Loading...
01/10 16:07
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reflects strong financial growth, with a 36% YoY revenue increase and improved adjusted gross margins. Despite a slight decline in charging network gross margin, the company's strategic partnerships, including a significant loan guarantee, and expansion plans in the autonomous vehicle market are promising. The Q&A highlighted stable pricing and resilience against regulatory changes. Although management was vague about private funding details, the overall sentiment remains positive due to the company's growth trajectory and strategic initiatives.
Total Revenue $75 million, a 36% year-over-year increase driven primarily by charging networks and extend revenue.
Charging Network Revenue $47.1 million, a 49% year-over-year increase from $31.6 million, driven by increased utilization and throughput.
Extend Revenue $23.5 million, a 23% year-over-year increase from $19.2 million, due to more construction projects and recognition of prior year costs.
Charging Network Gross Margin 37.1%, down 370 basis points year-over-year due to the absence of $2.5 million breakage revenue from the prior year and higher maintenance costs.
Adjusted Gross Profit $25.4 million, up from $17.3 million year-over-year, reflecting improved revenue and operational efficiencies.
Adjusted Gross Margin 33.7%, an increase of 240 basis points compared to last year, driven by revenue growth outpacing cost increases.
Adjusted G&A as a Percentage of Revenue 41.6%, improved from 44.4% in the prior year, demonstrating operating leverage.
Adjusted EBITDA Negative $5.9 million, an improvement of $1.3 million compared to negative $7.2 million in the prior year.
Public Network Throughput 83 gigawatt hours, a 60% increase year-over-year, driven by increased EV adoption and utilization.
Public Network Utilization 24%, up from 19% year-over-year, indicating improved usage of charging stations.
Capex for 2025 Vintage Stalls Expected to be roughly $135,000 per stall, an 8% reduction from 2024 vintage stalls.
Cash Balance $171 million in cash, cash equivalents, and restricted cash at the end of the quarter.
New Product Launches: Launched native NACS connectors at the first site in February, with plans to add more NACS connectors throughout 2025.
Flagship Stalls: Plan to launch the first of 400 new flagship stalls in partnership with GM, featuring ultra-fast 350 kilowatt chargers and enhanced customer amenities.
Market Expansion: Added over 180 new operational stalls this quarter, bringing the total to over 4,200 operational stalls.
Growth in Non-Tesla EV Sales: Non-Tesla EV sales grew over 35% compared to Q1 last year, indicating a broader market for EVgo's services.
Operational Efficiencies: Achieved a 37% decline in call center costs per call compared to last year.
Capex Reduction: Expected to lower gross capex per stall by 30% through a joint development agreement with Delta Electronics.
Strategic Financing: Secured a $1.25 billion loan guarantee from the Department of Energy to fund growth and expansion.
Customer Experience Improvement: Improved customer experience metrics, with 95% of sessions resulting in a successful charge on the first try.
Tariff Impact: Approximately 25% of total capex cost per stall is subject to tariffs, with an estimated impact of around $4 million to $5 million depending on final tariff rates. However, the company expects to deliver $10 million in capex efficiencies this year that will offset this impact.
Supply Chain Challenges: The nationwide growth of DC fast charging stations has been flat for the past seven quarters, with a 16% decline in Q1 from the prior quarter. A higher tariff environment may lead to a continued fall in the supply of new fast charging stations.
Competitive Pressures: Tesla's share of new fast charging has declined from around 70% in 2022 to less than 20% recently. Other automotive OEMs may slow growth in fast charging as they allocate capital to other priorities.
Economic Factors: The overall supply-demand imbalance in the fast charging market may be exacerbated by a higher tariff environment, potentially impacting both the supply of fast chargers and the demand for EVs.
Regulatory Issues: Federal incentives for EV charging infrastructure may be on hold, affecting the capital allocation of site hosts and automotive OEMs.
Operational Growth: EVgo added over 180 new operational stalls this quarter, totaling over 4,200 operational stalls.
Loan Guarantee: Closed on a $1.25 billion loan guarantee with the Department of Energy to secure financing for growth.
Customer Experience: Improving customer experience remains a top priority, with 21% of sites having six or more stalls.
Charging Infrastructure: Deployment of ultra-fast high power chargers increased to 52% of stalls.
Dynamic Pricing: Investments in customer marketing and dynamic pricing have led to increased utilization during peak hours.
NACS Connectors: Launched native NACS connectors at the first site, with plans to expand throughout 2025.
Flagship Stalls: Plan to launch 400 new flagship stalls in partnership with GM, featuring advanced amenities.
Autonomous Vehicle Partnerships: Expect to expand dedicated stalls for autonomous vehicle partners, currently holding a 20% market share.
Revenue Expectations: Total revenue expected in the range of $340 million to $380 million for 2025.
Charging Network Revenue: Charging network revenue anticipated to be two-thirds of full year revenue.
Adjusted EBITDA: Targeting adjusted EBITDA breakeven in 2025, with a range of negative $5 million to positive $10 million.
Capex Guidance: Fiscal capex net of offsets expected to be in the range of $160 million to $180 million.
Stall Growth Outlook: Expecting 1,200 to 1,400 new stalls in 2025, with 50% operationalizing in Q4.
Loan Guarantee: EVgo closed on a $1.25 billion loan guarantee with the Department of Energy, which secures financing for growth and expansion.
Capex Efficiency: EVgo expects to deliver $10 million in capex efficiencies this year.
Capex Reduction: The next generation of charging architecture is expected to lower gross capex per stall by 30%.
2025 Capex Guidance: Fiscal capex net of offsets is expected to be in the range of $160 million to $180 million.
Stall Growth: EVgo plans to add 1,200 to 1,400 new stalls in 2025, with a significant portion funded by the DoE loan.
The earnings call highlights strong strategic planning, with significant growth in revenue projections, stall expansion, and market demand. The Q&A section supports this with positive insights into EV demand, Tesla engagement, and competitive advantages. While there are some uncertainties, such as the quantification of Tesla usage and muted gross margin expansion, the overall sentiment remains positive due to optimistic guidance and strategic partnerships. The market is likely to react positively to the promising growth outlook and strategic initiatives.
The earnings call summary and Q&A session indicate strong operational growth, improved financial metrics, and strategic partnerships, such as with GM, which are likely to boost stock price. Despite a firmware issue impacting Q2, recovery is evident, and future plans for NACS connectors and AV partnerships are promising. The DOE loan and strategic use of incentives enhance financial health. While management avoided 2026 EBITDA guidance, the overall sentiment, bolstered by increased revenue and positive market strategies, suggests a positive stock price movement over the next two weeks.
The earnings call reflects strong financial growth, with a 36% YoY revenue increase and improved adjusted gross margins. Despite a slight decline in charging network gross margin, the company's strategic partnerships, including a significant loan guarantee, and expansion plans in the autonomous vehicle market are promising. The Q&A highlighted stable pricing and resilience against regulatory changes. Although management was vague about private funding details, the overall sentiment remains positive due to the company's growth trajectory and strategic initiatives.
The earnings call highlights strong financial performance, including increased adjusted gross profit and margin, improved EBITDA, and higher cash reserves, which are positive indicators. The raised revenue guidance and path to profitability by 2025 further support a positive outlook. Despite some uncertainties in the Q&A, such as variability in revenue guidance and funding conditions, the overall sentiment remains optimistic with strategic advancements in charging infrastructure and partnerships. The positive sentiment is reinforced by the 2024 revenue guidance raise and the significant improvements in financial metrics.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
