- Revenue of $7.7 million in the first quarter of 2022,
representing an increase of 86% year-over-year
- Network throughput of 8.0 Gigawatt-hours (GWh) in the first
quarter of 2022, representing an increase of 95%
year-over-year
- Gross loss of $0.6 million in the first quarter of 2022, as
compared to a gross loss of $1.7 million in the first quarter of
2021
- Adjusted gross profit increased to $2.9 million in the first
quarter of 2022, showing an adjusted gross margin of 37%
- Ended the quarter with 2,110 stalls in operation or under
construction, representing 129 new stalls in operation during the
quarter, exclusive of retirements
- Customer accounts totaled approximately 375,000 at the end of
the first quarter of 2022
- Announced and expanded core partnerships and added charging
locations with Chase Bank, Toyota, Subaru, Meijer, Whole Foods, and
others
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the first quarter of 2022. The Company
continues to execute on its growth plans on the back of continued
EV market development.
Revenue increased to $7.7 million in the first quarter of 2022,
compared to $4.1 million in the first quarter of 2021, representing
86% year-over-year growth. Growth in revenue for the quarter was
primarily driven by higher retail and fleet charging revenues, as
well as growth in ancillary and regulatory credit revenue.
Network throughput increased to 8.0 GWh in the first quarter of
2022, compared to 4.1 GWh in the first quarter of 2021,
representing 95% year-over-year growth.
“EVgo delivered a strong start to 2022, posting our
strongest-ever quarter for new stalls in operation along with
continued growth in customers and impressive growth in sites and
stalls in our pipeline,” said Cathy Zoi, EVgo’s CEO. “We continue
to work with a number of partners to develop, and in some cases
accelerate, plans for new EV charging stations across the U.S. This
growth is evident in new product innovations and partnerships like
those with Chase Bank, which selected EVgo to build our DC fast
chargers at approximately 50 of their retail locations. We are well
positioned to capitalize on the strong tailwinds from increased
growth in EV demand in the U.S. and continue the momentum for the
remainder of 2022.”
Business Highlights
- Site host partnerships: Announced new partnership in
April with Chase Bank to build out fast charging stations at 50
retail branch locations, added sites with shopping center operators
Regency Centers and Brixmor, and powered up stations with retail
partners including Whole Foods, Meijer, and Wawa
- OEM partnerships: Charging agreements in place with
Toyota and Subaru moved into implementation, as the Company
prepares to provide charging services to Toyota’s bZ4x customers
and Subaru’s Solterra customers later this year
- Government and utility partnerships: Secured funding
from various governmental agencies during the quarter, including
the California Energy Commission and Colorado Energy Office, and
received funding from utility partners NV Energy in Nevada and
Public Service Electric & Gas in New Jersey
- Station development: The Company ended the first quarter
of 2022 with 2,110 stalls in operation or under construction.
Excluding retired locations, this reflects an addition of 129 new
operational DC fast charging stalls during the quarter
- Active E&C Development Pipeline: The pipeline grew
to 3,344 stalls by the end the first quarter of 2022 versus 1,477
at the end of the first quarter of 2021
- EVgo InsideTM: Launched Application Programming
Interface (API) suite enabling third parties to access and
integrate the full EVgo charging experience
Financial & Operational Highlights
The below represent summary financial and operational figures
for the first quarter of 2022.
- Revenue of $7.7 million
- Network throughput of 8.0 gigawatt-hours
- Customer account additions of approximately 35,000
accounts
- Gross loss of $0.6 million
- Net loss of $55.3 million
- Adjusted gross profit of $2.9 million
- Adjusted EBITDA of ($18.2) million
- Cash Flow from Operations of ($19.8) million
- Capital Expenditures of $28.3 million
($ in 000s)
Q1'22
Q1'21
Network Throughput (GWh)
8.0
4.1
Revenue
$7,700
$4,130
GAAP Gross Profit / (Loss)
($600
)
($1,678
)
GAAP Net Income/(Loss)
($55,266
)
($16,610
)
Adj. Gross Profit/(Loss)1
$2,856
$763
Adj. Gross Margin1
37.1
%
18.5
%
Adj. EBITDA1
($18,176
)
($9,779
)
Q1'22 Q1'21 Cash flow from operations
($19,831
)
$7,780
Capital expenditures
($28,274
)
($7,827
)
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.
“We continue to demonstrate the ability to profitably scale
EVgo’s operations,” noted Olga Shevorenkova, EVgo’s CFO. “We remain
focused on building out our network and have seen expected growth
in both our shorter- and medium-term development activities with
stalls in operation or under construction growing to approximately
2,100 at the end of the quarter and our Active E&C Development
pipeline increasing to more than 3,300 stalls at the end of the
first quarter. We exited the quarter with $441 million in cash,
continuing to position us with significant financial flexibility to
execute on our growth plan.”
Conference Call Information
A live audio webcast and conference call for our first quarter
2022 earnings release will be held at 11:00 AM ET / 8:00 AM PT on
May 11, 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: 13729219
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 the end of the first 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 375,000 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)
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Net Income
($16,610
)
($18,421
)
$23,591
($46,322
)
($55,266
)
+ Taxes
–
–
–
–
5
+ Depreciation, ARO, Amortization
4,957
5,250
6,414
7,280
7,341
+ Interest Income / Expense
875
1,038
(22
)
(35
)
(55
)
EBITDA
($10,778
)
($12,133
)
$29,983
($39,077
)
($47,975
)
+ Bad Debt, Non-Recurring Costs, Other Adj.
$999
$1,123
($44,255
)
$22,767
$29,799
Adj. EBITDA
($9,779
)
($11,010
)
($14,272
)
($16,310
)
($18,176
)
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
GAAP Gross Profit / (Loss)
($1,678
)
($1,675
)
($1,653
)
($1,824
)
($600
)
+ Site Depreciation & ARO Accretion
$2,447
$2,705
$3,020
$3,814
$3,454
+ Stock Option Expense and Other
(6
)
(6
)
3
7
2
Adjusted Gross Profit / (Loss)
$763
$1,024
$1,370
$1,997
$2,856
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
GAAP COS
$5,808
$6,458
$7,834
$8,944
$8,300
Less: Site Depreciation & ARO Accretion
$2,447
$2,705
$3,020
$3,814
$3,454
Stock Option Expense and Other
(6
)
(6
)
3
7
2
Adjusted COS
$3,367
$3,759
$4,811
$5,123
$4,844
Q1 2021
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Adjusted Gross Profit / (Loss) - As Previously Reported
*
($162
)
($61
)
$217
$669
$1,140
Adjusted COS Reclassification to G&A
925
1,085
1,153
1,328
1,716
Adjusted Gross Profit / (Loss)
$763
$1,024
$1,370
$1,997
$2,856
* Q3'21, Q4'21, and Q1'22
computed here under the previous method.
Note: Figures may not sum due to rounding.
Financial Statements
March 31,
December 31,
2022
2021
(in thousands)
(unaudited)
Assets Current assets Cash and restricted cash $
441,079
$
484,881
Accounts receivable, net
2,815
2,559
Accounts receivable, capital build
7,902
9,621
Receivable from related party
—
1,500
Prepaid expenses
4,168
6,395
Other current assets
1,414
1,389
Total current assets
457,378
506,345
Property, equipment and software, net
166,134
133,282
Right-of-use assets, net
23,753
—
Restricted cash
300
300
Other assets
2,698
3,115
Intangible assets, net
69,323
72,227
Goodwill
31,052
31,052
Total assets $
750,638
$
746,321
Liabilities, redeemable noncontrolling interest and
stockholders’ deficit Current liabilities Accounts payable $
8,442
$
2,946
Payables to related parties
25
—
Accrued liabilities
28,929
27,078
Lease liabilities, current
3,004
—
Deferred revenue, current
4,634
5,144
Customer deposits
10,730
11,592
Other current liabilities
164
111
Total current liabilities
55,928
46,871
Lease liabilities, noncurrent
19,621
—
Earnout liability, at fair value
7,475
5,211
Asset retirement obligations
14,074
12,833
Capital-build liability
24,385
23,169
Deferred revenue, noncurrent
21,658
21,709
Warrant liability, at fair value
71,334
48,461
Other liabilities
—
146
Total liabilities
214,475
158,400
March 31,
December 31,
2022
2021
(in thousands, except share data)
(unaudited)
Redeemable noncontrolling interest
2,517,988
1,946,252
Stockholders’ deficit Preferred stock, $0.0001 par value;
10,000,000 shares authorized as of March 31, 2022 and December 31,
2021; none issued and outstanding
—
—
Class A common stock, $0.0001 par value; 1,200,000,000 shares
authorized as of March 31, 2022 and December 31, 2021; 68,269,448
and 68,020,630 shares issued and outstanding (excluding 718,750
shares subject to possible forfeiture) as of March 31, 2022 and
December 31, 2021, respectively
7
7
Class B common stock, $0.0001 par value; 400,000,000 shares
authorized as of March 31, 2022 and December 31, 2021; 195,800,000
shares issued and outstanding as of March 31, 2022 and December 31,
2021
20
20
Accumulated deficit
(1,981,852
)
(1,358,358
)
Total stockholders’ deficit
(1,981,825
)
(1,358,331
)
Total liabilities, redeemable noncontrolling interest and
stockholders’ deficit $
750,638
$
746,321
Three Months
Three Months
Ended
Ended
March 31,
March 31,
(in thousands, except per share data)
2022
2021
Revenue $
7,700
$
3,569
Revenue from related party
—
561
Total revenue
7,700
4,130
Cost of revenue
4,846
3,361
Depreciation and amortization
3,454
2,447
Cost of sales
8,300
5,808
Gross loss
(600
)
(1,678
)
General and administrative
25,428
12,004
Depreciation, amortization and accretion
3,887
2,510
Total operating expenses
29,315
14,514
Operating loss
(29,915
)
(16,192
)
Interest expense, related party
—
(876
)
Interest income
55
0
Other (expense) income, net
(263
)
458
Change in fair value of earnout liability
(2,264
)
—
Change in fair value of warrant liability
(22,874
)
—
Total other expense, net
(25,346
)
(418
)
Loss before income tax expense
(55,261
)
(16,610
)
Income tax expense
(5
)
(0
)
Net loss
(55,266
)
(16,610
)
Less: net loss attributable to redeemable noncontrolling interest
(40,867
)
(16,610
)
Net loss attributable to Class A common stockholders $
(14,399
)
$
—
Net loss per share to Class A common stockholders, basic and
diluted $
(0.21
)
N/A
Weighted-average basic and diluted shares used in computation of
earnings per share
68,023
N/A
Three Months
Three Months
Ended
Ended
March 31,
March 31,
(in thousands)
2022
2021
Cash flows from operating activities Net loss $
(55,266
)
$
(16,610
)
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities Depreciation, amortization and accretion
7,341
4,957
Net loss on disposal of property and equipment
1,010
231
Share-based compensation
3,506
480
Interest expense, related party
—
876
Change in fair value of earnout liability
2,264
—
Change in fair value of warrant liability
22,874
—
Other
288
33
Changes in operating assets and liabilities Accounts receivable,
net
(257
)
175
Receivables from related parties
1,499
(31
)
Prepaid expenses and other current and noncurrent assets
3,538
(1,887
)
Operating lease assets and liabilities, net
(2,135
)
—
Accounts payable
154
(708
)
Payables to related parties
25
1,386
Accrued liabilities
(2,596
)
(440
)
Deferred revenue
(561
)
20,553
Customer deposits
(862
)
(865
)
Other current and noncurrent liabilities
(653
)
(370
)
Net cash (used in) provided by operating activities
(19,831
)
7,780
Cash flows from investing activities Purchases of property,
equipment and software
(28,274
)
(7,827
)
Proceeds from insurance for property losses
202
—
Net cash used in investing activities
28,072
(7,827
)
Cash flows from financing activities Proceeds from note
payable, related party
—
17,000
Proceeds from exercise of warrants
2
—
Capital-build funding, net
4,099
—
Payment of transaction costs for CRIS Business Combination
—
(1,272
)
Net cash provided by financing activities
4,101
15,728
Net (decrease) increase in cash and restricted cash
(43,802
)
15,681
Cash and restricted cash, beginning of period
485,181
7,914
Cash and restricted cash, end of period $
441,379
$
23,595
Three Months
Three Months
Ended
Ended
March 31,
March 31,
(in thousands)
2022
2021
Supplemental disclosure of noncash investing and financing
activities Accrued transaction costs for CRIS Business
Combination $
182
$
3,411
Asset retirement obligations incurred $
1,001
$
628
Non-cash increase in accounts receivable, capital-build and
capital-build liability $
2,380
$
812
Purchases of property and equipment in accounts payable and accrued
liabilities $
24,454
$
4,830
Fair value adjustment to redeemable noncontrolling interest $
612,096
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220511005260/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 Feb 2024 to Mar 2024
EVgo (NASDAQ:EVGO)
Historical Stock Chart
From Mar 2023 to Mar 2024