Slide 1: Q4 2024 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q4 2024 Earnings Call March 4, 2025
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: Another Record Quarter Closing Out a Record Year
ANOTHER RECORD QUARTER CLOSING OUT A RECORD YEAR 480 +37% 269kWh Average Q4 kWh/stall/day New Stalls Added in Q4 24 % 4,080 +5 ppts +37% Q4 Utilization Stalls in Operation As of 12/31/24 Sequential Quarter of 9th Double-Digit Charging Revenue Growth $1.25B DOE Loan 60% FY24 Revenue Growth vs FY23 $1
Slide 5: US Electric Vehicle Sales Have Grown Significantly But Behind Other Markets
US ELECTRIC VEHICLE SALES HAVE GROWN SIGNIFICANTLY BUT BEHIND OTHER MARKETS CHARGING INFRASTRUCTURE IS KEY TO BEV DEMAND GROWTH BEV AS A PERCENTAGE OF NEW VEHICLE NUMBER OF BEV MODELS AVAILABLE IN US BEV VIO PER DCFC CHARGER SALES 30% 91 25% 97 20% 15% 45 10% 17 5% 0% 2024 2021 CURRENT 2024 US EUROP
Slide 6: EVgo's Resilient Business Model Delivers Growth
EVGO’S RESILIENT BUSINESS MODEL DELIVERS GROWTH GROWTH UNDERPINNED BY MULTIPLE TAILWINDS DEMAND OUTPACING SUPPLY QUARTERLY US EV SALES AND INCREASE IN DCFC STALLS MULTIPLE TAILWINDS DRIVING GROWTH OF DCFC 400,000 9000 365,275 8000 Rideshare electrification 350,000 328,314 Affordable vehicles 318,588
Slide 7: Why EVgo: Compelling Value Proposition and Our Priorities
• WHY EVGO COMPELLING VALUE OUR PRIORITIES PROPOSITION OPERATING & CUSTOMER CAPEX CUSTOMER EXPERIENCE EFFICIENCIES GROWTH FINANCING Deliver Best-in-Class Efficiency Measures Capturing and Retaining Secure Complementary Customer Experience for to Improve Operating Spend High-Value Customers Non-Dilut
Slide 8: 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 20% 50% 13% 34% v v 12/31/23 12/31/24 12/31/23 12/31/24 "ONE AND DONE" SUCCESSFUL EXPERIENCE RATE 1 % OF SESSIONS INITIATED WITH AUTOCHARGE+ 95% 24% 17% 91% v v
Slide 9: Driving Operating & Capex Efficiencies
DRIVING OPERATING & CAPEX EFFICIENCIES ACHIEVEMENTS Signed joint development agreement in January 2025 with Delta Electronics for next generation charging architecture, targeting 30% improvement in gross capex per stall with production beginning 2H FY26 Delivered 9% improvement in gross capex pe
Slide 10: Capturing and Retaining High-Value Customers
CAPTURING AND RETAINING HIGH-VALUE CUSTOMERS ACHIEVEMENTS Rideshare, OEM charging credit, and subscription plans accounted for 56% of Q4 2024 throughput Targeted customer life-cycle marketing driving growth in retail throughput Expanded dynamic demand-based pricing to 100% of existing DCFC sit
Slide 11: Financing
FINANCING ACHIEVEMENTS Closed on $1.25 billion DOE LPO loan guarantee in December 2024, with first draw of $75 million completed in January 2025 First transfer of 30C income tax credits completed for 2023 vintage assets PRIORITIES Complete 2024 vintage 30C income tax credit transfer 30% of 2
Slide 12: Financial Overview
02 Financial Overview Paul Dobson, CFO
Slide 13: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS OPERATIONAL STALLS CUSTOMER ACCOUNTS (000s) PUBLIC NETWORK THROUGHPUT (GWH) 3.9x 10.7x 2.4x 1,338 277 4,080 v 2,980 v 884 v 2,180 128 1,680 553 340 26 45 12/31/21 12/31/22 12/31/23 12/31/24 12/31/21 12/31/22 12/31/23 12/31/24 2021 2022 2023 2024 REVENUE ($ MI
Slide 14: EVgo Public Network Throughput Has Grown 3x Faster Than EV VIO in 2024
EVGO PUBLIC NETWORK EVGO NETWORK THROUGHPUT AND US EV VIO GROWTH REBASED TO 100% AS OF 20212 THROUGHPUT HAS GROWN 3X FASTER THAN EV VIO IN 2024 1065% Multiple drivers of accelerated throughput growth • Increased multifamily dwellers among EV drivers • Rideshare growth • EV vehicle miles traveled (VM
Slide 15: Average Daily Throughput per Public Stall Increased 37%
AVERAGE DAILY THROUGHPUT PER PUBLIC STALL INCREASED 37% AVERAGE DAILY THROUGHPUT PER PUBLIC STALL 599 (kWh) 500 450 450 269 197 Network Average Top 15% 11,000 Stall Target Q4'23 Q4'24 Networkthroughput Network throughputfor forEVgo EVgonetwork networkexcludes excludesEVgo dedicated eXtendand sites.
Slide 16: Increased Operating Leverage in Charging Network Gross Margin
INCREASED OPERATING EVGO CHARGING NETWORK GROSS MARGIN1 IMPROVEMENT DRIVEN BY LEVERAGE OF PUBLIC STALL DEPENDENT COSTS LEVERAGE IN CHARGING NETWORK GROSS MARGIN 37.6% Charging Network Gross Margin • Increased throughput per public stall allows for leverage of 26.0% stall-dependent costs (e.g., rent,
Slide 17: Key Financial Highlights Q4 2024
KEY FINANCIAL HIGHLIGHTS Q4 2024 Network throughput increased 1.7x Adjusted Gross Margin1 improved Driven by leverage in fixed costs for charging revenue Adjusted EBITDA1 loss improved $5.6 million Network throughput for EVgo network excludes dedicated and eXtend sites. 17
Slide 18: Key Financial Highlights FY2024
KEY FINANCIAL HIGHLIGHTS FY2024 Network throughput increased 2.2x Adjusted Gross Margin1 improved Driven by leverage in fixed costs for charging revenue Adjusted EBITDA1 loss improved $26.4 million 2024 ended with $121 million in cash, cash equivalents and restricted cash Network throughput for EVgo
Slide 19: Unit Economics Continue to Improve
UNIT ECONOMICS CONTINUE TO IMPROVE MORE ATTRACTIVE WITH DOE LOAN ACCELERATING BUILD Illustrative Annualized Public Stall Performance Network Average1 Q4 2023 Q4 2024 (Current) ~11,000 stalls Real (‘24) dollars Network Average Top 15% by Throughput Network Average Top 15% by Throughput (non-inflation
Slide 20: Owned and Operated Public Network: Long-Term Illustrative View with DOE Build
OWNED AND OPERATED PUBLIC NETWORK LONG-TERM ILLUSTRATIVE VIEW WITH DOE BUILD 11,000 stalls Growth Excluding any new stalls outside DOE Loan To midpoint from 2024 REVENUE $990M - $1,144M 7x CHARGING NETWORK GROSS PROFIT $495M – $594M 11x ADJUSTED G&A1 $169M – $195M 2x ADJUSTED EBITDA1 $300M – $425M +
Slide 21: Stall Build Plan Accelerates
STALL BUILD PLAN ACCELERATES 2,075-2,325 1,675-1,875 450 - 550 1,350-1,500 422 1,050-1,200 50 - 85 60 750-815 736 2024 Actual 2025 2026 2027 2028 2029 Public Network Dedicated Stalls Potential Dedicated EVgo eXtend Potential Extend Public network stall builds assume 7,500 under DOE Loan, could be up
Slide 22: 2025 Financial Guidance
2025 GUIDANCE 2025 FINANCIAL GUIDANCE REVENUE $340M - $380M ADJUSTED EBITDA* $(5M) - $10M *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, w
Slide 23: Q&A
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Slide 24: Appendix
03 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 25: Stall Counts
STALL COUNTS 12/31/2024 Stalls in operation: EVgo Public Network* 3,450 2,830 EVgo Dedicated Network? 110 50 EVgo eXtend™ 520 100 Total stalls in operation 4,080 2,980 * Stalls on publicly available chargers at charging stations that we own and operate on our network. ? Stalls at charging stations t
Slide 26: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED BALANCE SHEETS 26
Slide 27: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUD IT ED ) 27
Slide 28: Condensed Consolidated Statements of Cash Flows
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUD IT ED ) 28
Slide 29: 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 Gross Profit,” “Charging Network Gross Margin,” "Adjusted Cost of Sales," "Adjusted Cost of Sales as a Percentage of Revenue," "Adjusted G
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: Reclassification: Stalls and Throughput
RECLASSIFICATION: STALLS AND THROUGHPUT
Slide 34: Reclassification: Income Statement
RECLASSIFICATION: INCOME STATEMENT
Slide 35: Reclassification: Non-GAAP Measures
RECLASSIFICATION: NON-GAAP MEASURES