EVgo Inc. Reports Record First Quarter 2025 Results

  • Record revenue of $75.3 million in the first quarter, representing an increase of 36% year-over-year.
  • Charging network revenue totaled a record $47.1 million in the first quarter, an increase of 49% year-over-year, representing the 13th consecutive quarter of double-digit year-over-year charging revenue growth.
  • Network throughput reached 83 gigawatt-hours (“GWh”) in the first quarter, an increase of 60% year-over-year.
  • Added more than 180 new operational stalls during the first quarter.
  • Ended the first quarter with 4,240 stalls in operation.

EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2025. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights.

“EVgo once again achieved a record level of revenues, starting 2025 off on a strong foundation,” said Badar Khan, EVgo’s CEO. “We continue to deploy critical fast charging infrastructure across the U.S. and believe our strong balance sheet and owner-operator model position us well to meet the growing demand. We anticipate being minimally impacted by tariffs, and we remain focused on achieving Adjusted EBITDA breakeven in 2025, while investing in growth, including our next generation charging experience.”

Business Highlights

  • Co-Development Agreement for Next Generation Charging Architecture: EVgo and Delta Electronics signed a joint development agreement in January 2025 to co-develop EVgo’s next generation of chargers to improve customer experience, enhance charger reliability, and drive cost efficiencies with advanced firmware and hardware design with EVgo owning the intellectual property arising out of the design.
  • J3400 (NACS) Connectors: First pilot site with native NACS connectors became operational in February 2025. Additional locations anticipated to be added throughout 2025.
  • Stall Development: The Company ended the first quarter with 4,240 stalls in operation. EVgo added more than 180 new DC fast charging stalls during the quarter.
  • Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 266 kilowatt hours per day in the first quarter of 2025, an increase of 36% compared to 196 kilowatt hours per day in the first quarter of 2024.
  • EVgo Autocharge+: Autocharge+ accounted for 27% of total charging sessions initiated in the first quarter of 2025.
  • Customer Accounts: Added over 119,000 new customer accounts in the first quarter, with a total of 1.4 million total customer accounts at the end of the quarter.
  • PlugShare: PlugShare reached 6.5 million registered users and achieved 9.4 million check-ins since inception.
  • Financing: On January 8, 2025, EVgo received its first advance of $75 million from its $1.25 billion loan guarantee from the U.S. Department of Energy Loan Programs Office under its Title 17 program, to build approximately 7,500 fast charging stalls across the U.S. over the next five years. On April 4, 2025, EVgo received its second advance of $19 million.

Financial & Operational Highlights

The below represent summary financial and operational figures for the first quarter of 2025.

  • Revenue of $75.3 million
  • Network Throughput1 of 83 gigawatt-hours
  • Customer Account Additions of over 119,000 accounts
  • Gross Profit of $9.3 million
  • Net Loss Attributable to Class A Common Stockholders of $11.4 million
  • Adjusted Gross Profit2 of $25.4 million
  • Adjusted EBITDA2 of ($5.9) million
  • Net Cash Used in Operating Activities of ($10.2) million
  • Capital Expenditures of $15.0 million
  • Capital Expenditures, Net of Capital Offsets2 of $8.1 million
 

1 Network throughput for EVgo public network excludes dedicated and eXtend™ sites.

2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets 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 Financial Measures” included elsewhere in this release.

(unaudited, dollars in thousands)

 

Q1'25

 

Q1'24

 

Better (Worse)

Network Throughput (GWh)

 

 

83

 

 

 

52

 

 

60

%

Revenue

 

$

75,287

 

 

$

55,158

 

 

36

%

Gross profit

 

$

9,323

 

 

$

6,841

 

 

36

%

Gross margin

 

 

12.4

%

 

 

12.4

%

 

bps

Net loss

 

$

(26,227

)

 

$

(28,193

)

 

7

%

Adjusted Gross Profit¹

 

$

25,370

 

 

$

17,287

 

 

47

%

Adjusted Gross Margin1

 

 

33.7

%

 

 

31.3

%

 

240 bps

Adjusted EBITDA1

 

$

(5,929

)

 

$

(7,207

)

 

18

%

 

 

 

 

 

 

 

 

 

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 measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials.

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

Q1'25

 

Q1'24

 

Change

Cash flows used in operating activities

 

$

(10,246

)

 

$

(14,082

)

 

27

%

 

 

 

 

 

 

 

 

 

GAAP capital expenditures

 

$

14,992

 

 

$

21,071

 

 

(29

)%

Less capital offsets:

 

 

 

 

 

 

 

 

OEM infrastructure payments

 

 

4,975

 

 

 

5,826

 

 

(15

)%

Proceeds from capital-build funding

 

 

1,871

 

 

 

1,680

 

 

11

%

Total capital offsets

 

 

6,846

 

 

 

7,506

 

 

(9

)%

Capital Expenditures, Net of Capital Offsets1

 

$

8,146

 

 

$

13,565

 

 

(40

)%

 

 

 

 

 

 

 

 

 

1 Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials.

 

 

 

 

 

 

 

 

 

 

 

3/31/2025

 

3/31/2024

 

Increase

Stalls in operation:

 

 

 

 

 

 

 

 

EVgo Public Network1

 

 

3,510

 

 

3,040

 

15

%

EVgo Dedicated Network2

 

 

110

 

 

40

 

175

%

EVgo eXtend™

 

 

620

 

 

130

 

377

%

Total stalls in operation

 

 

4,240

 

 

3,210

 

32

%

 

 

 

 

 

 

 

 

 

1 Stalls on publicly available chargers at charging stations that we own and operate on our network.

2 Stalls at charging stations that we own and operate on our network that are only available to dedicated fleet customers.

2025 Financial Guidance

EVgo is affirming guidance as follows:

  • Total revenue guidance of $340 – $380 million
  • Adjusted EBITDA* of $(5) million – $10 million
 

* 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, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.

Webcast Information

A live audio webcast for EVgo’s first quarter 2025 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com.

This press release, along with other investor materials that will be used or referred to during the webcast, 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 one of the nation’s leading public fast charging providers. With more than 1,100 fast charging stations across over 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements 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. You are cautioned, therefore, against relying on any of these 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, market size and opportunity, capital expenditures and offsets; EVgo’s progress on its network buildout, customer experience, technological capabilities and cost efficiencies; EVgo’s expectation of potential tariffs’ impact on its business, cost and expenditures; growth in EVgo’s throughput; growth in EVgo’s commercial charging business; and EVgo’s collaboration with partners. 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 adversely affecting our business; EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo’s reliance on the DOE loan for the growth of our business, its ability to fully draw on the DOE loan and its ability to comply with the covenants and other terms of the DOE loan facility; 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 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; evolving domestic and foreign government laws, regulations, rules and standards that 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, including changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to 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, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; 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; EVgo’s ability to identify and complete suitable acquisitions or other strategic transactions to meet our goals and integrate key businesses we acquire; and the impact of general economic or political conditions, including associated changes in monetary policy such as elevated interest rates, changing tariff policies, and geopolitical events such as the conflicts in Ukraine, Israel and the broader Middle East region. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, 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. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

Financial Statements

EVgo Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

 

 

 

March 31, 2025

December 31, 2024

(in thousands)

 

(unaudited)

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

 

$

150,008

 

$

117,273

 

Restricted cash, current

 

 

14,771

 

 

3,239

 

Accounts receivable, net of allowance of $1,827 and $1,196 as of March 31, 2025 and December 31, 2024

 

 

43,050

 

 

45,849

 

Accounts receivable, capital-build

 

 

19,077

 

 

17,732

 

Prepaids and other current assets

 

 

24,372

 

 

21,282

 

Total current assets

 

 

251,278

 

 

205,375

 

Property, equipment and software, net

 

 

413,869

 

 

414,968

 

Operating lease right-of-use assets

 

 

91,301

 

 

89,295

 

Restricted cash, noncurrent

 

 

5,801

 

 

 

Other assets

 

 

25,920

 

 

24,321

 

Intangible assets, net

 

 

36,760

 

 

38,750

 

Goodwill

 

 

31,052

 

 

31,052

 

Total assets

 

$

855,981

 

$

803,761

 

 

 

 

 

Liabilities, redeemable noncontrolling interest and stockholders’ deficit

 

 

 

Current liabilities

 

 

 

Accounts payable

 

$

16,166

 

$

13,031

 

Accrued liabilities

 

 

34,632

 

 

42,953

 

Operating lease liabilities, current

 

 

6,963

 

 

7,326

 

Deferred revenue, current

 

 

50,599

 

 

46,258

 

Other current liabilities

 

 

2,537

 

 

1,842

 

Total current liabilities

 

 

110,897

 

 

111,410

 

Operating lease liabilities, noncurrent

 

 

85,293

 

 

83,043

 

Earnout liability, at fair value

 

 

194

 

 

942

 

Asset retirement obligations

 

 

25,384

 

 

23,793

 

Capital-build liability

 

 

52,191

 

 

51,705

 

Deferred revenue, noncurrent

 

 

70,265

 

 

70,466

 

Warrant liabilities, at fair value

 

 

4,396

 

 

9,740

 

Other long-term liabilities

 

 

8,191

 

 

8,931

 

Long-term debt

 

 

76,296

 

 

 

Total liabilities

 

 

433,107

 

 

360,030

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

Redeemable noncontrolling interest

$

459,648

 

 

$

699,840

 

 

 

Stockholders’ deficit

 

Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2025 and December 31, 2024; none issued and outstanding

 

 

 

 

 

Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 133,311,372 and 129,973,698 shares outstanding (excluding 718,750 shares subject to possible forfeiture) as of March 31, 2025 and December 31, 2024, respectively

 

13

 

 

 

13

 

Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 172,800,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024

 

17

 

 

 

17

 

Additional paid-in capital

 

5,351

 

 

 

 

Accumulated deficit

 

(42,155

)

 

 

(256,139

)

Total stockholders’ deficit

 

(36,774

)

 

 

(256,109

)

Total liabilities, redeemable noncontrolling interest and stockholders’ deficit

$

855,981

 

 

$

803,761

 

 

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Month Ended March 31,

(in thousands, except per share data)

 

2025

 

2024

 

Change %

Revenue

 

 

 

 

 

 

 

 

Charging, retail

 

$

30,015

 

 

$

18,326

 

 

64

%

Charging, commercial¹

 

 

7,783

 

 

 

5,107

 

 

52

%

Charging, OEM

 

 

5,258

 

 

 

2,732

 

 

92

%

Regulatory credit sales

 

 

2,786

 

 

 

2,034

 

 

37

%

Network, OEM

 

 

1,256

 

 

 

3,423

 

 

(63

)%

Total charging network

 

 

47,098

 

 

 

31,622

 

 

49

%

eXtend

 

 

23,488

 

 

 

19,151

 

 

23

%

Ancillary ¹

 

 

4,701

 

 

 

4,385

 

 

7

%

Total revenue

 

 

75,287

 

 

 

55,158

 

 

36

%

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

 

Charging network ¹

 

 

29,609

 

 

 

18,710

 

 

58

%

Other¹

 

 

20,400

 

 

 

19,248

 

 

6

%

Depreciation, net of capital-build amortization

 

 

15,955

 

 

 

10,359

 

 

54

%

Total cost of sales

 

 

65,964

 

 

 

48,317

 

 

37

%

Gross profit

 

 

9,323

 

 

 

6,841

 

 

36

%

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

General and administrative

 

 

38,628

 

 

 

34,226

 

 

13

%

Depreciation, amortization and accretion

 

 

4,095

 

 

 

4,985

 

 

(18

)%

Total operating expenses

 

 

42,723

 

 

 

39,211

 

 

9

%

Operating loss

 

 

(33,400

)

 

 

(32,370

)

 

(3

)%

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(517

)

 

 

 

 

*

Interest income

 

 

1,694

 

 

 

2,273

 

 

(25

)%

Other expense, net

 

 

(5

)

 

 

(9

)

 

44

%

Change in fair value of earnout liability

 

 

748

 

 

 

208

 

 

260

%

Change in fair value of warrant liabilities

 

 

5,344

 

 

 

1,718

 

 

211

%

Total other income, net

 

 

7,264

 

 

 

4,190

 

 

73

%

Loss before income tax expense

 

 

(26,136

)

 

 

(28,180

)

 

7

%

Income tax expense

 

 

(91

)

 

 

(13

)

 

(600

)%

Net loss

 

 

(26,227

)

 

 

(28,193

)

 

7

%

Less: net loss attributable to redeemable noncontrolling interest

 

 

(14,865

)

 

 

(18,360

)

 

19

%

Net loss attributable to Class A common stockholders

 

$

(11,362

)

 

$

(9,833

)

 

(16

)%

 

 

 

 

 

 

 

 

 

Net loss per share to Class A common stockholders, basic and diluted

 

$

(0.09

)

 

$

(0.09

)

 

 

Weighted average Class A common stock outstanding, basic and diluted

 

 

131,794

 

 

 

104,676

 

 

 

 

 

 

 

 

 

 

 

 

* Percentage not meaningful

¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands)

 

2025

 

2024

Cash flows from operating activities

 

 

 

 

 

 

Net loss

 

$

(26,227

)

 

$

(28,193

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

Depreciation, amortization and accretion

 

 

20,050

 

 

 

15,344

 

Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense

 

 

1,199

 

 

 

2,740

 

Share-based compensation

 

 

5,494

 

 

 

4,701

 

Change in fair value of earnout liability

 

 

(748

)

 

 

(208

)

Change in fair value of warrant liabilities

 

 

(5,344

)

 

 

(1,718

)

Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest

 

 

513

 

 

 

 

Other

 

 

7

 

 

 

5

 

Changes in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable, net

 

 

2,798

 

 

 

(379

)

Prepaids and other current assets and other assets

 

 

(4,810

)

 

 

(1,763

)

Operating lease assets and liabilities, net

 

 

(119

)

 

 

40

 

Accounts payable

 

 

632

 

 

 

(137

)

Accrued liabilities

 

 

(7,657

)

 

 

(5,595

)

Deferred revenue

 

 

4,141

 

 

 

1,266

 

Other current and noncurrent liabilities

 

 

(175

)

 

 

(185

)

Net cash used in operating activities

 

 

(10,246

)

 

 

(14,082

)

Cash flows from investing activities

 

 

 

 

 

 

Capital expenditures

 

 

(14,992

)

 

 

(21,071

)

Proceeds from insurance for property losses

 

 

22

 

 

 

48

 

Net cash used in investing activities

 

 

(14,970

)

 

 

(21,023

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from long-term debt

 

 

75,291

 

 

 

 

Proceeds from capital-build funding

 

 

1,871

 

 

 

1,680

 

Payments of withholding tax on net issuance of restricted stock units

 

 

(528

)

 

 

 

Payments of deferred debt issuance costs

 

 

(1,350

)

 

 

(195

)

Net cash provided by financing activities

 

 

75,284

 

 

 

1,485

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

50,068

 

 

 

(33,620

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

120,512

 

 

 

209,146

 

Cash, cash equivalents and restricted cash, end of period

 

$

170,580

 

 

$

175,526

 

 

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 Financial Measures.”

Definitions of Non-GAAP Financial Measures

This release includes some, but not all of the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin,” “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Capital Expenditures, Net of Capital Offsets.” With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that commence operations under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM’s customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo’s performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.

Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets 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 net income (loss) or any other performance measures derived in accordance with GAAP.

EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest income, (v) interest expense, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph.

Reconciliations of Non-GAAP Financial Measures

The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

Q1'25

 

Q1'24

 

Change

GAAP revenue

 

$

75,287

 

 

$

55,158

 

 

36

%

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(26,227

)

 

$

(28,193

)

 

7

%

GAAP net loss margin

 

 

(34.8

%)

 

 

(51.1

%)

 

1,630 bps

 

 

 

 

 

 

 

 

 

EBITDA adjustments:

 

 

 

 

 

 

 

 

Depreciation, net of capital-build amortization

 

 

16,039

 

 

 

10,476

 

 

53

%

Amortization

 

 

3,424

 

 

 

4,463

 

 

(23

)%

Accretion

 

 

587

 

 

 

405

 

 

45

%

Interest expense

 

 

517

 

 

 

 

 

*

Interest income

 

 

(1,694

)

 

 

(2,273

)

 

25

%

Income tax expense

 

 

91

 

 

 

13

 

 

600

%

Total EBITDA adjustments

 

 

18,964

 

 

 

13,084

 

 

45

%

EBITDA

 

 

(7,263

)

 

 

(15,109

)

 

52

%

EBITDA Margin

 

 

(9.6

%)

 

 

(27.4

%)

 

1,780 bps

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Share-based compensation

 

 

5,494

 

 

 

4,701

 

 

17

%

Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense

 

 

1,199

 

 

 

2,740

 

 

(56

)%

Loss on investments

 

 

 

 

 

5

 

 

(100

)%

Bad debt expense

 

 

593

 

 

 

230

 

 

158

%

Change in fair value of earnout liability

 

 

(748

)

 

 

(208

)

 

(260

)%

Change in fair value of warrant liabilities

 

 

(5,344

)

 

 

(1,718

)

 

(211

)%

Other1

 

 

140

 

 

 

2,152

 

 

(93

)%

Total Adjusted EBITDA adjustments

 

 

1,334

 

 

 

7,902

 

 

(83

)%

Adjusted EBITDA

 

$

(5,929

)

 

$

(7,207

)

 

18

%

Adjusted EBITDA Margin

 

 

(7.9

%)

 

 

(13.1

%)

 

520 bps

 

 

 

 

 

 

 

 

 

* Percentage greater than 999% or not meaningful.

¹ For the quarter ended March 31, 2025, comprised primarily of nonrecurring professional fees related to the underwritten public offering of 23,000,000 shares of Class A common stock undertaken pursuant underwriting agreement entered into as of December 16, 2024, by and among EVgo, EVgo Holdings, J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Evercore Group L.L.C., as representatives of several underwriters, which closed on December 18, 2024 (“Secondary Offering”). For the quarter ended March 31, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024

The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures:

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

Q1'25

 

Q1'24

 

Change

GAAP total charging network revenue1

 

$

47,098

 

 

$

31,622

 

 

49

%

GAAP charging network cost of sales1

 

 

29,609

 

 

 

18,710

 

 

58

%

Charging Network Gross Profit

 

$

17,489

 

 

$

12,912

 

 

35

%

Charging Network Gross Margin

 

 

37.1

%

 

 

40.8

%

 

(370) bps

 

 

 

 

 

 

 

 

 

¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.

The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

Q1'25

 

Q1'24

 

Change

GAAP revenue

 

$

75,287

 

 

$

55,158

 

 

36

%

GAAP cost of sales

 

 

65,964

 

 

 

48,317

 

 

37

%

GAAP gross profit

 

$

9,323

 

 

$

6,841

 

 

36

%

GAAP cost of sales as a percentage of revenue

 

 

87.6

%

 

 

87.6

%

 

00 bps

GAAP gross margin

 

 

12.4

%

 

 

12.4

%

 

00 bps

 

 

 

 

 

 

 

 

 

Adjusted Cost of Sales adjustments

 

 

 

 

 

 

 

 

Depreciation, net of capital-build amortization

 

$

15,955

 

 

$

10,359

 

 

54

%

Share-based compensation

 

 

92

 

 

 

87

 

 

6

%

Total Adjusted Cost of Sales adjustments

 

$

16,047

 

 

$

10,446

 

 

54

%

 

 

 

 

 

 

 

 

 

Adjusted Cost of Sales

 

$

49,917

 

 

$

37,871

 

 

32

%

Adjusted Cost of Sales as a Percentage of Revenue

 

 

66.3

%

 

 

68.7

%

 

(240) bps

 

 

 

 

 

 

 

 

 

Adjusted Gross Profit

 

$

25,370

 

 

$

17,287

 

 

47

%

Adjusted Gross Margin

 

 

33.7

%

 

 

31.3

%

 

240 bps

The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

Q1'25

 

Q1'24

 

Change

GAAP revenue

 

$

75,287

 

 

$

55,158

 

 

36

%

 

 

 

 

 

 

 

 

 

GAAP general and administrative expenses

 

$

38,628

 

 

$

34,226

 

 

13

%

GAAP general and administrative expenses as a percentage of revenue

 

 

51.3

%

 

 

62.1

%

 

(1,080) bps

 

 

 

 

 

 

 

 

 

Less adjustments:

 

 

 

 

 

 

 

 

Share-based compensation

 

 

5,402

 

 

 

4,614

 

 

17

%

Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense

 

 

1,199

 

 

 

2,740

 

 

(56

)%

Bad debt expense

 

 

593

 

 

 

230

 

 

158

%

Other1

 

 

140

 

 

 

2,152

 

 

(93

)%

Total adjustments

 

 

7,334

 

 

 

9,736

 

 

(25

)%

Adjusted General and Administrative Expenses

 

$

31,294

 

 

$

24,490

 

 

28

%

Adjusted General and Administrative Expenses as a Percentage of Revenue

 

 

41.6

%

 

 

44.4

%

 

(280) bps

 

 

 

 

 

 

 

 

 

¹ For the quarter ended March 31, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the quarter ended March 31, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024

The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:

 

 

 

 

 

 

 

 

 

(unaudited, dollars in thousands)

 

Q1'25

 

Q1'24

 

Change

GAAP capital expenditures

 

$

14,992

 

$

21,071

 

(29

)%

 

 

 

 

 

 

 

 

 

Less capital offsets:

 

 

 

 

 

 

 

 

OEM infrastructure payments

 

 

4,975

 

 

5,826

 

(15

)%

Proceeds from capital-build funding

 

 

1,871

 

 

1,680

 

11

%

Total capital offsets

 

 

6,846

 

 

7,506

 

(9

)%

Capital Expenditures, Net of Capital Offsets

 

$

8,146

 

$

13,565

 

(40

)%

 

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