Slide 1: Q4 2023 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q4 2023 Earnings Call March 6, 2024 1
Slide 2: Important Cautionary Statements and Notices
Important Cautionary Statements and Notices 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
Slide 3: Strategic overview
01 Strategic overview Badar Khan, CEO
Slide 4: Our Mission
Our Mission POWERING MORE THAN Expediting mass adoption of electric vehicles for everyone 395 million zero-emission miles in 2023 REDUCING MORE THAN 150,000 metric tons of CO2 in 2023 Source: Company estimates, U.S. EPA, eGrid
Slide 5: Why EVgo: Compelling Value Proposition
• WHY EVGO COMPELLING COMPELLING VALUE VALUE PROPOSITION PROPOSITION 01 02 03 04 Focused on emissions Exposure to EV market with Business model dedicated Annual recurring revenue reduction and sustainability multi-decade growth to fastest growing opportunity for every EV trajectory and ability to se
Slide 6: 2023 Highlights
2023 HIGHLIGHTS RECORD GROWTH COUPLED WITH CONTINUED PATH TO PROFITABILITY $161.0M +195% Total Revenue 884K+ +60% Customer Accounts 130 GWh +189% Network Throughput 26.0% +1.7 ppts Adjusted Gross Margin1 Improved by 109 ppts 2,990 +37% Operational Stalls 62.5% Adjusted G&A as a % of revenue1 $21M Ad
Slide 7: Focused on Owned & Operated Charging Network
W H AT E V G O D O E S FOCUSED ON OWNED Owned and Operated EVgo eXtend Tech Enabled Services and & OPERATED Charging Network Other CHARGING NETWORK 2023 REVENUE $78M $72M $11M 2023 REVENUE MIX 48% 45% 7% TARGET REVENUE MIX 80-90% 10-20% EVgo-owned and EVgo eXtend : Value-added service operated charg
Slide 8: Snapshot of EVgo's National Market Position
SNAPSHOT OF EVGO’S NATIONAL MARKET POSITION 884,000+ Customer Accounts 35+ States Americans 145M+ Within 10 miles of an EVgo charger 50+ National strategic site host partnerships 100k+ Identified Potential Stalls With strategic site host partners OEM/Brand Partners OEM and brand partnerships 11 rang
Slide 9: We Can Serve All EV Models
WE CAN SERVE ALL EV MODELS EVgo Innovation Lab works collaboratively with automakers to ensure interoperability between all EV models and our charging equipment. v v Committed to adding full NACS support to serve all vehicles. OUR DCFC CHARGERS ARE CAPABLE OF SERVING 30+ EV models 70+ EV models 2021
Slide 10: Growth Engine That Is Hard to Replicate
GROWTH ENGINE THAT IS HARD TO REPLICATE D E L I V E R I N G N E T P O S I T I V E V A L U E E V E RY Y E A R Marketing, Customer Grant Capture Support and O&M Project Development and Construction Financial Realization Government/Utility /Advocacy Network Planning and Project Host Software & Hardware
Slide 11: Market Underpinned by Strong Fundamentals
MARKET UNDERPINNED BY STRONG FUNDAMENTALS EVs BECOMING MORE AFFORDABLE Government ~$410B Commitments to 100% ZEV $64k of OEM commitments1 CA + 13 other $51k U.S. states2 $49k $47k EV Representing 34% of US population 100% 52% +36% Differential +4% Differential Electric Rideshare of intenders4 would
Slide 12: It's a Matter of When, Not If
THE ELECTRIC FUTURE IS COMING U.S. EV VIO forecasts 37%-42% CAGR to 2030 IT’S A MATTER OF WHEN, NOT IF 37.0 28.8 2.2 3.2 1.5 2021 2022 2023 2030 - Low 2030 - High 2023 U.S. EV New Registrations Growth Rate 39% 66% Versus 2022: All BEVs Non-Tesla BEVs U.S. VIO and EV registration for 2021, 2022, and
Slide 13: $12-$15 Billion Addressable Market for DCFC by 2030
$12-$15 BILLION ADDRESSABLE MARKET FOR DCFC BY 2030 2030E VIO 28.8M – 37.0M BEVS VIO 11 - 15 % % VEHICLES IN OPERATION How many electric vehicles in operation 37% - 42% 2023-2030 CAGR of total VIO TAM TOTAL ADDRESSABLE MARKET 41% - 46% 2023-2030 CAGR How much electricity is needed to power those veh
Slide 14: Need for DCFC Increasing as EVs Become Mass-Market
RETAIL DCFC EXPANSION HAPPENING NOW NEED FOR DCFC INCREASING AS EVs BECOME MASS-MARKET PHENOMENON %OF EV BUYERS THAT LIVE IN MULTIFAMILY 3 DCFC AS % of TOTAL CHARGING GROWING 2x More Charging on EVgo 2 IN CALIFORNIA4 Multifamily Dwellers Charge More with EVgo than Single Family Dwellers 31% 25%-30%
Slide 15: Rapidly Growing Rideshare
RIDESHARE DRIVERS MORE RELIANT ON DCFC FLEET INCREASING % OF KWH DISPENSED ON EVGO NETWORK1 Average rideshare driver drives 3-4 times more than an average commuter. 1 25% RIDESHARE DCFC Average rideshare driver more likely to live in EXPANSION multifamily housing than average retail customer. 2 11%
Slide 16: Advanced Network Planning Aligns EVgo for Profitability
ADVANCED NETWORK PLANNING ALIGNS EVGO FOR PROFITABILITY EVGO SITE PARTNERSHIPS PROVIDE DIFFERENTIATED NETWORK REACH RIGOROUS MARKET AND PINPOINT LOCATIONS FINANCIAL EVALUATION WITHIN A MARKET Select Site Host + Partners EVgo builds only where it expects to realize double-digit returns EVgo uses a pr
Slide 17: Disciplined Infrastructure Investors
DISCIPLINED INFRASTRUCTURE INVESTORS EVGO NETWORK THROUGHPUT CAPITAL OFFSETS ANTICIPATED SITE SELECTION UNDERWRITING OUTPEFORMING FORECASTS TO REDUCE VINTAGE CAPEX BY ACCURACY APPROXIMATELY 40% 200 Cumulative 100% 180 Outperformance of • Proprietary and prudent underwriting 160 140 12% models suppor
Slide 18: Digital First Approach Creates Customer and Partner Value
DIGITAL FIRST APPROACH CREATES COMPELLING CUSTOMER AND PARTNER VALUE PROPOSITION C U STO M E R PARTNER ACCESS / CHARGING CONVENIENCE / INFORMATION REWARDS PARTNER VALUE Autocharge+ EVgo MOBILE APP EVgo ADVANTAGE® EVgo INSIDETM Eliminating the need to manually Sophisticated, friendly design to Receiv
Slide 19: Focused on Improving the EVgo Customer Experience
FOCUSED ON IMPROVING THE EVGO CUSTOMER EXPERIENCE “ONE AND DONE” SUCCESSFUL EXPERIENCE RATE1 STALLS SERVED BY A 350 KW CHARGER 1,017 91% v v 425 85% Jan 2023 Dec 2023 Jan 2023 Dec 2023 SITES WITH 6+ DC STALLS % OF SESSIONS INITIATED WITH AUTOCHARGE+ 126 17% 65 9% v v Jan 2023 Dec 2023 Jan 2023 Dec 2
Slide 20: Financial overview
02 Financial overview Olga Shevorenkova, CFO
Slide 21: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS REVENUE ($ MILLIONS) NETWORK THROUGHPUT (GWH) $50.0 50 $27.3 v v 14 Q4'22 Q4'23 Q4'22 Q4'23 OPERATIONAL STALLS EVGO CUSTOMER ACCOUNTS (000S) 2,990 884+ 2,180 553+ v v 12/31/22 12/31/23 12/31/22 12/31/23 Stall counts include EVgo eXtend sites. Network throughp
Slide 22: EVgo Network Throughput Growing 5x Faster Than EV VIO
EVGO NETWORK THROUGHPUT EVGO NETWORK THROUGHPUT AND US EV VIO GROWTH REBASED TO 100% AS OF Q4 2022 GROWING 5X FASTER THAN EV VIO 357% Multiple drivers of accelerated throughput growth Increased multifamily dwellers among EV drivers, rideshare 264% growth, EV vehicles miles traveled (VMT) parity with
Slide 23: Increasing Throughput per Stall Delivers Operating Leverage
INCREASING THROUGHPUT PER STALL DELIVERS OPERATING LEVERAGE AVERAGE DAILY THROUGHPUT PER STALL UP NEARLY STALLS WITH >200 KWH/DAY ~40% OF NETWORK – UP 4x IN 2 YEARS FROM 2% IN TWO YEARS 19%+ 2% 3% Utilization 14% 37% 53% 28% 8% 6% Utilization 201 42% Utilization 60% 44% 72 51 16% Dec-21 Dec-22 Dec-2
Slide 24: Realizing Operating Leverage on the Way to Profitability
REALIZING OPERATING LEVERAGE ON THE WAY TO PROFITABILITY ($ millions) Q4’22 Q4’23 Nearly doubling revenue while almost tripling Adjusted Gross Profit1 Total Charging Network Revenue $9.1 $28.3 eXtend Revenue $16.7 $18.3 Charging network COS2 ~40% of COGS dependent on number of stalls Ancillary Reven
Slide 25: Key Financial Highlights Q4 2023
KEY FINANCIAL Better HIGHLIGHTS Q4 2023 (unaudited, dollars in thousands) Network throughput (GWh) Q4'23 50 Q4'22 14 (Worse) 257 % Revenue $ 49,994 $ 27,303 83 % Gross profit (loss) $ 3,540 $ (1,099) 422 % Gross margin 7.1 % (4.0)% 1,110 bps G&A as a percentage of revenue 77.6% 134.7% (5,710) bps Ne
Slide 26: Key Financial Highlights 2023
KEY FINANCIAL HIGHLIGHTS 2023 (unaudited, dollars in thousands) FY 2023 FY 2022 Better (Worse) Network throughput (GWh) 130 45 189 % Revenue $ 160,953 $ 54,588 195 % Gross profit (loss) $ 9,714 $ (5,651) 272 % Gross margin 6.0% (10.4)% 1,640 bps G&A as a percentage of revenue 88.9% 232.1% * bps Reve
Slide 27: 2024 Guidance
2024 GUIDANCE 2024 FINANCIAL GUIDANCE REVENUE $220M - $270M ADJUSTED EBITDA* $(48M) - $(30M) *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 28: 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: -16% -37% • EV VIO growth • Continued EVgo network growth • Continued execution of operational efficiencies -147% -231% 1For definitions of Ad
Slide 29: Q&A
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Slide 30: Appendix
03 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 31: Stall Counts
STALL COUNTS 12/31/2023 12/31/2022 Increase Stalls in operation or under construction: EVgo Network 3,360 2,830 19% EVgo eXtend™ 190 — *% Total stalls in operation or under construction 3,550 2,830 25% Stalls in operation: EVgo Network 2,890 2,180 33% EVgo eXtend™ 100 — *% Total stalls in operation
Slide 32: Financial Statements: Condensed Consolidated Balance Sheets
December 31, December 31, 2023 2022 (in thousands) (unaudited) FINANCIAL Assets Current assets STATEMENTS: Cash, cash equivalents and restricted cash $ 209,146 $ 246,193 Accounts receivable, net of allowance of $1,116 and $687 as of December 31, 2023 and 2022, CONDENSED respectively 34,882 11,075 Ac
Slide 33: Financial Statements: Consolidated Statements of Operations
FINANCIAL Three Months Ended December 31, Year Ended December 31, STATEMENTS: (in thousands, except per share data) 2023 2022 Change % 2023 2022 Change % Revenue Charging, retail $ 16,678 $ 5,828 186 % $ 45,735 $ 18,895 142 % CONSOLIDATED Charging, commercial Charging, OEM Regulatory credit sales 6,
Slide 34: Financial Statements: Consolidated Statements of Cash Flows
Year Ended December 31, 2023 2022 (in thousands) (unaudited) FINANCIAL Cash flows from operating activities Net loss $ (135,466) $ (106,240) STATEMENTS: Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amortization and accretion 51,961 35,918 1 Net loss on dis
Slide 35: 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 36: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q4'23 Q4'22 Change FY 2023 FY 2022 Change FY2021 Revenue $ 49,994 $ 27,303 83 % $ 160,953 $ 54,588 195 % $ 22,214 Net loss $ (36,589) $ (17,049) (115)% $ (135,466) $ (106,240) (28)% $ (57,762) Net loss margin -73.2% -62.4
Slide 37: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q4'23 Q4'22 Change FY 2023 FY 2022 Change Revenue $ 49,994 $ 27,303 83 % $ 160,953 $ 54,588 195 % Cost of sales 46,454 28,402 64 % 151,239 60,239 151 % Gross profit (loss) $ 3,540 $ (1,099) 422 % $ 9,714 $ (5,651) 272 % C
Slide 38: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q4'23 Q4'22 Change FY 2023 FY 2022 Change Revenue $ 49,994 $ 27,303 83 % $ 160,953 $ 54,588 195 % General and administrative expenses $ 38,792 $ 36,785 5% $ 143,015 $ 126,713 13 % General and administrative expenses as a
Slide 39: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q4'23 Q4'22 Change FY 2023 FY 2022 Change Capital expenditures $ 34,811 $ 66,366 (48)% $ 158,896 $ 200,251 (21)% Capital offsets: OEM infrastructure payments $ 5,695 $ 7,000 (19)% $ 21,633 $ 7,000 209 % Proceeds from capi