Slide 1: Q3 2024 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q3 2024 Earnings Call November 12, 2024
Slide 2: Safe Harbor & Forward-Looking Statements
SAFE HARBOR & FORWARD-LOOKING STATEMENTS Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the us
Slide 3: Strategic Overview
01 Strategic Overview Badar Khan, CEO
Slide 4: EVgo: Nationwide EV Charging
EV CHARGING EVgo NATIONWIDE EVgo will significantly expand public EV fast charging infrastructure, improving EV accessibility in the United States. |
Slide 5: Q3 2024 Highlights
Q3 2024 HIGHLIGHTS CONTINUED GROWTH BRINGS EVGO CLOSER TO PROFITABILITY $67.5M +92% Total Revenue 1.2M+ +57% Customer Accounts $43.1M +98% Charging Revenue 26.6% +0.2 ppts Adjusted Gross Margin1 Improved by 27.3 ppts 78 GWh +111% Network Throughput 39.8% Adjusted G&A as a % of Revenue1 3,680 +34% Op
Slide 6: Record Non-Tesla Sales in Q3 2024
RECORD NON-TESLA SALES IN Q3 2024 NON-TESLA SALES EXCEED TESLA SALES IN Q3 2024 Q3 2023 151,484 Non-Tesla 18% Q3 2024 178,365 Growth in Non-Tesla EV Sales Y/Y Non-Tesla EVs account for vast majority of current EVgo throughput 150,580 Tesla 168,000 Source: EV Volumes, October 2024
Slide 7: Undersupply of Public DCFC Creates Tailwind for Network Usage
UNDERSUPPLY OF PUBLIC DCFC CREATES TAILWIND FOR NETWORK USAGE EV VIO / DCFC Charger Ratio 172 177 177 160 142 122 102 88 79 63 67 59 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E 2028E 2029E 2030E EV VIO 0.8M 3.3M 32.2M Public DCFC 12.4k 37.6k 182.0k Source: Experian, DOE Alternative Fuel Data Ce
Slide 8: Why EVgo: 2024 Priorities
• WHY EVGO COMPELLING VALUE 2024 PRIORITIES PROPOSITION OPERATING & CUSTOMER CAPEX CUSTOMER EXPERIENCE EFFICIENCIES GROWTH FINANCING Deliver Best-in-Class Efficiency Measures Capturing and Retaining Secure Financing for EVgo to Customer Experience for to Improve Operating Spend High-Value Customers
Slide 9: Focused on Improving the EVgo Customer Experience
FOCUSED ON IMPROVING THE EVGO CUSTOMER EXPERIENCE STALLS SERVED BY A 350 KW CHARGER SITES WITH 6+ DC STALLS AS A PERCENTAGE OF TOTAL STALLS 18% 45% 11% 29% v v 9/30/23 9/30/24 9/30/23 9/30/2024 "ONE AND DONE" SUCCESSFUL EXPERIENCE RATE 1 % OF SESSIONS INITIATED WITH AUTOCHARGE+ 95% 21% 15% 90% v v Q
Slide 10: EVgo & GM Flagship Sites
EVGO & GM FLAGSHIP SITES 400 Flagship Stalls Expanded partnership to include flagship sites in metro areas from coast to coast 350kW fast chargers, and most flagships will offer lighting, canopies, pull-through stations and security cameras Sites expected to have up to 20 stalls, near diverse set of
Slide 11: Driving Operating & Capex Efficiencies
DRIVING OPERATING & CAPEX EFFICIENCIES PROGRESS SINCE Q2 2024 Announced joint development of next generation of charging infrastructure with Delta Electronics, targeting 30% improvement in gross capex per stall for first deployment by 2H FY26 Delivered 6% improvement in YTD gross capex per stall
Slide 12: Capturing and Retaining High-Value Customers
CAPTURING AND RETAINING HIGH-VALUE CUSTOMERS PROGRESS SINCE Q2 2024 Rideshare, OEM charging credit, and subscription plans accounted for 56% of throughput in Q3 2024 New driver acquisition through paid and organic channels driving strong growth in retail throughput Expanded dynamic demand-base
Slide 13: Financing
FINANCING PROGRESS SINCE Q2 2024 Announced DOE LPO conditional commitment for up to $1.05 billion loan guarantee in October 2024 First sale of 30C income tax credits completed for 2023 vintage assets Alternative/additional non-dilutive financing 13
Slide 14: Financial Overview
02 Financial Overview Paul Dobson, CFO
Slide 15: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS REVENUE ($ MILLIONS) NETWORK THROUGHPUT (GWH) $67.5 78 $35.1 v v 37 Q3'23 Q3'24 Q3'23 Q3'24 OPERATIONAL STALLS EVGO CUSTOMER ACCOUNTS (000s) 3,680 1,236+ 2,740 785+ v v 9/30/23 9/30/24 9/30/23 9/30/24 Stall counts include EVgo eXtend sites. Network throughput
Slide 16: EVgo Network Throughput Has Grown 2.8x Faster Than EV VIO
EVGO NETWORK THROUGHPUT EVGO NETWORK THROUGHPUT AND US EV VIO GROWTH REBASED TO 100% AS OF Q3 2023 HAS GROWN 2.8X FASTER THAN EV VIO 211% Multiple drivers of accelerated throughput growth 178% • Increased multifamily dwellers among EV drivers • Rideshare growth 143% 135% • EV vehicle miles traveled
Slide 17: Average Daily Throughput per Stall Increased 64%
AVERAGE DAILY THROUGHPUT PER STALL INCREASED 64% AVERAGE DAILY THROUGHPUT PER STALL (kWh) 582 450 364 254 155 Network Average Top 15% 3-5 Year Target Q3'23 Q3'24 Networkthroughput Network throughputfor forEVgo EVgonetwork networkexcludes excludesEVgo EVgoeXtend eXtend sites. sites. 17
Slide 18: Increased Operating Leverage in Charging Network Margin
INCREASED OPERATING EVGO CHARGING NETWORK MARGIN1 IMPROVEMENT DRIVEN BY LEVERAGE OF STALL DEPENDENT COSTS LEVERAGE IN CHARGING NETWORK MARGIN 32.9% 28.0% Charging Network Margin • Increased throughput per stall allows for leverage of stall- dependent costs (e.g., rent, property taxes, etc.) • Expect
Slide 19: Key Financial Highlights Q3 2024
KEY FINANCIAL HIGHLIGHTS Q3 2024 Network throughput increased 2.1x Adjusted Gross Margin1 improved Driven by leverage in fixed costs for charging revenue Adjusted EBITDA1 loss improved $5.4 million Q3 2024 ended with over $153 million in cash, cash equivalents and restricted cash Network throughput
Slide 20: 2024 Financial Guidance
2024 GUIDANCE 2024 FINANCIAL GUIDANCE REVENUE $250M - $265M ADJUSTED EBITDA* $(38M) - $(32M) *A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense
Slide 21: EVgo's Path to Profitability
EVGO’S PATH TO PROFITABILITY ADJUSTED EBITDA MARGIN1 PROJECTING ADJUSTED EBITDA1 BREAKEVEN IN 2025 2024 Guidance at 2021 2022 2023 Mid-Point KEY ASSUMPTIONS: -14% -37% • EV VIO growth • Continued EVgo network growth • Continued execution of operational efficiencies -147% -231% 1For definitions of Ad
Slide 22: Q&A
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Slide 23: Appendix
03 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 24: Stall Counts
STALL COUNTS 9/30/202 Stalls in operation or under construction: EVgo Network 3,800 EVgo eXtend™ 620 Total stalls in operation or under construction 4,420 Stalls in operation: EVgo Network 3,390 EVgo eXtend™ 290 Total stalls in operation 9/30/2023 3,240 140 3,380 Increase 17% 343% 31% 26% 625% 34%
Slide 25: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED BALANCE SHEETS 25
Slide 26: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUD IT ED ) 26
Slide 27: Condensed Consolidated Statements of Cash Flows
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUD IT ED ) 27
Slide 28: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES This presentation includes the following non-GAAP financial measures, in each case as defined below: “Charging Network Margin,” "Adjusted Cost of Sales," "Adjusted Cost of Sales as a Percentage of Revenue," "Adjusted Gross Profit (Loss)," "Adjusted Gross Ma
Slide 29: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 29
Slide 30: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 30
Slide 31: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 31
Slide 32: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 32
Slide 33: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 33