EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2023. Management will host a conference call today at 5:00 p.m. ET / 2:00 p.m. PT to discuss EVgo’s results and other business highlights.
Revenue increased to $50.6 million in the second quarter of 2023, compared to $9.1 million in the second quarter of 2022, representing 457% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in eXtend™ revenue and charging revenues.
Network throughput increased to 24.9 GWh in the second quarter of 2023, compared to 10.1 GWh in the second quarter of 2022, representing 147% year-over-year growth. The Company added approximately 82,000 new customer accounts during the second quarter, bringing the overall number of customer accounts to 688,000 at quarter-end, an increase of 55% year-over-year.
“EVgo had a phenomenal second quarter with significant growth in key areas including stalls, throughput, customer accounts, utilization, and revenue,” said Cathy Zoi, EVgo’s CEO. “We are pleased to report EVgo’s network throughput growth is accelerating, demonstrating the leverage in our business and financial model as the auto sector rapidly electrifies. We continue to energize new stalls across the network and surpassed the double-digit utilization threshold for the quarter network wide. In addition, EVgo won 75% of Ohio’s NEVI awards and will put $13.8 million to work in EVgo-owned and EVgo eXtend sites across the state. Our results demonstrate the depth of our team and experience in developing, constructing, and operating a leading fast charging network.”
Business Highlights
- National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners were selected by DriveOhio, a division of the Ohio Department of Transportation, for proposed awards of $13.8 million in funding to deploy 20 fast charging stations in Ohio.
- GM Partnership: EVgo and General Motors opened the 1,000th stall under the program.
- EVgo eXtendTM: During the second quarter, the Company continued delivering charging equipment and began site mobilization for projects under the Pilot Flying J/GM program. The Company expects to have the first Pilot site operational in the third quarter of 2023.
- Fleet Charging: EVgo’s public fleet charging business continues to scale with growth in rideshare throughput from last quarter, largely driven by collaborative partnerships with Uber and Lyft. EVgo also launched a partnership with a major car sharing company to support their pilot of electric vehicles in San Francisco. In the Hubs sector, the Company operationalized a new dedicated charging hub site and broke ground on another dedicated hub in San Francisco with an existing AV partner.
- North American Charging Standard (“NACS”) Connectors: Announced plans to add NACS connectors to EVgo chargers.
- EVgo Autocharge+: Autocharge+ exceeded 13% of total charging sessions initiated.
- PlugShare: PlugShare reached nearly 3.7 million registered users and achieved 6.9 million check-ins since inception. Signed a PlugShare deal with GM to provide comprehensive POI data for GM’s applications for its EV customers in several geographic regions, including North America, and South America for the next three years.
- Equity Issuance: The Company issued approximately 890,000 shares of Class A common stock with $5.7 million raised in net proceeds through its “at-the-market” equity offering program followed by the issuance of approximately 30.1 million shares of Class A common stock with $123.4 million raised in net proceeds through a primary equity offering.
Financial & Operational Highlights
The below represent summary financial and operational figures for the second quarter of 2023.
- Revenue of $50.6 million
- Network Throughput of 24.9 gigawatt-hours
- Customer Account Additions of approximately 82,000 accounts
- Gross Profit of $5.5 million
- Net Loss of $21.5 million
- Adjusted Gross Profit of $12.9 million1
- Adjusted EBITDA of ($10.6) million1
- Cash Flows Used in Operating Activities of $3.2 million
- Gross Capital Expenditures of $34.8 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) | Q2'23 | Q2'22 | Change | Q2'23 YTD | Q2'22 YTD | Change | ||||||||
Charging revenue, retail | $ | 9,085 | $ | 4,389 | 107% | $ | 15,700 | $ | 7,891 | 99% | ||||
Charging revenue, commercial | 2,418 | 654 | 270% | 4,133 | 1,363 | 203% | ||||||||
Charging revenue, OEM | 986 | 189 | 422% | 1,538 | 340 | 352% | ||||||||
Regulatory credit sales | 1,613 | 2,128 | (24)% | 2,828 | 3,506 | (19)% | ||||||||
Network revenue, OEM | 742 | 887 | (16)% | 3,441 | 1,377 | 150% | ||||||||
eXtend revenue | 33,281 | 131 | * % | 43,573 | 211 | * % | ||||||||
Ancillary revenue | 2,427 | 698 | 248% | 4,639 | 2,088 | 122% | ||||||||
Total revenue | $ | 50,552 | $ | 9,076 | 457% | $ | 75,852 | $ | 16,776 | 352% | ||||
* Percentage greater than 999%. | ||||||||||||||
(unaudited, dollars in thousands) | Q2'23 | Q2'22 | Better
| Q2'23 YTD | Q2'22 YTD | Better
| ||||||||
Network Throughput (GWh) | 24.9 | 10.1 | 147% | 42.8 | 18.1 | 136% | ||||||||
GAAP revenue | $ | 50,552 | $ | 9,076 | 457% | $ | 75,852 | $ | 16,776 | 352% | ||||
GAAP gross profit (loss) | $ | 5,529 | $ | (744) | 843% | $ | 5,570 | $ | (1,344) | 514% | ||||
GAAP gross margin | 10.9% | (8.2)% | 1,910 bps | 7.3% | (8.0)% | 1,530 bps | ||||||||
GAAP net (loss) income | $ | (21,539) | $ | 16,997 | (227)% | $ | (70,620) | $ | (38,269) | (85)% | ||||
Adjusted Gross Profit¹ | $ | 12,853 | $ | 3,383 | 280% | $ | 19,258 | $ | 6,248 | 208% | ||||
Adjusted Gross Margin1 | 25.4% | 37.3% | (1,190) bps | 25.4% | 37.2% | (1,180) bps | ||||||||
Adjusted EBITDA1 | $ | (10,553) | $ | (19,837) | 47% | $ | (30,620) | $ | (38,013) | 19% | ||||
(unaudited, dollars in thousands) | Q2'23 | Q2'22 | Q2'23 YTD | Q2'22 YTD | ||||||||||
Cash flows used in operating activities | $ | (3,182) | $ | (18,539) | $ | (22,525) | $ | (38,370) | ||||||
Capital expenditures | $ | 34,811 | $ | 44,017 | $ | 100,057 | $ | 72,291 | ||||||
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 $120 – $150 million
- Adjusted EBITDA of ($78) – ($68) million*
Additionally, at year-end 2023, EVgo continues to expect to have a total of 3,400 – 4,000 DC fast charging stalls 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 second quarter 2023 earnings release will be held today at 5:00 p.m. ET / 2:00 p.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 owned and operated charging network includes around 900 fast charging locations, 60 metropolitan areas and 30 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, 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; the Company’s collaboration with partners enabling effective deployment of chargers, including under its contract with Pilot Flying J and GM; 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 | ||||||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
(in thousands) | (unaudited) | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash, cash equivalents and restricted cash | $ | 257,126 | $ | 246,193 | ||||
Accounts receivable, net of allowance of $831 and $687 as of June 30, 2023 and December 31, 2022, respectively | 22,497 | 11,075 | ||||||
Accounts receivable, capital-build | 11,203 | 8,011 | ||||||
Prepaid expenses | 2,783 | 4,953 | ||||||
Other current assets | 3,537 | 5,252 | ||||||
Total current assets | 297,146 | 275,484 | ||||||
Property, equipment and software, net | 383,822 | 308,112 | ||||||
Operating lease right-of-use assets | 53,895 | 51,856 | ||||||
Restricted cash | 300 | 300 | ||||||
Other assets | 2,115 | 2,308 | ||||||
Intangible assets, net | 54,805 | 60,612 | ||||||
Goodwill | 31,052 | 31,052 | ||||||
Total assets | $ | 823,135 | $ | 729,724 | ||||
Liabilities, redeemable noncontrolling interest and stockholders’ deficit | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 6,445 | $ | 9,128 | ||||
Accrued liabilities | 40,831 | 39,233 | ||||||
Operating lease liabilities, current | 5,575 | 4,958 | ||||||
