Slide 1: EVgo Q2 2023 Earnings Call
EVgo Q2 2023 Earnings Call August 2, 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 Market leader in clean mobility electrification – 100% matched with renewable power 9 OEM partners 100% Engaged by multiple OEMs for Electricity that powers EVgo’s partnerships ranging from charging network is matched with credit and infrastructure buildout, to pur
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: EVgo Network Throughput Continues to Outpace EV VIO Growth
EVgo Network Throughput Continues to Outpace EV VIO Growth • Achieved double-digit utilization in Q2 2023 EVgo Network Throughput and US EV VIO Growth Rebased to 100% as of Q2 2022 • Added 82,000 new EVgo customers in Q2 for 688,000 in total • 4x increase in kWh dispensed in fleet segment as ridesha
Slide 7: Delivering Value for EVgo Partners and EV Drivers
Delivering Value for EVgo Partners and EV Drivers • Operationalized 1,000th GM/EVgo stall - GM remains key OEM partner aiding stall development • Delivered charging equipment, constructed, and began commissioning first locations for Pilot Flying J and GM • Announced plans to add NACS connectors to E
Slide 8: Key Business Highlights
Key Business Highlights Accelerating growth and investment in network Stalls in Operation or Under Construction Stalls in operation and construction ~3,200 increased 33% YoY ~3,200 33% ~2,400 New stalls added to our network during ~210 Q2 2023, increase of 24% YoY 24.9 GWh Network Throughput (GWh) Q
Slide 9: Financial and Operational Overview
2 Financial and Operational Overview Stephanie Lee, Interim CFO
Slide 10: Key Operational Highlights
Key Operational Highlights Operational Stalls EVgo Customer Accounts (000s) Revenue ($M) ~2,500 $50.6 55% 688 457% 30% ~1,900 444 $9.1 Q2'22 Q2'23 Q2'22 Q2'23 Q2'22 Q2'23 Continued focus on scaling execution in 2023 Customer account growth of 55% year-over-year Year-over-year throughput exceeding op
Slide 11: Key Financial Highlights Q2 2023
Key Financial Highlights Q2 2023 Quarterly Revenue, Margin and Cash Flow Update Better • Revenues grew 457% year-over-year, driven by increases in (unaudited, dollars in thousands) Q2'23 Q2'22 (Worse) eXtend and retail charging revenues Network Throughput (GWh) 24.9 10.1 147 % GAAP revenue 50,552 $
Slide 12: 2023 Guidance
2023 Guidance Updating 2023 financial and operational forecast figures: Revenue $120M-$150M Adjusted EBITDA** ($78)M-($68)M Total Stalls in Operation or Under Construction as of YE 2023 3,400-4,000 *A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comp
Slide 13: Appendix
3 Appendix Reconciliation of Non-GAAP Measures to GAAP, Summary Financials
Slide 14: Revenue Disaggregation
Revenue Disaggregation (unaudited, dollars in thousands) Q2'23 Q2'22 Change Q2'23 YTD Q2'22 YTD Change Charging revenue, retail $ 9,085 $ 4,389 107 % $ 15,700 $ 7,891 99 % Charging revenue, commercial 2,418 654 270 % 4,133 1,363 203 % Charging revenue, OEM 986 189 422 % 1,538 340 352 % Regulatory cr
Slide 15: Condensed Consolidated Balance Sheets
Financial Statements: Condensed Consolidated Balance Sheets June 30, December 31, 2023 2022 (in thousands) (unaudited) Assets Current assets Cash, cash equivalents and restricted cash $ 257,126 $ 246,193 Accounts receivable, net of allowance of $831 and $687 as of June 30, 2023 and December 31, 2022
Slide 16: Condensed Consolidated Statements of Operations
Financial Statements: Condensed Consolidated Statements of Operations Three Months Ended Six Months Ended June 30, June 30, (unaudited, dollars in thousands, except per share data) 2023 2022 Change % 2023 2022 Change % Revenue $ 50,552 $ 9,076 457 % $ 75,852 $ 16,776 352 % Cost of revenue 37,740 5,7
Slide 17: Condensed Consolidated Statements of Cash Flows
Financial Statements: Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, (unaudited, in thousands) 2023 2022 Cash flows from operating activities Net loss $ (70,620) $ (38,269) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amortizatio
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) Q2'23 Q2'22 Change Q2'23 YTD Q2'22 YTD Change GAAP revenue $ 50,552 $ 9,076 457 % $ 75,852 $ 16,776 352 % GAAP net (loss) income $ (21,539) $ 16,997 (227)% $ (70,620) $ (38,269) (85)% GAAP net (loss) income margin (42.6%)
Slide 20: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP (unaudited, dollars in thousands) Q2'23 Q2'22 Change Q2'23 YTD Q2'22 YTD Change GAAP revenue $ 50,552 $ 9,076 457 % $ 75,852 $ 16,776 352 % GAAP cost of sales 45,023 9,820 358 % 70,282 18,120 288 % GAAP gross profit (loss) $ 5,529 $ (744) 843 % $ 5,570 $
Slide 21: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP (unaudited, dollars in thousands) Q2'23 Q2'22 Change Q2'23 YTD Q2'22 YTD Change GAAP revenue $ 50,552 $ 9,076 457 % $ 75,852 $ 16,776 352 % GAAP general and administrative expenses $ 34,333 $ 32,178 7% $ 72,222 $ 57,606 25 % GAAP general and administrativ