I am initiating coverage on EVgo, Inc. (NASDAQ: EVGO ) with a "Buy" rating and an investment horizon of 24 months. I believe that EVgo is among the bestAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any ...

ESG Investment Opportunities in 2025 - Sustainable investing faces mixed signals, but select stocks are well-positioned to benefit from ESG catalysts despite broader sustainable funds underperforming in 2024 [1] - JPMorgan analysts highlight macro tailwinds and evolving sustainable investing trends as key drivers for these stocks [1] Electric Vehicles & Charging Networks - EVgo Inc (EVGO) is poised to capitalize on the ongoing EV boom, with its charging network expected to see increased traffic and revenue growth due to rising EV adoption [2] - Supportive government policies and an expanding customer base position EVgo for solid growth in 2025 [2] - JPMorgan analysts are bullish on EVgo, expecting it to be a top ESG pick as the EV sector gains momentum [3] Green Energy & Hydrogen - Plug Power Inc (PLUG) is strategically positioned in the clean energy sector, with a focus on hydrogen fuel cells [4] - The anticipated finalization of the IRA 45V production tax credit guidance in 2025 could unlock stalled projects, particularly electrolyzers, driving higher revenue growth [4] - JPMorgan analysts view Plug Power as an exciting ESG pick due to its green energy solutions and potential tax incentives [5] Building Materials & Green Construction - TopBuild Corp (BLD) is set to benefit from new HUD regulations in 2025 requiring stricter energy efficiency standards for homes [6] - As a distributor and installer of insulation, TopBuild is well-positioned to capitalize on the rising demand for sustainable construction [6] - JPMorgan analysts note TopBuild's exposure to green building trends offers solid long-term growth potential [7] Recycled Materials & Eco-Friendly Products - The AZEK Co Inc (AZEK) is focusing on sustainability by increasing the use of recycled PVC and PE materials in its products [8] - With green building trends on the rise, AZEK's commitment to eco-friendly construction materials positions it to gain market share in 2025 and beyond [8] - JPMorgan highlights AZEK as a solid choice for investors seeking exposure to green building solutions [9] Green Hydrogen Projects - Air Products & Chemicals Inc (APD) is involved in high-profile green hydrogen initiatives, including the NEOM project in Saudi Arabia and a blue hydrogen facility in Louisiana [10] - With demand for clean hydrogen expected to surge, APD's ability to scale projects and secure long-term contracts could drive substantial earnings growth [10] - JPMorgan analysts believe APD is poised for strong long-term performance in the ESG space despite potential short-term volatility [11] ESG Catalysts in 2025 - Several key stocks are primed to benefit from macro trends in 2025, including EV charging networks, green hydrogen, and eco-friendly construction [12] - JPMorgan analysts believe ESG-focused investors have much to look forward to as performance continues to drive these sectors forward [12]

The end of the year, a typically bullish period for the S&P 500 Index (SPX), is quickly approaching. And with President-elect Donald Trump making his cabinet picks, this is shaping up to be an interesting start to the new year. With this in mind, we're taking a look at electric vehicles (EV), a sector that's being closely monitored given Trump's plans for harsh tariffs on China and his close ties with Tesla (TSLA) CEO Elon Musk.Rivian Automotive Inc (NASDAQ:RIVN) is making big moves today, last seen 13.9% h ...

The electric vehicle charging stock could skyrocket if this happens.After falling steadily for some weeks, EVgo (EVGO 1.76%) rebounded sharply this week, surging 27% at its highest point in trading through 2 p.m. ET Friday, according to data provided by S&P Global Market Intelligence.Investors might be worried about the fate of EVs under the Trump administration, but at least one analyst believes EVgo could soon get big funding that should propel the electric vehicle (EV) charging stock.The biggest reason w ...

The looming threat of the removal of the clean energy tax credit has rattled some, but JPMorgan analyst Bill Peterson says EVgo Inc. EVGO is set up for success."EVGO sees improving affordability of a larger variety of vehicles as being the primary driver of mass EV adoption," Peterson says, adding, "new EV sales would need to decline by 40% to impact the company's trajectory, which is unlikely to happen."Even if the credit is removed, Peterson forecasts that "16% US [battery electric vehicle] penetration by ...

Shares of electric vehicle stocks started off on the right foot this week after reports emerged that President Trump's administration will look to lessen regulatory burdens for autonomous driving. It's not clear exactly what that means, and Elon Musk's involvement is a point of interest here, but the market reacted positively, at least for a while.Lucid (LCID 6.47%) stock jumped as much as 9.5% in early trading, while Rivian's (RIVN 0.10%) shares were up 6.6%, and EVgo (EVGO 6.13%) jumped 15.8% near the ope ...

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]

Nasdaq: EVGO – investors.evgo.com Q3 2024 Earnings Call November 12, 2024 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," "assu ...