Net of Capital Offsets** | **$8,146** | **$13,565** | [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's liquidity, highlighting **$170.6 million** in cash and the available DOE Loan facility - The company's cash, cash equivalents, and restricted cash increased to **$170.6 million** as of March 31, 2025, from **$120.5 million** at the end of 2024[252](index=252&type=chunk) - The DOE Loan is a senior secured loan facility of up to **$1.248 billion**, consisting of **$1.05 billion** of principal and up to **$193 million** of capitalized interest. As of March 31, 2025, **$979.1 million** of principal was still available to borrow[254](index=254&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exempt from this disclosure requirement as a Smaller Reporting Company (SRC) - The company is exempt from this disclosure requirement because it qualifies as a **Smaller Reporting Company (SRC)**[279](index=279&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were ineffective due to a material weakness in information and communication processes - Management concluded that disclosure controls and procedures were **not effective** as of March 31, 2025[283](index=283&type=chunk) - The ineffectiveness is due to a **material weakness** related to an ineffective information and communication process, which impacted the design and operation of process-level controls and general IT controls[288](index=288&type=chunk) - Despite the material weakness, management believes the financial statements in the report are fairly presented in all material respects[284](index=284&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - EVgo is not currently involved in any **material legal proceedings**[291](index=291&type=chunk) [Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) Reports no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024[292](index=292&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) Discloses the termination of a Rule 10b5-1 trading plan by President Dennis Kish on March 13, 2025 - On March 13, 2025, President Dennis Kish terminated a **10b5-1 trading plan** that he had adopted on March 22, 2024[296](index=296&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) Provides an index of exhibits filed with the Form 10-Q, including certifications and XBRL data files

Financial Data and Key Metrics Changes - EVgo reported a total revenue growth of 36% year over year, reaching $75 million in Q1 2025, with a near tenfold growth over three years [6][29] - Adjusted EBITDA improved to negative $5.9 million, a $1.3 million improvement from negative $7.2 million in Q1 2024 [31] - The company ended the quarter with $171 million in cash, cash equivalents, and restricted cash [7] Business Line Data and Key Metrics Changes - Public network throughput per stall increased by 36% year over year, with overall public network throughput growing by 60% [6][29] - Charging Network revenues grew by 49% year over year to $47.1 million, while Xtend revenues increased by 23% to $23.5 million [29][30] - Charging Network gross margin was 37.1%, down 370 basis points from the prior year, but adjusted gross margin improved to 33.7% [30][31] Market Data and Key Metrics Changes - Non-Tesla EV sales grew over 35% compared to Q1 last year, indicating a strong market for EVs beyond Tesla [11] - The nationwide growth of DC fast charging stations has been flat for the past seven quarters, with a 16% decline in Q1 [13] - Tesla's share of new fast charging has declined from around 70% in 2022 to less than 20% in the most recent quarter [13] Company Strategy and Development Direction - EVgo aims to triple its installed base over the next five years, supported by a $1.25 billion loan guarantee from the Department of Energy [8][23] - The company is focused on improving customer experience, operational efficiencies, and capturing high-value customers [17][21] - EVgo plans to launch 400 new flagship stores in partnership with GM, featuring ultrafast chargers and enhanced customer amenities [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA breakeven in 2025, despite potential impacts from tariffs [8][34] - The company anticipates a growing supply-demand imbalance in the fast charging market, which should drive continued growth in throughput and utilization [15][17] - Management noted that the impact of tariffs on EVgo is expected to be minimal, with only about 25% of total CapEx costs subject to tariffs [9][10] Other Important Information - EVgo's operational installed base has grown by 2.5 times over the last three years, while revenues have increased over 12 times [27] - The company is exploring additional non-dilutive financing opportunities to fund growth beyond the DOE loan [26] - EVgo's dynamic pricing strategy aims to maximize margins and improve utilization during peak hours [90] Q&A Session Summary Question: Guidance for the rest of the year regarding energy costs and ASPs - Management confirmed that guidance remains unchanged, with expectations for higher energy costs in Q3 and stable ASPs [38][40] Question: Strategy for capturing the autonomous vehicle market - EVgo has doubled the number of dedicated stalls for autonomous vehicles and estimates a 20% market share in that segment [44][46] Question: Update on private financing options - Management is in discussions for additional financing to accelerate growth, particularly for stores not eligible for DOE funding [53][56] Question: Impact of potential changes to EV incentives - Management believes the supply-demand picture remains attractive even with potential changes to federal incentives, with a focus on kilowatt hour sales [62][65] Question: Progress on Tesla connectors - EVgo is in the technology validation phase for Tesla connectors and expects to retrofit around 100 to 150 stations this year [100][104] Question: Shape of Xtend revenue growth - Xtend revenue is expected to be broadly flat compared to last year, with a slight decline in the second half [106][107]

Financial Data and Key Metrics Changes - EVgo reported a total revenue growth of 36% year over year, reaching $75 million in Q1 2025, with a near tenfold growth over three years [5][28] - Adjusted EBITDA improved to negative $5.9 million, a $1.3 million improvement from negative $7.2 million in Q1 2024 [30] - The company ended the quarter with $171 million in cash, cash equivalents, and restricted cash [6] Business Line Data and Key Metrics Changes - Charging network revenues grew by 49% year over year to $47.1 million, while Xtend revenues increased by 23% to $23.5 million [28][30] - Public network throughput per stall increased by 36% year over year, with total public network throughput growing by 60% compared to last year [5][27] Market Data and Key Metrics Changes - Non-Tesla EV sales grew over 35% compared to Q1 last year, indicating a broader market acceptance of electric vehicles [10] - The nationwide growth of DC fast charging stations has been flat for the past seven quarters, with a 16% decline in Q1 from the prior quarter [12] Company Strategy and Development Direction - EVgo aims to triple its installed base over the next five years, supported by a $1.25 billion loan guarantee from the Department of Energy [6][22] - The company is focusing on improving customer experience, operational efficiencies, and capturing high-value customers, with 55% of throughput coming from rideshare and OEM charging credits [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA breakeven in 2025, despite potential impacts from tariffs [6][33] - The company anticipates a growing supply-demand imbalance in the fast charging market, which is expected to drive ongoing growth in throughput and utilization [14][15] Other Important Information - EVgo is not heavily reliant on new EV sales for revenue, estimating less than 10% of 2025 revenue to come from new EV purchases [10] - The company is exploring additional non-dilutive financing opportunities to fund growth beyond the DOE loan [22][24] Q&A Session Summary Question: Guidance for the rest of the year regarding energy costs and ASPs - Management reiterated that guidance remains unchanged, with Q3 expected to be the weakest due to higher energy costs [39][41] Question: Strategy for capturing the autonomous vehicle market - EVgo has more than doubled the number of dedicated stalls for autonomous vehicles and estimates a 20% market share in that segment [45][46] Question: Update on financing options and timing - Management is in discussions for additional financing to accelerate growth, with potential execution expected within the year [54][56] Question: Impact of potential changes to federal incentives on rollout strategy - EVgo's network plan is flexible and can adapt to changes in state incentives, with a focus on high-utilization markets [65][66] Question: Progress on Tesla connectors and customer acquisition - EVgo is in the testing phase for Tesla connectors and expects to roll out retrofits throughout the year, aiming to capture Tesla drivers [100][102] Question: Shape of Xtend revenue growth - Xtend revenue is expected to be broadly flat compared to last year, with a slight decrease in the second half [105]

Q1 2025 Performance Highlights - EVgo's network throughput reached 83 GWh, a 60% increase compared to Q1 2024[11] - EVgo's revenue totaled $75 million, a 36% increase compared to Q1 2024[11] - EVgo operated 4,240 stalls, a 32% increase with 180 new stalls added[11] Tariff Impact and Capex Efficiencies - The estimated tariff impact on EVgo's 2025 capex spend is $4 million to $5 million[14] - EVgo anticipates $10 million in capex efficiencies, offsetting the tariff impact in 2025[14] - 75% of capex per stall has no exposure to tariffs[13] Market Dynamics - US non-Tesla EV sales grew 36% year-over-year in Q1 2025[15] - EVgo gained market share due to flat DCFC supply growth for 7 quarters[16] Financial Outlook - EVgo projects revenue between $340 million and $380 million for 2025[74] - EVgo anticipates adjusted EBITDA between negative $5 million and positive $10 million for 2025[74]