tw0122
2 weeks ago
On October 3, 2024, the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) announced that EVgo received conditional commitment for a loan guarantee of up to $1.05 billion of debt financing under its Title 17 program to accelerate expansion of EVgo’s fast charging network across the U.S. The proposed financing will be provided directly by the Federal Financing Bank as a loan, guaranteed by DOE, and structured as a limited recourse project financing. RevenueTotal revenue for the three months ended September 30, 2024 increased $32.4 million, or 92%, to $67.5 million compared to $35.1 million for the three months ended September 30, 2023. As further discussed below, the increase in revenue was primarily due to a $13.3 million increase in retail charging revenue, an $11.4 million increase in eXtend revenue, a $4.6 million increase in commercial charging revenue, and a $2.8 million increase in OEM charging revenue. 40
Table of ContentsCharging Revenue, Retail. Charging revenue, retail, for the three months ended September 30, 2024 increased $13.3 million, or 100%, to $26.7 million compared to $13.4 million for the three months ended September 30, 2023. Period-over-period growth was primarily due to an overall increase in throughput driven primarily by increased charging volume from a greater number of customers and more throughput per customer and, to a lesser extent, price increases.Charging Revenue, Commercial. Charging revenue, commercial, for the three months ended September 30, 2024 increased $4.6 million, or 113%, to $8.6 million compared to $4.0 million for the three months ended September 30, 2023. Period-over-period growth was primarily due to higher charging volumes by the Company’s public fleet customers and, to a lesser extent, price increases.Charging Revenue, OEM. Charging revenue, OEM, for the three months ended September 30, 2024 increased $2.8 million, or 191%, to $4.3 million compared to $1.5 million for the three months ended September 30, 2023. Period-over-period growth was primarily due to an increase in active OEM customers and increased throughput per customer.Regulatory Credit Sales. Regulatory credit sales for the three months ended September 30, 2024 increased $0.4 million, or 21%, to $2.2 million compared to $1.8 million for the three months ended September 30, 2023 due to the impact of increased throughput, partially offset by decreased market prices.Network Revenue, OEM. Network revenue, OEM, for the three months ended September 30, 2024 increased $0.2 million, or 15%, to $1.3 million compared to $1.1 million for the three months ended September 30, 2023. The period-over-period increase was due to increased marketing activities and membership fees from OEM customers, partially offset by decreased breakage.eXtend Revenue. eXtend revenue for the three months ended September 30, 2024 increased $11.4 million, or 109%, to $21.9 million compared to $10.5 million for the three months ended September 30, 2023. The increase was primarily due to an increase in construction projects in process or completed, partially offset by decreased equipment sales, compared to the same prior-year period.Ancillary Revenue. Ancillary revenue for the three months ended September 30, 2024 decreased $0.3 million, or 9%, to $2.6 million compared to $2.8 million for the three months ended September 30, 2023. The decrease was primarily due to decreased engineering and construction services. Cost of SalesCharging Network. Charging network cost of sales for the three months ended September 30, 2024 increased $13.3 million, or 86%, to $28.9 million compared to $15.6 million for the three months ended September 30, 2023. The increase in charging network cost was primarily due to a $9.0 million increase in usage-related energy costs resulting from increased throughput and a $4.3 million increase in non-energy charging costs.Other. Other cost of sales for the three months ended September 30, 2024 increased $10.4 million, or 101%, to $20.8 million compared to $10.3 million for the three months ended September 30, 2023. The increase in other cost of sales was primarily due to an increase in costs related to eXtend, partially offset by a decrease of $0.4 million in costs related to ancillary revenue.Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the three months ended September 30, 2024 increased $2.9 million, or 34%, to $11.5 million compared to $8.6 million for the three months ended September 30, 2023 due to the growth of EVgo’s charging network.Gross Profit and Gross MarginGross profit for the three months ended September 30, 2024 increased to $6.4 million compared to $0.6 million for the three months ended September 30, 2023 primarily due to increased gross profit from charging revenues and eXtend revenue, partially offset by increased depreciation, net of capital-build amortization. Gross margin for the three months ended September 30, 2024 was 9.4% compared to 1.7% for the three months ended September 30, 2023 primarily due to 41
Table of Contentshigher margins from charging revenue resulting from improved leveraging of charging station costs, partially offset by lower margins due to decreased contributions from higher margin ancillary revenues and regulatory credit sales in the three months ended September 30, 2024 compared to the same prior-year period.Operating ExpensesGeneral and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2024 increased $1.1 million, or 3%, to $33.1 million compared to $32.0 million for the three months ended September 30, 2023. The increase was primarily driven by a $1.0 million increase in payroll due to an increase in the overall headcount during the three months ended September 30, 2024 compared to the same prior-year period and a $0.7 million increase in legal and professional services, partially offset by a $1.2 million decrease in impairment expense.Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the three months ended September 30, 2024 and 2023 was $5.0 million. Operating Loss and Operating MarginDuring the three months ended September 30, 2024, EVgo had an operating loss of $31.8 million, a decrease of $4.6 million, or 13%, compared to $36.4 million for the three months ended September 30, 2023. The decrease in operating loss was driven primarily by an increase in gross profit, partially offset by increased general and administrative expenses. Operating margin for the three months ended September 30, 2024 was negative 47.1% compared to negative 103.6% for the three months ended September 30, 2023 primarily due to improved leveraging of operating expenses and gross margin.Interest IncomeInterest income for the three months ended September 30, 2024 decreased $1.1 million, or 38%, to $1.8 million compared to $2.9 million for the three months ended September 30, 2023. The decrease was due primarily to less cash and cash equivalents held in a high interest rate account by the Company and, to a lesser extent, lower interest rates during the three months ended September 30, 2024 compared to the same prior year period.Other (Expense) Income, Net Other (expense) income, net, for the three months ended September 30, 2024 and 2023 was de minimis.Changes in Fair Values of Warrant and Earnout LiabilitiesFor the three months ended September 30, 2024, there was a $3.3 million loss resulting from the change in fair values of warrant and earnout liabilities compared to a $5.2 million gain for the three months ended September 30, 2023. The change between periods was primarily due to an increase in the fair value of the warrant and earnout liabilities during the three months ended September 30, 2024 compared to a decrease during the same prior-year period. See “Part I, Item 1. Financial Statements – Note 10 – Fair Value Measurements” for more information.Income TaxesFor the three months ended September 30, 2024 and 2023, EVgo’s income taxes and effective tax rates were de minimis. As of September 30, 2024 and 2023, EVgo maintained a full valuation allowance on EVgo’s net deferred tax assets.Net LossNet loss for the three months ended September 30, 2024 was $33.3 million, compared to a net loss of $28.3 million for the three months ended September 30, 2023. The change was primarily driven by an $8.5 million impact from changes in the fair values of the warrant and earnout liabilities and a $1.1 million increase in general and administrative expenses, partially offset by increased gross profit of $5.8 million.
WeTheMarket
1 month ago
EVgo and Delta Electronics Sign MOU to Co-Develop Next-Generation Charging Architecture
October 10 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/94697834/evgo-and-delta-electronics-sign-mou-to-co-develop
Co--development will improve customer experience, enhance charger reliability, and drive cost efficiencies with advanced firmware and hardware design
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation's largest public fast charging networks for electric vehicles (EVs), announced today that it has entered into a new memorandum of understanding (MOU) with longtime technology partner, Delta Electronics, Inc. (“Delta”), a global leader in power management and a provider of IoT-based smart green solutions, to jointly develop next-generation EV charging architecture. This new charging architecture is designed to provide EVgo with more control over the full customer experience while bolstering reliability and delivering increased cost savings and enhanced energy efficiency.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241010971416/en/
Under the agreement, EVgo and Delta will expand their years-long collaboration to develop state-of-the-art fast chargers that will center on the customer experience. This will include several design features ranging from advanced software, all-in-one power electronics, contactless payment interface, ultra high-power 400kW dispensers, and extended cable length that allows for more maneuverability to easily reach any charge port location on all EV models, supporting EVgo’s commitment to serve all EV drivers, regardless of the make or model of their vehicle.
“EVgo is committed to delivering a superior experience for our customers and we continue to advance long-term solutions to maximize convenience and improve reliability,” said Dennis Kish, President of EVgo. “As the next step in our evolution, EVgo will leverage our learnings and experience from working with over one million customers across the U.S. to develop this next-generation charging architecture in collaboration with Delta Electronics with the goal of increasing consumer confidence in public EV infrastructure and supporting broader adoption of electric vehicles nationwide."
Austin Tseng, President of Delta Electronics (Americas), said, “Delta looks forward to collaborating further with EVgo as we pioneer the future of EV charging infrastructure by redefining the customer experience, enhancing charger reliability, and advancing energy conservation. Delta’s core competencies in high-efficiency power electronics and system integration will be key to this endeavor.”
The new charging architecture will also include key features to enhance energy efficiency and power distribution across sites by taking EVgo’s dynamic power sharing to the next level. Designed to align with battery advancements in coming years, EVgo’s next-generation charging technology will allow dynamic power sharing across as many as six charging stalls at a time. This extended power sharing ability enables EVgo to implement a variety of station configurations to suit a specific site’s needs, which will be critical as the Company continues to focus on building larger stall footprints to maximize customer experience and serve the growing number of EV drivers on the road.
EVgo expects to complete final design and rigorous interoperability testing in its Innovation Lab and deploy these new chargers by the second half of 2026. As part of this next evolution of EVgo’s charging architecture, the Company will also enhance its charger firmware and software capabilities to enable more detailed error codes and a more flexible interface to improve maintenance, reset times, and the overall customer experience.
These innovations will deliver faster, more efficient charging sessions by taking advantage of each vehicle’s unique charging curves, reducing energy consumption and costs while meeting the evolving needs of drivers. EVgo aims to lower its gross capital expense per stall by 30% while increasing peak power delivery by nearly 20 percentage points.
This co-development effort is happening in tandem with ReNew™ program, focused on creating a holistically better customer experience for EV drivers. Through ReNew, EVgo recently launched new diagnostic tools and capabilities to bolster reliability, continues to streamline the payment process with enhancements to Autocharge+, and is proactively addressing legacy equipment on its network while it invests in developing the charging infrastructure to come.
With these expansive investments in customer-centric hardware, firmware and software solutions, EVgo is continuing to build out a nationwide fast charging network to power an all-electric transportation future.
For more information about the EVgo network, visit www.evgo.com.
WeTheMarket
2 months ago
EVgo Receives Conditional Commitment for DOE Loan Guarantee of up to $1.05 Billion to Accelerate Buildout of Public Fast Charging Across the U.S.
October 03 2024 - 8:35AM
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/94662902/evgo-receives-conditional-commitment-for-doe-loan
Access to low-cost financing is expected to support construction of approximately 7,500 new DC fast charging stalls in community locations
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), announced today that it has received a conditional commitment for a loan guarantee of up to $1.05 billion of debt financing, from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) under its Title 17 program to accelerate expansion of its fast charging network in community locations across the U.S.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241003903916/en/
EVgo fast charging station installed near multifamily housing (Photo: Business Wire)
The financing would accelerate EVgo’s efforts to scale its charging footprint and increase nationwide access to convenient, reliable public charging stations. Access to this low-cost financing will facilitate the build out of approximately 7,500 additional fast charging stalls across the U.S., with the top state markets anticipated to be Arizona, California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, Pennsylvania and Texas. If finalized, EVgo expects to complete the deployment of the new stalls by 2030.
The network expansion will complement the corridor charging being deployed through the National Electric Vehicle Infrastructure (NEVI) Formula Program by creating localized, community charging stations with an emphasis on increased access and availability in areas that serve multifamily housing residents and others who rely primarily on public charging for their needs.
In alignment with the Biden-Harris administration’s Justice40 initiative, over 40% of stalls to be built pursuant to the financing, if finalized, are anticipated to be in marginalized areas that have been overburdened by environmental impacts. EVgo also plans to leverage the 30C tax credit, which was expanded as part of the Inflation Reduction Act and supports the buildout of public EV charging infrastructure with a focus on driving investment to rural and lower-income communities.
“EVgo shares the Biden-Harris administration’s goal of increasing EV charging access in the communities that need it most,” said Badar Khan, CEO at EVgo. “This historic investment would meaningfully accelerate our network expansion to provide public charging to EV drivers across the United States.”
The proposed financing will be provided directly by the Federal Financing Bank as a loan, guaranteed by DOE, and structured as a limited recourse project financing. EVgo will not need to raise any third-party equity—public or private—to reach financial close and begin drawdown. The financing structure provides EVgo flexibility to continue scaling its network both within and outside of the Project, to meet growing demand and support the Biden-Harris administration’s goal of building a nationwide network of public chargers.
EVgo estimates that the project buildout will create more than 1,000 jobs, over 700 of which will be contracted resources engaged by the Company encompassing roles in construction, engineering, development, and operations and maintenance.
EVgo has a successful history of public-private partnerships and will continue to collaborate with utilities and state agencies to leverage incentives and funding programs that help to accelerate infrastructure deployment. Partnering with retail site hosts and property owners, EVgo has over a decade of experience in making EV charging more accessible and supporting the broader adoption of electric vehicles.
EVgo and DOE are committed to a superior customer experience for EV drivers and will collaborate on long-term solutions to maximize charging convenience and reliability to bolster consumer confidence and support broader EV adoption across the country. EVgo continues to invest in developing next-generation charging infrastructure that will enhance customer experience and expects to begin rolling out this new infrastructure in the second half of 2026. If finalized, the landmark partnership between EVgo and DOE will enable EVgo to build the fast charging network of the future and deliver a seamless charging experience for all EV drivers.
While this conditional commitment indicates DOE’s intent to finance the project, the Company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
For more information about EVgo, visit www.evgo.com.
Transaction Advisors
Goldman Sachs acted as the financial advisor to EVgo.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
WeTheMarket
4 months ago
EVgo Inc. Reports Record Second Quarter 2024 Results
Achieves 6th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth
Raises Midpoint of Total Revenue Guidance by $10 Million
August 1, 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2024/q2/2024-08-01-EVgo-Q2-2024-Earnings-Release.pdf
Link to Investor Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2024/q2/2024-08-01-EVgo-Q2-2024-Earnings-Presentation.pdf
Link to Webcast https://events.q4inc.com/attendee/345859632
Link to Previous (Q1 2024) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174370087
Highlights
• Revenue reached a record $66.6 million in the second quarter, representing an increase of 32% year-over-year.
• Charging network revenue totaled $36.4 million in the second quarter, an increase of 146% year-over-year, representing the 7th sequential quarter of double-digit charging revenue growth.
• Network throughput reached a record 66 gigawatt-hours (“GWh”) in the second quarter, an increase of 164% year-over-year, representing the 6th consecutive quarter of triple digit year-over-year growth.
• Added more than 220 new operational stalls during the second quarter, including EVgo eXtend™ stalls.
• Ended the second quarter with approximately 3,440 stalls in operation, including EVgo eXtend™ stalls.
• Added over 131,000 new customer accounts in the second quarter, reaching more than 1 million overall at quarter end.
Los Angeles – August 1, 2024 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2024. Management will host a conference call today at 11 am ET / 8 am PTto discuss EVgo’s results and other business highlights.
Revenue reached $66.6 million in the second quarter of 2024, compared to $50.6 million in the second quarter of 2023, representing 32% year-over-year growth. Revenue growth was driven by year-over-year increases in charging network revenues.
Network throughput increased to 66 GWh in the second quarter of 2024, compared to 25 GWh in the second quarter of 2023, representing 164% year-over-year growth. The Company added over 131,000 new customer accounts during the second quarter of 2024, a 60% year-over-year increase in new accounts. The overall number of customer accounts was more than 1 million at quarter end, an increase of 59% year-over-year. “EVgo delivered yet another quarter of great financial and operating results, including the 7th sequential quarter of double-digit charging revenue growth,” said Badar Khan, EVgo’s CEO. “We are seeing continual record demand in the industry, which we are well situated to capture given our position as an owner operator and as evidenced by the tremendous growth in throughput and new customer accounts. We look forward to continuing to execute on our strategic priorities and building the critically important, fast charging, OEM-agnostic infrastructure necessary to deliver an excellent customer experience for EV drivers across the nation. We are confident this momentum will result in strong returns for our shareholders.”
Business Highlights
• Subaru Charging Credit: Subaru extended their charging credit program with EVgo, giving new Subaru Solterra drivers a $500 EVgo charging credit.2
• Stall Development: The Company ended the quarter with approximately 3,440 stalls in operation,
including EVgo eXtend™ stalls. EVgo added over 220 new DC fast charging stalls during the quarter,
including EVgo eXtend™ stalls.
• EVgo eXtendTM: EVgo ended the quarter with 190 operational EVgo eXtend™ stalls.
• Network Utilization: Utilization on the EVgo network in the second quarter of 2024 was 20%, up from
approximately 11% in the second quarter of 2023.
• Average Daily Network Throughput: Average daily throughput per stall for the EVgo network was 227
kilowatt hours per day in the second quarter of 2024, an increase of 103% compared to 112 kilowatt hours per day in the second quarter of 2023.
• Commercial Charging: EVgo’s commercial charging business continues to grow driven by rideshare, with throughput increasing nearly threefold year-over-year.
• EVgo Autocharge+: Autocharge+ was over 18% of total charging sessions initiated in the second quarter of 2024, and the number of Autocharge+ charging sessions in the second quarter increased 202% compared to the second quarter of 2023.
• PlugShare: PlugShare reached 5.3 million registered users and achieved 8.5 million check-ins since
inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the second quarter of 2024.
• Revenue of $66.6 million
• Network Throughput1 of 66 gigawatt-hours
• Customer Account Additions of over 131,000 accounts
• Gross Profit of $6.4 million
• Net Loss of $29.6 million
• Adjusted Gross Profit2 of $17.7 million
• Adjusted EBITDA2 of ($8.0) million
• Net Cash Provided By Operating Activities of $7.6 million
• Capital Expenditures of $24.2 million
• Capital Expenditures, Net of Capital Offsets2 of $13.8 million
1 Network throughput for EVgo network excludes EVgo eXtend™ sites.
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of NonGAAP Financial Measures” included elsewhere in this release.
2024 Financial Guidance
EVgo is updating 2024 guidance as follows:
• Raising the midpoint of total revenue guidance by $10 million with total revenue guidance of $240 -
$270 million
• Adjusted EBITDA* of ($44) – ($34) million
* 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, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time
without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s second quarter earnings release will be held today at 11 am
ET / 8 am PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing
to access via phone is:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708
This press release, along with other investor materials that will be used or referred to during the webcast and
conference call, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest
GAAP measures, will also be available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure
and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and
commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over
1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white
label service offering. EVgo is accelerating transportation electrification through partnerships with automakers,
fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy
leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and
partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class
charging experience where drivers live, work, travel and play
WeTheMarket
6 months ago
EVgo Doubles Down on Commitment to Begin NACS Deployments in 2024
May 14 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93844104/evgo-doubles-down-on-commitment-to-begin-nacs-depl
Seismic shift in competitive landscape opens opportunity to further drive utilization of the EVgo network, expand footprint with new site host partners, and serve more Tesla EV drivers
EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that the Company will begin to deploy North American Charging Standard (NACS) connectors – currently in the process of being standardized as SAE J3400 – on its fast charging network later this year.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240514544041/en/
As part of its commitment to serve all EVs, stations included in the roll-out will serve both CCS and NACS vehicles. Deployments will begin in key markets with high NACS vehicle penetration, enabling the Company to maximize charger utilization. Overall utilization on the EVgo network in the first quarter of 2024 was approximately 19%, up from approximately 9% in the first quarter of 2023.
"The seismic shift in the competitive landscape for EV charging has opened new opportunities to drive usage on the EVgo network and accelerate our network expansion by fostering new site host partnerships,” said Badar Khan, CEO of EVgo. “EVgo had previously identified more than 100,000 potential stalls with strategic site host partners, and with recent industry changes, we welcome further dialogue with our current and potential partners on how we can collaborate to deploy more fast charging infrastructure in convenient locations for drivers.”
EVgo’s NACS roll-out will be unique given the network’s proliferation of high-power 350kW chargers that require liquid cooled cable technology. Today, nearly 40% of EVgo’s stalls are powered by a 350kW charger – almost double the percentage a year ago – to best serve vehicle models with the most advanced battery technology and high peak charge rates.
Both Tesla and future non-Tesla NACS vehicles will be able to take advantage of Autocharge+, EVgo’s streamlined payment feature that allows drivers to plug in and initiate a charge without the use of an app, credit card, or RFID card. Autocharge+ mirrors the Plug and Charge experience and is available to over 50 vehicle models, including all Tesla models today that are compatible with the CCS adapter made by Tesla.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging providers, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
WeTheMarket
7 months ago
EVgo Inc. Reports Record First Quarter 2024 Results
May 07 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2024/q1/2024-05-06-EVgo-Q1-2024-Earnings-Release.pdf
Link to Webcast https://events.q4inc.com/attendee/443456279
Link to Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2024/q1/2024-05-07-EVgo-Q1-2024-Earnings-Presentation.pdf
Link to Previous Results (Q4/FY 2023) https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173981731
Highlights
- Revenue reached a record $55.2 million in the first quarter, representing an increase of 118% year-over-year.
- Network throughput reached a record 53 gigawatt-hours (“GWh”) in the first quarter, an increase of 194% year-over-year.
- Added 250 new operational stalls during the first quarter, including EVgo eXtend™ stalls.
- Ended the first quarter with approximately 3,780 stalls in operation or under construction, including EVgo eXtend™ stalls.
- Added nearly 109,000 new customer accounts in the first quarter, reaching more than 981,000 overall at quarter end.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2024. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.
Revenue reached $55.2 million in the first quarter of 2024, compared to $25.3 million in the first quarter of 2023, representing 118% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend™ revenue.
Network throughput increased to 53 GWh in the first quarter of 2024, compared to 18 GWh in the first quarter of 2023, representing 194% year-over-year growth. The Company added nearly 109,000 new customer accounts during the first quarter of 2024, a 63% year-over-year increase in new accounts. The overall number of customer accounts was more than 981,000 at quarter end, an increase of 60% year-over-year.
“EVgo’s business continues to grow and achieve record results, demonstrating the strength of our business model of owning and operating a fast-charging network as more Americans drive electric vehicles,” said Badar Khan, EVgo’s CEO. “We continue to build new stalls across the U.S. and see throughput growth outpacing growth of EVs in operation. EVgo’s compelling unit economics, operating leverage, along with the tailwind of long-term EV adoption, gives us confidence that we will achieve adjusted EBITDA breakeven in 2025 and create significant shareholder value.”
Business Highlights
Stall Development: The Company ended the quarter with approximately 3,240 stalls in operation, including EVgo eXtend™ stalls. EVgo added 250 new DC fast charging stalls during the quarter, including EVgo eXtend™ stalls.
EVgo eXtend™: EVgo ended the quarter with 130 operational EVgo eXtend™ stalls.
Network Utilization: Utilization on the EVgo network in the first quarter of 2024 was approximately 19%, up from approximately 9% in the first quarter of 2023.
Network Throughput: Average daily throughput per stall for the EVgo network was 193 kilowatt hours per day in the first quarter of 2024, an increase of 124% compared to 86 kilowatt hours per day in the first quarter of 2023.
Fleet Charging: EVgo’s public fleet charging business continues to grow driven by rideshare traffic that increased over 3x year-over-year.
EVgo Autocharge+: Autocharge+ was over 18% of total charging sessions initiated in the first quarter of 2024, and the number of Autocharge+ charging sessions in the first quarter increased 358% compared to the first quarter of 2023.
PlugShare: PlugShare reached approximately 5.0 million registered users and achieved 8.3 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the first quarter of 2024.
Revenue of $55.2 million
Network Throughput1 of 53 gigawatt-hours
Customer Account Additions of nearly 109,000 accounts
Gross Profit of $6.8 million
Net Loss of $28.2 million
Adjusted Gross Profit2 of $17.3 million
Adjusted EBITDA2 of ($7.2) million
Cash Flows Used in Operating Activities of $14.1 million
Capital Expenditures of $21.1 million
Capital Expenditures, Net of Capital Offsets2 of $13.6 million
_______________
1 Network throughput for EVgo network excludes EVgo eXtend™ sites.
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
2024 Financial Guidance
EVgo is reaffirming 2024 guidance as follows:
- Total revenue of $220 – $270 million
- Adjusted EBITDA* of ($48) – ($30) million
_______________
* 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, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
CFO Transition
EVgo also announced that Olga Shevorenkova will be stepping down as Chief Financial Officer and departing the Company, effective on or about May 31, 2024, for a role with a private company. Stephanie Lee, EVP of Accounting & Finance, will serve as Interim CFO from the time of Olga’s departure until a permanent successor joins the Company. The Company has retained a leading executive search firm and commenced a comprehensive search process to identify the Company’s next CFO. Ms. Shevorenkova's departure was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices, including the Company's accounting principles and practices and internal controls.
“On behalf of the Board and management team, I would like to thank and recognize Olga for her many contributions to EVgo over the past six years,” said Badar Khan, CEO of EVgo. “Olga joined EVgo at a time when it was a private company in a nascent sector, and helped EVgo navigate a path to become a scaled electric vehicle charging network provider that is an industry leader. Her commitment to our mission is evident, and we wish Olga all the best in her future pursuits. We have a well-defined transition plan in place and are thankful for the deep and talented finance team she has built.”
Conference Call Information
A live audio webcast and conference call for EVgo’s first quarter earnings release will be held today at 11 a.m. ET / 8 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708
This press release, along with other investor materials that will be used or referred to during the webcast and conference call, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 1,000 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
WeTheMarket
7 months ago
EVgo Expansion in Los Angeles Recognized with 1st Place Leadership Award by Largest Municipal Utility in the Nation
May 01 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93759283/evgo-expansion-in-los-angeles-recognized-with-1st
Los Angeles Department of Water & Power (LADWP) honored EVgo for its expansion in the Los Angeles area, commitment to transportation electrification at utility’s 9th Annual Sustainability Awards
EVgo Inc. (NASDAQ: EVGO), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that the company was recognized with a first place Leadership Award for Level 3 Electric Vehicle Charging – also known as DC fast charging – by the Los Angeles Department of Water & Power (LADWP). EVgo was honored as part of LADWP’s “Electrification of Transportation” category for its success deploying DC fast charging infrastructure in the Los Angeles metro area, expanding access to public charging in support of the state’s nation-leading climate goals.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240501120294/en/
EVgo fast charging station in Los Angeles, CA. (Photo: Business Wire)
EVgo’s network footprint has grown by nearly 90% in the Los Angeles metro area, one of the nation’s top markets for electric vehicles, from 293 fast charging stalls at the end of 2020 to over 550 DC fast charging stalls today. Access to public infrastructure is critical for urban areas such as Los Angeles, where, according to a study by UCLA’s Luskin Center, EV drivers residing in multifamily dwellings are more likely to rely on public charging. EVgo has a long history of collaboration with LADWP, including ongoing efforts with the utility and city agencies to streamline deployments of accessible EV charging infrastructure in Los Angeles through permitting and zoning reforms.
“Receiving this recognition from LADWP is a testament to the value and importance of EVgo’s ongoing collaborations with utilities and other entities within the broader EV charging ecosystem,” said Sandeep Jayaram, Executive Vice President of Operations at EVgo. “We look forward to our continued partnership with LADWP to advance the deployment of public EV charging infrastructure and provide access to the much-needed charging resources for EV drivers in the Los Angeles metro region.”
LADWP’s 9th Annual Sustainability Awards recognized the utility’s customers and partners for their positive environmental impacts achieved throughout 2023. The event celebrated organizations across four categories including Energy Efficiency, Water Conservation, Electrification of Transportation, and Demand Response. Awards were distributed to organizations with first, second, and third place rankings across each category.
To learn more about EVgo’s best practices for EV charging infrastructure deployment, visit www.evgo.com/connect-the-watts. For more information about the EVgo charging network, please visit www.evgo.com.
About EVgo
EVgo (NASDAQ: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel, and play.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501120294/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
WeTheMarket
7 months ago
EVgo to Report First Quarter 2024 Results on May 7, 2024
April 24 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93706184/evgo-to-report-first-quarter-2024-results-on-may-7
EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that it will release its first quarter 2024 financial results on Tuesday, May 7, 2024. This release will be followed by a webcast hosted by members of the EVgo management team at 8 a.m. PT (11 a.m. ET).
EVgo First Quarter 2024 Webcast
When: Tuesday, May 7, 2024
Time: 8 a.m. PT (11 a.m. ET)
Live Webcast: https://investors.evgo.com/events-and-presentations
The call can also be accessed live over the telephone by dialing:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708
A copy of the press release with the financial results and the presentation discussed during the webcast will be available on the Investor Relations section of EVgo's website prior to the commencement of the webcast. An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424533030/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
WeTheMarket
9 months ago
EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results
March 06 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-and-FY2023-Earnings-Release.pdf
Link to Webcast https://events.q4inc.com/attendee/999843161
Link to Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-23-and-FY-23-Earnings-Presentation.pdf
Link to Prior (Q3 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173177446
Highlights
- Revenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year.
- For the full year 2023, revenue reached $161.0 million, an increase of 195% over full year 2022, and exceeding the high-end of the Company’s guidance range.
- Network throughput reached a record 50 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 257% year-over-year.
- Network throughput for the full year 2023 increased to 130 GWh, representing growth of 189% over full year 2022.
- Ended 2023 with approximately 3,550 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 260 new operational stalls added during the fourth quarter.
- Added over 110,000 new customer accounts in the fourth quarter and approximately 366,000 during 2023, reaching more than 884,000 overall at the end of the year.
- Net loss was $36.6 million for the fourth quarter of 2023 and $135.5 million for the full year 2023.
- Adjusted EBITDA1 was ($14.0) million for the fourth quarter of 2023, and ($58.8) million for the full year 2023, outperforming the high-end of the Company’s guidance range.
- EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.
Revenue reached $50.0 million in the fourth quarter of 2023, compared to $27.3 million in the fourth quarter of 2022, representing 83% year-over-year growth. For the full year 2023, revenue reached $161.0 million, compared to $54.6 million for the full year 2022, an increase of 195% year-over-year. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtendrevenue.
Network throughput increased to 50 GWh in the fourth quarter of 2023, compared to 14 GWh in the fourth quarter of 2022, representing 257% year-over-year growth. For the full year 2023, network throughput reached 130 GWh, reflecting an increase of 189% year-over-year. The Company added over 110,000 new customer accounts during the fourth quarter of 2023, bringing the overall number of customer accounts to more than 884,000 at the end of the year, an increase of 60% year-over-year.
“EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development resulting in revenue growth that nearly tripled,” said Badar Khan, EVgo’s CEO. “Our throughput growth continues to significantly exceed growth in EVs in operation. We added over 930 new stalls during the year including opening the first NEVI-funded site in the U.S. in London, Ohio with the Pilot Company and GM. Utilization and throughput growth accelerated driven by retail and fleet drivers.”
Mr. Khan concluded, “EVgo passed an important inflection point in 2023 in that as a result of the utilization and throughput levels we are now seeing across our network, the installed base is now profitable on a stand-alone basis. In 2024, we are well positioned to continue to expand our network and increase revenues while continuing to realize operational leverage as we target Adjusted EBITDA2 breakeven in 2025.”
1 Adjusted EBITDA is a non-GAAP measure and has not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For additional information, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
2 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, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
Business Highlights
- Stall Development: The Company ended 2023 with 2,990 stalls in operation, including 100 EVgo eXtend™ stalls. EVgo added more than 260 new DC fast - charging stalls during the quarter and over 930 over the full year.
- Network Utilization: Utilization on the EVgo network in December 2023 was over 19%, up from 8% in December 2022.
- Network Throughput: Average daily throughput per stall for the EVgo network was 201 kilowatt hours per day in December 2023, an increase of 179% compared to 72 kilowatt hours per day in December 2022.
- Fleet Charging: EVgo’s public fleet charging business continues to grow, as full year 2023 fleet throughput grew over five times above full year 2022 fleet throughput driven by rideshare.
- National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners opened the first and third sites in the country under the NEVI program in Ohio and Pennsylvania, respectively.
- EVgo eXtendTM: EVgo ended 2023 with 100 operational EVgo eXtend™ stalls.
- EVgo Autocharge+: Autocharge+ was approximately 17% of total charging sessions initiated in the fourth quarter and Autocharge+ charging sessions in the fourth quarter increased 191% compared to the fourth quarter of 2022.
- PlugShare: PlugShare reached over 4.6 million registered users and achieved 7.9 million check-ins since inception.
Financial & Operational Highlights
The below represent summary financial and operational figures for the fourth quarter of 2023.
- Revenue of $50.0 million
- Network Throughput1 of 50 gigawatt-hours
- Customer Account Additions of more than 110,000 accounts
- Gross Profit of $3.5 million
- Net Loss of $36.6 million
- Adjusted Gross Profit2 of $13.3 million
- Adjusted EBITDA2 of ($14.0) million
- Cash Flows Used in Operating Activities of $7.3 million
- Capital Expenditures of $34.8 million
- Capital Expenditures, Net of Capital Offsets2 of $21.8 million
The below represent summary financial and operational figures for the full year 2023.
- Revenue of $161.0 million
- Network Throughput1 of 130 gigawatt-hours
- Customer Account Additions of more than 366,000 accounts
- Gross Profit of $9.7 million
- Net Loss of $135.5 million
- Adjusted Gross Profit2 of $41.8 million
- Adjusted EBITDA2 of ($58.8) million
- Cash Flows Used in Operating Activities of $37.1 million
- Capital Expenditures of $158.9 million
- Capital Expenditures, Net of Capital Offsets2 of $122.8 million
1 Network throughput for EVgo network excludes EVgo eXtend™ sites.
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
WeTheMarket
9 months ago
EVgo to Report Fourth Quarter and Full Year 2023 Results on March 6, 2024
February 21 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93326574/evgo-to-report-fourth-quarter-and-full-year-2023-r
EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that it will release its fourth quarter and full year 2023 financial results on Wednesday, March 6, 2024. This release will be followed by a webcast hosted by members of the EVgo management team at 8:00 a.m. PT (11:00 a.m. ET).
EVgo Fourth Quarter and Full Year 2023 Webcast
When: Wednesday, March 6, 2024
Time: 8:00 a.m. PT (11:00 a.m. ET)
Live Webcast: https://investors.evgo.com/events-and-presentations
The call can also be accessed live over the telephone by dialing:
Toll Free: (800) 715-9871 (for U.S. callers)
Toll/International: (646) 307-1963 (for callers outside the U.S.)
Conference ID: 6304708
A copy of the press release with the financial results and the presentation discussed during the webcast will be available on the Investor Relations section of EVgo's website prior to the commencement of the webcast. An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221495220/en/
For Investors:
investors@evgo.com
For Media:
press@evgo.com
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