Dennis Kish, EVgo’s Chief Operating Officer,
appointed President to manage consolidated operations, business
development, marketing and technology functions
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the
nation’s largest public fast charging networks for electric
vehicles (EVs), today announced certain preliminary financial and
operating results for fiscal year 2023. The Company announced
preliminary 2023 throughput of approximately 130 gigawatt-hours
(“GWh”). Utilization on the EVgo network in December 2023 was over
19% up from 15% in September 2023. EVgo ended 2023 with over 3,500
stalls in operation or under construction, including EVgo eXtend™
stalls.
EVgo anticipates reporting full year 2023 financial and
operating results that meet or exceed the guidance ranges provided
by the Company on November 8, 2023. The date and call details for
EVgo’s fourth quarter and full year 2023 earnings call will be
announced at a later date.
EVgo also announced today a simplified organizational structure
under which the Company’s business development, marketing and
technology functions will be streamlined and consolidated with
operations, reporting to Dennis Kish, EVgo’s Chief Operating
Officer, who in connection with this organizational realignment has
been appointed President. Ivo Steklac, Chief Technology Officer,
and Tanvi Chaturvedi, Chief Revenue Officer, will be departing the
Company. Mr. Steklac will serve as a strategic advisor to the
Company during a transition period and will depart during 2024. Ms.
Chaturvedi is expected to remain in her role at EVgo through the
end of February 2024.
The organizational realignment is designed to allow EVgo to
focus on growing its core public charging network business, achieve
operational efficiencies, improve the Company’s cost structure and
accelerate progress toward EVgo’s growth and profitability
goals.
“EVgo has continued to drive impressive throughput growth on our
network and top-line growth across the Company as we remain
relentlessly focused on delivering the ultimate customer experience
and highest quality fast-charging solutions for EV drivers,” said
Badar Khan, Chief Executive Officer of EVgo. “We believe this
realignment and resource optimization will allow EVgo to become
leaner and more focused on our owned and operated public charging
network and will position us for acceleration towards achieving
profitability targets while driving superior shareholder returns in
the long run.”
Mr. Khan continued, “During his tenure at EVgo, Dennis has built
a growth engine that has helped us to accelerate our deployments
while making substantial enhancements to the customer experience.
Given this track record, I am confident he is well positioned to
take on this expanded role. Ivo was the founder of the tech program
at EVgo and established EVgo as a technology leader in the EV
charging space. We are grateful Ivo is staying to assist with a
smooth transition and thankful for his contributions to EVgo’s
success. We thank Tanvi for her contributions to EVgo and wish her
well in her future endeavors.”
About EVgo
EVgo (Nasdaq: EVGO) is a leader in electric vehicle 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. EVgo is one of the nation’s largest public fast
charging providers, featuring over 950 fast charging locations
across more than 35 states, 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.
Cautionary Statement Regarding Preliminary Financial
Results
The Company has not yet completed its financial close processes
for fiscal year 2023. Therefore, the Company’s statements regarding
its expectations for its financial and operating results for the
year ended (and as of) December 31, 2023 included in this press
release are based on preliminary unaudited estimates only and
should not be viewed as a substitute for full audited financial
statements prepared in accordance with GAAP. They reflect
management’s estimates based solely upon information available to
management as of the date of this press release. Further
information learned during the financial close processes and audit
may alter the final results. The Company cautions you that actual
results which are prepared in accordance with GAAP and are subject
to a full-year audit may differ materially from the preliminary
results described in this press release. Accordingly, you should
not place undue reliance upon this preliminary financial and
operating information.
Cautionary Statement Regarding 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,” “design” 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 ability to grow its
public charging network business, achieve administrative
efficiencies, improve EVgo’s cost structure, improve the customer
experience, accelerate progress towards EVgo’s growth and
profitability goals, and enhance shareholder returns in the long
run; and EVgo’s preliminary results for stalls in operation or
under construction, network throughput, utilization and other
financial and operating measures, including any update or
affirmation of previous guidance issued in respect thereof. 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 information learned during the completion of
financial close or audit processes; EVgo’s dependence on the
widespread adoption of EVs and growth of the EV and EV charging
markets; competition from existing and new competitors; EVgo’s
ability to expand into new service markets, grow its customer base
and manage its operations; the risks associated with cyclical
demand for EVgo’s services and vulnerability to industry downturns
and regional or national downturns; fluctuations in EVgo’s revenue
and operating results; unfavorable conditions or further
disruptions in the capital and credit markets and EVgo’s ability to
obtain additional financing on commercially reasonable terms;
EVgo’s ability to generate cash, service indebtedness and incur
additional indebtedness; any current, pending or future
legislation, regulations or policies that could impact EVgo’s
business, results of operations and financial condition, including
regulations impacting the EV charging market and government
programs designed to drive broader adoption of EVs and any
reduction, modification or elimination of such programs; EVgo’s
ability to adapt its assets and infrastructure to changes in
industry and regulatory standards and market demands related to
charging; impediments to EVgo’s expansion plans, including
permitting and utility-related delays; EVgo’s ability to
effectively integrate any businesses it acquires; EVgo’s ability to
recruit and retain experienced personnel; risks related to legal
proceedings or claims, including liability claims; EVgo’s
dependence on third parties, including hardware and software
vendors and service providers, utilities and permit-granting
entities; supply chain disruptions, inflation and other increases
in expenses; safety and environmental requirements or regulations
that may subject EVgo to unanticipated liabilities or costs; EVgo’s
ability to enter into and maintain valuable partnerships with
commercial or public-entity property owners, landlords and/or
tenants, original equipment manufacturers, fleet operators and
suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s
intellectual property; and general economic or political
conditions, including the conflicts in Ukraine, Israel and the
broader Middle East region, and elevated rates of inflation and the
associated changes in monetary policy. 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, 2022, and the caption “Risk Factors” in its
Quarterly Reports on Form 10-Q for the quarterly periods ended
March 31, 2023, June 30, 2023 and September 30, 2023, in each case
filed with the Securities and Exchange Commission (the “SEC”), 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.
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