- Network throughput reached 10.1 Gigawatt-hours (“GWh”) in the
second quarter of 2022, an increase of 66% year-over-year
- Revenue grew to $9.1 million in the second quarter of 2022,
representing an increase of 90% year-over-year
- Ended the second quarter of 2022 with 2,397 stalls in operation
or under construction, and operationalized 170 new stalls during
the quarter
- Added approximately 67,000 new customer accounts, increasing
overall to approximately 444,000 at the end of the second quarter
of 2022
- Announced first major EVgo eXtend project, a collaboration with
GM and the Pilot Company that is expected to lead to approximately
2,000 new stalls at up to 500 locations across the U.S. over the
next few years. EVgo will install, operate and maintain the network
for GM and Pilot Company
- Entered into New Charger Supply Agreement with Delta
Electronics for 1,000 chargers (or 2,000 stalls) as part of effort
to meet EVgo eXtend and other charger supply needs
- Detailed rollout of Autocharge+, ongoing growth at PlugShare,
charging deal for the Cadillac LYRIQ, and award with the U.S.
General Services Administration’s (“GSA”) Blanket Purchase
Agreement (“BPA”)
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the second quarter of 2022. The Company
continues to execute on its growth plans on the back of continued
electric vehicle (“EV”) adoption and market development.
Revenue increased to $9.1 million in the second quarter of 2022,
compared to $4.8 million in the second quarter of 2021,
representing 90% year-over-year growth. Growth in revenue for the
quarter was primarily driven by higher retail charging revenues, as
well as growth in network original equipment manufacturers (“OEM”)
and regulatory credit revenue. The Company added approximately
67,000 new customer accounts, bringing the overall number of
customer accounts to approximately 444,000, an increase of 60%
year-over-year.
Network throughput increased to 10.1 GWh in the second quarter
of 2022, compared to 6.1 GWh in the second quarter of 2021,
representing 66% year-over-year growth.
“Our results for the second quarter, together with the milestone
EVgo eXtend partnership recently announced, reinforce EVgo’s
leadership position in ultra-fast EV charging,” said Cathy Zoi,
EVgo’s CEO. “We delivered 10 GWh of network throughput and
accelerated customer account additions, demonstrating the growth
potential of our business as consumers continue to adopt EVs. EVgo
is entering the rollout period of the National Electric Vehicle
Infrastructure (“NEVI”) program with strong momentum and
substantial progress. As one of the longest running, largest, and
most reliable public fast charging operators in the U.S., we could
not be more excited about the possibility of accelerating our
growth, expanding our partnerships, and helping to enable the
wider, faster adoption of EVs across America.”
Business Highlights
- EVgo eXtend: In July, the Company announced an agreement
with GM and Pilot Company to install 2,000 stalls at up to 500
sites across U.S. Under the partnership, EVgo will procure, design,
install, operate and maintain the network/stations.
- Charger Supply Agreement: In July, EVgo entered into a
Charger Supply Agreement with Delta Electronics, through which EVgo
will purchase 1,000 chargers (equivalent to 2,000 stalls) from
Delta, with an option to purchase more and expand the agreement
over time.
- Network reliability: EVgo’s uptime for stalls on its
network was once again in the mid-90s percent through the first
half of 2022, representing the Company’s focus on operational
excellence and maintaining a highly reliable charging network.
- EVgo Optima: Together with a major Midwestern
investor-owned utility EVgo will help pilot a program powered by
its Optima fleet solutions to assist in their fleet electrification
efforts.
- Launch of Autocharge+: During the quarter, the Company
announced the rollout of its Autocharge+ functionality, which is
designed to simplify and accelerate the charging experience for
drivers.
- BPA with U.S. GSA: EVgo, along with OSC~WEBco, was
awarded participation in a new five-year Blanket Purchase Agreement
to furnish EV supply equipment and ancillary services to federal
government agencies and departments.
- Station development: The Company ended the second
quarter of 2022 with 2,397 stalls in operation or under
construction. Excluding retired locations, this reflects an
addition of 170 new operational DC fast charging stalls during the
quarter.
- Active E&C Stall Development Pipeline: The Company’s
pipeline grew to 3,669 stalls by the end the second quarter of 2022
versus 2,067 at the end of the second quarter of 2021.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the second quarter of 2022.
- Revenue of $9.1 million
- Network throughput of 10.1 gigawatt-hours
- Customer account additions of approximately 67,000
accounts
- Gross loss of $0.7 million
- Net income of $17.0 million
- Adjusted gross profit of $3.4 million
- Adjusted EBITDA of ($19.8) million
- Cash Flow from Operations of ($18.5) million
- Capital Expenditures of $44.0 million
($ in 000s)
Q2'22 Q2'21 Network
Throughput (GWh)
10.1
6.1
Revenue
$9,076
$4,783
GAAP Gross Profit / (Loss)
($744)
($1,674)
GAAP Net Income/(Loss)
$16,997
($18,420)
Adj. Gross Profit/(Loss)1
$3,375
$1,024
Adj. Gross Margin1
37.2%
21.4%
Adj. EBITDA1
($19,837)
($11,009)
Q2'22 Q2'21 Cash flow from operations
($18,539)
($9,138)
Capital expenditures
($44,017)
($15,514)
1. Adjusted Gross Profit / (Loss), Adjusted Gross Margin,
Adjusted EBITDA, and Adjusted EBITDA Margin 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 “Definition of
non-GAAP Financial Measures” and “Reconciliation of non-GAAP
Measures” included elsewhere in this release.
2022 Financial & Operating Guidance
EVgo is affirming its previously announced guidance for
full-year 2022 as follows:
- Total revenue of $48 – $55 million
- Network throughput of 50 – 60 GWh
- Adjusted EBITDA of ($75) – ($85) million
Additionally, EVgo is affirming its stall target guidance. At
year-end 2022, EVgo expects to have a total of 3,000 – 3,300 DC
fast charging stalls operational or under construction.
Conference Call Information
A live audio webcast and conference call for our second quarter
2022 earnings release will be held at 11:00 AM ET / 8:00 AM PT on
August 9, 2022. The webcast will be available at
investors.evgo.com, and the dial-in information for those wishing
to access via phone is:
Toll Free: (877) 407-4018 Toll/International:
(201) 689-8472 Conference ID: 13731661
This press release, along with other investor materials,
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 the nation’s largest public fast charging
network for electric vehicles and is powered by 100% renewable
energy. As of the end of the second quarter 2022, with more than
850 charging locations, EVgo’s owned and operated charging network
serves over 60 metropolitan areas across more than 30 states and
approximately 444,000 customer accounts. Founded in 2010, EVgo
leads the way on transportation electrification, partnering with
automakers; fleet and rideshare operators; retail hosts such as
hotels, shopping centers, gas stations and parking lot operators;
and other stakeholders to deploy advanced charging technology to
expand network availability and make it easier for drivers across
the U.S. to enjoy the benefits of driving an EV. As a charging
technology first mover, EVgo works closely with business and
government leaders to accelerate the ubiquitous adoption of EVs by
providing a reliable and convenient charging experience close to
where drivers live, work and play, whether for a daily commute or a
commercial fleet.
Forward-Looking Statements
This press release 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 use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target" or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements are based on management’s current
expectations or beliefs and are subject to numerous assumptions,
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These forward-looking statements include, but are not limited to,
express or implied statements regarding EVgo’s future financial
performance, revenues, capital expenditures, chargers in operation
or under construction and network throughput, EVgo’s expectation of
acceleration in our business due to factors including a re-opening
economy and increased EV adoption; and the Company’s strong
liquidity position and collaboration with partners enabling
effective deployment of chargers. These statements are based on
various assumptions, whether or not identified in this press
release, and on the current expectations of EVgo’s management and
are not predictions of actual performance. There are a significant
number of factors that could cause actual results to differ
materially from the statements made in this press release,
including: changes or developments in the broader general market;
ongoing impact from COVID-19 on our business, customers, and
suppliers; macro political, economic, and business conditions,
including inflation; our limited operating history as a public
company; our dependence on widespread adoption of EVs and increased
installation of charging station; mechanisms surrounding energy and
non-energy costs for our charging stations; the impact of
governmental support and mandates that could reduce, modify, or
eliminate financial incentives, rebates, and tax credits; supply
chain interruptions; impediments to our expansion plans, including
permitting delays; the need to attract additional fleet operators
as customers; potential adverse effects on our revenue and gross
margins if customers increasingly claim clean energy credits and,
as a result, they are no longer available to be claimed by us; the
effects of competition; risks related to our dependence on our
intellectual property; and risks that our technology could have
undetected defects or errors. Additional risks and uncertainties
that could affect our financial results are included under the
captions “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations of EVgo” in EVgo’s
Annual Report on Form 10-K for the year ended December 31, 2021,
filed with the Securities and Exchange Commission (the “SEC”) on
March 24, 2022, as well as its other filings with the SEC, copies
of which are available on EVgo’s website at investors.evgo.com, and
on the SEC’s website at www.sec.gov. All forward-looking statements
in this press release are based on information available to us as
of the date hereof, and we do not assume any obligation to update
the forward-looking statements provided to reflect events that
occur or circumstances that exist after the date on which they were
made, except as required by applicable law.
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared
and presented in accordance with GAAP, EVgo uses certain non-GAAP
financial measures. The presentation of non-GAAP financial measures
is not intended to be considered in isolation or as a substitute
for, or superior to, the financial information prepared and
presented in accordance with GAAP. EVgo uses these non-GAAP
financial measures for financial and operational decision-making
and as a means to evaluate period-to-period comparisons. EVgo
believes that these non-GAAP financial measures provide meaningful
supplemental information regarding the Company’s performance by
excluding certain items that may not be indicative of EVgo’s
recurring core business operating results.
EVgo believes that both management and investors benefit from
referring to these non-GAAP financial measures in assessing EVgo’s
performance. These non-GAAP financial measures also facilitate
management’s internal comparisons to the Company’s historical
performance. EVgo believes these non-GAAP financial measures are
useful to investors both because (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making and (2) they are used by
EVgo’s institutional investors and the analyst community to help
them analyze the health of EVgo’s business.
For more information on these non-GAAP financial measures,
including reconciliations to the most comparable GAAP measures,
please see the sections titled “Definitions of Non-GAAP Financial
Measures” and “Reconciliations of Non-GAAP Measures” included at
the end of this release.
Definitions of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures:
“Adjusted Cost of Sales,” “Adjusted Gross Profit (Loss),” “Adjusted
Gross Margin,” “EBITDA,” “Adjusted EBITDA.” EVgo believes these
measures are useful to investors in evaluating EVgo’s financial
performance. In addition, EVgo uses these measures internally to
establish forecasts, budgets, and operational goals to manage and
monitor its business. EVgo believes that these non-GAAP financial
measures help to depict a more realistic representation of the
performance of the underlying business, enabling EVgo to evaluate
and plan more effectively for the future. EVgo believes that
investors should have access to the same set of tools that its
management uses in analyzing operating results.
EVgo defines Adjusted Cost of Sales as cost of sales before: (i)
depreciation and amortization, (ii) share-based compensation, and
(iii) O&M reimbursement. Adjusted Gross Profit (Loss) is
defined as revenues less Adjusted Cost of Sales. Adjusted Gross
Margin is defined as Adjusted Gross Profit (Loss) as a percentage
of revenues. EVgo defines EBITDA as net income (loss) before (i)
interest expense, (ii) income taxes and (iii) depreciation and
amortization. EVgo defines Adjusted EBITDA as EBITDA plus (i)
stock-based compensation expense, (ii) loss on disposal of assets
and (iii) other unusual or nonrecurring income (expenses) such as
bad debt expense. Adjusted Cost of Sales, Adjusted Gross Profit
(Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are not
prepared in accordance with GAAP and that may be different from
non-GAAP financial measures used by other companies. These measures
should not be considered as measures of financial performance under
GAAP, and the items excluded from or included in these metrics are
significant components in understanding and assessing EVgo’s
financial performance. These metrics should not be considered as
alternatives to net income (loss) or any other performance measures
derived in accordance with GAAP.
Reconciliations of Non-GAAP Measures ($ in 000s)
Q1 2021 Q2 2021 Q3 2021 Q4 2021
Q1 2022 Q2 2022 Net Income
($16,610)
($18,420)
$23,591
($46,322)
($55,266)
$16,997
+ Taxes
–
–
–
–
5
17
+ Depreciation, ARO, Amortization
4,957
5,250
6,414
7,280
7,341
8,233
+ Interest Income / Expense
875
1,038
(22)
(35)
(55)
(623)
EBITDA
($10,778)
($12,132)
$29,983
($39,077)
($47,975)
$24,624
+ Bad Debt, Non-Recurring Costs, Other Adj.
$999
$1,123
($44,255)
$22,767
$29,799
($44,461)
Adj. EBITDA
($9,779)
($11,009)
($14,272)
($16,310)
($18,176)
($19,837)
Q1 2021 Q2 2021 Q3 2021 Q4
2021 Q1 2022 Q2 2022 GAAP Gross Profit
/ (Loss)
($1,678)
($1,674)
($1,653)
($1,824)
($600)
($744)
Less: Site Depreciation & ARO Accretion
$2,447
$2,705
$3,020
$3,814
$3,454
$4,101
Stock Option Expense and Other
(6)
(7)
3
7
2
18
Adjusted Gross Profit / (Loss)
$763
$1,024
$1,370
$1,997
$2,856
$3,375
Q1 2021 Q2 2021 Q3 2021 Q4
2021 Q1 2022 Q2 2022 GAAP COS
$5,808
$6,457
$7,834
$8,944
$8,300
$9,820
Less: Site Depreciation & ARO Accretion
$2,447
$2,705
$3,020
$3,814
$3,454
$4,101
Stock Option Expense and Other
(6)
(7)
3
7
2
18
Adjusted COS
$3,367
$3,759
$4,811
$5,123
$4,844
$5,701
Q1 2021 Q2 2021 Q3 2021 Q4
2021 Q1 2022 Q2 2022 Adjusted Gross
Profit / (Loss) - As Previously Reported *
($162)
($61)
$217
$669
$1,140
$1,783
Adjusted COS Reclassification to G&A
925
1,085
1,153
1,328
1,716
1,592
Adjusted Gross Profit / (Loss)
$763
$1,024
$1,370
$1,997
$2,856
$3,375
* Q3'21, Q4'21, Q1'22, and Q2'22 computed here under the
previous method.
Note: Figures may not sum due to rounding.
Financial Statements
EVgo
Inc. and Subsidiaries Condensed Consolidated Balance
Sheets
June 30,
December 31,
2022
2021
(in thousands)
(unaudited)
Assets
Current assets
Cash, restricted cash and cash
equivalents
$
344,707
$
484,881
Short-term investments
27,776
—
Total cash, restricted cash, cash
equivalents and short-term investments
372,483
484,881
Accounts receivable, net of allowance of
$858,870 and $718,396, respectively
4,860
2,559
Accounts receivable, capital build
8,923
9,621
Receivable from related party
—
1,500
Prepaid expenses
2,333
6,395
Other current assets
1,295
1,389
Total current assets
389,894
506,345
Property, equipment and software, net
209,089
133,282
Operating lease right-of-use assets
34,433
—
Restricted cash
300
300
Long-term investments
6,797
—
Other assets
2,419
3,115
Intangible assets, net
66,420
72,227
Goodwill
31,052
31,052
Total assets
$
740,404
$
746,321
Liabilities, redeemable noncontrolling
interest and stockholders' deficit
Current liabilities
Accounts payable
$
1,716
$
2,946
Payables to related parties
24
—
Accrued liabilities
43,426
27,078
Operating lease liabilities, current
3,954
—
Deferred revenue, current
4,681
5,144
Customer deposits
9,482
11,592
Other current liabilities
136
111
Total current liabilities
63,419
46,871
Operating lease liabilities,
noncurrent
28,814
—
Earnout liability, at fair value
2,584
5,211
Asset retirement obligations
16,274
12,833
Capital-build liability
25,070
23,169
Deferred revenue, noncurrent
21,600
21,709
Warrant liability, at fair value
22,621
48,461
Other liabilities
—
146
Total liabilities
180,382
158,400
Commitments and contingencies (Note 9)
Redeemable noncontrolling interest
1,176,758
1,946,252
Stockholders’ deficit
(616,736)
(1,358,331)
Total liabilities, redeemable
noncontrolling interest and stockholders’ deficit
$
740,404
$
746,321
EVgo
Inc. and Subsidiaries Condensed Consolidated
Statements of Operations (unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share data)
2022
2021
2022
2021
Revenue
$
9,076
$
4,783
$
16,776
$
8,352
Revenue from related party
—
—
—
562
Total revenue
9,076
4,783
16,776
8,914
Cost of revenue
5,719
3,752
10,565
7,113
Depreciation and amortization
4,101
2,705
7,555
5,152
Cost of sales
9,820
6,457
18,120
12,265
Gross loss
(744)
(1,674)
(1,344)
(3,351)
General and administrative
32,178
13,338
57,606
25,344
Depreciation, amortization and
accretion
4,132
2,545
8,019
5,055
Total operating expenses
36,310
15,883
65,625
30,399
Operating loss
(37,054)
(17,557)
(66,969)
(33,750)
Interest expense
(13)
—
(13)
—
Interest expense, related party
—
(1,039)
—
(1,915)
Interest income
636
1
691
1
Other (expense) income, net
(158)
174
(422)
632
Change in fair value of earnout
liability
4,891
—
2,627
—
Change in fair value of warrant
liability
48,712
—
25,839
—
Total other income (expense), net
54,068
(864)
28,722
(1,282)
Income (loss) before income tax
expense
17,014
(18,421)
(38,247)
(35,032)
Income tax expense
(17)
—
(22)
—
Net income (loss)
16,997
(18,421)
(38,269)
(35,032)
Less: net income (loss) attributable to
redeemable noncontrolling interest
12,518
(18,421)
(28,349)
(35,032)
Net income (loss) attributable to Class A
common stockholders
$
4,479
$
—
$
(9,920)
$
—
Net income (loss) per share to Class A
common stockholders, basic
$
0.06
N/A
$
(0.14)
N/A
Net income (loss) per share to Class A
common stockholders, diluted
$
0.06
N/A
$
(0.14)
N/A
Net income (loss)
$
16,997
$
(18,421)
$
(38,269)
$
(35,032)
Other comprehensive loss, net of tax:
Net unrealized loss on available-for-sale
securities
(47)
—
(47)
—
Comprehensive income (loss)
16,950
(18,421)
(38,316)
(35,032)
Less: comprehensive income (loss)
attributable to redeemable noncontrolling interest
12,483
(18,421)
(28,384)
(35,032)
Comprehensive income (loss) attributable
to Class A common stockholders
$
4,467
$
—
$
(9,932)
$
—
EVgo
Inc. and Subsidiaries Condensed Consolidated
Statements of Cash Flows (unaudited)
Six Months Ended
June 30,
(in thousands)
2022
2021
Cash flows from operating
activities
Net loss
$
(38,269)
$
(35,032)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation, amortization and
accretion
15,574
10,207
Net loss on disposal of property and
equipment
2,889
347
Share-based compensation
10,548
1,010
Interest expense, related party
—
1,915
Change in fair value of earnout
liability
(2,627)
—
Change in fair value of warrant
liability
(25,839)
—
Other
474
97
Changes in operating assets and
liabilities
Accounts receivable, net
(2,302)
(161)
Receivables from related parties
1,499
—
Prepaid expenses and other current and
noncurrent assets
3,735
279
Operating lease assets and liabilities,
net
(808)
—
Accounts payable
(100)
(1,339)
Payables to related parties
24
1,419
Accrued liabilities
358
1,285
Deferred revenue
(572)
20,778
Customer deposits
(2,110)
(1,123)
Other current and noncurrent
liabilities
(844)
(1,039)
Net cash used in operating activities
(38,370)
(1,357)
Cash flows from investing
activities
Purchases of property, equipment and
software
(72,291)
(23,341)
Proceeds from insurance for property
losses
202
—
Purchases of investments
(34,747)
—
Net cash used in investing activities
(106,836)
(23,341)
Cash flows from financing
activities
Proceeds from note payable, related
party
—
24,000
Payments on note payable, related
party
—
(5,500)
Proceeds from exercise of warrants
3
—
Capital-build funding, net
5,029
1,337
Payment of transaction costs for CRIS
Business Combination
—
(1,652)
Net cash provided by financing
activities
5,032
18,185
Net decrease in cash, restricted cash and
cash equivalents
(140,174)
(6,513)
Cash, restricted cash and cash
equivalents, beginning of period
485,181
7,914
Cash, restricted cash and cash
equivalents, end of period
$
345,007
$
1,401
EVgo
Inc. and Subsidiaries Condensed Consolidated
Statements of Cash Flows (continued) (unaudited)
Six Months Ended
June 30,
(in thousands)
2022
2021
Supplemental disclosure of noncash
investing and financing activities
Accrued transaction costs
$
—
$
4,870
Asset retirement obligations incurred
$
3,111
$
787
Non-cash increase in accounts receivable,
capital-build and capital-build liability
$
4,330
$
—
Purchases of property and equipment in
accounts payable and accrued liabilities
$
29,510
$
9,077
Fair value adjustment to redeemable
noncontrolling interest
$
741,978
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005331/en/
For investors: Ted Brooks,
VP of Investor Relations investors.evgo.com 310-954-2943
For Media:
press@evgo.com
EVgo (NASDAQ:EVGO)
Historical Stock Chart
From Apr 2024 to May 2024
EVgo (NASDAQ:EVGO)
Historical Stock Chart
From May 2023 to May 2024