Slide 1: EVgo Q2 2021 Earnings Call
Proprietary and Confidential - Do not Distribute 1 EVgo Q2 2021 Earnings Call August 11, 2021
Slide 2: Safe Harbor & Forward Looking Statements
Proprietary and Confidential - Do not Distribute 2 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. For
Slide 3: Definitions of Non-GAAP Financial Measures
Proprietary and Confidential - Do not Distribute Definitions of Non-GAAP Financial Measures This presentation includes the non-GAAP financial measures: “Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “EBITDA,” and “Adjusted EBITDA.” EVgo believes these measures are useful t
Slide 4: Strategic Overview
CONFIDENTIAL | 1 Strategic Overview Cathy Zoi, CEO 4
Slide 5: Strategic Overview and Key Updates
Proprietary and Confidential - Do not Distribute Strategic Overview and Key Updates First Quarter as a Public Company, leading to new partnerships and opportunities; expansion of existing relationships Stronger than Expected H1’21 EV Sales Driving Demand for fast charging services leading to strong
Slide 6: Strong Pipeline with Robust Economics
Proprietary and Confidential - Do not Distribute Strong Pipeline with Robust Economics >2,000 Charging Stalls in Active Engineering and Construction Pipeline with ~85% of sites within a top-20 U.S. metro market and a majority part of EVgo’s partnership with GM to deploy over 2,700 fast charging stal
Slide 7: Preferred Charging Provider for GM's Fleet Service
Proprietary and Confidential - Do not Distribute 7 “Preferred Charging Provider” for GM’s Fleet Service July 2021 GM named Evgo a “Preferred Charging Provider” for its Ultium Charge 360 fleet service. Expands a key partnership and increases EVgo’s access to a key growth fleet segment Additionally, E
Slide 8: EVgo Innovation Lab and Recargo Acquisition
Proprietary and Confidential - Do not Distribute 8 EVgo Innovation Lab Establishing Technical Leadership Testing, validating, and certifying charging equipment for customer experience, performance, and safety EVgo designs, prototypes, and tests new hardware and EVgo’s own new charger management soft
Slide 9: The EVgo Business Flywheel is in Motion
Proprietary and Confidential - Do not Distribute Maximize Uptime Expand Customer Offerings Increase Revenues Decrease Costs and Risks Enhance Customer Experience Widen Competitive Moat Diversity, Equity and Inclusion The EVgo Business Flywheel is in Motion 9
Slide 10: Financial Overview
CONFIDENTIAL | 2 Financial Overview Olga Shevorenkova, CFO 10
Slide 11: Key Operational Highlights
Proprietary and Confidential - Do not Distribute 11 Key Operational Highlights Expanding Customer Base with more than 275,000 customer accounts at the end of Q2 2021, driven by strong EV sales And Growing Network Throughput, 48% QoQ sequential growth, beat pre- COVID-19 levels, mostly driven by post
Slide 12: Quarterly Revenue Update and Capital Expenditures
Proprietary and Confidential - Do not Distribute 12 Quarterly Revenue Update ($ in ‘000s) • Revenue growth of 16% QoQ • Key drivers (re-opening economy, EV adoption) helped drive quarter results • H1 2021 revenue puts EVgo on track to hit full- year targets Capital Expenditures ($ in ‘000s) • Stall
Slide 13: Quarterly Revenue, Margin and Cash Flow Update
Proprietary and Confidential - Do not Distribute 13 Quarterly Revenue, Margin and Cash Flow Update Financial Highlights (Cont.) • Revenue growth +16% QoQ as re-opening economy and EV adoption contributed • Gross Loss widened slightly as depreciation expense grew driven by more operational stalls • A
Slide 14: Station Unit Economics
Proprietary and Confidential - Do not Distribute 14 • Proprietary analytics tools to forecast station throughput • Capex per stall ~$110,000 • Typical all-in build cost of $400,000-700,000 per station • OEM partner offsets up to 33% • Capital cost offsets 5-50+% of capex depending on availability of
Slide 15: 2021 Guidance
Proprietary and Confidential - Do not Distribute 15 2021 Guidance We are reaffirming key 2021 financial forecast figures: Key Metrics 2021 Guidance Network Thoughput 24 GWh Revenue $20 million Adj. EBITDA ($58 million)
Slide 16: Appendix: Reconciliation of Non-GAAP Measures to GAAP, Summary Financials
Proprietary and Confidential - Do not Distribute 3 Appendix Reconciliation of Non- GAAP Measures to GAAP, Summary Financials 16
Slide 17: Reconciliation of Non-GAAP Measures to GAAP
Proprietary and Confidential - Do not Distribute 17 Reconciliation of Non-GAAP Measures to GAAP Actual EVgo - COGS Bridge ($000) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 GAAP COGS $6,396 $5,916 $6,954 $7,923 $6,740 $7,549 Less: Site Depreciation & ARO Accretion $2,095 $2,256 $2,651 $2,527 $2,
Slide 18: Adj. EBITDA Bridge
Proprietary and Confidential - Do not Distribute 18 Actual EVgo - Adj. EBITDA Bridge ($000) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Net Income ($14,810) ($10,406) ($7,475) ($15,519) ($16,610) ($18,421) + Taxes $8 ($2) ($12) $8 –– + Depreciation, ARO, Amor. 4,202 4,707 5,126 4,999 4,957 5,251
Slide 19: Balance Sheets
Proprietary and Confidential - Do not Distribute 19 Balance Sheets EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor) June 30, December 31, Consolidated Balance Sheets 2021 2020 ($ as stated) (unaudited) Assets Current Assets Cash $1,040,046 $7,914,150 Restricted Cash 361,030 – Accoun
Slide 20: Statement of Operations
Proprietary and Confidential - Do not Distribute 20 Statement of Operations Combined Successor & EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor) Successor Predecessor Consolidated Statement of Operations Three months ended June 30 Change ($ in 000s) 2021 2020 $ % Revenue $4,783 $2,
Slide 21: Cash Flow Statement
Proprietary and Confidential - Do not Distribute 21 Cash Flow Statement Successor Predecessor (unaudited) January 16, January 1, six months 2020 2020 EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor) ended through through Consolidated Cash Flow Statement June 30, June 30, January 15,