AI Earnings Predictions for EVgo Inc. (EVGO)

EX-99.1

2 exhibit991evgoearningsrele.htm

EX-99.1

Document

Exhibit 99.1

EVgo Inc. Reports Second Quarter 2026 Results

Total Q2 Charging Network Revenues Increased 19% Year-Over-Year

•Charging network revenue totaled $61 million in the second quarter, an increase of 19% year-over-year, representing the 18th consecutive quarter of double-digit year-over-year charging revenue growth.

•Network throughput reached 99 gigawatt-hours (“GWh”) in the second quarter, an increase of 13% year-over-year.

•Ended the second quarter with 5,380 stalls in operation, an increase of 24% year-over-year.

•Signed agreement with Tesla to deploy EVgo Superchargers

LOS ANGELES – August 5, 2026 — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs), announced results for the second quarter ended June 30, 2026. 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 delivered another quarter of solid execution, with 19% charging network revenue growth and continued expansion of our nationwide fast-charging platform," said Badar Khan, CEO of EVgo. "Our recently announced

agreement with Tesla underscores the strength of our strategy and our commitment to providing widespread charging infrastructure to the growing EV driver population. Our confidence in EVgo’s long-term opportunity has never been stronger thanks to the scale of our network, our differentiated business model and strong utilization and non-dilutive financing sources. As a result, EVgo represents a uniquely differentiated growth profile at an attractive valuation for shareholders."

Business Highlights

•EVgo Superchargers: EVgo and Tesla signed an agreement to deploy EVgo-owned and branded V4 Superchargers starting in 2026. Each site is expected to have up to 20 stalls located near everyday destinations like retail shops and restaurants. EVgo Superchargers will appear on the in-car Tesla navigation and Tesla Trip Planner.

•Stall Development: Ended the second quarter with 5,380 stalls in operation. EVgo added 280 new DC fast charging stalls during the quarter offset by 175 removals of legacy equipment under the Company's Renew program.

•Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 276 kilowatt hours per day in the second quarter of 2026, compared to 281 kilowatt hours per day in the second quarter of 2025.

•Customer Accounts: Added over 99,000 new customer accounts in the second quarter, with over 1.8 million total customer accounts at the end of the quarter.

•J3400 (NACS) Connectors: 240 NACS connectors in operation as of July 31, 2026.

•EVgo Next Generation Charging Architecture: Finalized the design of the Company's next generation charging equipment and testing underway with demonstrated high current charging on multiple vehicle models.

1

Q2'26Q2'25ChangeQ2'26 YTDQ2'25 YTDChange

(unaudited, dollars in thousands)

Network throughput (GWh)998813%19017210%

Revenue$82,648$98,030(16)%$192,179$173,31711%

Gross profit$7,342$13,908(47)%$20,300$23,231(13)%

Gross margin8.9%14.2%(530) bps10.6%13.4%(280) bps

Net loss$(46,342)$(29,821)55%$(83,323)$(56,048)49%

Adjusted Gross Profit1 $26,283$28,359(7)%$55,916$53,7294%

Adjusted Gross Margin1 31.8%28.9%290 bps29.1%31.0%(190)bps

Adjusted EBITDA1 $(10,573)$(1,933)447%$(18,050)$(7,862)130%

1Non-GAAP measure. See Appendix for reconciliation.

Q2'26Q2'25ChangeQ2'26 YTDQ2'25 YTDChange

(unaudited, dollars in thousands)

Cash flows provided by (used in) operating activities$(6,484)$14,089 (146)%$(41,852)$3,843 (1189)%

GAAP capital expenditures$33,823 $26,199 29%$64,398 $41,191 56%

Capital offsets:

OEM infrastructure payments1,352 1,898 (29)%3,567 6,873 (48)%

Proceeds from capital-build funding5,170 7,180 (28)%8,366 9,051 (8)%

Total capital offsets6,522 9,078 (28)%11,933 15,924 (25)%

Capital Expenditures, Net of Capital Offsets1 $27,301 $17,121 59%$52,465 $25,267 108%

1Non-GAAP measure. See Appendix for reconciliation.

6/30/20266/30/2025Change

Stalls in operation:

EVgo public network1 3,9303,48013%

EVgo AV network2 1201109%

EVgo eXtend™ 3 1,33076075%

Total stalls in operation5,3804,35024%

1 Stalls at publicly available 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 AV fleet customers.

3 Stalls at eXtend are EV charging stations built via partnerships for use by their customers with assets serviced through, and often cobranded with, our national network.

2026 Guidance

EVgo is updating full year 2026 guidance as follows:

•Total new stalls of 1,350 - 1,625

•Total revenue of $400 – $430 millio

evgo-20260505

0001821159FALSE00018211592026-05-052026-05-050001821159us-gaap:CommonClassAMember2026-05-052026-05-050001821159evgo:RedeemableWarrantsForClassCommonStockMember2026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

EVgo Inc.

(Exact name of registrant as specified in its charter)

Delaware001-3957285-2326098

(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

1661 East Franklin Avenue

El Segundo, CA 90245

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (877) 494-3833

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Shares of Class A common stock, $0.0001 par value per shareEVGOThe Nasdaq Global Select Market

Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50EVGOWThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On May 5, 2026, EVgo Inc. (the “Company”) issued a press release, announcing its financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information furnished under Item 2.02 of this Current Report on Form 8-K (including exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

Exhibit NumberDescription

99.1

Press Release, dated May 5, 2026.

104Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

EVgo Inc.

Date: May 5, 2026By: /s/ Keefer Lehner

Name:Keefer Lehner

Title:Chief Financial Officer

2

EX-99.1

2 evgo-20260303xex99d1.htm

EX-99.1

​

Exhibit 99.1

​

EVgo Inc. Reports Record Fourth Quarter and Full Year 2025 Results

Total Q4 Revenues Increased 75% with Record Charging Network Revenue of $64 Million

Initiates 2026 guidance of $410 - $470 Million of Revenue and $(20) - $20 Million of Adjusted EBITDA1

​

●Total revenue of $118 million in the fourth quarter, representing an increase of 75% year-over-year.

●For the full year 2025, revenue reached $384 million, an increase of 50% over the full year 2024.

●Charging network revenue totaled a record $64 million in the fourth quarter, an increase of 37% year-over-year, representing the 16th consecutive quarter of double-digit year-over-year charging revenue growth.

●For the full year 2025, charging network revenue reached $218 million, an increase of 40% over the full year 2024.

●Network throughput reached 99 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 18% year-over-year.

●Network throughput for the full year 2025 increased to 366 GWh, an increase of 32% over the full year 2024.

●Added more than 500 new operational stalls during the fourth quarter and over 1,200 operational stalls for the full year 2025.

●Ended the fourth quarter with 5,100 stalls in operation, an increase of 25% year-over-year.

●$211 million in cash, cash equivalents, and restricted cash as of December 31, 2025.

​

​

LOS ANGELES – March 3, 2026 — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs) announced results for the fourth quarter ended December 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.

​

“In 2025, EVgo established its position as one of the leading and fastest growing public charging network operators in the U.S.,” said Badar Khan, EVgo’s CEO. “Our operations team placed more than 500 new stalls online in Q4 alone, bringing our year end total to 5,100 stalls and giving EV drivers even more choice and convenience. We also achieved our goal of delivering positive Adjusted EBITDA for both the fourth quarter and full year 2025 – an important milestone for the Company.”

​

1

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.

​

1

​

“As we move into 2026, we’re investing in long-term value creation opportunities by focusing on accelerating our pace of deployment, scaling NACS connectors across the network, enhancing the customer experience, leveraging key partnerships, and launching our next generation charging architecture to the broader EV market. Our disciplined approach to capital allocation combined with a growing competitive moat and industry tailwinds will enable us to deliver even stronger returns and sustainable value for our shareholders.”

​

Business Highlights

●Stall Development: The Company ended the fourth quarter with 5,100 stalls in operation. EVgo added more than 500 new DC fast charging stalls during the quarter, setting EVgo up for success as the Company focuses on expanding to local retailers including Kroger in 2026.

●Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 292 kilowatt hours per day in the fourth quarter of 2025, an increase of 9% compared to 269 kilowatt hours per day in the fourth quarter of 2024.

●EVgo Autocharge+: Autocharge+ accounted for 30% of total charging sessions initiated in the fourth quarter of 2025.

●Customer Accounts: Added over 93,000 new customer accounts in the fourth quarter, with a total of 1.6 million total customer accounts at the end of the quarter.

●J3400 (NACS) Connectors: NACS connectors in operation at nearly 100 stalls in total as of December 31, 2025.

●PlugShare: PlugShare reached 7.8 million registered users and achieved 10.1 million check-ins since inception.

●Ancillary Contract Closeout: Fourth quarter and full year 2025 revenue and Adjusted EBITDA include a non-recurring ancillary contract closeout payment for $25.9 million and $24.1 million, respectively.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(unaudited, dollars in thousands)

​

Q4'25

​

Q4'24

​

Change

​

FY 2025

​

FY 2024

​

Change

Network throughput (GWh)

​

99

​

84

​

18%

​

366

​

277

​

32%

Revenue

​

$

118,470

​

$

67,513

​

75%

​

​

$

384,086

​

$

256,825

​

50%

Gross profit

​

$

44,986

​

$

9,760

​

361%

​

​

$

80,777

​

$

29,367

​

175%

Gross margin

​

38.0%

​

​

14.5%

​

2,350 bps

​

​

​

21.0%

​

EX-99.1

2 evgo-20251110xex99d1.htm

EX-99.1

​

Exhibit 99.1

​

​

​

​

EVgo Inc. Reports Third Quarter 2025 Results

Total Revenues Increased 37% with Record Charging Network Revenue of $56 Million

​

●Total revenue of $92.3 million in the third quarter, representing an increase of 37% year-over-year.

●Charging network revenue totaled a record $55.8 million in the third quarter, an increase of 33% year-over-year, representing the 15th consecutive quarter of double-digit year-over-year charging revenue growth.

●Network throughput reached a record 95 gigawatt-hours (“GWh”) in the third quarter, an increase of 25% year-over-year.

●Added more than 280 new operational stalls during the third quarter.

●Ended the third quarter with 4,590 stalls in operation, an increase of 25% year-over-year.

●$201 million in cash, cash equivalents, and restricted cash. Additional borrowing of $41 million received in October.

​

LOS ANGELES – November 10, 2025 — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs) announced results for the third quarter ended September 30, 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 delivered another quarter of record charging network revenue, underscoring the strength of our business model and growing consumer demand for fast charging,” said Badar Khan, EVgo’s CEO. “Looking ahead to the fourth quarter, we expect to bring a substantial number of new charging stations online across the U.S., expanding charging options and convenience for EV drivers nationwide. We anticipate an inflection point toward positive Adjusted EBITDA supported by a fully financed growth plan. With operating leverage, we expect accelerated profitability growth and sustained value creation.”

​

Business Highlights

●Stall Development: The Company ended the third quarter with 4,590 stalls in operation. EVgo added more than 280 new DC fast charging stalls during the quarter.

●Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 295 kilowatt hours per day in the third quarter of 2025, an increase of 16% compared to 254 kilowatt hours per day in the third quarter of 2024.

●EVgo Autocharge+: Autocharge+ accounted for 28% of total charging sessions initiated in the third quarter of 2025.

●Customer Accounts: Added over 149,000 new customer accounts in the third quarter, with a total of 1.6 million total customer accounts at the end of the quarter.

●J3400 (NACS) Connectors: NACS connectors launched at additional sites with nearly 100 stalls in total as of October 2025.

●PlugShare: PlugShare reached 7.4 million registered users and achieved 9.9 million check-ins since inception.

​

1

​

​

●Financing: EVgo secured a commercial bank financing facility of up to $300 million (the “Facility”) in July, with $59 million borrowed under the Facility.

●30C Income Tax Credits: EVgo sold its 2024 portfolio of 30C income tax credits for $17 million of gross proceeds.

Financial & Operational Highlights

​

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

​

●Revenue of $92.3 million

●Network Throughput1 of 95 gigawatt-hours

●Customer Account Additions of over 149,000 accounts

●Gross Profit of $12.6 million

●Net Loss Attributable to Class A Common Stockholders of $12.4 million

●Adjusted Gross Profit2 of $26.7 million

●Adjusted EBITDA2 of $(5.0) million

●Net Cash Used in Operating Activities of $22.8 million

●Capital Expenditures of $26.2 million

●Capital Expenditures, Net of Capital Offsets2 of $4.2 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)

​

Q3'25

​

Q3'24

​

Better (Worse)

​

Q3'25 YTD

​

Q3'24 YTD

​

Better (Worse)

Network throughput (GWh)

95

76

25%

​

267

193

38%

Revenue

​

$

92,299

​

$

67,535

​

37%

​

​

$

265,616

​

$

189,312

​

40%

Gross profit

​

$

12,560

​

$

6,368

​

97%

​

​

$

35,791

​

$

19,607

​

83%

Gross margin

​

13.6%

​

​

9.4%

​

420 bps

​

​

​

13.5%

​

​

10.4%

​

310 bps

Net loss

​

$

(28,356)

​

$

(33,290)

​

15%

​

​

$

(84,404)

​

$

(91,093)

​

7%

Adjusted Gross Profit¹

​

$

26,651

​

$

17,989

​

48%

​

​

$

80,380

​

$

EX-99.1

2 evgo-20250805xex99d1.htm

EX-99.1

Exhibit 99.1

​

EVgo Inc. Reports Record Second Quarter 2025 Results

Secured First of its Kind Commercial Bank Loan Facility to Accelerate Nationwide Infrastructure Buildout

​

●$225 million oversubscribed 5-year facility placed in July with five participating lenders and option to increase up to $300 million.

●Record revenue of $98.0 million in the second quarter, representing an increase of 47% year-over-year.

●Charging network revenue totaled a record $51.8 million in the second quarter, an increase of 46% year-over-year, representing the 14th consecutive quarter of double-digit year-over-year charging revenue growth.

●Network throughput reached 88 gigawatt-hours (“GWh”) in the second quarter, an increase of 35% year-over-year.

●Added more than 240 new operational stalls during the second quarter.

●Ended the second quarter with 4,350 stalls in operation.

​

LOS ANGELES – August 5, 2025 — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 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 delivered another record quarter powered by strong operational performance, improved operating efficiencies and focused execution on our financial initiatives,” said Badar Khan, EVgo’s CEO. “Our groundbreaking financing transaction marks the first of its kind in our sector, and will help accelerate stall growth and further EVgo’s position as an industry leader built for long-term success. As we look to the second half of the year, we remain fully focused on shareholder value creation by continuing to improve profitability, invest in future growth, deliver value to our customers and build on our financial momentum to move closer to our goal of achieving Adjusted EBITDA breakeven for the full year.”

​

Business Highlights

●Commercial Loan Facility: On July 23, 2025, EVgo secured a commercial bank financing facility (the “Facility”) of up to $300 million, with $225 million committed and $75 million of incremental availability. Proceeds of the Facility will be used to accelerate EVgo’s nationwide deployment of high-power charging infrastructure by over 1,500 new fast charging stalls.

●Stall Development: The Company ended the second quarter with 4,350 stalls in operation. EVgo added more than 240 new DC fast charging stalls during the quarter and removed 100 legacy stalls as part of its ongoing EVgo ReNew™ efforts.

​

1

​

●Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 281 kilowatt hours per day in the second quarter of 2025, an increase of 22% compared to 230 kilowatt hours per day in the second quarter of 2024.

●EVgo Autocharge+: Autocharge+ accounted for 28% of total charging sessions initiated in the second quarter of 2025.

●Customer Accounts: Added over 122,000 new customer accounts in the second quarter, with a total of 1.5 million total customer accounts at the end of the quarter.

●J3400 (NACS) Connectors: Second pilot site with native NACS connectors became operational in June 2025. Additional locations anticipated to be added throughout 2025.

●PlugShare: PlugShare reached 6.9 million registered users and achieved 9.7 million check-ins since inception.

​

Financial & Operational Highlights

​

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

​

●Revenue of $98.0 million

●Network Throughput1 of 88 gigawatt-hours

●Customer Account Additions of over 122,000 accounts

●Gross Profit of $13.9 million

●Net Loss Attributable to Class A Common Stockholders of $13.0 million

●Adjusted Gross Profit2 of $28.4 million

●Adjusted EBITDA2 of ($1.9) million

●Net Cash Provided by Operating Activities of $14.1 million

●Capital Expenditures of $26.2 million

●Capital Expenditures, Net of Capital Offsets2 of $17.1 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)

​

Q2'25

​

Q2'24

​

Better (Worse)

​

​

Q2'25 YTD

​

Q2'24 YTD

​

Better (Worse)

Network Throughput (GWh)

88

65

35%

​

172

117

47%

Revenue

​

$

98,030

​

$

66,619

​

47%

​

​

$

173,317

​

$

121,777

​

42%

Gross profit

​

$

13,908

​

$

6,398

​

117%

​

​

$

23,231

​

$

13,239

​

75%

Gross margin

​

14.2%

​

​

EX-99.1

2 evgo-20250506xex99d1.htm

EX-99.1

Exhibit 99.1

​

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.

​

LOS ANGELES – May 6, 2025 — 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.

​

1

​

●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,

EX-99.1

2 evgo-20250304xex99d1.htm

EX-99.1

Exhibit 99.1

​

EVgo Inc. Reports Record Fourth Quarter 2024 Results

Issues 2025 Guidance of $340 - $380 Million of Revenue and

Adjusted EBITDA of ($5) Million - $10 Million1

​

●Revenue of $67.5 million in the fourth quarter, representing an increase of 35% year-over-year.

●For the full year 2024, revenue reached a record $256.8 million, an increase of 60% over the full year 2023,  meeting the annual guidance range.

●Charging network revenue totaled a record $46.5 million in the fourth quarter, an increase of 73% year-over-year, representing the 9th sequential quarter of double-digit charging revenue growth.

●For the full year 2024, charging network revenue reached a record $155.7 million, an increase of 110% over the full year 2023.

●Network throughput reached a record 84 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 68% year-over-year.

●Network throughput for the full year 2024 increased to a record 277 GWh, representing growth of 116% over the full year 2023.

●Added more than 480 new operational stalls during the fourth quarter and over 1,230 operational stalls for the full year 2024.

●Ended the fourth quarter with approximately 4,080 stalls in operation.

●Net loss improved 3% year-over-year to ($35.6) million in the fourth quarter 2024, and improved 6% year-over-year to ($126.7) million for full year 2024.

●Adjusted EBITDA was ($8.4) million for the fourth quarter of 2024, and ($32.5) million for the full year 2024, at the high end of the annual guidance range.

​

LOS ANGELES  — March 4, 2025 — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter ended December 31, 2024. 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 finished 2024 strong, achieving record throughput and stall deployments,” said Badar Khan, EVgo’s CEO. “We’ve secured financing and expect to more than triple our installed base in five years, cementing our leadership in fast charging. As we look forward to 2025, we’ll continue to improve the EVgo customer experience, drive efficiencies and ramp stall development. With our resilient business model, we expect an estimated further 40% growth in revenues in 2025 and achieving Adjusted EBITDA breakeven, while continuing to make investments to develop our next generation charging experience.”

​

​

1 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.

​

1

​

Business Highlights

●DOE Loan: On December 12, 2024, EVgo closed a loan guarantee of up to $1.25 billion 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.

●Co-Development Agreement for Next Generation Charging Architecture: EVgo and Delta Electronics signed a joint development agreement in January 2025 to co-develop the next generation of chargers to improve customer experience, enhance charger reliability, and drive cost efficiencies with advanced firmware and hardware design with EVgo maintaining the intellectual property of the design.

●J3400 (NACS) Connectors: First pilot site with native NACS connectors was operational in February 2025. Additional locations anticipated to be added throughout 2025.

●Stall Development: The Company ended the year with approximately 4,080 stalls in operation. EVgo added more than 1,230 new DC fast charging stalls during the year.

●Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 269 kilowatt hours per day in the fourth quarter of 2024, an increase of 37% compared to 197 kilowatt hours per day in the fourth quarter of 2023.

●EVgo Autocharge+: Autocharge+ accounted for 24% of total charging sessions initiated in the fourth quarter of 2024, and the number of Autocharge+ charging sessions in the fourth quarter increased 104% compared to the fourth quarter of 2023.

●Customer Accounts: Added over 133,000 new customer accounts in the fourth quarter and over 522,000 for the full year 2024, reaching more than 1.3 million overall at year end.

●PlugShare: PlugShare reached 6.1 million registered users and achieved 9.1 million check-ins since inception.

​

​

2

​

Financial & Operational Highlights

​

The below represent summary financial and operational figures for the fourth quarter of 2024.

​

●Revenue of $67.5 million

●Network Throughput1 of 84 gigawatt-hours

●Customer Account Additions of over 133,000 accounts

●Gross P

EX-99.1

2 evgo-20241112xex99d1.htm

EX-99.1

Exhibit 99.1

​

EVgo Inc. Reports Record Third Quarter 2024 Results

Achieves 7th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth

Raises Mid-Point of 2024 Revenue and Adjusted EBITDA Guidance

​

●Record revenue of $67.5 million in the third quarter, representing an increase of 92% year-over-year.

●Charging network revenue totaled $43.1 million in the third quarter, an increase of 98% year-over-year, representing the 8th sequential quarter of double-digit charging revenue growth.

●Network throughput reached a record 78 gigawatt-hours (“GWh”) in the third quarter, an increase of 111% year-over-year, representing the 7th consecutive quarter of triple digit year-over-year growth.

●Added more than 270 new operational stalls during the third quarter, including EVgo eXtend™ stalls.

●Ended the third quarter with approximately 3,680 stalls in operation, including EVgo eXtend stalls.

●Added over 147,000 new customer accounts in the third quarter, reaching more than 1.2 million overall at quarter end.

​

LOS ANGELES – November 12, 2024 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ended September 30, 2024. Management will host a conference call today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights.

​

Revenue for the third quarter of 2024 reached $67.5 million, compared to $35.1 million in the third quarter of 2023, representing 92% year-over-year growth. Revenue growth was driven by year-over-year increases in charging network and eXtend revenues.

​

Network throughput increased to 78 GWh in the third quarter of 2024, compared to 37 GWh in the third of 2023, representing 111% year-over-year growth. The Company added more than 147,000 new customer accounts during the third quarter of 2024, a 39% year-over-year increase in new accounts. The overall number of customer accounts was more than 1.2 million at quarter end, an increase of 57% year-over-year.

​

“I’m pleased to report another record quarter anchored by strong revenues and triple digit year-over-year network throughput growth,” said Badar Khan, EVgo’s CEO. “Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter. With our conditional commitment from DOE for a loan guarantee of up to $1.05 billion announced last month, EVgo is poised to lead the industry as the charging provider of choice. As we look ahead to the end of the year and into fiscal 2025, we are working diligently to complete the loan process, drive our next phase of growth as an owner and operator of fast charging infrastructure, and deliver continued and sustainable value creation for our shareholders.”

​

​

1

​

Business Highlights

●DOE Conditional Commitment: On October 3, 2024, EVgo received conditional commitment for a loan guarantee of up to $1.05 billion from the U.S. Department of Energy Loan Programs Office (“DOE LPO”) under its Title 17 program, to build approximately 7,500 fast charging stalls across the U.S.  The loan is expected to support the Company in its efforts to double its deployment rate of critical charging infrastructure in high-growth markets and enable the expansion of EV charging access in rural and lower income communities. The Company is working towards satisfying certain technical, legal, environmental and financial conditions to enter into a definitive agreement with the DOE.

●Co-Development Agreement for Next Generation Charging Architecture: EVgo and Delta Electronics signed a memorandum of understanding in October 2024 to co-develop the next generation of chargers to improve customer experience, enhance charger reliability, and drive cost efficiencies with advanced firmware and hardware design.

●30C Income Tax Credits: EVgo sold its 2023 portfolio of 30C income tax credits for $11.0 million, before estimated transaction costs of $2.0 million, most of which is expected to be incurred in the fourth quarter.

●California Low Carbon Fuel Standard (“LCFS”): On November 8, 2024 the California Air Resources Board voted to adopt amendments to the LCFS, which are expected to strengthen regulatory credit values for years to come.

●Stall Development: The Company ended the quarter with approximately 3,680 stalls in operation, including EVgo eXtend™ stalls. EVgo added over 270 new DC fast charging stalls during the quarter, including EVgo eXtend™ stalls.

●Average Daily Network Throughput: Average daily throughput per stall for the EVgo network was 254 kilowatt hours per day in the third quarter of 2024, an increase of 64% compared to 155 kilowatt hours per day in the third quarter of 2023.

●EVgo Autocharge+: Autocharge+ was 21% of total charging sessions initiated in the third quarter of 2024, and the number of Autocharge+ charging sessions in the third quarter increased 132% compared to the third quarter of 2023.

●PlugShare: PlugShare reached

EX-99.1

2 evgo-20240801xex99d1.htm

EX-99.1

Exhibit 99.1

​

EVgo Inc. Reports Record Second Quarter 2024 Results

Achieves 6th Consecutive Quarter of Triple Digit Year-Over-Year Network Throughput Growth

Raises Midpoint of Total Revenue Guidance by $10 Million

​

●Revenue reached a record $66.6 million in the second quarter, representing an increase of 32% year-over-year.

●Charging network revenue totaled $36.4 million in the second quarter, an increase of 146% year-over-year, representing the 7th sequential quarter of double-digit charging revenue growth.

●Network throughput reached a record 66 gigawatt-hours (“GWh”) in the second quarter, an increase of 164% year-over-year, representing the 6th consecutive quarter of triple digit year-over-year growth.

●Added more than 220 new operational stalls during the second quarter, including EVgo eXtend™ stalls.

●Ended the second quarter with approximately 3,440 stalls in operation, including EVgo eXtend™ stalls.

●Added over 131,000 new customer accounts in the second quarter, reaching more than 1 million overall at quarter end.

​

Los Angeles – August 1, 2024 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2024. Management will host a conference call today at 11 am ET / 8 am PT to discuss EVgo’s results and other business highlights.

​

Revenue reached $66.6 million in the second quarter of 2024, compared to $50.6 million in the second quarter of 2023, representing 32% year-over-year growth. Revenue growth was driven by year-over-year increases in charging network revenues.

​

Network throughput increased to 66 GWh in the second quarter of 2024, compared to 25 GWh in the second quarter of 2023, representing 164% year-over-year growth. The Company added over 131,000 new customer accounts during the second quarter of 2024, a 60% year-over-year increase in new accounts. The overall number of customer accounts was more than 1 million at quarter end, an increase of 59% year-over-year.

​

“EVgo delivered yet another quarter of great financial and operating results, including the 7th sequential quarter of double-digit charging revenue growth,” said Badar Khan, EVgo’s CEO. “We are seeing continual record demand in the industry, which we are well situated to capture given our position as an owner operator and as evidenced by the tremendous growth in throughput and new customer accounts. We look forward to continuing to execute on our strategic priorities and building the critically important, fast charging, OEM-agnostic infrastructure necessary to deliver an excellent customer experience for EV drivers across the nation. We are confident this momentum will result in strong returns for our shareholders.”

​

​

1

​

Business Highlights

​

●Subaru Charging Credit: Subaru extended their charging credit program with EVgo, giving new Subaru Solterra drivers a $500 EVgo charging credit.

●Stall Development: The Company ended the quarter with approximately 3,440 stalls in operation, including EVgo eXtend™ stalls. EVgo added over 220 new DC fast charging stalls during the quarter, including EVgo eXtend™ stalls.

●EVgo eXtendTM: EVgo ended the quarter with 190 operational EVgo eXtend™ stalls.

●Network Utilization: Utilization on the EVgo network in the second quarter of 2024 was 20%, up from approximately 11% in the second quarter of 2023.

●Average Daily Network Throughput: Average daily throughput per stall for the EVgo network was 227 kilowatt hours per day in the second quarter of 2024, an increase of 103% compared to 112 kilowatt hours per day in the second quarter of 2023.

●Commercial Charging: EVgo’s commercial charging business continues to grow driven by rideshare, with throughput increasing nearly threefold year-over-year.

●EVgo Autocharge+: Autocharge+ was over 18% of total charging sessions initiated in the second quarter of 2024, and the number of Autocharge+ charging sessions in the second quarter increased 202% compared to the second quarter of 2023.

●PlugShare: PlugShare reached 5.3 million registered users and achieved 8.5 million check-ins since inception.

Financial & Operational Highlights

​

The below represent summary financial and operational figures for the second quarter of 2024.

​

●Revenue of $66.6 million

●Network Throughput1 of 66 gigawatt-hours

●Customer Account Additions of over 131,000 accounts

●Gross Profit of $6.4 million

●Net Loss of $29.6 million

●Adjusted Gross Profit2 of $17.7 million

●Adjusted EBITDA2 of ($8.0) million

●Net Cash Provided By Operating Activities of $7.6 million

●Capital Expenditures of $24.2 million

●Capital Expenditures, Net of Capital Offsets2 of $13.8 million

1 Network throughput for EVgo network excludes EVgo 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

EX-99.1

2 evgo-20240507xex99d1.htm

EX-99.1

Exhibit 99.1

​

EVgo Inc. Reports Record First Quarter 2024 Results

​

●Revenue reached a record $55.2 million in the first quarter, representing an increase of 118 % year-over-year.

●Network throughput reached a record 53 gigawatt-hours (“GWh”) in the first quarter, an increase of 194% year-over-year.

●Added 250 new operational stalls during the first quarter, including EVgo eXtend™ stalls.

●Ended the first quarter with approximately 3,780 stalls in operation or under construction, including EVgo eXtend™ stalls.

●Added nearly 109,000 new customer accounts in the first quarter, reaching more than 981,000 overall at quarter end.

​

Los Angeles – May 7, 2024 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2024. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

​

Revenue reached $55.2 million in the first quarter of 2024, compared to $25.3 million in the first quarter of 2023, representing 118% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtendrevenue.

​

Network throughput increased to 53 GWh in the first quarter of 2024, compared to 18 GWh in the first quarter of 2023, representing 194% year-over-year growth. The Company added nearly 109,000 new customer accounts during the first quarter of 2024, a 63% year-over-year increase in new accounts. The overall number of customer accounts was more than 981,000 at quarter end, an increase of 60% year-over-year.

​

“EVgo’s business continues to grow and achieve record results, demonstrating the strength of our business model of owning and operating a fast-charging network as more Americans drive electric vehicles,” said Badar Khan, EVgo’s CEO. “We continue to build new stalls across the U.S. and see throughput growth outpacing growth of EVs in operation. EVgo’s compelling unit economics, operating leverage, along with the tailwind of long-term EV adoption, gives us confidence that we will achieve adjusted EBITDA breakeven in 2025 and create significant shareholder value.”

​

Business Highlights

​

●Stall Development: The Company ended the quarter with approximately 3,240 stalls in operation, including EVgo eXtend™ stalls.  EVgo added 250 new DC fast charging stalls during the quarter, including EVgo eXtend™ stalls.

●EVgo eXtendTM: EVgo ended the quarter with 130 operational EVgo eXtend™ stalls.

​

1

​

●Network Utilization: Utilization on the EVgo network in the first quarter of 2024 was approximately 19%, up from approximately 9% in the first quarter of 2023.

●Network Throughput: Average daily throughput per stall for the EVgo network was 193 kilowatt hours per day in the first quarter of 2024, an increase of 124% compared to 86 kilowatt hours per day in the first quarter of 2023.

●Fleet Charging: EVgo’s public fleet charging business continues to grow driven by rideshare traffic that increased over 3x year-over-year.

●EVgo Autocharge+: Autocharge+ was over 18% of total charging sessions initiated in the first quarter of 2024, and the number of Autocharge+ charging sessions in the first quarter increased 358% compared to the first quarter of 2023.

●PlugShare: PlugShare reached approximately 5.0 million registered users and achieved 8.3 million check-ins since inception.

Financial & Operational Highlights

​

The below represent summary financial and operational figures for the first quarter of 2024.

​

●Revenue of $55.2 million

●Network Throughput1 of 53 gigawatt-hours

●Customer Account Additions of nearly 109,000 accounts

●Gross Profit of $6.8 million

●Net Loss of $28.2 million

●Adjusted Gross Profit2 of $17.3 million

●Adjusted EBITDA2 of ($7.2) million

●Cash Flows Used in Operating Activities of $14.1 million

●Capital Expenditures of $21.1 million

●Capital Expenditures, Net of Capital Offsets2 of $13.6 million

1 Network throughput for EVgo network excludes EVgo 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.

​

​

2

​

​

​

​

​

​

​

​

​

​

(unaudited, dollars in thousands)

​

Q1'24

​

Q1'23

​

Better (Worse)

Network Throughput (GWh)

53

18

194%

Revenue

​

$

55,158

​

$

25,300

​

118%

Gross profit

​

$

6,841

​

$

41

​

*

Gross margin

​

​

12.4%

​

​

0.2%

​

1,220 bps

Net loss

​

$

(28,193)

​

$

(49,081)

​

43%

Adjusted Gross Profit¹

​

$

17,287

​

$

6,405

​

170%

Adjus

EX-99.1

2 evgo-20240306xex99d1.htm

EX-99.1

Exhibit 99.1

EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results

​

●Revenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year.

●For the full year 2023, revenue reached $161.0 million, an increase of 195% over full year 2022, and exceeding the high-end of the Company’s guidance range.

●Network throughput reached a record 50 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 257% year-over-year.

●Network throughput for the full year 2023 increased to 130 GWh, representing growth of 189% over full year 2022.

●Ended 2023 with approximately 3,550 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 260 new operational stalls added during the fourth quarter.

●Added over 110,000 new customer accounts in the fourth quarter and approximately 366,000 during 2023, reaching more than 884,000 overall at the end of the year.

●Net loss was $36.6 million for the fourth quarter of 2023 and $135.5 million for the full year 2023.

●Adjusted EBITDA1 was ($14.0) million for the fourth quarter of 2023, and ($58.8) million for the full year 2023, outperforming the high-end of the Company’s guidance range.

​

Los Angeles – March 6, 2024 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

​

Revenue reached $50.0 million in the fourth quarter of 2023, compared to $27.3 million in the fourth quarter of 2022, representing 83% year-over-year growth. For the full year 2023, revenue reached $161.0 million, compared to $54.6 million for the full year 2022, an increase of 195% year-over-year. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtendrevenue.

​

Network throughput increased to 50 GWh in the fourth quarter of 2023, compared to 14 GWh in the fourth quarter of 2022, representing 257% year-over-year growth. For the full year 2023, network throughput reached 130 GWh, reflecting an increase of 189% year-over-year. The Company added over 110,000 new customer accounts during the fourth quarter of 2023, bringing the overall number of customer accounts to more than 884,000 at the end of the year, an increase of 60% year-over-year.

​

“EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development resulting in revenue growth that nearly tripled,” said Badar Khan, EVgo’s CEO. “Our throughput growth continues to significantly exceed growth in EVs in operation. We added over 930 new

1 Adjusted EBITDA is a non-GAAP measure and has not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For additional information, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.

​

1

​

stalls during the year including opening the first NEVI-funded site in the U.S. in London, Ohio with the Pilot Company and GM. Utilization and throughput growth accelerated driven by retail and fleet drivers.”

​

Mr. Khan concluded, “EVgo passed an important inflection point in 2023 in that as a result of the utilization and throughput levels we are now seeing across our network,  the installed base is now profitable on a stand-alone basis. In 2024, we are well positioned to continue to expand our network and increase revenues while continuing to realize operational leverage as we target Adjusted EBITDA1 breakeven in 2025.”

​

Business Highlights

​

●Stall Development: The Company ended 2023 with 2,990 stalls in operation, including 100 EVgo eXtend™ stalls.  EVgo added more than 260 new DC fast charging stalls during the quarter and over 930 over the full year.

●Network Utilization: Utilization on the EVgo network in December 2023 was over 19%, up from 8% in December 2022.

●Network Throughput: Average daily throughput per stall for the EVgo network was 201 kilowatt hours per day in December 2023, an increase of 179% compared to 72 kilowatt hours per day in December 2022.

●Fleet Charging: EVgo’s public fleet charging business continues to grow, as full year 2023 fleet throughput  grew over five times above full year 2022 fleet throughput driven by rideshare.

●National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners opened the first and third sites in the country under the NEVI program in Ohio and Pennsylvania, respectively.

●EVgo eXtendTM: EVgo ended 2023 with 100 operational EVgo eXtend™ stalls.

●EVgo Autocharge+: Autocharge+ was approximately 17% of total charging sessions initiated in the fourth quarter and Autocharge+ charging sessions in the fourth quarter increased 191% compared to the fourth quarter of 202

EX-99.1

3 tm243356d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

EVgo Announces Certain Preliminary Financial and Operating Results, Anticipates Meeting or Exceeding 2023 Financial and Operating Guidance and Focuses on Building, Owning and Operating a Best-in-Class Public Charging Network

Dennis Kish, EVgo’s Chief Operating Officer, appointed President to manage consolidated operations, business development, marketing and technology functions

LOS ANGELES –

January 17, 2024 – 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 manage

EX-99.1

2 evgo-20231108xex99d1.htm

EX-99.1

Exhibit 99.1

EVgo Inc. Reports Third Quarter 2023 Results

​

●Revenue grew to $35.1 million in the third quarter, representing an increase of 234% year-over-year.

●Network throughput reached a record 37 gigawatt-hours (“GWh”) in the third quarter, an increase of 208% year-over-year.

●Ended the third quarter with approximately 3,400 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 240 new stalls added during the quarter.

●Operationalized the first EVgo eXtend™ stalls with Pilot Company and GM.

●Added over 106,000 new customer accounts in the third quarter, reaching more than 785,000 overall at the end of the quarter.

​

Los Angeles – November 8, 2023 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ended September 30, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

​

Revenue increased to $35.1 million in the third quarter of 2023, compared to $10.5 million in the third quarter of 2022, representing 234% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend™ revenue.

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Network throughput increased to 37 GWh in the third quarter of 2023, compared to 12 GWh in the third quarter of 2022, representing 208% year-over-year growth. The Company added over 106,000 new customer accounts during the third quarter, bringing the overall number of customer accounts to more than 785,000 at quarter-end, an increase of 58% year-over-year.

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“EVgo’s growth engine is humming, with excellent year-over-year growth in revenues, throughput and utilization,” said Cathy Zoi, EVgo’s CEO. “We continue to deliver for our partners and customers. This quarter we opened the first EVgo eXtend™ stations at Pilot and Flying J locations, which are receiving great feedback from EV drivers. The EVgo team is making important progress on our network build out, customer experience, tech-enabled infrastructure, and ongoing cost efficiencies to develop the nation’s leading public fast charging company.”

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Business Highlights

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●National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners were selected for proposed awards of $4.3 million in funding to deploy 32 fast charging stations in Colorado and Pennsylvania through their respective state NEVI programs.

●Honda Agreement: EVgo and Honda partnered to provide EV drivers with direct access to EVgo’s public fast charging network and an EVgo charging credit of up to $750 for drivers of Honda and Acura EV models. Honda will also be integrating EVgo Inside™ as part of the agreement.

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1

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●EVgo eXtendTM: During the third quarter, the Company operationalized the first fast charging sites in the eXtend™ program with Pilot Company and GM. EVgo also received the first shipment of 350kW fast chargers that are manufactured according to Build America, Buy America Act (BABA) standards.

●Fleet Charging: EVgo’s public fleet charging business continues to grow driven by rideshare throughput. EVgo operationalized the first site for a national food and beverage company’s fleet, where they are utilizing Optima™, EVgo’s proprietary fleet management software.

●EVgo Autocharge+: Autocharge+ exceeded 15% of total charging sessions initiated in the quarter and Autocharge+ charging sessions in the third quarter increased 67% compared to the second quarter of 2023.

●PlugShare: PlugShare reached over 4.1 million registered users and achieved 7.4 million check-ins since inception. Pay with PlugShare, a technology feature that allows PlugShare users to pay for an  EV charging session within the PlugShare app, launched in California in October 2023.

Financial & Operational Highlights

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The below represent summary financial and operational figures for the third quarter of 2023.

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●Revenue of $35.1 million

●Network Throughput of 37 gigawatt-hours

●Customer Account Additions of approximately 106,000 accounts

●Gross Profit of $0.6 million

●Net Loss of $28.3 million

●Adjusted Gross Profit of $9.3 million1

●Adjusted EBITDA of ($14.2) million1

●Cash Flows Used in Operating Activities of $7.3 million

●Total Capital Expenditures of $24.0 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.

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(unaudited, dollars in thousands)

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Q3'23

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Q3'22

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Change

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Q3'23 YTD

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Q3'22 YTD

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Change

Charging revenue, retail

$

13,357

$

5,176

158%

$

29,0

EX-99.1

2 evgo-20230802xex99d1.htm

EX-99.1

Exhibit 99.1

EVgo Inc. Reports Record Second Quarter 2023 Results

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●Revenue grew to a record $50.6 million in the second quarter, representing an increase of 457% year-over-year.

●Network throughput reached a record 24.9 gigawatt-hours (“GWh”) in the second quarter, an increase of 147% year-over-year.

●Total network utilization was in the double digits in the second quarter.

●Ended the second quarter with approximately 3,200 stalls in operation or under construction, with 210 new stalls added to the EVgo network during the quarter.

●Added more than 82,000 new customer accounts in the second quarter, reaching approximately 688,000 overall at the end of the quarter.

●Won $13.8 million of Ohio NEVI funding for EVgo owned and EVgo eXtend sites, representing 75% of awarded funds.

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Los Angeles – August 2, 2023 – 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.

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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.

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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.

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“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.”

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1

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Business Highlights

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●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.

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Financial & Operational Highlights

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The below represent summary financial and operational figures for the second quarter of 2023.

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●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

EX-99.1

2 evgo-20230509xex99d1.htm

EX-99.1

Exhibit 99.1

EVgo Inc. Reports First Quarter 2023 Results

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●Revenue grew to $25.3 million in the first quarter, representing an increase of 229% year-over-year.

●Network throughput reached 17.9 gigawatt-hours (“GWh”) in the first quarter, an increase of 124% year-over-year.

●Double-digit utilization realized in several new markets, including markets outside of California.

●Ended the first quarter with approximately 3,100 stalls in operation or under construction, with nearly 220 new stalls added to the EVgo network during the quarter.

●Added more than 67,000 new customer accounts in the first quarter, reaching approximately 614,000 overall at the end of the quarter.

●Announced expanded agreement with Chevron, with EVgo selected as an EV-charging provider of choice for Chevron and Texaco stations.

●Entered into a new agreement with Audible to bring trial memberships to EVgo customers later in 2023.

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Los Angeles – May 9, 2023 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

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Revenue increased to $25.3 million in the first quarter of 2023, compared to $7.7 million in the first quarter of 2022, representing 229% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging and eXtend revenues.

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Network throughput increased to 17.9 GWh in the first quarter of 2023, compared to 8.0 GWh in the first quarter of 2022, representing 124% year-over-year growth. The Company added approximately 67,000 new customer accounts during the first quarter, bringing the overall number of customer accounts to approximately 614,000 at quarter-end, an increase of approximately 63% year-over-year.

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“First quarter revenue growth was fueled by triple digit throughput growth as network utilization continues to increase faster than operational stall growth and EV adoption, demonstrating the strength of our business model,” said Cathy Zoi, EVgo CEO. “EVgo is investing ahead of the mass adoption of EVs in the United States and installed a record number of new stalls during the quarter. We also announced an exciting expansion of our program with Chevron, which is designed to pave the way for fast charging at conveniently located gas stations across the country. We expect revenue to increase over the remainder of the year as we benefit from increasing EV adoption, the mobilization of new, faster stations, and the deployment of EVgo eXtend sites with our partners.”

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Business Highlights

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●Program with Chevron: EVgo and Chevron entered into a new agreement to offer Chevron locations across the U.S. a turnkey DC fast charging solution with a variety of ownership models, including EVgo eXtend. Through the agreement, Chevron and Texaco branded stations nationwide will have access to industry-leading fast charging equipment and integrated solutions from EVgo through both the Company’s traditional EVgo-owned offering as well as EVgo eXtend. Under the agreement, EVgo will provide hardware, design, and construction of up to 350kW charging at these sites, as well as operations and maintenance, and networking and software solutions.

●EVgo Advantage: Entered into a new agreement with Audible to bring trial memberships to EVgo customers later in 2023, making relevant audiobooks and Audible Original podcasts available to EV drivers while they charge.

●Stall Development: The Company ended the first quarter of 2023 with approximately 3,100 stalls in operation or under construction. EVgo added nearly 220 new DC fast charging stalls to its network during the quarter.

●Active Engineering and Construction (E&C) Stall Development Pipeline: The Company’s pipeline was approximately 3,500 stalls as of the end of the first quarter of 2023.

●EVgo eXtendTM: During the first quarter, the Company continued delivering charging equipment and pre-engineering work for projects under the Pilot Flying J/GM program, and began site mobilization in the second quarter of 2023.

●EVgo Autocharge+: Autocharge+ exceeded 10% of total charging sessions initiated.

●Fleet Partnerships: EVgo won contracts for a second site at MHX, a behind-the-fence, class 8 truck company, and a second site at a national food and beverage company -- both of which include EVgo Optima™, the Company’s proprietary fleet management software.

●PlugShare: Plugshare reached nearly 3.4 million registered users and achieved the milestone of 6.0 million check-ins since inception.

●Public-Private Partnership: EVgo was awarded $7.3 million from the California Energy Commission’s (“CEC”) California Electric Vehicle Infrastructure Project (“CALeVIP”) 2.0 program to deploy more than 100 350kW chargers across 19 locations in disadvantaged and/or low-income census tracts.

●Equity Issuance: In Apri

EX-99.1

2 evgo-20230330xex99d1.htm

EX-99.1

Exhibit 99.1

EVgo Inc. Reports Fourth Quarter and Full Year 2022 Results

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●Revenue grew to $27.3 million in the fourth quarter, representing an increase of 283% year-over-year driven by increasing throughput and execution of Pilot Flying J contract.

●For the full year 2022, revenue grew to $54.6 million, an increase of 146% over 2021.

●Network throughput reached 14.4 Gigawatt-hours (“GWh”) in the fourth quarter, an increase of 76% year-over-year.

●2022 network throughput of 44.6 GWh grew 69% over 2021.

●Ended the fourth quarter with over 2,800 stalls in operation or under construction, with more than 180 new stalls added to the EVgo network during the quarter and approximately 670 added during 2022.

●Added approximately 59,000 new customer accounts in the fourth quarter and approximately 224,000 during 2022, reaching approximately 553,000 overall at the end of 2022.

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Los Angeles – March 30, 2023 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2022. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

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Revenue increased to $27.3 million in the fourth quarter of 2022, compared to $7.1 million in the fourth quarter of 2021, representing 283% year-over-year growth. For the full year 2022, revenue increased to $54.6 million, compared to $22.2 million for the full year 2021, an increase of 146% year-over-year and at the high end of the Company’s revenue guidance range. Revenue growth was primarily driven by retail charging, eXtend, and ancillary revenues.

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Network throughput increased to 14.4 GWh in the fourth quarter of 2022, compared to 8.2 GWh in the fourth quarter of 2021, representing 76% year-over-year growth. For the full year 2022, network throughput reached 44.6 GWh, reflecting growth of 69% year-over-year. The Company added approximately 59,000 new customer accounts during the fourth quarter, bringing the overall number of customer accounts to approximately 553,000 at quarter-end, an increase of approximately 63% year-over-year.

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“In 2022 EVgo achieved record revenue reflecting the continued growth of EVgo’s ultra-fast DC charging network, blue-ribbon partnerships, and industry-leading technology offerings,” said Cathy Zoi, EVgo’s CEO. “EVgo remains focused on operational excellence and continuing to strengthen our network by adding new fast charging locations and upgrading stalls on our public network. Committed to creating a seamless charging experience for EV drivers and fleet operators, EVgo added new technology features like Autocharge+, PlugShare Premium, charging with Amazon Alexa, and we expanded EVgo AdvantageTM and EVgo OptimaTM. We expect 2023 will be another banner year for EVgo as we expand our network and revenue base, and deliver financial results that demonstrate discipline, agility, and innovation in serving the rapidly growing EV sector.”

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Business Highlights

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●Stall Development: The Company ended the fourth quarter of 2022 with over 2,800 stalls in operation or under construction. EVgo added more than 180 new DC fast charging stalls to its network during the quarter and approximately 670 for the year.

●Active Engineering and Construction (E&C) Stall Development Pipeline: The Company’s pipeline grew to approximately 4,000 stalls as of the end the fourth quarter of 2022 versus approximately 3,100 at the end of the fourth quarter of 2021.

●EVgo eXtendTM: During the fourth quarter, the Company began delivery of charging equipment for projects under the Pilot Flying J/GM program.

●EVgo ReNewTM: In 2022 EVgo launched ReNew, an enhanced maintenance and upgrade program designed to ensure stations across the EVgo network meet its quality and technology standards. For the year, the Company upgraded more than 100 stalls and retired approximately 160 stalls.

●EVgo Autocharge+: After its nationwide launch in September 2022, Autocharge+ is nearing 10% of total charging sessions initiated in recent months.

●Fleet Partnerships: EVgo expanded its project development portfolio with an autonomous vehicle company, added a national food and beverage company as a fleet partner who will take advantage of Optima™, EVgo’s proprietary fleet management software, and announced a national program with Lyft to serve their high-volume EV driver network.

●Connect the WattsTM: In January 2023, EVgo’s “Connect the Watts” program announced its inaugural class of “EV Charging Heroes,” recognizing leaders in the utility, site host, equipment and contracting sectors who are driving progress towards an all-electric future.

Financial & Operational Highlights

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The below represent summary financial and operational figures for the fourth quarter of 2022.

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●Revenue of $27.3 million

●Network Throughput of 14.4 gigawatt-hours

●Customer Account Additions of approximately 59,

EX-99.1

2 tm239284d1_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

EVgo Inc. to Report Fourth Quarter and Full Year 2022 Results on March 30, 2023

Los Angeles – March 13, 2023 – EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), announced today that it will report results for its fourth quarter and full year 2022 on March 30, 2023 and will host a conference call to discuss those results at 8:00 a.m. PT/11:00 a.m. ET on March 30, 2023.

EVgo also disclosed, in response to investor inquiries, that it has no cash deposits or equivalents in Silicon Valley Bank.

EVgo confirms that it expects to report 2022 financial and operational results within the guidance ranges previously provided by the Company on November 2, 2022 and as reconfirmed by the Company on February 23, 2023.

Conference Call Information

Interested investors and other parties may access a live webcast of the conference call on the Events & Presentations page in the Investor Relations section of EVgo’s website at https://investors.evgo.com/events-and-presentations.

The call can also be accessed live over the telephone by dialing:

Toll Free: (888) 340-5044 (for U.S. callers)

Toll/International: (646) 960-0363 (for callers outside the U.S.)

Conference

ID: 6304708

Please log into the webcast or dial in to the call at least 10 minutes before the start of the event. An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.

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 the purchase of renewable energy certificates. 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 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.

1

Cautionary Statement Regarding Preliminary Financial Results

The Company has not yet completed its financial close processes for fiscal year 2022. Therefore, the Company’s statements regarding its expectations for its financial results for the year ended December 31, 2022 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 such expectations. Accordingly, you should not place undue reliance upon this preliminary financial information.

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, our preliminary results for revenue and Adjusted EBITDA (Non-GAAP), network throughput, stalls in operation or under construction or other operational measures, including any guidance issued in respect thereof; express or implied statements regarding EVgo’s future financial performance, revenues, capital

EX-99.1

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EXHIBIT 99.1

Exhibit 99.1

EVgo Inc. Aligns Organization Around Growing Its Charging Network

Continued cost optimization and focus on hiring for operational roles

2022 results expected to meet previously issued guidance

Announces date for fourth quarter and full year 2022 earnings call

Company’s Section 205 Petition Granted by Delaware Chancery Court

Los Angeles – February 23, 2023 – EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced a reorganization to direct resources towards the Company’s highest priorities for 2023. Priorities include building out EVgo’s public network in locations meeting its robust investment criteria, building and operating major EVgo eXtend projects on highway corridors, delivering new hubs and infrastructure projects for fleets, implementing EVgo ReNew to ensure EVgo’s public network operates at the charging industry’s highest standards, and continuing to develop and deploy innovative software tools to create a world-class charging experience for drivers and partners alike.

“As a market leader in fast charging, EVgo sees significant growth in demand for EV charging in 2023 and beyond,” said Cathy Zoi, CEO of EVgo. “We are aligning our workforce to capture growing market share in an evolving industry. EVgo is also focusing on operational excellence and efficiencies by optimizing our cost structure with continued resource investments in growth initiatives.”

Operational efficiency improvements are expected to enable EVgo to meet its growth objectives while reducing headcount by approximately 40 employees with continued hiring for operational roles.

EVgo expects to report 2022 financial and operational results within the guidance ranges provided by the Company on November 2, 2022. The Company expects to provide an update on its financial performance as well as its outlook for 2023 during its fourth quarter and full year 2022 earnings call on March 15, 2023. Call details will be announced at a later date.

As previously announced on its Form 8-K dated February 6, 2023 (the “Prior 8-K”), the Company filed a petition on February 3, 2023 in the Court of Chancery of the State of Delaware (the “Court of Chancery”) under Section 205 of the Delaware General Corporation Law (the “Petition”) seeking (i) the validation of the stockholder vote approving the Charter Amendment Proposal (as defined in the Prior 8-K) and (ii) the validation and declaration of effectiveness of (a) the New Charter (as defined in the Prior 8-K) (including its filing and effectiveness, in each case as of July 1, 2021) and (b) the securities issued or to be issued in reliance on the approval of the Charter Amendment Proposal and/or the validity of the New Charter, as of the respective dates of their issuance (including the 5,750,000 shares of Class A common stock into which the shares of Class B common stock converted upon the consummation of the Business Combination (as defined in the Prior 8-K)).

Following a hearing of the Petition, the Court of Chancery issued an order (the “205 Order”) dated February 21, 2023 validating each of the corporate acts described above, effective as of the time each such act was originally taken, notwithstanding any failures of authorization or potential failures of authorization described in, or resulting from the matters described in, the Petition.

The Company welcomes the 205 Order as it eliminates any purported uncertainty with respect to its capital structure.

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 one of the nation’s largest public fast charging networks, 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 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 f

EX-99.1

2 evgo-20221102xex99d1.htm

EX-99.1

Exhibit 99.1

EVgo Inc. Reports Third Quarter 2022 Results

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●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

​

Los Angeles – November 2, 2022 – 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.

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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.

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“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.”

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Business Highlights

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●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.

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1

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●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 char

EX-99.1

2 evgo-20220809xex99d1.htm

EX-99.1

Exhibit 99.1

EVgo Inc. Reports Second Quarter 2022 Results

●Network throughput reached 10.1 Gigawatt-hours (“GWh”) in the second quarter of 2022, an increase of 66% year-over-year

●Revenue grew to $9.1 million in the second quarter of 2022, representing an increase of 90% year-over-year

●Ended the second quarter of 2022 with 2,397 stalls in operation or under construction, and operationalized 170 new stalls during the quarter

●Added approximately 67,000 new customer accounts, increasing overall to approximately 444,000 at the end of the second quarter of 2022

●Announced first major EVgo eXtend project, a collaboration with GM and the Pilot Company that is expected to lead to approximately 2,000 new stalls at up to 500 locations across the U.S. over the next few years. EVgo will install, operate and maintain the network for GM and Pilot Company

●Entered into New Charger Supply Agreement with Delta Electronics for 1,000 chargers (or 2,000 stalls) as part of effort to meet EVgo eXtend and other charger supply needs

●Detailed rollout of Autocharge+, ongoing growth at PlugShare, charging deal for the Cadillac LYRIQ, and award with the U.S. General Services Administration’s (“GSA”) Blanket Purchase Agreement (“BPA”)

Los Angeles, CA, August 9th, 2022 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter of 2022.  The Company continues to execute on its growth plans on the back of continued electric vehicle (“EV”) adoption and market development.

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Revenue increased to $9.1 million in the second quarter of 2022, compared to $4.8 million in the second quarter of 2021, representing 90% year-over-year growth.  Growth in revenue for the quarter was primarily driven by higher retail charging revenues, as well as growth in network original equipment manufacturers (“OEM”) and regulatory credit revenue.  The Company added approximately 67,000 new customer accounts, bringing the overall number of customer accounts to approximately 444,000, an increase of 60% year-over-year.

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Network throughput increased to 10.1 GWh in the second quarter of 2022, compared to 6.1 GWh in the second quarter of 2021, representing 66% year-over-year growth.

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“Our results for the second quarter, together with the milestone EVgo eXtend partnership recently announced, reinforce EVgo’s leadership position in ultra-fast EV charging,” said Cathy Zoi, EVgo’s CEO. “We delivered 10 GWh of network throughput and accelerated customer account additions, demonstrating the growth potential of our business as consumers continue to adopt EVs. EVgo is entering the rollout period of the National Electric Vehicle Infrastructure (“NEVI”) program with strong momentum and substantial progress. As one of the longest running, largest, and most reliable public fast charging operators in the U.S., we could not be more excited about the possibility of accelerating our growth, expanding our partnerships, and helping to enable the wider, faster adoption of EVs across America.”

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Business Highlights

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●EVgo eXtend: In July, the Company announced an agreement with GM and Pilot Company to install 2,000 stalls at up to 500 sites across U.S.  Under the partnership, EVgo will procure, design, install, operate and maintain the network/stations.

●Charger Supply Agreement: In July, EVgo entered into a Charger Supply Agreement with Delta Electronics, through which EVgo will purchase 1,000 chargers (equivalent to 2,000 stalls) from Delta, with an option to purchase more and expand the agreement over time.

●Network reliability: EVgo’s uptime for stalls on its network was once again in the mid-90s percent through the first half of 2022, representing the Company’s focus on operational excellence and maintaining a highly reliable charging network.

●EVgo Optima: Together with a major Midwestern investor-owned utility EVgo will help pilot a program powered by its Optima fleet solutions to assist in their fleet electrification efforts.

●Launch of Autocharge+: During the quarter, the Company announced the rollout of its Autocharge+ functionality, which is designed to simplify and accelerate the charging experience for drivers.

●BPA with U.S. GSA: EVgo, along with OSC~WEBco, was awarded participation in a new five-year Blanket Purchase Agreement to furnish EV supply equipment and ancillary services to federal government agencies and departments.

●Station development: The Company ended the second quarter of 2022 with 2,397 stalls in operation or under construction.  Excluding retired locations, this reflects an addition of 170 new operational DC fast charging stalls during the quarter.

●Active E&C Stall Development Pipeline: The Company’s pipeline grew to 3,669 stalls by the end the second quarter of 2022 versus 2,067 at the end of the second quarter of 2021.

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Financial & Operational Highlights

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The below represent summary financial and operational figures for the sec