EVgo (EVGO) - 2025 Q2 - Quarterly Results

Executive Summary This section provides an overview of EVgo's record second quarter 2025 performance, key strategic achievements, and CEO commentary on future growth and profitability Second Quarter 2025 Performance Overview EVgo Inc. achieved a record Q2 2025, driven by strong operational performance and improved efficiencies - EVgo secured a $225 million oversubscribed 5-year commercial bank loan facility in July, with an option to increase up to $300 million, marking a first-of-its-kind transaction in the sector[4][5] Q2 2025 Key Performance Indicators | Metric | Q2 2025 | Year-over-Year Change | | :------------------------- | :------ | :-------------------- | | Total Revenue | $98.0 million | +47% | | Charging Network Revenue | $51.8 million | +46% | | Network Throughput | 88 GWh | +35% | | New Operational Stalls | >240 | N/A | | Total Stalls in Operation | 4,350 | N/A | CEO Commentary CEO Badar Khan highlighted record operational performance and strategic financing, focusing on profitability and Adjusted EBITDA breakeven - CEO Badar Khan emphasized strong operational performance, improved operating efficiencies, and focused execution on financial initiatives as drivers for the record quarter[2] - The groundbreaking financing transaction is expected to accelerate stall growth and solidify EVgo's industry leadership for long-term success[2] - The company's focus for the second half of the year includes improving profitability, investing in future growth, delivering customer value, and moving closer to achieving Adjusted EBITDA breakeven for the full year[2] Business and Operational Highlights This section details EVgo's strategic initiatives, network expansion efforts, and improvements in network performance and customer engagement Strategic Initiatives and Network Expansion EVgo secured significant commercial bank financing to accelerate its nationwide high-power charging infrastructure deployment and continued network expansion - EVgo secured a commercial bank financing facility of up to $300 million ($225 million committed) to accelerate the deployment of over 1,500 new fast charging stalls nationwide[5] - The company added over 240 new DC fast charging stalls and removed 100 legacy stalls as part of its EVgo ReNew™ efforts during Q2 2025[5] Stalls in Operation (June 30, 2025 vs. June 30, 2024) | Category | 6/30/2025 | 6/30/2024 | Increase | | :----------------------- | :-------- | :-------- | :------- | | EVgo public network | 3,480 | 3,190 | 9% | | EVgo dedicated network | 110 | 40 | 175% | | EVgo eXtend™ | 760 | 190 | 300% | | Total stalls in operation | 4,350 | 3,420 | 27% | - A second pilot site with native J3400 (NACS) connectors became operational in June 2025, with more locations planned throughout the year[10] Network Performance and Customer Growth EVgo's network demonstrated improved utilization with increased average daily throughput per stall and significant customer engagement growth - Average daily throughput per stall for the EVgo public network increased by 22% year-over-year to 281 kilowatt hours per day in Q2 2025[10] - Autocharge+ accounted for 28% of total charging sessions initiated in Q2 2025, indicating strong customer adoption[10] - EVgo added over 122,000 new customer accounts in Q2 2025, bringing the total to 1.5 million customer accounts by quarter-end[10] - PlugShare, EVgo's charging station locator app, reached 6.9 million registered users and 9.7 million check-ins since inception[10] Financial Highlights This section presents EVgo's summary financial performance for Q2 2025, including balance sheet, statements of operations, and cash flow analysis Summary Financial Performance (Q2'25 vs Q2'24) EVgo reported significant financial improvements in Q2 2025, including substantial revenue and gross profit growth, and a notable reduction in Adjusted EBITDA loss Q2 2025 vs Q2 2024 Financial & Operational Summary | Metric | Q2'25 ($K) | Q2'24 ($K) | Change (%) | Q2'25 YTD ($K) | Q2'24 YTD ($K) | Change (%) | | :---------------------- | :--------- | :--------- | :--------- | :------------- | :------------- | :--------- | | Network Throughput (GWh)| 88 | 65 | 35% | 172 | 117 | 47% | | Revenue | 98,030 | 66,619 | 47% | 173,317 | 121,777 | 42% | | Gross profit | 13,908 | 6,398 | 117% | 23,231 | 13,239 | 75% | | Gross margin | 14.2% | 9.6% | 460 bps | 13.4% | 10.9% | 250 bps | | Net loss | (29,821) | (29,610) | (1)% | (56,048) | (57,803) | 3% | | Adjusted Gross Profit | 28,359 | 17,658 | 61% | 53,729 | 34,945 | 54% | | Adjusted Gross Margin | 28.9% | 26.5% | 240 bps | 31.0% | 28.7% | 230 bps | | Adjusted EBITDA | (1,933) | (7,982) | 76% | (7,862) | (15,189) | 48% | Balance Sheet Overview As of June 30, 2025, EVgo's balance sheet shows increased total assets, driven by cash and property, and higher total liabilities due to new long-term debt Key Balance Sheet Items (June 30, 2025 vs. December 31, 2024) | Item (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $154,468 | $117,273 | | Total current assets | $252,378 | $205,375 | | Property, equipment and software, net | $415,714 | $414,968 | | Total assets | $864,657 | $803,761 | | Total current liabilities | $118,151 | $111,410 | | Long-term debt | $96,540 | $— | | Total liabilities | $464,077 | $360,030 | | Total stockholders' deficit | $(230,140) | $(256,109) | Statements of Operations EVgo's Q2 2025 statements of operations reflect strong revenue growth across all charging categories and significantly improved gross profit Q2 2025 vs Q2 2024 Revenue Breakdown (in thousands) | Revenue Category | Q2 2025 | Q2 2024 | Change % | | :-------------------- | :------ | :------ | :------- | | Charging, retail | $32,779 | $22,336 | 47% | | Charging, commercial | $8,573 | $6,176 | 39% | | Charging, OEM | $7,908 | $3,638 | 117% | | Regulatory credit sales | $2,450 | $1,749 | 40% | | Network, OEM | $118 | $1,627 | (93)% | | Total charging network | $51,828 | $35,526 | 46% | | eXtend | $37,385 | $27,667 | 35% | | Ancillary | $8,817 | $3,426 | 157% | | Total revenue | $98,030 | $66,619 | 47% | Q2 2025 vs Q2 2024 Profitability (in thousands) | Metric | Q2 2025 | Q2 2024 | Change % | | :-------------------------------------- | :--------- | :--------- | :------- | | Gross profit | $13,908 | $6,398 | 117% | | Operating loss | $(30,812) | $(32,387) | 5% | | Net loss | $(29,821) | $(29,610) | (1)% | | Net loss attributable to Class A common stockholders | $(12,998) | $(10,377) | (25)% | Statements of Cash Flows For the six months ended June 30, 2025, EVgo generated positive net cash from operating activities, a significant improvement from the prior year Six Months Ended June 30, 2025 vs 2024 Cash Flows (in thousands) | Cash Flow Activity | 2025 | 2024 | Change % | | :---------------------------------- | :--------- | :--------- | :------- | | Net cash provided by (used in) operating activities | $3,843 | $(6,526) | 159% | | Net cash used in investing activities | $(41,167) | $(45,115) | 9% | | Net cash provided by financing activities | $100,189 | $5,231 | 1815% | | Net increase (decrease) in cash, cash equivalents and restricted cash | $62,865 | $(46,410) | N/A | | Cash, cash equivalents and restricted cash, end of period | $183,377 | $162,736 | 13% | - Proceeds from long-term debt contributed $94.18 million to financing activities in the first six months of 2025[25] 2025 Financial Guidance This section outlines EVgo's updated financial projections for the full year 2025, including revenue and Adjusted EBITDA targets Updated 2025 Financial Guidance EVgo updated its financial guidance for the full year 2025, projecting increased total revenue and a significantly improved Adjusted EBITDA range Updated 2025 Financial Guidance | Metric | Guidance Range | | :-------------- | :------------------- | | Total revenue | $350 – $380 million | | Adjusted EBITDA | $(5) million – $10 million | Company Information This section provides background on EVgo, webcast details, and important disclaimers regarding forward-looking statements About EVgo EVgo is a leading public fast charging provider in the U.S., operating over 1,100 fast charging stations across more than 40 states - EVgo is one of the nation's leading public fast charging providers with over 1,100 fast charging stations across more than 40 states[15] - The company strategically deploys charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, and vehicle operators[15] - EVgo's Innovation Lab conducts extensive interoperability testing and technical collaborations with automakers and industry partners to enhance the EV charging experience[15][17] Webcast Information Details for accessing the live audio webcast of EVgo's second quarter 2025 results, including investor materials and non-GAAP reconciliations - A live audio webcast for EVgo's Q2 2025 results was held on August 5, 2025, at 8 a.m. ET / 5 a.m. PT[14] - The webcast and related investor materials, including a slide presentation and non-GAAP reconciliations, are available at investors.evgo.com[14] Forward-Looking Statements This section contains a standard disclaimer regarding forward-looking statements, outlining inherent risks and uncertainties that could cause actual results to differ materially - The press release contains forward-looking statements subject to numerous assumptions, risks, and uncertainties that could cause actual results to differ materially[18] - Key risks include dependence on EV adoption, reliance on financing, competition, ability to expand, fluctuations in operating results, market conditions, regulatory changes, supply chain disruptions, and geopolitical events[18][19] - Readers are cautioned against undue reliance on these statements, and the company disclaims any obligation to update them, except as required by law[18][19] Non-GAAP Financial Measures This section defines and reconciles EVgo's non-GAAP financial measures to their most comparable GAAP equivalents, offering additional insights into performance Use and Definitions of Non-GAAP Measures EVgo utilizes various non-GAAP financial measures to supplement GAAP information, providing meaningful insights into recurring core business operations - EVgo uses non-GAAP financial measures to supplement GAAP information, providing meaningful supplemental information by excluding items not indicative of recurring core business results[26] - These measures are used for financial and operational decision-making, evaluating historical performance, and are considered useful for investors and analysts to understand the company's business health[26][27] - Definitions are provided for measures such as Charging Network Gross Profit, Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets, emphasizing their role in evaluating performance and planning[28][30] Reconciliations of Non-GAAP Measures This section provides detailed reconciliations of EVgo's non-GAAP financial measures to their most directly comparable GAAP measures EBITDA and Adjusted EBITDA Reconciliation EBITDA and Adjusted EBITDA Reconciliation (in thousands) | Metric | Q2'25 | Q2'24 | Change (%) | Q2'25 YTD | Q2'24 YTD | Change (%) | | :---------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | GAAP net loss | $(29,821) | $(29,610) | (1)% | $(56,048) | $(57,803) | 3% | | EBITDA | $(12,161) | $(15,510) | 22% | $(19,424) | $(30,619) | 37% | | EBITDA Margin | (12.4%) | (23.3%) | 1,090 bps | (11.2)% | (25.1)% | 1,390 bps | | Adjusted EBITDA | $(1,933) | $(7,982) | 76% | $(7,862) | $(15,189) | 48% | | Adjusted EBITDA Margin | (2.0%) | (12.0%) | 1,000 bps | (4.5)% | (12.5%) | 800 bps | Charging Network Gross Profit and Margin Reconciliation Charging Network Gross Profit and Margin Reconciliation (in thousands) | Metric | Q2'25 | Q2'24 | Change (%) | Q2'25 YTD | Q2'24 YTD | Change (%) | | :------------------------------ | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | GAAP total charging network revenue | $51,828 | $35,526 | 46% | $98,926 | $67,148 | 47% | | GAAP charging network cost of sales | $32,545 | $23,056 | 41% | $62,154 | $41,766 | 49% | | Charging Network Gross Profit | $19,283 | $12,470 | 55% | $36,772 | $25,382 | 45% | | Charging Network Gross Margin | 37.2% | 35.1% | 210 bps | 37.2% | 37.8% | (60) bps | Adjusted Cost of Sales and Gross Profit Reconciliation Adjusted Cost of Sales and Gross Profit Reconciliation (in thousands) | Metric | Q2'25 | Q2'24 | Change (%) | Q2'25 YTD | Q2'24 YTD | Change (%) | | :-------------------------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | GAAP revenue | $98,030 | $66,619 | 47% | $173,317 | $121,777 | 42% | | GAAP cost of sales | $84,122 | $60,221 | 40% | $150,086 | $108,538 | 38% | | GAAP gross profit | $13,908 | $6,398 | 117% | $23,231 | $13,239 | 75% | | Adjusted Cost of Sales | $69,671 | $48,961 | 42% | $119,588 | $86,832 | 38% | | Adjusted Cost of Sales as a Percentage of Revenue | 71.1% | 73.5% | (240) bps | 69.0% | 71.3% | (230) bps | | Adjusted Gross Profit | $28,359 | $17,658 | 61% | $53,729 | $34,945 | 54% | | Adjusted Gross Margin | 28.9% | 26.5% | 240 bps | 31.0% | 28.7% | 230 bps | Adjusted General and Administrative Expenses Reconciliation Adjusted General and Administrative Expenses Reconciliation (in thousands) | Metric | Q2'25 | Q2'24 | Change (%) | Q2'25 YTD | Q2'24 YTD | Change (%) | | :-------------------------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | GAAP general and administrative expenses | $40,596 | $33,827 | 20% | $79,224 | $68,053 | 16% | | GAAP general and administrative expenses as a percentage of revenue | 41.4% | 50.8% | (940) bps | 45.7% | 55.9% | (1,020) bps | | Adjusted General and Administrative Expenses | $30,297 | $25,632 | 18% | $61,591 | $50,122 | 23% | | Adjusted General and Administrative Expenses as a Percentage of Revenue | 30.9% | 38.5% | (760) bps | 35.5% | 41.2% | (570) bps | Capital Expenditures, Net of Capital Offsets Reconciliation Capital Expenditures, Net of Capital Offsets Reconciliation (in thousands) | Metric | Q2'25 | Q2'24 | Change (%) | Q2'25 YTD | Q2'24 YTD | Change (%) | | :-------------------------------------- | :--------- | :--------- | :--------- | :--------- | :--------- | :--------- | | GAAP capital expenditures | $26,199 | $24,196 | 8% | $41,191 | $45,267 | (9)% | | Less capital offsets: | | | | | | | | OEM infrastructure payments | $1,898 | $5,956 | (68)% | $6,873 | $11,782 | (42)% | | Proceeds from capital-build funding | $7,180 | $4,459 | 61% | $9,051 | $6,139 | 47% | | Total capital offsets | $9,078 | $10,415 | (13)% | $15,924 | $17,921 | (11)% | | Capital Expenditures, Net of Capital Offsets | $17,121 | $13,781 | 24% | $25,267 | $27,346 | (8)% | Investor and Media Contacts This section provides essential contact information for investor relations and media inquiries Contact Information This section provides contact details for investor relations and media inquiries - For investor inquiries, contact investors@evgo.com[35] - For media inquiries, contact press@evgo.com[35]