EVgo (US:EVGO)2025-11-10 21:16Financial Performance - Total revenue for the three months ended September 30, 2025, was $92.3 million, a 36.7% increase from $67.5 million in the same period of 2024[81] - Gross profit for the three months ended September 30, 2025, was $12.6 million, compared to $6.4 million in the same period of 2024, representing a 97.5% increase[81] - Net loss attributable to Class A common stockholders for the three months ended September 30, 2025, was $12.4 million, slightly higher than the $11.7 million loss in the same period of 2024[81] - Total revenue for the nine months ended September 30, 2025, was $265.6 million, a 40% increase from $189.3 million in the same period of 2024[272] - Gross profit for the nine months ended September 30, 2025, was $35.8 million, representing an 83% increase from $19.6 million in 2024[272] - Operating loss for the nine months ended September 30, 2025, was $98.3 million, slightly higher than the $96.5 million loss in 2024[272] - The gross margin improved to 13.5% in 2025 from 10.4% in 2024[272] Cash and Assets - Cash and cash equivalents increased to $181.3 million as of September 30, 2025, up from $117.3 million as of December 31, 2024, reflecting a 54.6% increase[76] - Total assets reached $931.8 million as of September 30, 2025, compared to $803.8 million as of December 31, 2024, marking a 15.9% increase[79] - The total cash, cash equivalents, and restricted cash at the end of the period was $201.134 million, compared to $153.406 million at the end of September 30, 2024, marking a 30.9% increase[97] Liabilities and Deficits - Total liabilities increased to $542.6 million as of September 30, 2025, up from $360.0 million as of December 31, 2024, representing a 50.7% increase[79] - The accumulated deficit increased to $428.1 million as of September 30, 2025, from $256.1 million as of December 31, 2024[79] - The company’s total stockholders' deficit was $428.1 million as of September 30, 2025, compared to $256.1 million as of December 31, 2024[79] Operational Metrics - The company reported a total charging network revenue of $55.8 million for the three months ended September 30, 2025, an increase of 32.9% from $42.0 million in the same period of 2024[81] - Network throughput on the EVgo Public Network increased to 95 GWh for the three months ended September 30, 2025, up from 76 GWh in the same period in 2024, representing a 25% growth[228] - The number of DC stalls on the EVgo Public Network increased to 3.6 thousand as of September 30, 2025, compared to 3.3 thousand in 2024, indicating a 9.1% increase[228] Expenses - General and administrative expenses for the three months ended September 30, 2025, were $43.4 million, an increase from $33.1 million in 2024[121] - Share-based compensation increased to $19.558 million for the nine months ended September 30, 2025, up from $15.473 million in 2024, reflecting a 26.8% increase[94] - Charging network cost of sales increased by $8.5 million, or 31%, to $36.1 million, driven by higher energy costs and increased maintenance activities[257] Customer and Vendor Concentration - As of September 30, 2025, one customer accounted for 31.5% of the total net accounts receivable, while for the three months ended September 30, 2025, one customer represented 34.3% of total revenue[112] - Two vendors provided 89.1% of EVgo's total charging equipment for the three months ended September 30, 2025, and 91.8% for the nine months ended September 30, 2025[114] Debt and Financing - The Company raised $153.536 million from long-term debt during the nine months ended September 30, 2025, with additional capital-build funding of $14.095 million[94] - Long-term debt as of September 30, 2025, was $157.297 million, with payments due in 2026 amounting to $1.984 million[145] - The Company entered into a Credit Agreement providing for a term facility of up to $300 million, with a $225 million committed term loan facility maturing on July 23, 2030[148] Market and Industry Trends - The electrification of fleets is a key growth area, with competition from fleet customers who may opt to install their own charging equipment[231] - The EV charging industry is becoming increasingly competitive, with factors such as charger count, locations, and customer experience influencing market share[232] - Government incentives for EVs and charging stations significantly lower effective prices, but potential reductions in these incentives could adversely impact market growth[237] Future Expectations - The Company expects to recognize $84.6 million in deferred revenue over the next several years, with $36.0 million expected to be recognized by 2029[131] - The Company has estimated operating lease commitments of $39.2 million for leases not yet possessed as of September 30, 2025[135]