- 2021 Revenue increased by 52% year-over-year
- Network throughput in 2021 rose to 26.4 Gigawatt-hours (GWh), a
68% increase over prior year
- GAAP gross loss narrowed in 2021 to ($6.8) million from ($9.0)
million in 2020
- Adjusted gross profit grew to $5.2 million for full-year 2021
compared to $0.5 million in 2020, and adjusted gross margin grew
from 3% in 2020 to 23% in 2021, demonstrating operating leverage in
the model from increasing vehicles in operation and throughput
- Ended year with approximately 340,000 customer accounts,
marking an approximate 109,000 year-over-year increase, equating to
approximately 80% of non-Tesla US EV sales
- Active Engineering and Construction pipeline increased to more
than 3,100 fast charging stalls as of year-end 2021 vs
approximately 2,500 at the year-end of Q3 2021
- Recently announced new charging partnerships with Toyota and
Subaru
- Introduced EVgo eXtendTM business line to increase customer and
geographic expansion
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the fourth quarter and full-year 2021 ending
December 31, 2021. The Company generated continued growth in
revenue, network throughput and customer accounts. EV adoption has
accelerated with approximately 142,000 EVs sold in the U.S. during
the fourth quarter of 2021 and 475,000 in full year 2021,
illustrating the continued expansion of the EV sector and bringing
more drivers onto the EVgo network.
Revenue increased to $7.1 million for the fourth quarter of
2021, compared to $4.2 million in the fourth quarter of 2020,
exhibiting 70% year-over-year growth, and compared to $6.2 million
for the third quarter of 2021, exhibiting 15% quarter-over-quarter
growth. For full-year 2021, revenue increased to $22.2 million,
compared to $14.6 million for full-year 2020, reflecting an
increase of 52% year-over-year.
Network throughput increased to 8.2 GWh for the fourth quarter
of 2021, compared to 4.2 GWh in the fourth quarter of 2020,
exhibiting 95% year-over-year growth. For full-year 2021, network
throughput reached 26.4 GWh, reflecting growth of 68%
year-over-year. Total customer accounts grew to approximately
340,000 as of December 31, 2021, an increase of 47% over the
prior-year period.
“EVgo finished 2021 strong, with momentum in revenue growth,
customer acquisition and station development,” Cathy Zoi, EVgo’s
CEO, stated. “Our expanding suite of charging partnerships with
blue chip partners demonstrates not only the acceleration toward an
electrified transportation future, but also the strength and
differentiation of EVgo’s model. Our 12-year history as a pioneer
in the fast-charging space, our commitment to technology-enabled
innovation to enhance the EV charging experience for EV drivers,
automakers, fleets and retailers, and EVgo’s leadership in ESG are
positioning EVgo to continue to deepen and expand our business into
a plethora of lucrative opportunities in the rapidly growing
space.”
Business Highlights
- Toyota Charging Program: In February 2022, EVgo and
Toyota, the world’s largest automaker, announced a charging credit
relationship that will provide charging benefits at EVgo charging
stalls for customers who buy or lease Toyota’s new EV, the bZ4X.
Toyota expects the first bZ4X models to be available in 2022.
- Subaru Charging Program: In February 2022, EVgo and
Subaru announced a preferred charging credit relationship that will
provide EVgo charging credits for customers of Subaru’s new SUV EV,
the Solterra. The Solterra is expected to be introduced in
2022.
- Introduced EVgo eXtend: Introduced white label charging
solution to capture growing public charging demand in corridors and
less urban areas currently underserved by the charging market while
retaining attractive return potential.
- Station Development: The company’s operational stall
count expanded to 1,676 with the addition of 286 charging stalls
energized during full-year 2021. The company ended the year with
1,903 stalls either in operation or under construction. In
addition, EVgo’s Active Engineering & Development Pipeline grew
to approximately 3,100 stalls as of year-end 2021, up from
approximately 2,500 at the end of the third quarter 2021.
- PlugShare User Growth: PlugShare continues to grow as
the world’s largest user-generated EV charging platform, surpassing
2 million registered users for the first time, with 1 million
downloads in 2021.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the fourth quarter of 2021.
- Revenue of $7.1 million
- Network throughput of 8.2 gigawatt-hours
- Gross loss of $1.8 million
- Net loss of $46.3 million
- Adjusted gross profit of $2.0 million
- Adjusted EBITDA of ($16.3) million
- Cash Flow from Operations of ($11.8) million for the
fourth quarter of 2021
- Capital Expenditures of $25.3 million for the fourth
quarter of 2021
The below represent summary financial and operational figures
for full-year 2021.
- Revenue of $22.2 million
- Network throughput of 26.4 gigawatt-hours
- Customer account additions of approximately 109,000
accounts
- Gross loss of $6.8 million
- Net loss of $57.8 million
- Adjusted gross profit of $5.2 million
- Adjusted EBITDA of ($51.4) million
- Cash Flow from Operations of ($29.6) million for
full-year 2021
- Capital Expenditures of $65.0 million for full-year
2021
($ in 000s)
Q4'21
Q3'21
FY 2021
FY 2020
Network Throughput (GWh)
8.2
8.0
26.4
15.7
Revenue
$7,120
$6,181
$22,214
$14,575
GAAP Gross Profit / (Loss)
($1,824
)
($1,653
)
($6,830
)
($9,045
)
GAAP Net Income/(Loss)
($46,322
)
$23,591
($57,762
)
($48,211
)
Adj. Gross Profit/(Loss)1
$1,997
$1,370
$5,154
$451
Adj. Gross Margin1
28.0
%
22.2
%
23.2
%
3.1
%
Adj. EBITDA1
($16,310
)
($14,272
)
($51,370
)
($23,957
)
Q4'21 Q3'21 FY 2021 FY 2020 Cash
flow from operations
($11,806
)
($16,440
)
($29,603
)
($20,421
)
Capital expenditures2
($25,324
)
($16,338
)
($65,003
)
($19,510
)
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.
2. Excludes acquisition cost of Recargo/PlugShare.
2022 Financial & Operating Guidance
EVgo is introducing full-year 2022 guidance as follows:
- Total revenue of $48 – $55 million
- Network throughput of 50 – 60 GWh
- Adjusted EBITDA of ($75) – ($85) million
Additionally, EVgo is initiating stall target guidance: at the
year-end of 2022, EVgo expects to have a total of 3,000 – 3,300 DC
fast charging stalls operational or under construction.
“As demonstrated by our recent partnership announcements, we
continue to see substantial interest in EVgo’s market-leading
solutions and are prioritizing the rapid expansion of our
best-in-class charging network and services,” said Olga
Shevorenkova, EVgo’s CFO. “Such a market opportunity necessitates
the investments we are making both into SG&A and capex, with a
continued focus on prudent capital allocation practices and
long-term value creation of the business. We believe the
investments we are making will deliver substantial returns as EV
adoption accelerates throughout the decade.”
Conference Call Information
A live audio webcast and conference call for our fourth quarter
and year-end 2021 earnings release will be held at 11:00 AM ET /
8:00 AM PT on March 23, 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:
201-689-8471 Conference ID: 13726739
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 the first to be powered by 100%
renewable energy. As of year-end 2021, 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
340,000 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 and capital expenditures, 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 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; 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; 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 registration
statement on Form S-1 originally filed with the Securities and
Exchange Commission (the “SEC”) on July 20, 2021, 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 COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross
Margin,” “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin.”
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.
Adjusted Cost of Sales, Adjusted Gross Profit (Loss), Adjusted
Gross Margin, EBITDA and Adjusted EBITDA. 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
EBITDA Margin is defined as Adjusted EBITDA as a percentage of
revenue. Adjusted Cost of Sales, Adjusted Gross Profit (Loss),
Adjusted Gross Margin, EBITDA, Adjusted EBITDA, and Adjusted EBITDA
Margin 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)
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
YTD 2020
YTD 2021
GAAP Gross Profit / (Loss)
($2,852
)
($1,678
)
($1,675
)
($1,653
)
($1,824
)
($9,045
)
($6,830
)
Less: Site Depreciation & ARO Accretion
$2,528
$2,447
$2,705
$3,020
$3,814
$9,529
$11,986
Stock Option Expense and Other
(10
)
(6
)
(6
)
3
7
(33
)
(2
)
Adjusted Gross Profit / (Loss)
($334
)
$763
$1,024
$1,370
$1,997
$451
$5,154
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
YTD 2020
YTD 2021
GAAP Cost of Sales
$7,045
$5,808
$6,458
$7,834
$8,944
$23,620
$29,044
Less: Site Depreciation & ARO Accretion
$2,528
$2,447
$2,705
$3,020
$3,814
$9,529
$11,986
Stock Option Expense and Other
(10
)
(6
)
(6
)
3
7
(33
)
(2
)
Adjusted Cost of Sales
$4,527
$3,367
$3,759
$4,811
$5,123
$14,124
$17,060
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
YTD 2020
YTD 2021
Net Income
($15,519
)
($16,610
)
($18,421
)
$23,591
($46,322
)
($48,211
)
($57,762
)
+ Taxes
6
(1
)
1
–
–
2
1
+ Depreciation, ARO Accretion, Amortization
5,000
4,957
5,250
6,414
7,280
19,033
23,901
+ Interest Income / Expense
602
876
1,038
(22
)
(35
)
1,414
1,857
EBITDA
($9,911
)
($10,778
)
($12,132
)
$29,983
($39,077
)
($27,762
)
($32,004
)
+ Bad Debt, Non-Recurring Costs, Other Adj.
$1,089
$999
$1,123
($44,255
)
$22,767
$3,805
($19,366
)
Adj. EBITDA
($8,822
)
($9,779
)
($11,009
)
($14,272
)
($16,310
)
($23,957
)
($51,370
)
Q4 2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
YTD 2020
YTD 2021
Adjusted Gross Profit / (Loss) - As Previously Reported
*
($1,205
)
($162
)
($61
)
$217
$669
($3,092
)
$663
Adjusted Cost of Sales Reclassification to G&A
871
925
1,085
1,153
1,328
3,543
4,491
Adjusted Gross Profit / (Loss)
($334
)
$763
$1,024
$1,370
$1,997
$451
$5,154
* Q3 2021 and Q4 2021 computed under the original method.
Note: Figures may not sum due to rounding.
Financial Statements
EVgo
Inc. (Successor)
Consolidated Balance
Sheets
December 31,
December 31,
(in thousands)
2021
2020
Assets
Current assets
Cash and restricted cash
$
484,881
$
7,914
Accounts receivable, net
2,559
2,164
Accounts receivable, capital build
9,621
3,259
Receivable from related party
1,500
—
Prepaid expenses
6,395
4,598
Other current assets
1,389
2,037
Total current assets
506,345
19,972
Property, equipment and software, net
133,282
71,266
Intangible assets, net
72,227
67,956
Goodwill
31,052
22,111
Restricted cash
300
—
Other assets
3,115
836
Total assets
$
746,321
$
182,141
Liabilities, redeemable noncontrolling
interest and stockholders’/member’s (deficit) equity
Current liabilities
Accounts payable
$
2,946
$
2,998
Payables to related parties
—
135
Accrued liabilities
27,078
10,945
Deferred revenue, current
5,144
1,653
Customer deposits
11,592
7,660
Note payable, related party
—
39,164
Capital-build, buyout liability
—
628
Other current liabilities
111
398
Total current liabilities
46,871
63,581
Earnout liability, at fair value
5,211
—
Asset retirement obligations
12,833
8,802
Capital-build liability, excluding buyout
liability
23,169
17,388
Deferred revenue, noncurrent
21,709
2,732
Warrant liability, at fair value
48,461
—
Other liabilities
146
151
Total liabilities
158,400
92,654
EVgo
Inc. (Successor)
Consolidated Balance Sheets
(continued)
December 31,
December 31,
(in thousands, except share data)
2021
2020
Redeemable noncontrolling interest
1,946,252
—
Stockholders’/member’s (deficit)
equity
Preferred stock, $0.0001 par value;
10,000,000 shares authorized as of December 31, 2021; none issued
and outstanding
—
—
Class A common stock, $0.0001 par value;
1,200,000,000 shares authorized as of December 31, 2021; 68,020,630
shares issued and outstanding (excluding 718,750 shares subject to
possible forfeiture) as of December 31, 2021
7
—
Class B common stock, $0.0001 par value;
400,000,000 shares authorized as of December 31, 2021; 195,800,000
shares issued and outstanding as of December 31, 2021
20
—
LLC interests
—
136,348
Additional paid-in capital
—
929
Accumulated deficit
(1,358,358
)
(47,790
)
Total stockholders’/member’s (deficit)
equity
(1,358,331
)
89,487
Total liabilities, redeemable
noncontrolling interest and stockholders’/member’s (deficit)
equity
$
746,321
$
182,141
EVgo
Inc. (Successor) and EVgo Services LLC (Predecessor)
Consolidated Statements of
Operations
Successor
Predecessor
January 16,
January 1,
2020
2020
Year Ended
Through
Through
December 31,
December 31,
January 15,
(in thousands, except per share data)
2021
2020
2020
Revenue
$
21,652
$
11,759
$
1,461
Revenue from related parties
562
1,290
65
Total revenue
22,214
13,049
1,526
Cost of revenue (exclusive of depreciation
and amortization shown separately below)
17,058
13,416
675
Depreciation and amortization
11,986
9,231
298
Cost of sales
29,044
22,647
973
Gross (loss) profit
(6,830
)
(9,598
)
553
General and administrative
71,086
34,088
1,247
Transaction bonus
—
5,316
—
Depreciation, amortization and
accretion
11,915
9,435
69
Total operating expenses
83,001
48,839
1,316
Operating loss
(89,831
)
(58,437
)
(763
)
Interest expense, related party
1,926
1,414
—
Interest income
(69
)
—
—
Other income, related parties
—
—
(342
)
Other income, net
(607
)
(12,061
)
—
Change in fair value of earnout
liability
(2,214
)
—
—
Change in fair value of warrant
liability
(31,105
)
—
—
Total other income, net
(32,069
)
(10,647
)
(342
)
Net loss
(57,762
)
(47,790
)
(421
)
Less: net loss attributable to redeemable
noncontrolling interest
(51,856
)
(47,790
)
(421
)
Net loss attributable to Class A common
stockholders
$
(5,906
)
$
—
$
—
Net loss per share to Class A common
stockholders, basic and diluted
$
(0.09
)
N/A
N/A
Weighted-average basic and diluted shares
used in computation of earnings per share
68,015
N/A
N/A
EVgo
Inc. (Successor) and EVgo Services LLC (Predecessor)
Consolidated Statements of
Cash Flows
Successor
Predecessor
January 16,
January 1,
2020
2020
Year Ended
Through
Through
December 31,
December 31,
January 15,
(in thousands)
2021
2020
2020
Cash flows from operating
activities
Net loss
$
(57,762
)
$
(47,790
)
$
(421
)
Adjustments to reconcile net loss to net
cash used in operating activities
—
Depreciation, amortization and
accretion
23,901
18,665
368
Net loss on disposal of property and
equipment
1,311
1,301
—
Share-based compensation
10,942
929
13
Relief of contingent consideration
—
(3,978
)
—
Interest expense, related party
1,926
1,414
—
Change in fair value of earnout
liability
(2,214
)
—
—
Change in fair value of warrant
liability
(31,105
)
—
—
Other
761
—
—
Changes in operating assets and
liabilities
—
Accounts receivable, net
(195
)
50
33
Receivables from related parties
(1,425
)
—
(333
)
Prepaid expenses and other current and
noncurrent assets
(5,691
)
1,059
(46
)
Accounts payable
(1,294
)
519
315
Payables to related parties
(904
)
135
(1
)
Accrued liabilities
7,027
4,331
(248
)
Deferred revenue
21,925
(591
)
(37
)
Customer deposits
3,931
3,591
13
Other current and noncurrent
liabilities
(737
)
288
—
Net cash used in operating activities
(29,603
)
(20,077
)
(344
)
Cash flows from investing
activities
Purchases of property, equipment and
software
(65,003
)
(19,344
)
(166
)
Acquisition of business, net of cash
received
(22,762
)
—
—
Net cash used in investing activities
(87,765
)
(19,344
)
(166
)
Cash flows from financing
activities
Proceeds from CRIS Business
Combination
601,579
—
—
Proceeds from note payable, related
party
24,000
37,750
—
Payments on note payable, related
party
(5,500
)
—
—
Proceeds from exercise of warrants
30
—
—
Capital-build funding, net
2,909
7,083
—
Payment of transaction costs for CRIS
Business Combination
(28,383
)
(3,071
)
—
Contributions
—
5,316
—
Net cash provided by financing
activities
594,635
47,078
—
Net increase (decrease) in cash and
restricted cash
477,267
7,657
(510
)
Cash and restricted cash, beginning of
period
7,914
257
1,403
Cash and restricted cash, end of
period1
$
485,181
$
7,914
$
893
_________________________
1 As of January 15, 2020, $0.6
million of cash included in the Predecessor’s balance sheet was not
transferred to the Successor in accordance with the Holdco Merger
Agreement (defined below) and was excluded from the Successor’s
opening balance sheet.
EVgo
Inc. (Successor) and EVgo Services LLC (Predecessor)
Consolidated Statements of
Cash Flows (continued)
Successor
Predecessor
January 16,
January 1,
2020
2020
Year Ended
Through
Through
December 31,
December 31,
January 15,
(in thousands)
2021
2020
2020
Supplemental disclosure of noncash
investing and financing activities
Accrued transaction costs for CRIS
Business Combination
$
175
$
—
$
—
Asset retirement obligations incurred
$
2,456
$
902
$
—
Non-cash increase in accounts receivable,
capital-build, and capital-build liability
$
9,272
$
—
$
—
Reclassification of contingent earnout
liability to equity upon triggering event
$
10,853
$
—
$
—
Purchases of property and equipment in
accounts payable and accrued liabilities
$
14,485
$
1,931
$
1,759
Contingent earnout liability recognized
upon closing of CRIS Business Combination
$
18,278
$
—
$
—
Conversion of note payable, related party,
to equity
$
59,590
$
—
$
—
Reclassification of redeemable
noncontrolling interest on CRIS Close Date
$
436,739
$
—
$
—
Fair value adjustment to redeemable
noncontrolling interest
$
1,525,297
$
—
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220323005109/en/
For investors: Ted Brooks, VP of
Investor Relations investors.evgo.com 310-954-2943
For Media: press@evgo.com
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