Evgo Inc. · NASDAQ:EVGO
Evgo — Q1 2023 Earnings Presentation
21 slides from Evgo's earnings presentation, May 9, 2023
Slide 1: EVgo Q1 2023 Earnings Call
EVgo Q1 2023 Earnings Call May 9, 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: Rapid Acceleration in US EV Adoption and Need for DC Fast Charging
Rapid Acceleration in US EV Adoption and Need for DC Fast Charging Drives Scalability of EVgo Business Model US EVs (in millions) Growth Forecast for DC Charging Demand 33.2 20,000 +40% DC Fast Charging Demand (GWh) ‘22-’30 26.2 CAGR 15,000 +55% 20.2 ‘22-’30 15.1 10,000 CAGR 11.0 7.9 5.6 5,000 2.2 3
Slide 6: 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 6 Logos of selected companies, not intended to be a full list of EVgo site hosts and partners
Slide 7: Key Business Highlights
Key Business Highlights Accelerating growth and investment in network Stalls in Operation or Under Construction ~3,100 Stalls in operation or under construction increased 48% YoY ~3,100 48% ~3,500 ~2,100 Active E&C Stall Development Pipeline grew 6% YoY ~220 New stalls added to our network during Q1
Slide 8: Financial and Operational Overview
2 Financial and Operational Overview Olga Shevorenkova, CFO
Slide 9: Key Operational Highlights
Key Operational Highlights Active E&C Stall Development Pipeline EVgo Customer Accounts (000s) Revenue ($M) ~3,500 25.3 ~3,300 614 63% 229% 6% 377 7.7 Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Continued focus on scaling execution in 2023 • Active E&C Stall Development Pipeline of 6% year-over-year • Custo
Slide 10: Key Financial Highlights Q1 2023
Key Financial Highlights Q1 2023 Quarterly Revenue, Margin and Cash Flow Update Better • Revenues grew 229% year-over-year, driven by increases in Unaudited, dollars in thousands Q1'23 Q1'22 (Worse) Network Throughput (GWh) 17.9 8.0 124 % eXtend and retail charging revenues GAAP revenue $ 25,300 $ 7
Slide 11: EVgo Network Throughput Continues to Outpace EV VIO Growth
EVgo Network Throughput Continues to Outpace EV VIO Growth • Throughput growth exceeding EV VIO growth EVgo Network Throughput and US EV VIO Growth Rebased to 100% as of Q1 2022 • EVgo leveraged to increasing EV adoption with embedded growth in network • Q1 2023 throughput growth of 124% compared to
Slide 12: 2023 Guidance
2023 Guidance Affirming 2023 financial and operational forecast figures: Revenue $105-$150M Adjusted EBITDA** ($78)-($60)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 compa
Slide 13: Appendix
3 Appendix Reconciliation of Non-GAAP Measures to GAAP, Summary Financials
Slide 14: Revenue Disaggregation
Revenue Disaggregation Q1'23 vs Unaudited, dollars in thousands Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q1'22 Charging revenue, retail $ 3,502 $ 4,389 $ 5,176 $ 5,828 $ 6,615 89 % Charging revenue, commercial 709 654 678 1,322 1,715 142 % Charging revenue, OEM 151 189 252 349 552 266 % Regulatory credit sales
Slide 15: Financial Statements: Condensed Consolidated Balance Sheets
Financial Statements: Condensed Consolidated Balance Sheets March 31, 2023 December 31, (in thousands) (unaudited) 2022 Assets Current assets Cash, cash equivalents and restricted cash $ 163,512 $ 246,193 Accounts receivable, net of allowance of $782 and $687 as of March 31, 2023 and December 31, 20
Slide 16: Financial Statements: Consolidated Statements of Operations
Financial Statements: Consolidated Statements of Operations Three Months Ended March 31, (Unaudited, in thousands, except per share data) 2023 2022 Change % Revenue $ 25,300 $ 7,700 229 % Cost of revenue 18,917 4,846 290 % Depreciation, net of capital-build amortization 6,342 3,454 84 % Cost of sale
Slide 17: Financial Statements: Consolidated Statements of Cash Flows
Financial Statements: Consolidated Statements of Cash Flows Three Months Ended Unaudited March 31, (in thousands) 2023 2022 Cash flows from operating activities Net loss $ (49,081) $ (55,266) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amortization and ac
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 Q1'23 Q1'22 Change GAAP revenue $ 25,300 $ 7,700 229 % GAAP net loss $ (49,081) $ (55,266) 11 % GAAP net loss margin (194.0%) (717.7%) * bps Adjustments: Depreciation, net of capital-build amortization 6,468 3,517 84 % Amor
Slide 20: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands Q1'23 Q1'22 Change GAAP revenue $ 25,300 $ 7,700 229 % GAAP cost of sales 25,259 8,300 204 % GAAP gross profit (loss) $ 41 $ (600) 107 % GAAP cost of sales as a percentage of revenue 99.8% 107.8% (800) bps GAAP gross margin
Slide 21: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands Q1'23 Q1'22 Change GAAP revenue $ 25,300 $ 7,700 229 % GAAP general and administrative expenses $ 37,889 $ 25,428 49 % GAAP general and administrative expenses as a percentage of revenue 149.8% 330.2% * bps Adjustments: Sha