Core Viewpoint - EVgo's stock is poised for significant growth due to a potential $1.05 billion loan guarantee from the U.S. Department of Energy, which could enhance its EV charging network expansion and financial performance [2][3][7] Group 1: Financial Performance and Projections - EVgo reported a 92% year-over-year increase in revenue for the third quarter, raising its full-year revenue guidance to between $250 million and $265 million [6] - The company anticipates adjusted EBITDA to break even by 2025, indicating a positive outlook for profitability [6] - Analyst Jim Peterson expects EVgo to upgrade its EBITDA targets once the DOE loan is secured, placing the stock on "positive catalyst watch" [3] Group 2: Market Position and Growth - EVgo is one of the largest public EV charging networks in the U.S., with over 1,000 fast-charging locations across 40 states [2] - The company added 270 new operational stalls in the third quarter, and its network throughput more than doubled year-over-year during the same period [4] - EVgo has extended its partnership with grocery retailer Meijer to deploy 480 new public fast-charging stalls at Meijer properties in the Midwest, further expanding its network [5] Group 3: Market Sentiment and Risks - Despite concerns regarding the Trump administration potentially eliminating the $7,500 EV tax credit, which could impact EV demand, Peterson believes EVgo's business model is not heavily reliant on federal incentives [4] - The stock has shown volatility, rebounding sharply by 27% at its highest point in trading, reflecting investor interest and market dynamics [1]

Core Viewpoint - The potential removal of the clean energy tax credit poses a threat, but EVgo Inc. is positioned for success due to improving vehicle affordability and a stable EV fleet [1][3]. Group 1: Market Dynamics - EVgo sees improving affordability of a wider range of vehicles as the main driver for mass EV adoption, with a forecast that a 40% decline in new EV sales is unlikely to impact its growth trajectory [1]. - Even without the tax credit, a 16% penetration of battery electric vehicles in the US by 2030 is still considered achievable [1]. Group 2: Strategic Positioning - EVgo's strategic presence in Republican-led states like Texas, Florida, and Arizona provides a competitive advantage, as these regions have less stringent emissions standards compared to California [3]. - The company is relatively insulated from new EV sales growth due to its ongoing momentum from a stable and growing EV fleet, with additional growth opportunities in autonomous and rideshare markets [3]. Group 3: Financial Outlook - EVgo's confidence in securing a Department of Energy loan is strong, with expectations that it will lead to upward revisions in EBITDA targets and a clear build schedule through 2030 [4]. - Concerns regarding potential clawbacks of funds are deemed exaggerated, as the government is unlikely to renegotiate finalized contracts, especially if infrastructure development boosts EV demand and US competitiveness [4]. Group 4: Growth Potential - With 10,000 viable charging sites and plans for further expansion, EVgo's growth trajectory remains bullish, supported by increasing opportunities as EV adoption rises [5].

Core Viewpoint - Electric vehicle (EV) stocks experienced a positive reaction following reports that the Trump administration may reduce regulatory burdens for autonomous driving, although the specifics remain unclear [1][4]. Group 1: Stock Performance - Lucid's stock increased by as much as 9.5%, Rivian's shares rose by 6.6%, and EVgo's stock jumped 15.8% in early trading, with respective gains settling at 5.7%, 0.4%, and 7.5% by 3:30 p.m. ET [2]. Group 2: Market Dynamics - The EV market has seen fluctuating narratives since Trump's election, initially perceived as a potential economic boom for EV sales, later shifting to concerns over cuts to EV subsidies, including the $7,500 tax credit [3][5]. - The current focus is on autonomous driving, with Tesla aiming to advance its Full Self-Driving (FSD) software despite regulatory challenges across states [3][4]. Group 3: Financial Challenges - Lucid reported a net income loss of $2.97 billion, Rivian's loss was $5.524 billion, and EVgo's loss was $44.52 million, highlighting the financial struggles of these companies [6]. - Both Lucid and Rivian have not demonstrated the ability to achieve gross profit on their production, raising concerns about their path to profitability in a competitive EV market [7][9]. Group 4: Speculation vs. Fundamentals - The market is currently driven by speculation, influenced by political comments and potential winners and losers in the EV sector, contrasting with the underlying fundamentals that indicate increasing competition and significant financial losses [8][9]. - The outlook for profitability remains uncertain for companies like Lucid and Rivian, as they continue to incur substantial losses while trying to scale their operations [9][10].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39572 EVgo Inc. (Exact name of registrant as specified in its charter) Delaware 85-2326098 (State or othe ...

Financial Data and Key Metrics - Revenue for Q3 2024 was $67.5 million, a 92% year-over-year increase, driven by growth in charging network and eXtend revenues [27] - Charging network revenue grew 98% year-over-year to $43.1 million, with retail, commercial, and OEM charging revenue each at least doubling [27] - eXtend revenue increased 109% year-over-year to $21.9 million [27] - Adjusted EBITDA loss improved to $8.9 million, a $5.4 million improvement compared to Q3 2023 [32] - Cash, cash equivalents, and restricted cash stood at $153.4 million as of September 30, 2024 [33] - The company generated $12.1 million in cash from operations in Q3 2024, marking the second consecutive quarter of positive cash flow [33] Business Line Data and Key Metrics - Operational stalls grew by 34% year-over-year, with 270 new stalls added in Q3 2024, bringing the total to 3,680 stalls [28] - Customer accounts increased by 57% year-over-year to over 1.2 million [28] - Network throughput more than doubled year-over-year to 78 gigawatt hours, with utilization increasing to 22% from 14% a year ago [29] - 56% of EV gross throughput came from Rideshare, OEM charging credit, and subscription accounts in Q3 [25] - The company added over 147,000 new customer accounts in Q3, a 39% increase compared to the same period last year [25] Market Data and Key Metrics - The company now has operational stalls in 40 states, with strong growth in throughput across all states, indicating widespread EV adoption in the US [6] - Over 40% of new stalls are expected to be in marginalized areas, aligning with the Justice 40 initiative [11] - The EV market in the US is transitioning from early adopters to the mass market, driven by more affordable vehicles [9] - The ratio of EVs to public fast charging stalls is expected to grow to nearly 180 by 2030, up from just under 90 at the end of 2023 [16] Company Strategy and Industry Competition - The company is focused on improving the customer experience, operating efficiencies, capturing high-value customers, and securing financing to achieve free cash flow breakeven [19] - EVgo is co-developing next-generation charging architecture with Delta Electronics, targeting a 30% reduction in gross CAPEX per stall [8][23] - The company is leveraging partnerships with rideshare companies and OEMs to drive predictable demand and growth [15][25] - EVgo is working on securing non-dilutive financing opportunities, including a $1.05 billion DOE loan, to accelerate stall deployment [9][26] Management Commentary on Operating Environment and Future Outlook - Management expects to achieve adjusted EBITDA breakeven in 2025, driven by continued EV adoption and operational efficiencies [36] - The company raised its 2024 revenue guidance midpoint by $2.5 million and adjusted EBITDA guidance midpoint by $4 million, reflecting strong performance and lower energy costs [34] - Management is confident in closing the DOE loan, which would accelerate stall deployment and improve unit economics [12][40] - The company sees significant growth opportunities from rideshare electrification, autonomous vehicles, and cable standardization [18][48] Other Important Information - EVgo completed the sale of 30C income tax credits for 2023 vintage stalls, generating $11 million in gross proceeds [26] - The company is deploying larger sites with 6-8 stalls per site, with 18% of sites having 6 or more stalls at the end of Q3 [19] - Autocharge+ adoption is growing, with 21% of sessions initiated through the seamless plug-and-charge experience [20] - The company is working on flagship sites with GM, featuring up to 20 or more stalls with advanced amenities [21] Q&A Session Summary Question: DOE Loan Closing Conditions and Timeline [39] - Management is confident in closing the DOE loan, with conditions largely within their control and no expectation of a lengthy process [40] Question: Near-Term Growth Drivers and eXtend Revenue [41] - Management expects continued growth in throughput and raised guidance for 2024, with eXtend revenue expected to decrease in Q4 due to project timing [42][43] Question: Utilization Rates Compared to Industry Averages [44] - EVgo's utilization rates are higher than many competitors due to strategic site selection and urban-focused deployments [45][46] Question: Autonomous Vehicle Charging Strategy [47] - The company sees autonomous vehicles as a significant growth opportunity and is building dedicated hubs for AV clients [48] Question: Tesla Charging Opportunity [50] - EVgo expects to attract Tesla drivers once the NACS connector is standardized, leveraging its urban network [51][52] Question: Expense Burden for DOE-Funded Expansion [54] - The company plans to leverage existing infrastructure and talent, with a focus on prudent growth and meeting EBITDA breakeven targets [55] Question: Alternative Funding Options [58] - EVgo is evaluating non-dilutive financing options to complement the DOE loan and expand stall deployment [59][60] Question: Delta Electronics Partnership and CAPEX Savings [61] - The partnership aims to reduce CAPEX per stall by 30% through improved customer experience and cost-efficient designs [62] Question: High Utilization Sites and DOE-Funded Sites [64] - The company expects no material difference in unit economics between current sites and those funded by the DOE loan, with continued improvements in utilization [65][66] Question: 30C Monetization Strategy [70] - EVgo is exploring strategies to maximize 30C monetization, potentially moving to semi-annual sales [70] Question: Rideshare and OEM Subscription Breakdown [71] - 56% of throughput comes from Rideshare and OEM subscriptions, with Rideshare accounting for 24% of commercial revenue [71]

Company Performance - EVgo Inc. reported a quarterly loss of $0.11 per share, slightly worse than the Zacks Consensus Estimate of a loss of $0.10, and compared to a loss of $0.09 per share a year ago, indicating an earnings surprise of -10% [1] - The company posted revenues of $67.54 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.66%, and showing significant growth from year-ago revenues of $35.11 million [2] - Over the last four quarters, EVgo has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - EVgo shares have increased approximately 50.8% since the beginning of the year, outperforming the S&P 500's gain of 25.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $67.94 million, and for the current fiscal year, it is -$0.40 on revenues of $258.74 million [7] Industry Outlook - The Automotive - Original Equipment industry, to which EVgo belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The outlook for the industry can significantly impact the performance of EVgo's stock, as historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Nasdaq: EVGO – investors.evgo.com Q3 2024 Earnings Call November 12, 2024 SAFE HARBOR & FORWARD-LOOKING STATEMENTS Forward-Looking Statements This presentation 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," "assu ...

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. | ...

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