EVgo (EVGO) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2024 was $67.5 million, a 35$256.8 million, up 60% from 2023[2] - Total revenue for Q4 2024 was $67.5 million, a 35$50.0 million in Q4 2023[24] - GAAP revenue for Q4'24 was $67,513 thousand, representing a 35$256,825 thousand, up 60% from FY 2023[39] Charging Network Performance - Charging network revenue in Q4 2024 was $46.5 million, a 73$46.5 million in Q4 2024, up 73% from $26.9 million in Q4 2023[24] - Charging Network Gross Profit for Q4 2024 was$18,838 thousand, up 116% from $8,719 thousand in Q4 2023[37] - Charging Network Gross Margin increased to 40.5$126.7 million, a 6% improvement compared to a net loss of $135.5 million in 2023[24] - GAAP net loss for Q4 2024 was$(35,608) thousand, a 3% improvement compared to $(36,589) thousand in Q4 2023[34] - Adjusted EBITDA for Q4 2024 was ($8.4) million, improving 40% from the previous year[10] - Adjusted EBITDA for Q4 2024 was $(8,404) thousand, a 40$(13,962) thousand in Q4 2023[34] Cash and Assets - Cash and cash equivalents decreased to $117.3 million as of December 31, 2024, from$208.7 million in 2023[22] - Total assets as of December 31, 2024, were $803.8 million, slightly down from$806.6 million in 2023[22] Expenses and Cost Management - Operating expenses for Q4 2024 were $44.8 million, a marginal increase of 1$44.4 million in Q4 2023[24] - Adjusted General and Administrative Expenses for Q4'24 were $31,159 thousand, a 14$108,150 thousand, a 7% increase year-over-year[39] - GAAP General and Administrative Expenses as a percentage of revenue decreased to 59.2% in Q4'24 from 77.6% in Q4'23, and for FY 2024, it decreased to 55.0% from 88.9% in FY 2023, reflecting a significant improvement[39] Capital Expenditures - Capital expenditures for the year were $94.8 million, a decrease from$158.9 million in 2023[26] - Capital expenditures for Q4'24 were $23,685 thousand, down 32$94,787 thousand, a 40% decrease compared to FY 2023[40] - Capital expenditures, net of capital offsets, for Q4'24 were $13,823 thousand, a 36$46,377 thousand, down 62% from FY 2023[40] Debt and Financing - The company generated $13.1 million in net cash from financing activities in 2024, compared to$143.0 million in 2023[26] - EVgo secured a loan guarantee of up to $1.25 billion from the U.S. Department of Energy to build approximately 7,500 fast charging stalls over the next five years[4] Adjustments and Reclassifications - The company reclassified certain revenues and costs in FY 2024, impacting the presentation of financial results[37] - Total adjustments to General and Administrative Expenses in Q4'24 amounted to$8,805 thousand, a 24% decrease from Q4'23, while FY 2024 total adjustments were $32,981 thousand, down 22% year-over-year[39]