- Revenue grew to $10.5 million in the third quarter,
representing an increase of 70% year-over-year
- Network throughput reached 12.1 Gigawatt-hours (“GWh”) in the
third quarter, an increase of 51% year-over-year
- Ended the third quarter with 2,625 stalls in operation or under
construction, and added 188 new stalls to the EVgo network during
the quarter
- Added approximately 54,000 new customer accounts, reaching
approximately 498,000 overall at the end of the third quarter
- Launched Autocharge+ nationwide, allowing drivers with
compatible EVs, including many Teslas, to seamlessly initiate a
charging session by simply plugging in their vehicle to an EVgo
fast charger
- Entered into new site host agreements with several national
brands, including Lowe’s
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the third quarter of 2022. Management will
host a conference call at 5:00 p.m. ET today to discuss EVgo’s
results and other business highlights.
Revenue increased to $10.5 million in the third quarter of 2022,
compared to $6.2 million in the third quarter of 2021, representing
70% year-over-year growth. Revenue growth was primarily driven by
higher retail charging revenue and increased ancillary revenues and
regulatory credit sales. The Company added approximately 54,000 new
customer accounts, bringing the overall number of customer accounts
to approximately 498,000 at quarter-end, an increase of
approximately 60% year-over-year.
Network throughput increased to 12.1 GWh in the third quarter of
2022, compared to 8.0 GWh in the third quarter of 2021,
representing 51% year-over-year growth.
“During the third quarter, we continued to execute on our growth
plans on the back of continued electric vehicle (“EV”) adoption and
market development,” said Cathy Zoi, EVgo’s CEO. “Our latest
results, coupled with our expanding fleet and site host
partnerships, reinforce our position as a leader in EV fast
charging. We saw continued growth across our core charging
business, with strong increases in retail and rideshare throughput
delivering higher revenues. We recently launched Autocharge+
nationwide, which simplifies the charging experience, as we
continue to set a new bar in our rapidly expanding network. We
believe our ability to drive technological innovation and deliver
new products and solutions to consumers, commercial fleets and
other partners will put us at the forefront of the robust and
rapidly growing EV charging market.”
Business Highlights
- EVgo Autocharge+: In September, EVgo launched
Autocharge+ nationwide at all EVgo DC fast charging locations,
allowing many EV drivers (including those who drive a Tesla that
can use a CCS adapter) to seamlessly initiate a charging session by
simply plugging in their vehicle to an EVgo fast charger.
- Fleet Partnerships with EVgo Optima: As an established
leader in fleet electrification with a diverse portfolio of
collaborations, EVgo closed a new deal with MHX Solutions, a
full-service logistics operation based in California. The Company
continues to leverage EVgo Optima, the Company’s smart, cloud-based
software platform for commercial fleet customers, demonstrating the
potential of EVgo’s technology-enabled innovation. The agreement
with MHX is the Company’s first EVgo Optima deployment for a Class
8 truck.
- Autonomous Vehicle (AV) Partnerships: EVgo signed an
agreement for a new dedicated fast charging hub with an existing AV
fleet partner as well as an agreement with a different partner to
repurpose an existing dedicated site as the electrification needs
for the space continue to grow.
- Commercial Partnerships: EVgo’s continued leadership in
EV fast charging included new site host agreements with several
national brands, including Lowe’s. These partnerships underscore
the acceleration of EV adoption and the need for fast charging
solutions across a variety of businesses.
- EVgo eXtend: The Company continues to see positive
momentum building and managing its customers’ chargers with the
EVgo eXtend program, including the Company’s nationwide partnership
with the Pilot Company. During the third quarter, the Company
started pre-engineering work on certain Pilot Flying J sites.
- eXtend Workplace: During the quarter, EVgo received its
first set of orders to deploy and manage L2 and DC fast charging
stalls for GM employees at four different GM facilities.
- Connect the WattsTM: EVgo launched its Connect the
WattsTM National EV Charging Recognition Program, which recognizes
leaders in the EV charging ecosystem who are driving progress
towards enabling an all-electric future.
- Station development: The Company ended the third quarter
of 2022 with 2,625 stalls in operation or under construction.
Excluding retired locations, this reflects the addition of 188 new
DC fast charging stalls to its network during the quarter.
- Active E&C Stall Development Pipeline: The Company’s
pipeline grew to 4,534 stalls as of the end the third quarter of
2022 versus 2,494 at the end of the third quarter of 2021. This
included the addition of Pilot Flying J stalls during the
quarter.
Financial & Operational Highlights
The below represent summary financial and operational figures
for the third quarter of 2022.
- Revenue of $10.5 million
- Network throughput of 12.1 gigawatt-hours
- Customer account additions of approximately 54,000
accounts
- Gross loss of ($3.2) million
- Net loss of ($50.9) million
- Adjusted gross profit of $2.0 million1
- Adjusted EBITDA of ($22.2) million1
- Cash Flows Used in Operating Activities of ($19.0)
million
- Capital Expenditures of ($133.9) million for the nine
months ended September 30, 2022
1. Adjusted Gross Profit / (Loss) 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.
(dollars in thousands)
Q3'22
Q3'21
Network Throughput (GWh)
12.1
8.0
Revenue
$10,509
$6,181
GAAP Gross Loss
($3,208
)
($1,653
)
GAAP Net Income/(Loss)
($50,922
)
$23,591
Adj. Gross Profit1
$1,996
$1,370
Adj. Gross Margin1
19.0
%
22.2
%
Adj. EBITDA1
($22,175
)
($14,272
)
(in thousands)
Q3'22
Q3'21
Cash flows used in operating
activities
($18,967
)
($16,440
)
Capital expenditures
($61,594
)
($16,338
)
1. Adjusted Gross Profit / (Loss),
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 this release.
2022 Financial & Operating Guidance
EVgo is affirming its total revenue guidance and updating its
other guidance ranges for full-year 2022 as follows:
- Total revenue of $48 – $55 million
- Network throughput of 42 – 45 GWh
- Adjusted EBITDA of ($80) – ($85) million*
Additionally, EVgo is updating its stall target guidance. At
year-end 2022, EVgo expects to have a total of 2,800 – 3,100 DC
fast charging stalls operational 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, 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 2022 earnings release will be held at 5:00 PM ET / 2:00 PM
PT on November 2, 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: (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 its founding
in 2010, EVgo has led the way to a cleaner transportation future
and its network has been powered by 100% renewable energy since
2019 through renewable energy certificates. As the nation’s largest
public fast charging network, EVgo’s owned and operated charging
network features over 900 fast charging locations – currently
serving over 60 metropolitan areas across more than 30 states – and
continues to add more DC fast charging locations 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 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" 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
market position and acceleration in its business due to factors
including increased EV adoption; and the Company’s 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 impacts from COVID-19 on EVgo’s business,
customers, and suppliers; macro political, economic, and business
conditions, including inflation and geopolitical conflicts that
could impact our 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,
and tax credits; supply chain disruptions; EVgo’s ability to expand
into new service markets, grow its customer base, and manage its
operations; 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 us;
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 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 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.
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 non-GAAP financial measures
including “Adjusted Cost of Sales,” “Adjusted Gross Profit (Loss),”
“Adjusted Gross Margin,” “EBITDA,” and “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) reimbursement from original equipment manufacturers. 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) share- based compensation expense, (ii) loss on
disposal of property and equipment, (iii) loss (gain) on
investments, (iv) bad debt expense, (v) change in fair value of
earnout liability, (vi) change in fair value of warrant liability,
and (vii) certain other items that we believe are not indicative of
our ongoing performance. Adjusted Cost of Sales, Adjusted Gross
Profit (Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA
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 revenue, net income (loss) or any other performance
measures derived in accordance with GAAP.
Reconciliations of Non-GAAP Measures
Three Months Ended
September 30,
(dollars in thousands)
2022
2021
Net (loss) income
$
(50,922
)
$
23,591
Income tax expense
—
—
Depreciation
5,275
3,079
Amortization and accretion
4,428
3,335
Interest income, net
(1,628
)
(22
)
EBITDA
(42,847
)
29,983
Share-based compensation
6,893
4,282
Loss on disposal of property and
equipment
1,729
292
Loss on investments
344
143
Bad debt expense
(84
)
124
Change in fair value of earnout
liability
1,299
(3,695
)
Change in fair value of warrant
liability
10,858
(45,946
)
Other
(367
)
545
Adjusted EBITDA
$
(22,175
)
$
(14,272
)
Total revenue
$
10,509
$
6,181
GAAP cost of sales
$
13,717
$
7,834
Less:
Site depreciation and amortization
5,187
3,020
Share-based compensation and other
17
3
Adjusted cost of sales
$
8,513
$
4,811
Adjusted gross profit
$
1,996
$
1,370
Adjusted gross margin
19.0
%
22.2
%
Note: Figures may not sum due to
rounding.
Financial Statements
EVgo
Inc. and Subsidiaries
Condensed Consolidated Balance
Sheets
September 30,
December 31,
2022
2021
(in thousands)
(unaudited)
Assets
Current assets
Cash and restricted cash
$
300,680
$
484,881
Accounts receivable, net of allowance of
$773 and $718 as of September 30, 2022 and December 31, 2021,
respectively
6,545
2,559
Accounts receivable, capital-build
8,957
9,621
Receivable from related party
—
1,500
Prepaid expenses
4,797
6,395
Other current assets
1,831
1,389
Total current assets
322,810
506,345
Property, equipment and software, net
264,465
133,282
Operating lease right-of-use assets
44,507
—
Restricted cash
300
300
Other assets
2,553
3,115
Intangible assets, net
63,516
72,227
Goodwill
31,052
31,052
Total assets
$
729,203
$
746,321
Liabilities, redeemable noncontrolling
interest and stockholders’ deficit
Current liabilities
Accounts payable
$
3,665
$
2,946
Payables to related parties
24
—
Accrued liabilities
46,050
27,078
Operating lease liabilities, current
4,701
—
Deferred revenue, current
9,479
5,144
Customer deposits
9,797
11,592
Other current liabilities
611
111
Total current liabilities
74,327
46,871
Operating lease liabilities,
noncurrent
38,326
—
Earnout liability, at fair value
3,883
5,211
Asset retirement obligations
16,478
12,833
Capital-build liability
25,617
23,169
Deferred revenue, noncurrent
20,918
21,709
Warrant liability, at fair value
33,480
48,461
Other liabilities
—
146
Total liabilities
213,029
158,400
Commitments and contingencies
Redeemable noncontrolling interest
1,548,778
1,946,252
Stockholders’ deficit
(1,032,604
)
(1,358,331
)
Total liabilities, redeemable
noncontrolling interest and stockholders’ deficit
$
729,203
$
746,321
EVgo
Inc. and Subsidiaries
Condensed Consolidated
Statements of Operations
(unaudited)
Three Months
Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except per share data)
2022
2021
2022
2021
Revenue
$
10,509
$
6,181
$
27,285
$
14,533
Revenue from related party
—
—
—
562
Total revenue
10,509
6,181
27,285
15,095
Cost of revenue
8,530
4,814
19,095
11,927
Depreciation and amortization
5,187
3,020
12,742
8,172
Cost of sales
13,717
7,834
31,837
20,099
Gross loss
(3,208
)
(1,653
)
(4,552
)
(5,004
)
General and administrative
32,322
20,882
89,928
46,227
Depreciation, amortization and
accretion
4,516
3,394
12,535
8,448
Total operating expenses
36,838
24,276
102,463
54,675
Operating loss
(40,046
)
(25,929
)
(107,015
)
(59,679
)
Interest expense
(8
)
—
(21
)
—
Interest expense, related party
—
(11
)
—
(1,926
)
Interest income
1,636
33
2,327
34
Other (expense) income, net
(347
)
(143
)
(769
)
489
Change in fair value of earnout
liability
(1,299
)
3,695
1,328
3,695
Change in fair value of warrant
liability
(10,858
)
45,946
14,981
45,946
Total other (expense) income, net
(10,876
)
49,520
17,846
48,238
Loss (income) before income tax
expense
(50,922
)
23,591
(89,169
)
(11,441
)
Income tax expense
—
—
(22
)
—
Net (loss) income
(50,922
)
23,591
(89,191
)
(11,441
)
Less: net (loss) income attributable to
redeemable noncontrolling interest
(37,704
)
17,461
(66,053
)
(17,571
)
Net (loss) income attributable to Class A
common stockholders
$
(13,218
)
$
6,130
$
(23,138
)
$
6,130
Net (loss) income per share to Class A
common stockholders, basic
$
(0.19
)
0.09
$
(0.33
)
0.09
Net (loss) income per share to Class A
common stockholders, diluted
$
(0.19
)
0.09
$
(0.33
)
0.09
Net (loss) income
$
(50,922
)
$
23,591
$
(89,191
)
$
(11,441
)
Other comprehensive income, net of
tax:
Net change in unrealized gain on
available-for-sale securities
47
—
—
—
Comprehensive (loss) income
(50,875
)
23,591
(89,191
)
(11,441
)
Less: comprehensive (loss) income
attributable to redeemable
noncontrolling interest
(37,669
)
17,461
(66,053
)
(17,571
)
Comprehensive (loss) income attributable
to Class A common stockholders
$
(13,206
)
$
6,130
$
(23,138
)
$
6,130
EVgo
Inc. and Subsidiaries
Selected Data from Condensed
Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended
September 30,
(in thousands)
2022
2021
Cash flows used in operating
activities
$
(57,337
)
$
(17,797
)
Cash flows used in investing
activities
(133,322
)
(62,441
)
Cash flows provided by financing
activities
6,458
593,452
Net (decrease) increase in cash and
restricted cash
$
(184,201
)
$
513,214
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102005802/en/
For investors:
investors@evgo.com For Media:
press@evgo.com
EVgo (NASDAQ:EVGO)
Historical Stock Chart
From May 2024 to Jun 2024
EVgo (NASDAQ:EVGO)
Historical Stock Chart
From Jun 2023 to Jun 2024