Slide 1: EVgo Q3 2023 Earnings Call
EVgo Q3 2023 Earnings Call November 8, 2023 Nasdaq: EVGO – investors.evgo.com
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
1 Strategic Overview Cathy Zoi, CEO 3
Slide 4: Snapshot of EVgo's Market Position
Snapshot of EVgo’s Market Position A market leader in clean mobility electrification – 100% matched with renewable energy 10 OEM partners 100% Electricity that powers EVgo’s Engaged by multiple OEMs for network is matched with partnerships ranging from charging purchases of renewable energy credit a
Slide 5: Providing Superior Fast Charging Across EV Landscape
Providing Superior Fast Charging Across EV Landscape Site Host + eXtend Partners OEM Partners Fleet + Technology Partners 2 AV Partners 5 Logos of selected companies not intended to be a full list of EVgo site hosts and partners
Slide 6: Delivering On Expectations for EV Drivers and Partners
Delivering On Expectations for EV Drivers and Partners • Operationalized first eXtend stations with Pilot Company and GM • Offering best-in-class charging experience • Overwhelmingly positive customer feedback • New Honda partnership offers both charging credits and EVgo Inside™ integration • Autoch
Slide 7: Key Business Highlights
Key Business Highlights Accelerating growth and investment in network Stalls in operation and construction Stalls in Operation or Under Construction ~3,400 increased 31% YoY ~3,400 31% New stalls added during Q3'23, increase of ~2,600 240+ 33% YoY 37 GWh Network throughput (GWh) 9/30/2022 9/30/2023
Slide 8: Financial and Operational Overview
2 Financial and Operational Overview Olga Shevorenkova, CFO
Slide 9: Key Operational Highlights
Key Operational Highlights Operational Stalls EVgo Customer Accounts (000s) Revenue ($M) 2,700+ $35.1 29% 785+ 2,100+ 58% 234% 498+ $10.5 q 9/30/2022 9/30/2023 9/30/2022 9/30/2023 Q3'22 Q3'23 Continued focus on scaling execution in 2023 Customer account growth of 58% year-over-year Year-over-year th
Slide 10: Key Financial Highlights Q3 2023
Key Financial Highlights Q3 2023 Quarterly Revenue, Margin and Cash Flow Update Better • Revenues grew 234% year-over-year, driven by increases in (unaudited, dollars in thousands) Q3'23 Q3'22 (Worse) charging revenues and eXtend Network Throughput (GWh) 37 12 208 % GAAP revenue $ 35,107 $ 10,509 23
Slide 11: EVgo Network Throughput Continues to Accelerate
EVgo Network Throughput Continues to Accelerate • Increasing customer accounts EVgo Network Throughput and US EV VIO2 Growth • Added 106,000+ new EVgo customer accounts in Q3 for 785,000+ in total Rebased to 100% as of Q3 2022 • 5x year-over-year increase in kWh dispensed in Q3’23 in public fleet se
Slide 12: 2023 Guidance
2023 Guidance Updating 2023 financial and operational forecast figures: Revenue $148M-$158M Adjusted EBITDA** ($66)M-($62)M Total Stalls in Operation or Under Construction as of YE 2023 3,400-3,700 including EVgo eXtend™ *A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss),
Slide 13: Appendix
3 Appendix Reconciliation of Non-GAAP Measures to GAAP, Summary Financials
Slide 14: Revenue Disaggregation
Revenue Disaggregation (unaudited, dollars in thousands) Q3'23 Q3'22 Change Q3'23 YTD Q3'22 YTD Change Charging revenue, retail $ 13,357 $ 5,176 158 % $ 29,057 $ 13,067 122 % Charging revenue, commercial 4,042 678 496 % 8,175 2,041 301 % Charging revenue, OEM 1,477 252 486 % 3,015 592 409 % Regulato
Slide 15: Condensed Consolidated Balance Sheets
Financial Statements: Condensed Consolidated Balance Sheets September 30, December 31, 2023 2022 (in thousands) (unaudited) Assets Current assets Cash, cash equivalents and restricted cash $ 228,709 $ 246,193 Accounts receivable, net of allowance of $1,016 and $687 as of September 30, 2023 and Decem
Slide 16: Condensed Consolidated Statements of Operations
Financial Statements: Condensed Consolidated Statements of Operations Three Months Ended Nine Months Ended September 30, September 30, (unaudited, dollars in thousands, except per share data) 2023 2022 Change % 2023 2022 Change % Revenue $ 35,107 $ 10,509 234 % $ 110,959 $ 27,285 307 % Cost of reven
Slide 17: Condensed Consolidated Statements of Cash Flows
Financial Statements: Condensed Consolidated Statements of Cash Flows Nine Months Ended September 30, (unaudited, in thousands) 2023 2022 Cash flows from operating activities Net loss $ (98,877) $ (89,191) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amort
Slide 18: 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: “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General an
Slide 19: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP (unaudited, dollars in thousands) Q3'23 Q3'22 Change Q3'23 YTD Q3'22 YTD Change GAAP revenue $ 35,107 $ 10,509 234 % $ 110,959 $ 27,285 307 % GAAP net loss $ (28,257) $ (50,922) 45 % $ (98,877) $ (89,191) (11)% GAAP net loss margin (80.5%) (484.6%) * bps
Slide 20: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP (unaudited, dollars in thousands) Q3'23 Q3'22 Change Q3'23 YTD Q3'22 YTD Change GAAP revenue $ 35,107 $ 10,509 234 % $ 110,959 $ 27,285 307 % GAAP cost of sales 34,503 13,717 152 % 104,785 31,837 229 % GAAP gross profit (loss) $ 604 $ (3,208) 119 % $ 6,17
Slide 21: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP (unaudited, dollars in thousands) Q3'23 Q3'22 Change Q3'23 YTD Q3'22 YTD Change GAAP revenue $ 35,107 $ 10,509 234 % $ 110,959 $ 27,285 307 % GAAP general and administrative expenses $ 32,001 $ 32,322 (1)% $ 104,223 $ 89,928 16 % GAAP general and administ