- Revenue grew to $35.1 million in the third quarter,
representing an increase of 234% year-over-year.
- Network throughput reached a record 37 gigawatt-hours (“GWh”)
in the third quarter, an increase of 208% year-over-year.
- Ended the third quarter with approximately 3,400 stalls in
operation or under construction, including EVgo eXtend™ stalls,
with over 240 new stalls added during the quarter.
- Operationalized the first EVgo eXtend™ stalls with Pilot
Company and GM.
- Added over 106,000 new customer accounts in the third quarter,
reaching more than 785,000 overall at the end of the
quarter.
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the third quarter ended September 30, 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 increased to $35.1 million in the third quarter of 2023,
compared to $10.5 million in the third quarter of 2022,
representing 234% year-over-year growth. Revenue growth was
primarily driven by year-over-year increases in charging revenues
and eXtend™ revenue.
Network throughput increased to 37 GWh in the third quarter of
2023, compared to 12 GWh in the third quarter of 2022, representing
208% year-over-year growth. The Company added over 106,000 new
customer accounts during the third quarter, bringing the overall
number of customer accounts to more than 785,000 at quarter-end, an
increase of 58% year-over-year.
“EVgo’s growth engine is humming, with excellent year-over-year
growth in revenues, throughput and utilization,” said Cathy Zoi,
EVgo’s CEO. “We continue to deliver for our partners and customers.
This quarter we opened the first EVgo eXtend™ stations at Pilot and
Flying J locations, which are receiving great feedback from EV
drivers. The EVgo team is making important progress on our network
build out, customer experience, tech-enabled infrastructure, and
ongoing cost efficiencies to develop the nation’s leading public
fast charging company.”
Business Highlights
- National Electric Vehicle Infrastructure Program
(“NEVI”): EVgo and its eXtend™ partners were selected for
proposed awards of $4.3 million in funding to deploy 32 fast
charging stations in Colorado and Pennsylvania through their
respective state NEVI programs.
- Honda Agreement: EVgo and Honda partnered to provide EV
drivers with direct access to EVgo’s public fast charging network
and an EVgo charging credit of up to $750 for drivers of Honda and
Acura EV models. Honda will also be integrating EVgo Inside™ as
part of the agreement.
- EVgo eXtendTM: During the third quarter, the Company
operationalized the first fast charging sites in the eXtend™
program with Pilot Company and GM. EVgo also received the first
shipment of 350kW fast chargers that are manufactured according to
Build America, Buy America Act (BABA) standards.
- Fleet Charging: EVgo’s public fleet charging business
continues to grow driven by rideshare throughput. EVgo
operationalized the first site for a national food and beverage
company’s fleet, where they are utilizing Optima™, EVgo’s
proprietary fleet management software.
- EVgo Autocharge+: Autocharge+ exceeded 15% of total
charging sessions initiated in the quarter and Autocharge+ charging
sessions in the third quarter increased 67% compared to the second
quarter of 2023.
- PlugShare: PlugShare reached over 4.1 million registered
users and achieved 7.4 million check-ins since inception. Pay with
PlugShare, a technology feature that allows PlugShare users to pay
for an EV charging session within the PlugShare app, launched in
California in October 2023.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the third quarter of 2023.
- Revenue of $35.1 million
- Network Throughput of 37 gigawatt-hours
- Customer Account Additions of approximately 106,000
accounts
- Gross Profit of $0.6 million
- Net Loss of $28.3 million
- Adjusted Gross Profit of $9.3 million1
- Adjusted EBITDA of ($14.2) million1
- Cash Flows Used in Operating Activities of $7.3
million
- Total Capital Expenditures of $24.0 million
1Adjusted Gross Profit and Adjusted EBITDA 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
Measures” included elsewhere in this release.
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
Charging revenue, retail
$
13,357
$
5,176
158%
$
29,057
$
13,067
122%
Charging revenue, commercial
4,042
678
496%
8,175
2,041
301%
Charging revenue, OEM
1,477
252
486%
3,015
592
409%
Regulatory credit sales
1,807
1,178
53%
4,635
4,684
(1)%
Network revenue, OEM
1,114
448
149%
4,555
1,825
150%
eXtend revenue
10,475
1,543
579%
54,048
1,754
* %
Ancillary revenue
2,835
1,234
130%
7,474
3,322
125%
Total revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
* Percentage greater than 999%.
(unaudited, dollars in thousands)
Q3'23
Q3'22
Better (Worse)
Q3'23 YTD
Q3'22 YTD
Better (Worse)
Network Throughput (GWh)
37
12
208%
80
30
167%
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP gross profit (loss)
$
604
$
(3,208)
119%
$
6,174
$
(4,552)
236%
GAAP gross margin
1.7%
(30.5)%
3,220 bps
5.6%
(16.7)%
2,230 bps
GAAP net loss
$
(28,257)
$
(50,922)
45%
$
(98,877)
$
(89,191)
(11)%
Adjusted Gross Profit1
$
9,281
$
2,006
363%
$
28,539
$
8,254
246%
Adjusted Gross Margin1
26.4%
19.1%
730 bps
25.7%
30.3%
(460) bps
Adjusted EBITDA1
$
(14,248)
$
(22,153)
36%
$
(44,868)
$
(60,166)
25%
(unaudited, dollars in thousands)
Q3'23
Q3'22
Q3'23 YTD
Q3'22 YTD
Cash flows used in operating
activities
$
(7,256)
$
(18,967)
$
(29,781)
$
(57,337)
Total capital expenditures
$
24,028
$
61,594
$
124,085
$
133,885
1 Adjusted Gross Profit, Adjusted Gross
Margin, and Adjusted EBITDA are non-GAAP measures and have not been
prepared in accordance with 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 Measures”
included elsewhere in these materials.
2023 Financial & Operating Guidance
EVgo is updating full year 2023 guidance as follows:
- Total revenue of $148 – $158 million
- Adjusted EBITDA of ($66) – ($62) million*
Additionally, at year-end 2023, EVgo expects to have a total of
3,400 – 3,700 DC fast charging stalls, including EVgo eXtend™, in
operation or under construction.
*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 and a
reconciliation to the most directly comparable GAAP measure for
historical periods presented in this release, please see
“Definitions of Non-GAAP Financial Measures” and “Reconciliations
of Non-GAAP Measures” included elsewhere in this release.
Conference Call Information
A live audio webcast and conference call for EVgo’s third
quarter 2023 earnings release will be held today at 11:00 a.m. ET /
8:00 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,
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 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. Since 2019, EVgo
has purchased renewable energy certificates to match the
electricity that powers its network. As one of the nation’s largest
public fast charging networks, EVgo’s charging network, including
EVgo eXtend™ sites, includes more than 950 fast charging locations,
65 metropolitan areas and 35 states. EVgo continues to add more DC
fast charging locations across the U.S., 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,
robust software products 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.
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," “assume” 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 and
operating performance, revenues, capital expenditures, stalls in
operation or under construction and network throughput; EVgo’s
expectation of market position and progress on its network
buildout, customer experience, technological capabilities and cost
efficiencies; the Company’s collaboration with partners enabling
effective deployment of chargers, including under its contract with
the Pilot Company and GM; the potential integration of EVgo’s
application programming interfaces under a partnership with Honda;
and anticipated awards of funding in connection with the NEVI
program and associated state programs. 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;
macro political, economic, and business conditions, including
inflation and geopolitical conflicts that could impact EVgo’s
supply chains; increased competition, including from new and
existing entrants in the EV charging market; unfavorable conditions
or further disruptions in the capital and credit markets and EVgo's
ability to obtain additional capital on commercially reasonable
terms; EVgo’s limited operating history as a public company; EVgo’s
dependence on widespread adoption of EVs and increased installation
of charging stations; mechanisms surrounding energy and non-energy
costs for EVgo’s charging stations; the impact of governmental
support and mandates that could reduce, modify, or eliminate
financial incentives, rebates, tax credits, and other support
available to EVgo; supply chain disruptions; EVgo’s ability to
expand into new service markets, grow its customer base, and manage
its operations; EVgo’s ability to adapt its assets and
infrastructure to changes in industry and regulatory standards for
EV charging; impediments to EVgo’s expansion plans, including
permitting delays; the need to attract additional fleet operators
as customers; potential adverse effects on EVgo’s revenue and gross
margins if customers increasingly claim clean energy credits and,
as a result, they are no longer available to be claimed by EVgo;
risks related to EVgo’s dependence on its intellectual property;
and risks that EVgo’s technology could have undetected defects or
errors. Additional risks and uncertainties that could affect the
Company’s 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 most recent
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (the “SEC”), as well as its other SEC filings, 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 EVgo as of
the date hereof, and EVgo does 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.
Financial Statements
EVgo
Inc. and Subsidiaries
Condensed Consolidated Balance
Sheets
September 30,
December 31,
2023
2022
(in thousands)
(unaudited)
Assets
Current assets
Cash, cash equivalents and restricted
cash
$
228,709
$
246,193
Accounts receivable, net of allowance of
$1,016 and $687 as of September 30, 2023 and December 31, 2022,
respectively
25,655
11,075
Accounts receivable, capital-build
13,179
8,011
Prepaid expenses and other current
assets1
10,796
10,205
Total current assets
278,339
275,484
Property, equipment and software, net
397,927
308,112
Operating lease right-of-use assets
56,190
51,856
Restricted cash
—
300
Other assets
1,888
2,308
Intangible assets, net
51,901
60,612
Goodwill
31,052
31,052
Total assets
$
817,297
$
729,724
Liabilities, redeemable noncontrolling
interest and stockholders’ deficit
Current liabilities
Accounts payable
$
17,605
$
9,128
Accrued liabilities
38,112
39,233
Operating lease liabilities, current
5,719
4,958
Deferred revenue, current
19,904
16,023
Customer deposits
10,908
17,867
Other current liabilities
61
136
Total current liabilities
92,309
87,345
Operating lease liabilities,
noncurrent
50,216
45,689
Earnout liability, at fair value
855
1,730
Asset retirement obligations
19,355
15,473
Capital-build liability
33,434
26,157
Deferred revenue, noncurrent
46,174
23,900
Warrant liabilities, at fair value
6,519
12,304
Total liabilities
248,862
212,598
Commitments and contingencies
Redeemable noncontrolling interest
661,804
875,226
Stockholders' deficit
(93,369
)
(358,100
)
Total liabilities, redeemable
noncontrolling interest and stockholders’ deficit
$
817,297
$
729,724
1 In the third quarter of 2023, prepaid
expenses and other current assets were combined into a single line
item. Previously reported amounts have been updated to conform to
the current period presentation.
EVgo
Inc. and Subsidiaries
Condensed Consolidated
Statements of Operations
Three Months Ended
Nine Months Ended
September 30,
September 30,
(unaudited, dollars in thousands, except
per share data)
2023
2022
Change %
2023
2022
Change %
Revenue
$
35,107
$
10,509
234
%
$
110,959
$
27,285
307
%
Cost of revenue
25,884
8,530
203
%
82,541
19,095
332
%
Depreciation, net of capital-build
amortization
8,619
5,187
66
%
22,244
12,742
75
%
Cost of sales
34,503
13,717
152
%
104,785
31,837
229
%
Gross profit (loss)
604
(3,208
)
119
%
6,174
(4,552
)
236
%
General and administrative expenses
32,001
32,322
(1
)%
104,223
89,928
16
%
Depreciation, amortization and
accretion
4,975
4,516
10
%
14,542
12,535
16
%
Total operating expenses
36,976
36,838
0
%
118,765
102,463
16
%
Operating loss
(36,372
)
(40,046
)
9
%
(112,591
)
(107,015
)
(5
)%
Interest expense
—
(8
)
100
%
—
(21
)
100
%
Interest income
2,898
1,636
77
%
7,095
2,327
205
%
Other income (expense), net
1
(347
)
100
%
1
(769
)
100
%
Change in fair value of earnout
liability
442
(1,299
)
134
%
875
1,328
(34
)%
Change in fair value of warrant
liabilities
4,774
(10,858
)
144
%
5,785
14,981
(61
)%
Total other income (expense), net
8,115
(10,876
)
175
%
13,756
17,846
(23
)%
Loss before income tax expense
(28,257
)
(50,922
)
45
%
(98,835
)
(89,169
)
(11
)%
Income tax expense
—
—
*
(42
)
(22
)
(91
)%
Net loss
(28,257
)
(50,922
)
45
%
(98,877
)
(89,191
)
(11
)%
Less: net loss attributable to redeemable
noncontrolling interest
(18,536
)
(37,704
)
51
%
(69,054
)
(66,053
)
(5
)%
Net loss attributable to Class A common
stockholders
$
(9,721
)
$
(13,218
)
26
%
$
(29,823
)
$
(23,138
)
(29
)%
Net loss per share to Class A common
stockholders, basic and diluted
$
(0.09
)
$
(0.19
)
53
%
$
(0.34
)
$
(0.33
)
(3
)%
Weighted average common stock outstanding,
basic and diluted
102,687
68,621
86,449
68,507
*Not meaningful
EVgo
Inc. and Subsidiaries
Condensed Consolidated
Statements of Cash Flows
Nine Months Ended
September 30,
(unaudited, in thousands)
2023
2022
Cash flows from operating
activities
Net loss
$
(98,877
)
$
(89,191
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation, amortization and
accretion
36,786
25,277
Net loss on disposal of property and
equipment, net of insurance recoveries, and impairment expense
8,065
4,618
Share-based compensation
21,023
17,441
Change in fair value of earnout
liability
(875
)
(1,328
)
Change in fair value of warrant
liabilities
(5,785
)
(14,981
)
Other
23
521
Changes in operating assets and
liabilities
Accounts receivable, net
(14,581
)
(3,987
)
Receivables from related parties
—
1,500
Prepaid expenses, other current assets and
other assets
(289
)
840
Operating lease assets and liabilities,
net
955
(1,082
)
Accounts payable
2,781
(45
)
Payables to related parties
—
24
Accrued liabilities
2,247
1,567
Deferred revenue
26,155
3,544
Customer deposits
(6,959
)
(1,795
)
Other current and noncurrent
liabilities
(450
)
(260
)
Net cash used in operating activities
(29,781
)
(57,337
)
Cash flows from investing
activities
Purchases of property, equipment and
software
(124,085
)
(133,885
)
Proceeds from insurance for property
losses
242
729
Purchases of investments
—
(37,332
)
Proceeds from sale of investments
—
37,166
Net cash used in investing activities
(123,843
)
(133,322
)
Cash flows from financing
activities
Proceeds from issuance of Class A common
stock under the ATM
5,828
—
Proceeds from issuance of Class A common
stock under the equity offering
128,023
—
Proceeds from capital-build funding
7,079
6,864
Proceeds from exercise of warrants
—
3
Payments of deferred transaction costs
(5,090
)
(409
)
Net cash provided by financing
activities
135,840
6,458
Net decrease in cash, cash equivalents and
restricted cash
(17,784
)
(184,201
)
Cash, cash equivalents and restricted
cash, beginning of period
246,493
485,181
Cash, cash equivalents and restricted
cash, end of period
$
228,709
$
300,980
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 release 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 and
Administrative Expenses,” “Adjusted General and Administrative
Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,”
“Adjusted EBITDA,” and “Adjusted EBITDA Margin.” EVgo believes
these measures are useful to investors in evaluating EVgo’s
performance. In addition, EVgo management uses these measures
internally to establish forecasts, budgets, and operational goals
to manage and monitor its business. EVgo believes that these
measures help to depict a more meaningful representation of the
performance of the underlying business, enabling EVgo to evaluate
and plan more effectively for the future.
Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage
of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin,
Adjusted General and Administrative Expenses, Adjusted General and
Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA
Margin, Adjusted EBITDA and Adjusted EBITDA Margin are not prepared
in accordance with GAAP and 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.
EVgo defines Adjusted Cost of Sales as cost of sales before (i)
depreciation, net of capital-build amortization, and (ii)
share-based compensation. EVgo defines Adjusted Cost of Sales as a
Percentage of Revenue as Adjusted Cost of Sales as a percentage of
revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less
Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as
Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo
defines Adjusted General and Administrative Expenses as general and
administrative expenses before (i) share-based compensation, (ii)
loss on disposal of property and equipment, net of recoveries, and
impairment expense, (iii) bad debt expense, and (iv) certain other
items that management believes are not indicative of EVgo’s ongoing
performance. EVgo defines Adjusted General and Administrative
Expenses as a Percentage of Revenue as Adjusted General and
Administrative Expenses as a percentage of revenue. EVgo defines
EBITDA as net income (loss) before (i) depreciation, net of
capital-build amortization, (ii) amortization, (iii) accretion,
(iv) interest income, (v) interest expense, and (vi) income tax
expense. EVgo defines EBITDA Margin as EBITDA as a percentage of
revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i)
share-based compensation, (ii) loss on disposal of property and
equipment, net of recoveries, and impairment expense, (iii) (gain)
loss on investments, (iv) bad debt expense, (v) change in fair
value of earnout liability, (vi) change in fair value of warrant
liabilities, and (vii) certain other items that management believes
are not indicative of EVgo’s ongoing performance. EVgo defines
Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of
revenue.
Reconciliations of Non-GAAP Measures
The following unaudited table presents a reconciliation of
EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin
to the most directly comparable GAAP measure:
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP net loss
$
(28,257
)
$
(50,922
)
45%
$
(98,877
)
$
(89,191
)
(11)%
GAAP net loss margin
(80.5
%)
(484.6
%)
* bps
(89.1
%)
(326.9
%)
* bps
Adjustments:
Depreciation, net of capital-build
amortization
8,746
5,275
66%
22,621
12,963
75%
Amortization
4,264
3,915
9%
12,500
10,843
15%
Accretion
584
513
14%
1,665
1,471
13%
Interest income
(2,898
)
(1,636
)
(77)%
(7,095
)
(2,327
)
(205)%
Interest expense
—
8
(100)%
—
21
(100)%
Income tax expense
—
—
* %
42
22
91%
EBITDA
(17,561
)
(42,847
)
59%
(69,144
)
(66,198
)
(4)%
EBITDA margin
(50.0
%)
(407.7
%)
* bps
(62.3
%)
(242.6
%)
* bps
Adjustments:
Share-based compensation
6,101
6,893
(11)%
21,023
17,441
21%
Loss on disposal of property and
equipment, net of recoveries, and impairment expense1
2,216
1,242
78%
8,065
3,889
107%
Loss on investments
12
344
(97)%
16
749
(98)%
Bad debt expense
199
(84
)
337%
352
67
425%
Change in fair value of earnout
liability
(442
)
1,299
(134)%
(875
)
(1,328
)
34%
Change in fair value of warrant
liabilities
(4,774
)
10,858
(144)%
(5,785
)
(14,981
)
61%
Other1,2
1
142
(99)%
1,480
195
659%
Adjusted EBITDA
$
(14,248
)
$
(22,153
)
36%
$
(44,868
)
$
(60,166
)
25%
Adjusted EBITDA margin
(40.6
%)
(210.8
%)
* bps
(40.4
%)
(220.5
%)
* bps
* Percentage greater than 999%, bps
greater than 9,999 or not meaningful
1In the second quarter of 2023, the
Company reclassified insurance proceeds from property losses from
"other" to "loss on disposal of property and equipment, net of
recoveries, and impairment expense." Previously reported amounts
have been updated to conform to the current period
presentation.
2For the nine months ended September 30,
2023, comprised primarily of costs related to the reorganization of
Company resources previously announced by the Company on February
23, 2023 and the petition filed by EVgo in the Delaware Court of
Chancery in February 2023 seeking validation of EVgo's charter and
share structure (the “205 Petition”), which are not expected to
recur.
The following unaudited table presents a reconciliation of
Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of
Revenue, Adjusted Gross Profit (Loss) and Adjusted Gross Margin to
the most directly comparable GAAP measures:
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP cost of sales
34,503
13,717
152%
104,785
31,837
229%
GAAP gross profit (loss)
$
604
$
(3,208
)
119%
$
6,174
$
(4,552
)
236%
GAAP cost of sales as a percentage of
revenue
98.3
%
130.5
%
(3,220) bps
94.4
%
116.7
%
(2,230) bps
GAAP gross margin
1.7
%
(30.5
%)
3,220 bps
5.6
%
(16.7
%)
2,230 bps
Adjustments:
Depreciation, net of capital-build
amortization
$
8,619
$
5,187
66%
$
22,244
$
12,742
75%
Share-based compensation
58
27
115%
121
64
89%
Total adjustments
8,677
5,214
66%
22,365
12,806
75%
Adjusted cost of sales
$
25,826
$
8,503
204%
$
82,420
$
19,031
333%
Adjusted cost of sales as a percentage
of revenue
73.6
%
80.9
%
(730) bps
74.3
%
69.7
%
460 bps
Adjusted gross profit
$
9,281
$
2,006
363%
$
28,539
$
8,254
246%
Adjusted gross margin
26.4
%
19.1
%
730 bps
25.7
%
30.3
%
(460) bps
The following unaudited table presents a reconciliation of
Adjusted General and Administrative Expenses and Adjusted General
and Administrative Expenses as a Percentage of Revenue to the most
directly comparable GAAP measures:
(unaudited, dollars in thousands)
Q3'23
Q3'22
Change
Q3'23 YTD
Q3'22 YTD
Change
GAAP revenue
$
35,107
$
10,509
234%
$
110,959
$
27,285
307%
GAAP general and administrative
expenses
$
32,001
$
32,322
(1)%
$
104,223
$
89,928
16%
GAAP general and administrative
expenses as a percentage of revenue
91.2
%
307.6
%
* bps
93.9
%
329.6
%
* bps
Adjustments:
Share-based compensation
$
6,043
$
6,866
(12)%
$
20,902
$
17,377
20%
Loss on disposal of property and
equipment, net of recoveries, and impairment expense1
2,216
1,242
78%
8,065
3,889
107%
Bad debt expense
199
(84
)
337%
352
67
425%
Other1,2
1
142
(99)%
1,480
195
659%
Total adjustments
8,459
8,166
4%
30,799
21,528
43%
Adjusted general and administrative
expenses
$
23,542
$
24,156
(3)%
$
73,424
$
68,400
7%
Adjusted general and administrative
expenses as a percentage of revenue
67.1
%
229.9
%
* bps
66.2
%
250.7
%
* bps
* Percentage greater than 999% or bps
greater than 9,999
1In the second quarter of 2023, the
Company reclassified insurance proceeds from property losses from
"other" to "loss on disposal of property and equipment, net of
recoveries, and impairment expense." Previously reported amounts
have been updated to conform to the current period
presentation.
2For the nine months ended September 30,
2023, comprised primarily of costs related to the reorganization of
Company resources previously announced by the Company on February
23, 2023 and the 205 Petition, which are not expected to recur.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108121849/en/
For investors:
investors@evgo.com
For Media:
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