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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 14^th consecutive quarter of double-digit year-over-year charging revenue growth.
• Network throughput reached 88 gigawatt-hours (鈥淕Wh鈥�) 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, Aug. 05, 2025 (GLOBE NEWSWIRE) -- EVgo Inc. (Nasdaq: EVGO) (鈥淓Vgo鈥� or the 鈥淐ompany鈥�) 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鈥檚 results and other business highlights.

鈥淓Vgo delivered another record quarter powered by strong operational performance, improved operating efficiencies and focused execution on our financial initiatives,鈥� said Badar Khan, EVgo鈥檚 CEO. 鈥淥ur groundbreaking financing transaction marks the first of its kind in our sector, and will help accelerate stall growth and further EVgo鈥檚 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.鈥�

Business Highlights

• Commercial Loan Facility: On July 23, 2025, EVgo secured a commercial bank financing facility (the 鈥淔acility鈥�) 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鈥檚 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鈩� efforts.
• 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鈩� 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 (鈥淕AAP鈥�). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see 鈥淒efinitions of Non-GAAP Financial Measures鈥� and 鈥淩econciliations of Non-GAAP Financial Measures鈥� included elsewhere in this release.

2025 Financial Guidance

EVgo is updating guidance as follows:

• Total revenue guidance of $350 鈥� $380 million
• Adjusted EBITDA^* of $(5) million 鈥� $10 million

* 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 鈥淒efinitions of Non-GAAP Financial Measures鈥� included elsewhere in this release.

Webcast Information

A live audio webcast for EVgo鈥檚 second quarter 2025 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com.

This press release, along with other investor materials that will be used or referred to during the webcast, 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 one of the nation鈥檚 leading public fast charging providers. With more than 1,100 fast charging stations across over 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.

Forward-Looking Statements

This press release contains 鈥渇orward-looking statements鈥� within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company鈥檚 future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as 鈥渆stimate,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥渇orecast,鈥� 鈥渋ntend,鈥� 鈥渨ill,鈥� 鈥渆xpect,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渟eek,鈥� 鈥渢arget,鈥� 鈥渁ssume鈥� 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鈥檚 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. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo鈥檚 future financial and operating performance; EVgo鈥檚 future profitability and priorities, including achieving breakeven Adjusted EBITDA; the Facility, including expectations regarding its impact on stall growth and the Facility鈥檚 effect on EVgo鈥檚 financial performance; EVgo鈥檚 development of next generation charging architecture; and EVgo鈥檚 progress on its network buildout. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo鈥檚 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 adversely affecting EVgo鈥檚 business; EVgo鈥檚 dependence on the widespread adoption of electric vehicles (鈥淓Vs鈥�) and growth of the EV and EV charging markets; EVgo鈥檚 reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the 鈥淒OE Loan鈥�) and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo鈥檚 ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo鈥檚 services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo鈥檚 revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo鈥檚 ability to obtain additional financing on commercially reasonable terms; EVgo鈥檚 ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo鈥檚 business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo鈥檚 ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo鈥檚 expansion plans, including permitting and utility-related delays; EVgo鈥檚 ability to integrate any businesses it acquires; EVgo鈥檚 ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo鈥檚 dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo鈥檚 ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo鈥檚 ability to maintain, protect and enhance EVgo鈥檚 intellectual property; EVgo鈥檚 ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, changing tariff and taxation policies, and geopolitical events such as the conflicts in Ukraine and the Middle East. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company鈥檚 filings with the Securities and Exchange Commission (the 鈥淪EC鈥�) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo鈥檚 website at investors.evgo.com, and on the SEC鈥檚 website at . The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

Financial Statements

Use of Non-GAAP Financial Measures

To supplement EVgo鈥檚 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鈥檚 performance by excluding certain items that may not be indicative of EVgo鈥檚 recurring core business operating results.

EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo鈥檚 performance. These non-GAAP financial measures also facilitate management鈥檚 internal comparisons to the Company鈥檚 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鈥檚 institutional investors and the analyst community to help them analyze the health of EVgo鈥檚 business.

For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled 鈥淒efinitions of Non-GAAP Financial Measures鈥� and 鈥淩econciliations of Non-GAAP Financial Measures.鈥�

Definitions of Non-GAAP Financial Measures

This release includes some, but not all of the following non-GAAP financial measures, in each case as defined below: 鈥淐harging Network Gross Profit,鈥� 鈥淐harging Network Gross Margin,鈥� 鈥淎djusted Cost of Sales,鈥� 鈥淎djusted Cost of Sales as a Percentage of Revenue,鈥� 鈥淎djusted Gross Profit (Loss),鈥� 鈥淎djusted Gross Margin,鈥� 鈥淎djusted General and Administrative Expenses,鈥� 鈥淎djusted General and Administrative Expenses as a Percentage of Revenue,鈥� 鈥淓BITDA,鈥� 鈥淓BITDA Margin,鈥� 鈥淎djusted EBITDA,鈥� 鈥淎djusted EBITDA Margin,鈥� and 鈥淐apital Expenditures, Net of Capital Offsets.鈥� With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that commence operations under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM鈥檚 customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo鈥檚 performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.

Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and 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鈥檚 financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.

EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo鈥檚 ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest income, (v) interest expense, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo鈥檚 ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph.

Reconciliations of Non-GAAP Financial Measures

The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:

The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures:

The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:

The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:

The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:

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