Slide 1: Q1 2025 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q1 2025 Earnings Call May 6, 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: Q1 2025 Another Record Quarter
Q1 2025 ANOTHER RECORD QUARTER +36% 83GWh +60% Throughput 266kWh Average kWh/stall/day Consecutive $75M +36% Revenue 13th Quarter of Double- Digit YoY Charging Revenue Growth 4,240 +32% Stalls in Operation 180 New Stalls Added Cash, Cash $171M Equivalents, and Restricted Cash Figures as of 03/31/202
Slide 5: Zero Tariff Impact
TARIFF IMPACT EXPECTED TO 2025 ESTIMATED IMPACT BE MINIMAL E S T I M AT E D TA R I F F I M P A C T $4M-$5M ILLUSTRATIVE GROSS CAPEX PER STALL on capex spend in 2025 Domestic Equipment E S T I M AT E D C A P E X E F F I C I E N C I E S 10% $10M efficiencies offset tariff impact in 2025 75 % $45M-$50M
Slide 6: US EV Sales Grew 14% in Q1 2025
US EV SALES GREW 14% IN Q1 2025 US NON-TESLA SALES EXCEED TESLA SALES IN Q1 2025 300,000 250,000 -9 % 36 % GROWTH IN N O N -T E S L A EV SALES Y/Y 200,000 Y/Y 150,000 Non-Tesla EVs account for vast majority of current EVgo throughput 100,000 +36% Y/Y 50,000 0 Q1 2024 Q1 2025 TESLA SA LES NON- TESLA
Slide 7: Flat DCFC Supply Growth
FLAT DCFC SUPPLY GROWTH FOR 7 QUARTERS Q1 2025 % OF NET EVGO GAINING MARKET SHARE STALL GROWTH 10% EVgo TOTAL U.S. DCFC NET STALL GROWTH 3,500 49% Site-host owned (15+ operators) 3,000 14% Private owner-operators (30+ operators) Unlikely 2,500 to grow 2,000 19% Tesla or shrinking share 1,500 7% OEM
Slide 8: Demand for DCFC Outpacing Supply
DEMAND FOR DCFC OUTPACING SUPPLY CREATES FAVORABLE MACRO ENVIRONMENT FOR EVGO 26.0 2030E VIO 19.3 2024-2030 EV VIO Growth Rates 4.3x – 5.8x % 21 - 31% 3.3 4.5 1.5 2.2 millions EV share of total sales 2021 2022 2023 2024 2030 2030 Base Downside Case Fcst Fcst 122 135 2025E- 2030E DCFC DCFC 2.4x – 2.7
Slide 9: Our Priorities
• WHY EVGO OUR PRIORITIES OUR PRIORITIES 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-Dilutive Financing
Slide 10: 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 21% 52% 15% 38% v v 3/31/24 3/31/25 3/31/24 3/31/25 "ONE AND DONE" SUCCESSFUL EXPERIENCE RATE1 % OF SESSIONS INITIATED WITH AUTOCHARGE+ 27% 95% 19% 91% v v Q1'2
Slide 11: 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 Call center costs per call declined 37% in
Slide 12: Capturing and Retaining High-Value Customers
CAPTURING AND RETAINING HIGH-VALUE CUSTOMERS ACHIEVEMENTS Rideshare, OEM charging credit, and subscription plans accounted for 55% of Q1 2025 throughput Increasing utilization in off peak hours through targeted marketing campaigns using sophisticated marketing and pricing Launched initial pilo
Slide 13: Financing
FINANCING ACHIEVEMENTS Completed first and second advances for $94 million under $1.25 billion DOE LPO loan guarantee. PRIORITIES Complete 2024 vintage 30C income tax credit transfer 30% of 2025 vintage capital expenditures expected to be offset through capital offsets (OEM infrastructure paym
Slide 14: Financial Overview
02 Financial Overview Stephanie Lee, EVP Accounting & Finance
Slide 15: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS OPERATIONAL STALLS CUSTOMER ACCOUNTS (000s) PUBLIC NETWORK THROUGHPUT (GWH) +2.5x +11.9x +4.2x 4,080 4,240 309 1,338 1,435 277 2,980 v v v 2,180 884 128 1,680 553 340 26 45 2021 2022 2023 2024 Q1 2025 12/31/21 12/31/22 12/31/23 12/31/24 03/31/25 12/31/21 12/3
Slide 16: EVgo Public Network Daily Throughput per Stall Grew 3x
EVGO PUBLIC NETWORK DAILY EVGO PUBLIC NETWORK DAILY THROUGHPUT PER STALL THROUGHPUT PER STALL GREW 3x IN 2 YEARS +3.1x 266 196 Strong year-over-year growth in throughput and utilization 85 • Roughly flat sequentially from Q4’24 to Q1’25 as expected due to seasonality Q1 2023 Q1 2024 Q1 2025 Multiple
Slide 17: Key Financial Highlights Q1 2025
KEY FINANCIAL HIGHLIGHTS Q1 2025 Network throughput increased 1.6x Charging Network Gross Margin1 Decrease driven by $2.4M less breakage revenue versus prior year Adjusted Gross Margin1 improved Adjusted EBITDA1 loss improved $1.3 million Network throughput for EVgo network excludes dedicated and eX
Slide 18: 2025 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 19: Q&A
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Slide 20: Summary Financials and Reconciliation of Non-GAAP to GAAP Measures
03 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 21: Stall Counts
STALL COUNTS 3/31/2024 Increase Stalls in operation: EVgo Public Network* 3,510 3,040 15% EVgo Dedicated Network” 110 40 175 % EVgo eXtend™ 620 130 377 % Total stalls in operation 4,240 3,210 32% + stalls on publicly available chargers at charging stations that we own and operate on our network. ? s
Slide 22: Financial Statements: Condensed Consolidated Balance Sheets
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED BALANCE SHEETS 22
Slide 23: Financial Statements: Condensed Consolidated Statements of Operations
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAU D IT E D ) 23
Slide 24: Financial Statements: Condensed Consolidated Statements of Cash Flows
FINANCIAL STATEMENTS: CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAU D IT E D ) 24
Slide 25: 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 26: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 26
Slide 27: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 27
Slide 28: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP 28