Slide 1: Q1 2024 Earnings Call
Nasdaq: EVGO – investors.evgo.com Q1 2024 Earnings Call May 7, 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: Q1 2024 Highlights
Q1 2024 HIGHLIGHTS CONTINUED GROWTH BRINGS EVGO CLOSER TO PROFITABILITY $55.2M +118% Total Revenue 981K+ +60% Customer Accounts $32.4M +153% Charging Revenue 31.3% +6.0 ppts Adjusted Gross Margin1 Improved by 60 ppts 53 GWh +194% Network Throughput 44.4% Adjusted G&A as a % of Revenue1 3,240 +38% Op
Slide 5: Snapshot of EVgo's National Market Position
SNAPSHOT OF EVGO’S NATIONAL 1,000+ Locations MARKET POSITION 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 ranging from c
Slide 6: EV Sales Growing in Q1 2024 for Non-Tesla
EV SALES GROWING IN Q1 2024 FOR NON-TESLA Q1 2023 Q1 2024 100,031 Non-Tesla 29% 129,276 Growth in Non-Tesla Sales Y/Y Non-Tesla vehicles account for vast majority of current EVgo throughput 153,843 Tesla 142,200 Source: EV Volumes
Slide 7: Compelling Unit Economics Underpins Business Model
COMPELLING UNIT ECONOMICS UNDERPINS BUSINESS MODEL 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) 193 Stall Performance: Illustrative Cash Flows 49 Current Average Current Network Target Network Among Top 15% Average Average2 of Network Q4 2023 Q1'22 Q1'24 Q4 2023 By Throughput Real
Slide 8: Network in 3 to 5 Years Would Yield Nearly $200M Annual Adjusted EBITDA
NETWORK IN 3 TO 5 YEARS WOULD YIELD NEARLY $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 I N 3 - 5 Y E A RS AT 7 , 0 0 0 STA L L S 7,000 EVgo-owned stalls Anticipate 800 to 900 new operational stalls per year $600M-$700M Potential to achieve network size in 3 to 5 years,
Slide 9: Charge Rate Growth Represents a Significant Tailwind
CHARGE RATE GROWTH REPRESENTS A SIGNIFICANT TAILWIND N E T WO R K C H A R G E R AT E Increased mix of ultra-fast 350kW chargers on EVgo 3 - 5 Y E A R S AT ~ 7 , 0 0 0 S TA L L S network projected to drive 30% of charge rate increase Improving mix of current vehicles with higher charge rates in total
Slide 10: Compelling Value Proposition and 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 11: 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 38% 15% 22% 8% v v 3/31/23 3/31/24 3/31/23 3/31/24 “ONE AND DONE” SUCCESSFUL EXPERIENCE RATE1 % OF SESSIONS INITIATED WITH AUTOCHARGE+ 18% 91% 10% 87% v v Q1'23
Slide 12: Driving Operating & Capex Efficiencies
DRIVING OPERATING & CAPEX EFFICIENCIES Prefabrication of eligible stations resulting in a reduction of construction costs Streamlined and refocused on core owned and operated business Multiple charge point management system upgrades Offshoring call center Incremental improvements to curren
Slide 13: Capturing and Retaining High-Value Customers
CAPTURING AND RETAINING HIGH-VALUE CUSTOMERS OEM charging credit programs accounted for 13% of throughput in Q1 2024 Rideshare programs accounted for 24% of throughput in Q1 2024 Subscription plans accounted for 19% of throughput in Q1 2024 Hired EVP of Growth in February 2024 Segment-spec
Slide 14: Financing
FINANCING $27M in grants collected 2021-2023 OEM $97M capital build funding with $42M expected remaining $128M follow-on offering in Q2 2023 $200M ATM program launched in November 2022 ($183.5M available) 40% of 2024 vintage capital expenditures expected to be offset through capital offset
Slide 15: Financial Overview
02 Financial Overview Olga Shevorenkova, CFO
Slide 16: Key Financial and Operational Highlights
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS REVENUE ($ MILLIONS) NETWORK THROUGHPUT (GWH) $55.2 53 $25.3 v v 18 Q1'23 Q1'24 Q1'23 Q1'24 OPERATIONAL STALLS EVGO CUSTOMER ACCOUNTS (000s) 3,240 981+ 2,350 614+ v v 3/31/23 3/31/24 3/31/23 3/31/24 Stall counts include EVgo eXtend sites. Network throughput f
Slide 17: 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 Q1 2023 HAS GROWN 4X FASTER THAN EV VIO 294% Multiple drivers of accelerated throughput growth • Increased multifamily dwellers among EV drivers, • Rideshare growth • EV vehicle miles traveled (VMT) parity wit
Slide 18: Key Financial Highlights Q1 2024
KEY FINANCIAL Better HIGHLIGHTS (unaudited, dollars in thousands) Network throughput (GWh) Q1'24 53 Q1'23 18 (Worse) 194 % Q1 2024 Revenue $ 55,158 $ 25,300 118 % Gross profit $ 6,841 $ 41 * Gross margin 12.4 % 0.2 % 1,220 bps G&A as a percentage of revenue 62.1% 149.8% (8,770) bps Network throughpu
Slide 19: 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 20: 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 21: Q&A
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Slide 22: Appendix
03 Appendix Summary Financials and Reconciliation of Non- GAAP to GAAP Measures
Slide 23: Stall Counts
STALL COUNTS 3/31/2024 3/31/2023 Increase Stalls in operation or under construction: EVgo Network 3,510 3,080 14% EVgo eXtend™ 270 — * Total stalls in operation or under construction 3,780 3,080 23% Stalls in operation: EVgo Network 3,110 2,350 32% EVgo eXtend™ 130 — * Total stalls in operation 3,24
Slide 24: Financial Statements: Condensed Consolidated Balance Sheets
March 31, December 31, 2024 2023 (in thousands) (unaudited) Assets FINANCIAL Current assets Cash, cash equivalents and restricted cash $ 175,526 $ 209,146 STATEMENTS: Accounts receivable, net of allowance of $1,327 and $1,116 as of March 31, 2024 and December 31, 2023, respectively 35,262 34,882 CON
Slide 25: Financial Statements: Condensed Consolidated Statements of Operations
Three Months Ended March 31, (in thousands, except per share data) 2024 2023 Change % Revenue FINANCIAL Charging, retail Charging, commercial $ 18,326 5,839 $ 6,615 1,715 177 % 240 % STATEMENTS: Charging, OEM Regulatory credit sales 2,732 2,034 552 1,215 395 % 67 % CONDENSED Network, OEM 3,423 2,699
Slide 26: Financial Statements: Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31, (in thousands) 2024 2023 Cash flows from operating activities FINANCIAL Net loss Adjustments to reconcile net loss to net cash used in operating activities $ (28,193) $ (49,081) STATEMENTS: Depreciation, amortization and accretion Net loss on disposal of property and equ
Slide 27: 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 28: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q1'24 Q1'23 Change FY 2023 FY 2022 FY 2021 GAAP revenue $ 55,158 $ 25,300 118 % $ 160,953 $ 54,588 $ 22,214 GAAP net loss $ (28,193) $ (49,081) 43 % $ (135,466) $ (106,240) $ (57,762) GAAP net loss margin (51.1%) (194.0%)
Slide 29: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP c (unaudited, dollars in thousands) Q1'24 Q1'23 Change GAAP revenue $ 55,158 $ 25,300 118 % GAAP cost of sales 48,317 25,259 91 % GAAP gross profit $ 6,841 $ 41 * % GAAP cost of sales as a percentage of revenue 87.6% 99.8% (1,220) bps GAAP gross margin 12
Slide 30: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q1'24 Q1'23 Change GAAP revenue $ 55,158 $ 25,300 118 % GAAP general and administrative expenses $ 34,226 $ 37,889 (10)% GAAP general and administrative expenses as a percentage of revenue 62.1% 149.8% (8,770) bps Adjustm
Slide 31: Reconciliations of Non-GAAP Measures to GAAP
RECONCILIATIONS OF NON-GAAP MEASURES TO GAAP (unaudited, dollars in thousands) Q1'24 Q1'23 Change Capital expenditures $ 21,071 $ 65,246 (68)% Capital offsets: OEM infrastructure payments 5,826 3,895 50 % Proceeds from capital-build funding 1,680 2,216 (24)% Total capital offsets 7,506 6,111 23 % Ca