EVgo (US:EVGO)2025-05-06 20:44Preliminary Information Frequently Used Terms 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 stalls2436 Cautionary Statement Regarding Forward-Looking Statements 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 pressures49 PART I. FINANCIAL INFORMATION Financial Statements Presents unaudited condensed consolidated financial statements for Q1 2025, showing revenue growth and changes in assets and liabilities Condensed Consolidated Balance Sheets 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 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 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 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 receivable91 - 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 borrow119 - 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 2025130 Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses Q1 2025 financial results, highlighting revenue growth, key performance indicators, and liquidity position Results of Operations 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 customer219 - 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 fees230 Key Performance Indicators 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 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 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 2024252 - 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 borrow254 Quantitative and Qualitative Disclosures About Market Risk 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 Controls and Procedures 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, 2025283 - 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 controls288 - Despite the material weakness, management believes the financial statements in the report are fairly presented in all material respects284 PART II. OTHER INFORMATION Legal Proceedings The company is not currently involved in any material legal proceedings - EVgo is not currently involved in any material legal proceedings291 Risk Factors 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, 2024292 Other Information 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, 2024296 Exhibits Provides an index of exhibits filed with the Form 10-Q, including certifications and XBRL data files