EVgo, Inc. Q1 FY2025 earnings call

• EVgo had a record quarter with customer consumption on the network rising, average daily throughput per public stall up 36% y-o-y and over fivefold in three years. - Added over 180 new operational stalls, now with over 4,200 operational stalls. - Progress on four key priorities: improving customer experience (One and Done metric up 4 points, Autocharge+ traction), operating and capex efficiencies (MOU with Delta for next-gen charging, capex per stall reduction), capturing high value customers (55% of throughput from ride share, etc.), and securing non-dilutive financing. - Continued growth in non-Tesla EV sales, with less than 10% of 2025 revenue from new EV sales this year.

In Q1 2025, total revenue was $75 million, a 36% year-over-year increase. Charging network revenues were $47.1 million, up 49% year-over-year, and extend revenues were $23.5 million, up 23% year-over-year. Charging network gross margin in Q1 was 37.1%, down 370 basis points from the prior year. Adjusted gross profit was $25.4 million in Q1 2025, up from $17.3 million in Q1 2024. Adjusted gross margin was 33.7% in Q1, an increase of 240 basis points compared to last year. Adjusted EBITDA was negative $5.9 million in Q1 2025, a $1.3 million improvement versus negative $7.2 million in Q1 2024.

• Expect 1,200 to over 1,400 new stalls in 2025 (750-815 public, 50-85 dedicated, 450-550 extend). - Total revenue range $340M-$380M. - Target adjusted EBITDA breakeven in 2025 with range -$5M to +$10M. - Fiscal capex net of offsets $160M-$180M. - 75% of 2025 vintage public network stalls expected to operationalize in H2 2025, Q4 to account for ~50% of total 2025 public network stalls.

• Tariffs impact: ~25% of capex per stall subject to tariffs, but expect $10M in capex efficiencies to offset. - Supply-demand imbalance: DC fast charging station supply has been flat/declining, creating a favorable ratio of EV VIO to DCSC. - Potential regulatory changes affecting EV adoption and charging infrastructure supply.

Q: Can you give more cadence on guidance for the rest of the year, including cost of energy, ASPs, and DoE loan stall ramp-up?

A: Ramp-up of DoE loan stalls remains as previously stated, with 750-850 public network stalls for the year, ~75% in H2, ~50% in Q4. Q3 expected to have higher energy costs, ASPs expected to be stable or slightly expanding.

Q: What is EVgo’s strategy to capture autonomous vehicle charging market?

A: EVgo has over doubled dedicated stalls for autonomous vehicles in 2024, estimates 20% share, sees contracted cash flows as attractive with favorable regulations.

Q: Update on private financing options?

A: Continues to explore additional financing, in dialogue with counterparties, looking to diversify funding sources, with potential to accelerate stall build-out if attractive options are found.

Q: Views on potential revocation of IRA and EV/EPA mandates and impact on roll-out strategy?

A: Business is not dependent on new EV sales, supply-demand picture remains attractive. Network plan adjusts for state incentives, has 30,000 stalls with return expectations across US.

Q: Progress with Tesla NACS connectors?

A: In technology validation phase, expecting to roll out NACS connectors on retrofit basis, ~100-150 sites over the year, data-driven approach to ensure no demand loss during transition.