Slide 1: Q2 2024 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q2 2024 Earnings Call August 1, 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: Q2 2024 Highlights
Q2 2024 HIGHLIGHTS CONTINUED GROWTH BRINGS EVGO CLOSER TO PROFITABILITY $66.6M +32% Total Revenue 1M+ +59% Customer Accounts $36.4M +146% Charging Revenue 26.5% +1.1 ppts Adjusted Gross Margin1 Improved by 7.8 ppts 66 GWh +164% Network Throughput 38.5% Adjusted G&A as a % of Revenue1 3,440 +37% Oper
Slide 5: Record Non-Tesla Sales in Q2 2024
RECORD NON-TESLA SALES IN Q2 2024 NON-TESLA SALES EXCEED TESLA SALES IN Q2 2024 Q2 2023 Q2 2024 122,554 Non-Tesla 35% 165,366 Growth in Non-Tesla EV Sales Y/Y Non-Tesla EVs account for vast majority of current EVgo throughput 161,940 Tesla 140,500 Source: EV Volumes
Slide 6: More Affordable EVs Expected to Drive EV Adoption
MORE AFFORDABLE EVS EXPECTED TO DRIVE EV ADOPTION Affordable (less than $35k) 38 EV models available in next 18 months Lower Price EV sales price expected to be lower than ICE in 2026 Lower TCO Total cost of EV ownership lower than ICE in 2024 2024 Chevy Blazer EV Source: JD Power’s Future Vehicle C
Slide 7: Market Tailwinds Favor Public Network, Operator Models
MARKET TAILWINDS FAVOR PUBLIC NETWORK, OPERATOR MODELS VIO + kWh Market size scales Value capture driven by operating leverage. non-linearly to VIO RIDESHARE ELECTRIFICATION However, re-distribution of segment value growth. Value is Owned & towards public DCFC networks occurring. AUTONOMOUS VEHICLES
Slide 8: Compelling Unit Economics Underpins Business Model
COMPELLING UNIT ECONOMICS UNDERPINS BUSINESS MODEL PROJECTED PROJECT RETURNS NEARLY 50% Stall Performance: Illustrative Cash Flows 3 – 5 Year Q4 2023 Q2 2024 (Current) Network Average2 Real (‘24) dollars Top 15% by Top 15% by Network Average Network Average (non-inflation Throughput Throughput adjus
Slide 9: Network in 3 to 5 Years Would Yield $200M+ Annual Adjusted EBITDA
NETWORK IN 3 TO 5 YEARS WOULD YIELD $200M+ IN ANNUAL ADJUSTED EBITDA OW N E D A N D O P E R AT E D N E T WO R K 7,000 EVgo-owned stalls I N 3 - 5 Y E A RS AT 7 , 0 0 0 STA L L S Anticipate 800 to 900 new operational stalls per year $640M Potential to achieve network size in 3 to 5 years, with multi-
Slide 10: Site Selection Continues to Improve
SITE SELECTION CONTINUES TO IMPROVE AVERAGE DAILY THROUGHPUT PER STALL (KWH) BY VINTAGE AS OF Q2 2024 280 247 251 159 2020 2021 2022 2023 Abundant greenfield opportunity for sites in US
Slide 11: 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 12: 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 16% 41% 10% v 25% v 6/30/23 6/30/24 6/30/23 6/30/24 "ONE AND DONE" SUCCESSFUL EXPERIENCE RATE 1 % OF SESSIONS INITIATED WITH AUTOCHARGE+ 18% 91% 13% 90% v v Q2'
Slide 13: Driving Operating & Capex Efficiencies
DRIVING OPERATING & CAPEX EFFICIENCIES PROGRESS SINCE Q1 2024 Completed offshoring of 90% of call volume Delivered ~5% improvement in gross capex per stall for 2024 vintage capex Hired EVP of Engineering in July 2024 from Tesla Expecting year-over-year sustaining G&A per stall reduction of a
Slide 14: Capturing and Retaining High-Value Customers
CAPTURING AND RETAINING HIGH-VALUE CUSTOMERS PROGRESS SINCE Q1 2024 Rideshare, OEM charging credit, and subscription plans accounted for 56% of throughput in Q2 2024 Extension of the Subaru EVgo charging credit program, giving new Solterra drivers a $500 EVgo charging credit Launched new custo
Slide 15: Financing
FINANCING PROGRESS SINCE Q1 2024 Capital offsets for 2024 vintage now expected to be ~50% First 30C tax credit transaction progressing DOE Title 17 Clean Energy Financing Program loan application progressing well Alternative/additional non-recourse project finance
Slide 16: Financial Overview
02 Financial Overview Stephanie Lee, INTERIM CFO
Slide 17: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS REVENUE ($ MILLIONS) NETWORK THROUGHPUT (GWH) $66.6 66 $50.6 v v 25 Q2'23 Q2'24 Q2'23 Q2'24 OPERATIONAL STALLS EVGO CUSTOMER ACCOUNTS (000s) 3,440 1,000+ 2,520 688+ v v 6/30/23 6/30/24 6/30/23 6/30/24 Stall counts include EVgo eXtend sites. Network throughput
Slide 18: EVgo Network Throughput Has Grown ~4x Faster Than EV VIO
EVGO NETWORK THROUGHPUT EVGO NETWORK THROUGHPUT AND US EV VIO GROWTH REBASED TO 100% AS OF Q2 2023 HAS GROWN ~4X FASTER THAN EV VIO 264% Multiple drivers of accelerated throughput growth 212% • Increased multifamily dwellers among EV drivers 200% • Rideshare growth • EV vehicle miles traveled (VMT)
Slide 19: Average Daily Throughput Per Stall More Than Doubled Year-Over-Year
AVERAGE DAILY THROUGHPUT PER STALL MORE THAN DOUBLED YEAR-OVER-YEAR A V E R A G E D A I LY T H R O U G H P U T P E R S TA L L (kWh) 227 112 Q2'23 Q2'24 U T I L I Z AT I O N 20% 11% Q2'23 Q2'24 C H A R G E R AT E ( k W ) 47 42 Q2'23 Q2'24
Slide 20: 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 34.2% Charging Network Margin 28.0% • Increased throughput per stall allows for leverage of stall dependent costs (e.g., rent, property taxes, etc.) • Expect
Slide 21: Key Financial Highlights Q2 2024
KEY FINANCIAL HIGHLIGHTS Q2 2024 Network throughput increased 2.6x Adjusted Gross Margin1 improved Driven by leverage in fixed costs for charging revenue Adjusted EBITDA1 loss improved $2.6 million Ended Q2 2024 with over $162 million in cash, cash equivalents and restricted cash Network throughput
Slide 22: 2024 Guidance
2024 GUIDANCE 2024 FINANCIAL GUIDANCE REVENUE $240M - $270M ADJUSTED EBITDA* $(44M) - $(34M) *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 23: 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: -15% -37% • EV VIO growth • Continued EVgo network growth • Continued execution of operational efficiencies -147% -231% 1For definitions of Ad
Slide 24: Q&A
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Slide 25: Appendix
03 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 26: Stall Counts
STALL COUNTS Stalls in operation or under construction: EVgo Network EVgo eXtend™ Total stalls in operation or under construction Stalls in operation: EVgo Network EVgo eXtend™ Total stalls in operation = Percentage not meaningful 6/30/2024 3,690 480 4,170 3,250 190 3,440 6/30/2023 3,180 3,180 2,520
Slide 27: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED BALANCE SHEETS 27
Slide 28: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUD IT ED ) 28
Slide 29: Condensed Consolidated Statements of Cash Flows
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ( UN AUD I TED ) 29
Slide 30: 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 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 (unaudited, dollars in thousands) Q2'24 Q2'23 Change Q2'24 YTD Q2'23 YTD Change GAAP revenue $ 66,619 $ 50,552 32 % $ 121,777 $ 75,852 61 % GAAP cost of sales 60,221 45,023 34 % 108,538 70,282 54 % GAAP gross profit $ 6,398 $ 5,529 16 % $ 13,239 $ 5,570 1
Slide 34: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 34
Slide 35: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 35