- On July 1, 2021, EVgo completed its business combination with
Climate Change Crisis Real Impact I Acquisition Corporation
(“CRIS”), resulting in net cash of $573 million to fund its
strategic plan
- Strong revenue quarter, with a 16% increase
quarter-over-quarter
- Customers topped 275,000 as electric vehicle (“EV”) adoption
pace accelerates
- Charger stall count through June 30, 2021 totals 1,548, as EVgo
added 104 new operational stalls in the second quarter of 2021
while continuing to execute on its active engineering and
construction pipeline (the “Active E&C Pipeline”) of more than
2,000 charger stalls
- Other recent highlights include the expansion of EVgo’s
commercial relationship with General Motors (NYSE: GM) (“GM”),
continued kilowatt-hour (kWh) throughput growth from partnerships
with autonomous vehicle (“AV”) companies, the acquisition of
Recargo, Inc. (“Recargo”), and sustained focus on technological
leadership, underscored by the work at the EVgo Innovation Lab
EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today
announced results for the second quarter ended June 30, 2021.
Revenue increased to $4.8 million for the second quarter of 2021,
compared to $4.1 million for the first quarter of 2021. The Company
is seeing increased revenue due to overall increases in EV
adoption, uptake of EVgo’s products and offerings, and a customer
count now exceeding 275,000, all resulting in a significant growth
in network throughput.
“The second quarter of 2021 witnessed growth across all of
EVgo’s customer segments, deepening relationships with our core
partners, new customer offerings, and cultivation of new business
opportunities as the transition to electric vehicles gains
momentum,” said Cathy Zoi, CEO of EVgo. “We added a record number
of customers, almost doubled our quarterly stall build-out compared
to last quarter, and significantly accelerated investments
associated with charger stall build-out looking forward. EVgo’s
mission to speed the adoption of electric vehicles through the
investment in charging infrastructure is progressing at an
accelerating pace. Our build-own-operate business model has
equipped EVgo with the experience and insight to be a market leader
and to be a provider of first resort to the rapidly expanding EV
market.”
Business Highlights
During the second quarter of 2021, EVgo placed 104 new charging
stalls in service, with more than 2,000 additional charger stalls
in the Active Engineering and Construction (“E&C”) Pipeline.
Roughly 85% of the Active E&C pipeline stalls are located
within the top 20 U.S. metropolitan markets and the majority are
part of EVgo’s partnership with GM to deploy over 2,700 fast
charging stalls by 2025.
In July 2021, EVgo was chosen by GM to serve as a preferred
charging provider for its Ultium Charge 360 Fleet service.
Additionally, EVgo and Chevrolet launched a new retail program
enabling buyers and lessees of new Bolt EV and Bolt EUV vehicles to
elect to receive a $500 EVgo charging credit or have a home Level 2
charger installation supported by Chevrolet.
As of the end of second quarter of 2021, EVgo has contracted
with two leading AV companies to provide each with dedicated fast
charging services under contract structures which include
take-or-pay arrangements for their high mileage vehicles,
generating network usage and reducing risk for both parties as the
self-driving market continues to expand.
Also in July 2021, EVgo announced that it acquired leading
e-mobility software company Recargo. Recargo, through its platform
PlugShare, offers crowdsourced reviews, photos, and data to help
the EV community understand customer needs. PlugShare currently has
1.6 million users and 3.3 million global downloads of the PlugShare
app, and coverage of more than 61,000 L2 and DCFC charging stations
and over 163,000 charging ports in North America alone. This
acquisition is a strategic and logical extension of the efforts
already well underway at EVgo – accelerating overall EV adoption by
improving driver experiences, enhancing the interconnectedness of
the charging ecosystem, and providing data to automakers and other
key stakeholders to help move the EV community forward in terms of
convenience, availability, and service.
EVgo continues to expand on its technical leadership in the
transportation electrification sector and, as part of this effort,
launched the EVgo Innovation Lab in April 2021 to test,
validate, and certify charging equipment for customer experience,
performance, and safety. The EVgo team at the lab works with
automobile and charger original equipment manufacturers to evaluate
new products and share insights. The EVgo Innovation Lab
also designs, prototypes, and tests new hardware and EVgo’s own
charger management software tools and user interfaces for both
public and fleet applications.
Financial & Operational Highlights
For the avoidance of doubt, these figures reflect the results
for the quarter ended June 30, 2021 of EVgo HoldCo, LLC, a
subsidiary of EVgo, prior to completion of the business combination
with CRIS on July 1, 2021.
1.
Adjusted Gross Profit / (Loss), Adjusted
Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin 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 “Definition of Non-GAAP Financial Measures” and
“Reconciliations of Non-GAAP Measures” included elsewhere in this
release. COGS consists primarily of energy usage fees, depreciation
and amortization expenses, site O&M expenses, customer service
and network charges, warranty and repair services, and site lease
and rental expense associated with charging equipment. Adjusted
Gross Profit (Loss) is defined as Gross Profit (Loss) less: (i)
depreciation and ARO accretion, (ii) stock option expense, and
(iii) other non-recurring expenses.
EVgo realized 48% quarter-over-quarter sequential growth in
kilowatt-hour (kWh) network throughput during the second quarter of
2021 and 126% growth year-over-year.
Revenue exhibited similar growth trends, with 16%
quarter-over-quarter sequential growth during the second quarter of
2021.
Adjusted Gross Margin for the second quarter of 2021 improved
260 basis points to (1.3%) from (3.9%) in the first quarter of 2021
due to lower energy costs per kWh as a result of improved
leveraging of demand charges, which are part of our energy
tariffs.
GAAP General & Administrative Expenses increased to $12.2
million in the second quarter of 2021 compared to $11.0 million in
the first quarter of 2021 and $6.8 million in the second quarter of
2020. The increase is in line with EVgo’s expectations, and
primarily driven by the Company’s ongoing growth investments.
Adjusted EBITDA Margin in the second quarter of 2021 was ($11)
million compared to ($9.8) million in the first quarter of
2021.
EVgo realized an increase of $14.4 million in cash flow from
operations in the first half of 2021 as compared to the first half
of 2020 from $(15.8) million to $(1.4) million owing in part to a
$20 million pre-payment from OEM partners in the first quarter of
2021.
Capital expenditures in the first half of 2021 more than tripled
to $23.3 million from $7.7 million, as EVgo is actively executing
on its charger stall build plan.
2021 Guidance
EVgo is affirming its prior financial forecast for full year
2021 of $20 million in revenues, 24 gigawatt-hours of network
throughput, and ($58) million in Adjusted EBITDA.
Conference Call Information
A live audio webcast and conference call for our second quarter
2021 earnings release will be held at 11:00 AM ET / 8:00 AM PT on
August 11, 2021. The webcast will be available at
investors.evgo.com, and the dial-in information for those wishing
to access via phone is:
Toll Free: 1-877-407-4018 Toll/International:
1-201-689-8471 Conference ID: 13722018
This press release, along with other investor materials,
including a slide presentation and reconciliations of certain
non-GAAP measures to their nearest GAAP measures, will also be
available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging
network for electric vehicles, and the first to be powered by 100%
renewable energy. With more than 800 fast charging locations,
EVgo’s owned and operated charging network serves over 68
metropolitan areas across 35 states and more than 275,000
customers. Founded in 2010, EVgo leads the way on transportation
electrification, partnering with automakers; fleet and rideshare
operators; retail hosts such as hotels, shopping centers, gas
stations and parking lot operators; and other stakeholders to
deploy advanced charging technology to expand network availability
and make it easier for drivers across the U.S. to enjoy the
benefits of driving an EV. As a charging technology first mover,
EVgo works closely with business and government leaders to
accelerate the ubiquitous adoption of EVs by providing a reliable
and convenient charging experience close to where drivers live,
work and play, whether for a daily commute or a commercial
fleet.
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,
express or implied statements regarding EVgo’s future financial
performance, revenues and capital expenditures, EVgo’s expectation
of acceleration in our business due to factors including a
re-opening economy and increased EV adoption; and the Company’s
strong liquidity position enabling effective deployment of
chargers. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of EVgo’s management and are not predictions of actual
performance. There are a significant number of factors that could
cause actual results to differ materially from the statements made
in this press release, including: changes or developments in the
broader general market; ongoing impact from COVID-19 on our
business, customers, and suppliers; macro political, economic, and
business conditions; our limited operating history as a public
company; our dependence on widespread adoption of EVs and increased
installation of charging station; mechanisms surrounding energy and
non-energy costs for our charging stations; the impact of
governmental support and mandates that could reduce, modify, or
eliminate financial incentives, rebates, and tax credits; supply
chain interruptions; impediments to our expansion plans; the need
to attract additional fleet operators as customers; potential
adverse effects on our revenue and gross margins if customers
increasingly claim clean energy credits and, as a result, they are
no longer available to be claimed by us; the effects of
competition; risks related to our dependence on our intellectual
property; and risks that our technology could have undetected
defects or errors. Additional risks and uncertainties that could
affect our financial results are included under the captions “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations of EVgo” in EVgo’s registration
statement on Form S-1 originally filed with the Securities and
Exchange Commission (the “SEC”) on July 20, 2021, as well as its
other filings with the SEC, copies of which are available on EVgo’s
website at investors.evgo.com, and on the SEC’s website at
www.sec.gov. All forward-looking statements in this press release
are based on information available to us as of the date hereof, and
we do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made, except as
required by applicable law.
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared
and presented in accordance with GAAP, EVgo uses certain non-GAAP
financial measures. The presentation of non-GAAP financial measures
is not intended to be considered in isolation or as a substitute
for, or superior to, the financial information prepared and
presented in accordance with GAAP. EVgo uses these non-GAAP
financial measures for financial and operational decision-making
and as a means to evaluate period-to-period comparisons. EVgo
believes that these non-GAAP financial measures provide meaningful
supplemental information regarding the Company’s performance by
excluding certain items that may not be indicative of EVgo’s
recurring core business operating results.
EVgo believes that both management and investors benefit from
referring to these non-GAAP financial measures in assessing EVgo’s
performance. These non-GAAP financial measures also facilitate
management’s internal comparisons to the Company’s historical
performance. EVgo believes these non-GAAP financial measures are
useful to investors both because (1) they allow for greater
transparency with respect to key metrics used by management in its
financial and operational decision-making and (2) they are used by
EVgo’s institutional investors and the analyst community to help
them analyze the health of EVgo’s business.
For more information on these non-GAAP financial measures,
including reconciliations to the most comparable GAAP measures,
please see the sections titled “Definitions of Non-GAAP Financial
Measures” and “Reconciliations of Non-GAAP Measures” included at
the end of this release.
Definitions of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures:
“Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross
Margin,” “EBITDA,” “Adjusted EBITDA”. EVgo believes these measures
are useful to investors in evaluating EVgo’s financial performance.
In addition, EVgo uses these measures internally to establish
forecasts, budgets, and operational goals to manage and monitor its
business. EVgo believes that these non-GAAP financial measures help
to depict a more realistic representation of the performance of the
underlying business, enabling EVgo to evaluate and plan more
effectively for the future. EVgo believes that investors should
have access to the same set of tools that its management uses in
analyzing operating results.
Adjusted COGS is defined as cost of goods sold before: (i)
depreciation and ARO accretion, (ii) stock option expense, and
(iii) other non-recurring expenses. Adjusted Gross Profit (Loss) is
defined as Gross Profit (Loss) less (i) depreciation and ARO
accretion, (ii) stock option expense, an (iii) other non-recurring
expenses. Adjusted Gross Margin is defined as Adjusted Gross Profit
(Loss) as a percentage of revenue. EBITDA is defined as net income
(loss) before (i) interest expense, (ii) income taxes and (iii)
depreciation and amortization. Adjusted EBITDA is defined as EBITDA
plus other unusual or nonrecurring income (expenses) such as bad
debt expense. Adjusted EBITDA Margin is defined as Adjusted EBITDA
as a percentage of revenue. Adjusted COGS, Adjusted Gross Profit
(Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are not
prepared in accordance with GAAP and that may be different from
non-GAAP financial measures used by other companies. These measures
should not be considered as measures of financial performance under
GAAP, and the items excluded from or included in these metrics are
significant components in understanding and assessing EVgo’s
financial performance. These metrics should not be considered as
alternatives to net income (loss) or any other performance measures
derived in accordance with GAAP.
Reconciliations of Non-GAAP Measures
EVgo - Gross Profit / (Loss) Bridge
($000)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
GAAP Gross Profit / (Loss)
$
(2,543
)
$
(2,959
)
$
(3,382
)
$
(3,729
)
$
(2,609
)
$
(2,765
)
Less:
Site Depreciation & ARO Accretion
$
2,095
$
2,256
$
2,651
$
2,527
$
2,447
$
2,705
Stock Option Expense and Other
7
(8
)
(4
)
(4
)
(0
)
(1
)
Adjusted Gross Profit / (Loss)
$
(441
)
$
(711
)
$
(735
)
$
(1,205
)
$
(162
)
$
(61
)
EVgo - COGS Bridge ($000)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
GAAP COGS
$
6,396
$
5,916
$
6,954
$
7,923
$
6,740
$
7,549
Less:
Site Depreciation & ARO Accretion
$
2,095
$
2,256
$
2,651
$
2,527
$
2,447
$
2,705
Stock Option Expense and Other
7
(8
)
(4
)
(4
)
(0
)
(1
)
Adjusted COGS
$
4,294
$
3,668
$
4,307
$
5,399
$
4,293
$
4,844
EVgo - Adj. EBITDA Bridge
($000)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Net Income
$
(14,810
)
$
(10,406
)
$
(7,475
)
$
(15,519
)
$
(16,610
)
$
(18,421
)
+ Taxes
$
8
$
(2
)
$
(12
)
$
8
$
-
$
-
+ Depreciation, ARO, Amor.
4,202
4,707
5,126
4,999
4,957
5,251
+ Interest Income / Expense
122
280
410
603
875
1,039
EBITDA
$
(10,478
)
$
(5,421
)
$
(1,952
)
$
(9,910
)
$
(10,778
)
$
(12,132
)
+ Bad Debt, Non-Recurring Costs, Other
Adj.
$
5,783
$
388
$
(3,455
)
$
1,089
$
999
$
1,123
Adj. EBITDA
$
(4,695
)
$
(5,033
)
$
(5,407
)
$
(8,821
)
$
(9,779
)
$
(11,009
)
Financial Statements
EVgo
HoldCo, LLC (Successor) and EVgo Services, LLC
(Predecessor)
Condensed Consolidated Balance
Sheets
June 30,
December 31,
2021
2020
(unaudited)
Assets
Current assets
Cash
$
1,040,046
$
7,914,150
Restricted cash
361,030
—
Accounts receivable, net
2,157,140
2,164,346
Accounts receivable, capital build
3,249,706
3,258,724
Deferred offering costs
7,215,869
3,071,282
Prepaid expenses and other current
assets
2,858,797
3,563,021
Total current assets
16,882,588
19,971,523
Property and equipment, net
94,827,359
71,265,503
Intangible assets, net
63,661,371
67,956,371
Goodwill
22,111,166
22,111,166
Other assets
1,839,114
836,347
$
199,321,598
$
182,140,910
Liabilities and Members’ Equity
Current liabilities
Accounts payable
$
3,211,032
$
2,998,448
Payables to related parties
1,554,400
135,146
Accrued liabilities
20,315,881
10,945,013
Deferred revenue, current
2,962,647
1,653,042
Customer deposits
6,537,688
7,660,378
Note payable, related party
59,578,994
39,164,383
Capital-build, buyout liability
—
627,647
Other current liabilities
136,635
397,228
Total current liabilities
94,297,277
63,581,285
Deferred revenue, noncurrent
22,200,470
2,732,257
Capital-build liability, excluding buyout
liability
17,086,501
17,387,686
Asset retirement obligations
10,271,676
8,801,806
Other liabilities
—
150,903
Total liabilities
143,855,924
92,653,937
Members’ equity
55,465,674
89,486,973
$
199,321,598
$
182,140,910
EVgo
HoldCo, LLC (Successor) and EVgo Services, LLC
(Predecessor)
Condensed Consolidated
Statements of Operations
Successor
Predecessor
(unaudited)
January 16,
January 1,
Three months
Three months
Six months
2020
2020
ended
ended
ended
through
through
June 30,
June 30,
June 30,
June 30,
January 15,
2021
2020
2021
2020
2020
Revenue
$
4,783,250
$
2,956,974
$
8,352,045
$
5,283,287
$
1,461,395
Revenue from related parties
—
—
561,700
—
65,294
Total revenues
4,783,250
2,956,974
8,913,745
5,283,287
1,526,689
Cost of sales
7,548,717
5,915,939
14,288,264
11,176,535
1,135,789
Gross (loss) profit
(2,765,467)
(2,958,965)
(5,374,519)
(5,893,248)
390,900
General and administrative
12,246,772
6,796,485
23,319,765
12,572,392
1,084,284
Transaction bonus
—
—
—
5,316,124
—
Depreciation, amortization, and
accretion
2,545,075
2,451,122
5,055,303
4,488,154
69,435
Total operating expenses
14,791,847
9,247,607
28,375,068
22,376,670
1,153,719
Operating loss
(17,557,314)
(12,206,572)
(33,749,587)
(28,269,918)
(762,819)
Interest expense, related party
1,038,826
279,699
1,914,610
401,561
—
Interest income
(716)
(7)
(716)
(7)
—
Other income, related party
—
—
—
—
(341,954)
Other income, net
(173,975)
(2,080,135)
(631,863)
(3,876,149)
—
Total other expense (income) , net
864,135
(1,800,443)
1,282,031
(3,474,595)
(341,954)
Net loss
$
(18,421,449)
$
(10,406,129)
$
(35,031,618)
$
(24,795,323)
$
(420,865)
EVgo
HoldCo, LLC (Successor) and EVgo Services, LLC
(Predecessor)
Condensed Consolidated
Statements of Cash Flows
Successor
Predecessor
(unaudited)
January 16,
January 1,
Six months
2020
2020
ended
through
through
June 30,
June 30,
January 15,
2021
2020
2020
Cash flows from operating
activities
Net loss
$
(35,031,618)
(24,795,323)
(420,865)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities
Depreciation, amortization, and
accretion
10,207,361
8,540,764
367,659
Net loss on disposal of property and
equipment
346,628
295,153
—
Share based compensation
1,010,319
451,638
12,733
Interest on note payable, related
party
1,914,611
401,561
—
Other
96,577
104,286
—
Changes in operating assets and
liabilities
Accounts receivable
(160,782)
527,387
32,963
Receivables from related parties
—
—
(333,527)
Prepaid expenses and other current and
noncurrent assets
278,822
852,103
(45,882)
Accounts payable
(1,338,931)
(549,195)
315,011
Accrued expenses
1,284,507
(788,978)
(247,585)
Deferred revenue
20,777,818
(252,562)
(36,866)
Customer deposits
(1,122,690)
(306,966)
12,538
Payables to related parties
1,419,254
140,483
(1,031)
Other current and noncurrent
liabilities
(1,039,143)
(32,704)
—
Net cash used in operating activities
(1,357,267)
(15,412,353)
(344,852)
Cash flows from investing
activities
Purchases of property and equipment
(23,340,749)
(7,568,384)
(165,608)
Net cash used in investing activities
(23,340,749)
(7,568,384)
(165,608)
Cash flows from financing
activities
Proceeds from note payable, related
party
24,000,000
20,750,000
—
Payments on note payable, related
party
(5,500,000)
—
—
Capital-build funding, net
1,337,030
2,933,067
—
Payment of deferred offering costs
(1,652,088)
—
—
Contributions
—
5,316,124
—
Net cash provided by financing
activities
18,184,942
28,999,191
—
Net (decrease) increase in cash and
restricted cash
(6,513,074)
6,018,454
(510,460)
Cash and restricted cash, beginning of
period
7,914,150
257,288
1,403,172
Cash and restricted cash, end of
period
$
1,401,076
6,275,742
892,712
Supplemental disclosure of noncash
investing and financing activities
Asset retirement obligations incurred
$
787,214
$
628,562
$
—
Purchases of property and equipment in
accounts payable and accrued liabilities
$
9,076,659
$
1,604,925
$
1,758,727
Accrued deferred offering costs
$
4,870,103
$
—
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210811005381/en/
EVgo For Investors: Ted Brooks, VP of Investor Relations
investors@evgo.com 310-954-2943 For Media: press@evgo.com
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