Slide 1: EVgo Q4 2022 Earnings Call
EVgo Q4 2022 Earnings Call March 30, 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 Leading Position
Snapshot of EVgo’s Market Leading Position Market leader in clean mobility electrification – backed by 100% renewable power 9 OEM partners 100% Engaged by multiple OEMs for Renewable energy powered partnerships ranging from charging since 2019 through the credit and infrastructure buildout, to purch
Slide 5: Key Business Highlights
Key Business Highlights Accelerating growth and investment in network Stalls in Operation or Under Construction 2,800+ Stalls in operation or under construction increased 47% YoY, with ~670 new stalls added to EVgo network in 2022 ~2,800 47% ~4,000 ~1,900 Active E&C Stall Development Pipeline Grew 2
Slide 6: Multiple Pathways to Capitalize on Rapid Growth in Electrification of Transportation
Multiple Pathways to Capitalize on Rapid Growth in Electrification of Transportation Technology- Public Charging Network Rideshare Fleet Dedicated Fleet Enabled Services One of largest ultra fast public charging networks in U.S., with 900+ Preferential pricing Hubs and behind the fence Proprietary s
Slide 7: Growth, Execution, Innovation, Efficiency
Growth, Execution, Innovation, Efficiency 2022 Accomplishments Public Fleet Technology Operations People • Added ~670 stalls in 2022 • Expanding partnerships • Autocharge+ improving • Signed new expanded supply • Added new senior talent with Uber and Lyft for customer satisfaction, agreement with De
Slide 8: Network Plan: Maximizing Profitable Market Share
Network Plan: Maximizing Profitable Market Share 2022 stall growth of ~670 Added 1,100+ stalls over last 3 years Active E&C stall development pipeline of ~4,000 as of end of 2022 Focus on top 50 MSAs and select highway corridors Maximize both near-term utilization and long-term NPV through market, u
Slide 9: EVgo Renew: Enhancing the Fast-Charging Experience
EVgo Renew: Enhancing the Fast-Charging Experience EVgo’s commitment to maximize uptime and deliver world-class driver experiences across new and legacy infrastructure In 2022: Upgraded more Retired approximately than 100 stalls 160 stalls 9
Slide 10: U.S. Set for Rapid Investment in Fast Chargers
U.S. Set for Rapid Investment in Fast Chargers National Electric Vehicle Infrastructure program (“NEVI”) will allocate ~$5 billion to states over next five years • U.S. government approved all 50 state plans (plus Washington D.C. and Puerto Rico) in 2022 and issued final technical minimum standards
Slide 11: Financial and Operational Overview
2 Financial and Operational Overview Olga Shevorenkova, CFO
Slide 12: Key Operational Highlights
Key Operational Highlights Active E&C Stall Development Pipeline EVgo Customer Accounts (000s) Revenue ($M) ~4,000 553 $54.6 ~3,100 29% 63% 146% 340 $22.2 Q4'21 Q4'22 Q4'21 Q4'22 FY '21 FY '22 Continued focus on scaling execution in 2022 • 29% year-over-year growth in Active E&C Stall Development Pi
Slide 13: Key Financial Highlights Q4 2022
Key Financial Highlights Q4 2022 Quarterly Revenue, Margin and Cash Flow Update Better • Revenues grew 283% year-over-year, driven by increases in Unaudited, dollars in thousands Q4'22 Q4'21 (Worse) eXtend and retail charging revenues Network Throughput (GWh) 14.4 8.2 76 % GAAP revenue $ 27,303 $ 7,
Slide 14: Key Financial Highlights 2022
Key Financial Highlights 2022 Annual Revenue, Margin and Cash Flow Update Better • Revenues grew 146% year-over-year, driven by increases Unaudited, dollars in thousands FY'22 FY'21 (Worse) in eXtend, retail charging revenues, and regulatory credit sales Network Throughput (GWh) 44.6 26.4 69 % GAAP
Slide 15: EVgo Network Throughput Continues to Grow
EVgo Network Throughput Continues to Grow Throughput (GWh) • kWh Dispensed Increasing Faster Than Stall Growth 44.6 • More than 10 metro markets exhibiting double-digit utilization • Charge rate increased 17% year-over-year 26.4 +69% • Charge rate on 350kW chargers: ~53kW • Total throughput increase
Slide 16: 2023 Guidance
2023 Guidance Initiating key 2023 financial and operational forecast figures: Revenue1 $105-$150M Adjusted EBITDA** ($78)-($60)M Total Stalls in Operation or Under Construction as of YE 2023 3,400-4,000 1 EVgo's 2023 guidance range is informed by federal regulatory guidance regarding domestic assemb
Slide 17: Appendix
3 Appendix Reconciliation of Non-GAAP Measures to GAAP, Summary Financials
Slide 18: Revenue Disaggregation
Revenue Disaggregation Unaudited, dollars in thousands Q4'22 Q4'21 Change FY'22 FY'21 Change Charging revenue, retail $ 5,828 $ 3,537 65 % $ 18,895 $ 11,041 71 % Charging revenue, commercial 1,322 695 90 % 3,363 2,420 39 % Charging revenue, OEM 349 179 95 % 941 812 16 % Regulatory credit sales 968 1
Slide 19: Financial Statements: Condensed Consolidated Balance Sheets
Financial Statements: Condensed Consolidated Balance Sheets Unaudited December 31, December 31, (in thousands) 2022 2021 Assets Current assets Cash, cash equivalents and restricted cash $ 246,193 $ 484,881 Accounts receivable, net of allowance of $687 and $718 as of December 31, 2022 and 2021, respe
Slide 20: Financial Statements: Consolidated Statements of Operations
Financial Statements: Consolidated Statements of Operations Three Months Ended Years Ended Unaudited December 31, December 31, (in thousands, except per share data) 2022 2021 Change % 2022 2021 Change % Revenue $ 27,228 $ 7,120 282 % $ 54,513 $ 21,652 152 % Revenue from related party 75 — * 75 562 (
Slide 21: Financial Statements: Consolidated Statements of Cash Flows
Financial Statements: Consolidated Statements of Cash Flows Years Ended Unaudited December 31, (in thousands) 2022 2021 Cash flows from operating activities Net loss $ (106,240) $ (57,762) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amortization and accre
Slide 22: 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 23: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands Q4'22 Q4'21 Change FY'22 FY'21 Change GAAP revenue $ 27,303 $ 7,120 283 % $ 54,588 $ 22,214 146 % GAAP net loss $ (17,049) $ (46,322) 63 % $ (106,240) $ (57,762) (84)% GAAP net loss margin (62.4%) (650.6%) * bps (194.6%) (2
Slide 24: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands Q4'22 Q4'21 Change FY'22 FY'21 Change GAAP revenue $ 27,303 $ 7,120 283 % $ 54,588 $ 22,214 146 % GAAP cost of sales 28,402 8,944 218 % 60,239 29,044 107 % GAAP gross loss $ (1,099) $ (1,824) 40 % $ (5,651) $ (6,830) 17 % G
Slide 25: Reconciliations of Non-GAAP Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP Unaudited, dollars in thousands Q4'22 Q4'21 Change FY'22 FY'21 Change GAAP revenue $ 27,303 $ 7,120 283 % $ 54,588 $ 22,214 146 % GAAP general and administrative expenses $ 36,785 $ 24,859 48 % $ 126,713 $ 71,086 78 % GAAP general and administrative expen