Financial Data and Key Metrics Changes - Revenue for Q2 2025 was £98 million, representing a 47% year-over-year increase, with growth across nearly all revenue categories [32][36] - Adjusted EBITDA was negative £1.9 million, showing a £6 million improvement compared to the previous year [34][38] - Total charging network revenues reached £51.8 million, a 46% year-over-year increase [33] - Adjusted gross profit increased to £28.4 million from £17.7 million in the previous year, with an adjusted gross margin of 28.9% [34] Business Line Data and Key Metrics Changes - Charging network gross margin in Q2 was 37.2%, up 210 basis points from the prior year [33] - Xtend revenues were £37.4 million, delivering growth of 35% [33] - Ancillary revenues surged to £8.8 million, up 157% year-over-year, primarily driven by the growth of the hubs business for autonomous vehicle companies [33] Market Data and Key Metrics Changes - The average throughput per public stall was 281 kilowatt-hours per stall per day in Q2, a 22% increase from the previous year [31] - Total public network utilization increased to 22%, up from 20% a year ago [31] - The number of stalls served by a 350-kilowatt charger rose to 57%, up from 41% a year ago [20] Company Strategy and Development Direction - The company aims to increase its ending 2029 public store guidance by approximately 3,500 stores to roughly 14,000 stores [7] - A significant reduction in net CapEx per stall for 2025 vintage stalls is expected, with a decrease of 28% from initial estimates [14] - The company is focused on improving customer experience, operational efficiencies, and securing additional non-dilutive financing to accelerate growth [18] Management's Comments on Operating Environment and Future Outlook - Management noted that demand growth for electric vehicles is outpacing supply growth, creating a favorable macro environment for the company [10] - The company expects to quintuple its annual store build schedule from 825 stores in 2025 to up to 5,000 by 2029, significantly differentiating itself from competitors [13][14] - Management expressed confidence in the resilience of cash flows generated by the ultrafast charging infrastructure being built across the U.S. [12] Other Important Information - The company closed a commercial bank facility for $225 million, with the ability to expand to $300 million, enabling accelerated expansion and diversification of funding sources [6][12] - The company is on track to have its next-generation charging architecture prototype deployed by the end of next year [21] - The company anticipates that by 2029, stalls will generate between £90,000 to £104,000 per year in revenue, with annual cash flow per stall in the range of £38,000 to £47,000 [28] Q&A Session Summary Question: Geographic trends driving capital offsets - Management indicated that capital offsets are strong across various states, including California, Florida, Ohio, Pennsylvania, and Washington, with state grants and utility incentives remaining robust [46] Question: Updates on the DOE loan - Management confirmed productive dialogue with the DOE, emphasizing that they are not reliant on a single source of financing and can leverage multiple funding sources [48][50] Question: Utilization rate and firmware update impact - Management acknowledged a faulty firmware update that affected utilization but noted improvements in July, with average throughput per store approaching 300 kilowatt-hours [52][54] Question: Next cable deployment strategy - Management expressed excitement about initial results from pilot sites and indicated plans to install 30 more cables in August, with a total of 100 planned for the year [58] Question: Build schedule and market share balance - Management explained that the increased build schedule is due to the commercial bank facility, lower CapEx per stall, and excess operational cash flow, while also considering the timeline for deployment [65] Question: Seasonality in utilization rates - Management confirmed that seasonality affects charge rates, with higher rates typically seen in summer months, and noted that throughput per stall is driven by both utilization and charge rates [70][72] Question: Strategy for capturing autonomous vehicle market share - Management highlighted ongoing efforts to build dedicated sites for autonomous vehicle partners and expressed optimism about the growth potential in this area [77][79]

Financial Data and Key Metrics Changes - EVgo reported a total revenue growth of 36% year over year, reaching $75 million in Q1 2025, with a near tenfold growth over three years [6][29] - Adjusted EBITDA improved to negative $5.9 million, a $1.3 million improvement from negative $7.2 million in Q1 2024 [31] - The company ended the quarter with $171 million in cash, cash equivalents, and restricted cash [7] Business Line Data and Key Metrics Changes - Public network throughput per stall increased by 36% year over year, with overall public network throughput growing by 60% [6][29] - Charging Network revenues grew by 49% year over year to $47.1 million, while Xtend revenues increased by 23% to $23.5 million [29][30] - Charging Network gross margin was 37.1%, down 370 basis points from the prior year, but adjusted gross margin improved to 33.7% [30][31] Market Data and Key Metrics Changes - Non-Tesla EV sales grew over 35% compared to Q1 last year, indicating a strong market for EVs beyond Tesla [11] - The nationwide growth of DC fast charging stations has been flat for the past seven quarters, with a 16% decline in Q1 [13] - Tesla's share of new fast charging has declined from around 70% in 2022 to less than 20% in the most recent quarter [13] Company Strategy and Development Direction - EVgo aims to triple its installed base over the next five years, supported by a $1.25 billion loan guarantee from the Department of Energy [8][23] - The company is focused on improving customer experience, operational efficiencies, and capturing high-value customers [17][21] - EVgo plans to launch 400 new flagship stores in partnership with GM, featuring ultrafast chargers and enhanced customer amenities [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA breakeven in 2025, despite potential impacts from tariffs [8][34] - The company anticipates a growing supply-demand imbalance in the fast charging market, which should drive continued growth in throughput and utilization [15][17] - Management noted that the impact of tariffs on EVgo is expected to be minimal, with only about 25% of total CapEx costs subject to tariffs [9][10] Other Important Information - EVgo's operational installed base has grown by 2.5 times over the last three years, while revenues have increased over 12 times [27] - The company is exploring additional non-dilutive financing opportunities to fund growth beyond the DOE loan [26] - EVgo's dynamic pricing strategy aims to maximize margins and improve utilization during peak hours [90] Q&A Session Summary Question: Guidance for the rest of the year regarding energy costs and ASPs - Management confirmed that guidance remains unchanged, with expectations for higher energy costs in Q3 and stable ASPs [38][40] Question: Strategy for capturing the autonomous vehicle market - EVgo has doubled the number of dedicated stalls for autonomous vehicles and estimates a 20% market share in that segment [44][46] Question: Update on private financing options - Management is in discussions for additional financing to accelerate growth, particularly for stores not eligible for DOE funding [53][56] Question: Impact of potential changes to EV incentives - Management believes the supply-demand picture remains attractive even with potential changes to federal incentives, with a focus on kilowatt hour sales [62][65] Question: Progress on Tesla connectors - EVgo is in the technology validation phase for Tesla connectors and expects to retrofit around 100 to 150 stations this year [100][104] Question: Shape of Xtend revenue growth - Xtend revenue is expected to be broadly flat compared to last year, with a slight decline in the second half [106][107]

Financial Data and Key Metrics Changes - EVgo reported a total revenue growth of 36% year over year, reaching $75 million in Q1 2025, with a near tenfold growth over three years [5][28] - Adjusted EBITDA improved to negative $5.9 million, a $1.3 million improvement from negative $7.2 million in Q1 2024 [30] - The company ended the quarter with $171 million in cash, cash equivalents, and restricted cash [6] Business Line Data and Key Metrics Changes - Charging network revenues grew by 49% year over year to $47.1 million, while Xtend revenues increased by 23% to $23.5 million [28][30] - Public network throughput per stall increased by 36% year over year, with total public network throughput growing by 60% compared to last year [5][27] Market Data and Key Metrics Changes - Non-Tesla EV sales grew over 35% compared to Q1 last year, indicating a broader market acceptance of electric vehicles [10] - The nationwide growth of DC fast charging stations has been flat for the past seven quarters, with a 16% decline in Q1 from the prior quarter [12] Company Strategy and Development Direction - EVgo aims to triple its installed base over the next five years, supported by a $1.25 billion loan guarantee from the Department of Energy [6][22] - The company is focusing on improving customer experience, operational efficiencies, and capturing high-value customers, with 55% of throughput coming from rideshare and OEM charging credits [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving adjusted EBITDA breakeven in 2025, despite potential impacts from tariffs [6][33] - The company anticipates a growing supply-demand imbalance in the fast charging market, which is expected to drive ongoing growth in throughput and utilization [14][15] Other Important Information - EVgo is not heavily reliant on new EV sales for revenue, estimating less than 10% of 2025 revenue to come from new EV purchases [10] - The company is exploring additional non-dilutive financing opportunities to fund growth beyond the DOE loan [22][24] Q&A Session Summary Question: Guidance for the rest of the year regarding energy costs and ASPs - Management reiterated that guidance remains unchanged, with Q3 expected to be the weakest due to higher energy costs [39][41] Question: Strategy for capturing the autonomous vehicle market - EVgo has more than doubled the number of dedicated stalls for autonomous vehicles and estimates a 20% market share in that segment [45][46] Question: Update on financing options and timing - Management is in discussions for additional financing to accelerate growth, with potential execution expected within the year [54][56] Question: Impact of potential changes to federal incentives on rollout strategy - EVgo's network plan is flexible and can adapt to changes in state incentives, with a focus on high-utilization markets [65][66] Question: Progress on Tesla connectors and customer acquisition - EVgo is in the testing phase for Tesla connectors and expects to roll out retrofits throughout the year, aiming to capture Tesla drivers [100][102] Question: Shape of Xtend revenue growth - Xtend revenue is expected to be broadly flat compared to last year, with a slight decrease in the second half [105]