EVgo (EVGO) - 2025 Q1 - Quarterly Results

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]