EVgo Inc. 2021 Second Quarter Results

General Motors and BrightDrop, a new business created and wholly owned by GM that is reimagining commercial delivery and logistics for an all-electric future, today announced the Ultium Charge 360 fleet charging service, a comprehensive approach designed to help make the switch to electric seamless for fleet customers by connecting them with services, features and resources.

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●      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, 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. 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 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 gain 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.” 

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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 the credit or have a home Level 2 charger installation supported by Chevrolet.

As of the end of the 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.

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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.

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●      Revenue of $4.8 million

●      Network throughput of 6.1 Gigawatt-hours (GWh)

●      Customer Accounts added of 34,618

●      Charger stalls in operation: EVgo placed 104 new charger stalls into service during the second quarter, raising its total charger stalls in operation to 1,548, as of June 30, 2021

●      Gross Loss of $2.8 million

●      Net Loss of $18.4 million

●      Adjusted Gross Loss of $61 thousand

●      Adjusted EBITDA of $(11.0) million

●      Cash Flow from Operations of $(1.4) million for the six months ended June 30, 2021

●      Capital Expenditures of$23.3 million for the six months ended June 30, 2021

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