EVgo Inc. Reports Record Second Quarter 2025 Results

$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 14th consecutive quarter of double-digit year-over-year charging revenue growth.Network throughput reached 88 gigawatt-hours (“GWh”) 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) (“EVgo” or the “Company”) 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’s results and other business highlights. “EVgo delivered another record quarter powered by strong operational performance, improved operating efficiencies and focused execution on our financial initiatives,” said Badar Khan, EVgo’s CEO. “Our groundbreaking financing transaction marks the first of its kind in our sector, and will help accelerate stall growth and further EVgo’s 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.” Business Highlights Commercial Loan Facility: On July 23, 2025, EVgo secured a commercial bank financing facility (the “Facility”) 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’s 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™ 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 millionNetwork Throughput1 of 88 gigawatt-hoursCustomer Account Additions of over 122,000 accountsGross Profit of $13.9 millionNet Loss Attributable to Class A Common Stockholders of $13.0 millionAdjusted Gross Profit2 of $28.4 millionAdjusted EBITDA2 of ($1.9) millionNet Cash Provided by Operating Activities of $14.1 millionCapital Expenditures of $26.2 millionCapital Expenditures, Net of Capital Offsets2 of $17.1 million 1 Network throughput for EVgo public network excludes dedicated and eXtend™ 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 (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release. (unaudited, dollars in thousands) Q2'25 Q2'24 Better (Worse) Q2'25 YTD Q2'24 YTD Better (Worse)Network Throughput (GWh) 88 65 35% 172 117 47%Revenue $98,030 $66,619 47% $173,317 $121,777 42%Gross profit $13,908 $6,398 117% $23,231 $13,239 75%Gross margin 14.2% 9.6% 460 bps 13.4% 10.9% 250 bpsNet loss $(29,821) $(29,610) (1)% $(56,048) $(57,803) 3%Adjusted Gross Profit¹ $28,359 $17,658 61% $53,729 $34,945 54%Adjusted Gross Margin1 28.9% 26.5% 240 bps 31.0% 28.7% 230 bpsAdjusted EBITDA1 $(1,933) $(7,982) 76% $(7,862) $(15,189) 48% 1 Adjusted Gross Profit, Adjusted Gross Margin, and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with GAAP. For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials. (unaudited, dollars in thousands) Q2'25 Q2'24 Change Q2'25 YTD Q2'24 YTD ChangeCash flows provided by (used in) operating activities $14,089 $7,556 86% $3,843 $(6,526) 159% GAAP capital expenditures $26,199 $24,196 8% $41,191 $45,267 (9)%Less capital offsets: OEM infrastructure payments 1,898 5,956 (68)% 6,873 11,782 (42)%Proceeds from capital-build funding 7,180 4,459 61% 9,051 6,139 47%Total capital offsets 9,078 10,415 (13)% 15,924 17,921 (11)%Capital Expenditures, Net of Capital Offsets1 $17,121 $13,781 24% $25,267 $27,346 (8)% 1 Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in these materials. 6/30/2025 6/30/2024 IncreaseStalls in operation: EVgo public network1 3,480 3,190 9%EVgo dedicated network2 110 40 175%EVgo eXtend™ 760 190 300%Total stalls in operation 4,350 3,420 27% 1 Stalls on publicly available chargers at charging stations that we own and operate on our network.2 Stalls at charging stations that we own and operate on our network that are only available to dedicated fleet customers. 2025 Financial Guidance EVgo is updating guidance as follows: Total revenue guidance of $350 – $380 millionAdjusted EBITDA* of $(5) million – $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 “Definitions of Non-GAAP Financial Measures” included elsewhere in this release. Webcast Information A live audio webcast for EVgo’s 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’s 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 “forward-looking statements” 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’s future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” 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’s 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’s future financial and operating performance; EVgo’s future profitability and priorities, including achieving breakeven Adjusted EBITDA; the Facility, including expectations regarding its impact on stall growth and the Facility’s effect on EVgo’s financial performance; EVgo’s development of next generation charging architecture; and EVgo’s 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’s 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’s business; EVgo’s dependence on the widespread adoption of electric vehicles (“EVs”) and growth of the EV and EV charging markets; EVgo’s 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 “DOE Loan”) and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s 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’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s 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’s 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’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo’s 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’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. 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 EVgo Inc. and SubsidiariesCondensed Consolidated Balance Sheets June 30, 2025 December 31, 2024(in thousands) (unaudited) Assets Current assets Cash and cash equivalents $154,468 $117,273 Restricted cash, current 22,425 3,239 Accounts receivable, net of allowance of $1,292 and $1,196 as of June 30, 2025 and December 31, 2024 31,860 45,849 Accounts receivable, capital-build 16,239 17,732 Prepaids and other current assets 27,386 21,282 Total current assets 252,378 205,375 Restricted cash, noncurrent 6,484 — Property, equipment and software, net 415,714 414,968 Operating lease right-of-use assets 93,879 89,295 Other assets 30,273 24,321 Intangible assets, net 34,877 38,750 Goodwill 31,052 31,052 Total assets $864,657 $803,761 Liabilities, redeemable noncontrolling interest and stockholders’ deficit Current liabilities Accounts payable $9,828 $13,031 Accrued liabilities 53,381 42,953 Operating lease liabilities, current 7,039 7,326 Deferred revenue, current 45,890 46,258 Other current liabilities 2,013 1,842 Total current liabilities 118,151 111,410 Operating lease liabilities, noncurrent 87,792 83,043 Asset retirement obligations 25,597 23,793 Capital-build liability 53,273 51,705 Deferred revenue, noncurrent 70,609 70,466 Earnout liability, at fair value 374 942 Warrant liabilities, at fair value 4,036 9,740 Other long-term liabilities 7,705 8,931 Long-term debt 96,540 — Total liabilities 464,077 360,030 Commitments and contingencies Redeemable noncontrolling interest $630,720 $699,840 Stockholders’ deficit Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; none issued and outstanding — — Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 133,526,365 and 129,973,698 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of June 30, 2025 and December 31, 2024, respectively 13 13 Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 172,800,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024 17 17 Accumulated deficit (230,170) (256,139)Total stockholders’ deficit (230,140) (256,109)Total liabilities, redeemable noncontrolling interest and stockholders’ deficit $864,657 $803,761 EVgo Inc. and SubsidiariesCondensed Consolidated Statements of Operations(unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2025 2024 Change % 2025 2024 Change %Revenue Charging, retail $32,779 $22,336 47% $62,794 $40,662 54%Charging, commercial¹ 8,573 6,176 39% 16,356 11,283 45%Charging, OEM 7,908 3,638 117% 13,166 6,370 107%Regulatory credit sales 2,450 1,749 40% 5,236 3,783 38%Network, OEM 118 1,627 (93)% 1,374 5,050 (73)%Total charging network 51,828 35,526 46% 98,926 67,148 47%eXtend 37,385 27,667 35% 60,873 46,818 30%Ancillary¹ 8,817 3,426 157% 13,518 7,811 73%Total revenue 98,030 66,619 47% 173,317 121,777 42% Cost of sales Charging network¹ 32,545 23,056 41% 62,154 41,766 49%Other¹ 37,235 26,016 43% 57,635 45,264 27%Depreciation, net of capital-build amortization 14,342 11,149 29% 30,297 21,508 41%Total cost of sales 84,122 60,221 40% 150,086 108,538 38%Gross profit 13,908 6,398 117% 23,231 13,239 75% Operating expenses General and administrative 40,596 33,827 20% 79,224 68,053 16%Depreciation, amortization and accretion 4,124 4,958 (17)% 8,219 9,943 (17)%Total operating expenses 44,720 38,785 15% 87,443 77,996 12%Operating loss (30,812) (32,387) 5% (64,212) (64,757) 1% Interest expense (909) — * (1,426) — *Interest income 1,718 2,064 (17)% 3,412 4,337 (21)%Other income (expense), net 5 (8) 163% — (17) 100%Change in fair value of earnout liability (180) 101 (278)% 568 309 84%Change in fair value of warrant liabilities 360 677 (47)% 5,704 2,395 138%Total other income, net 994 2,834 (65)% 8,258 7,024 18%Loss before income tax expense (29,818) (29,553) (1)% (55,954) (57,733) 3%Income tax expense (3) (57) 95% (94) (70) (34)%Net loss (29,821) (29,610) (1)% (56,048) (57,803) 3%Less: net loss attributable to redeemable noncontrolling interest (16,823) (19,233) 13% (31,688) (37,593) 16%Net loss attributable to Class A common stockholders $(12,998) $(10,377) (25)% $(24,360) $(20,210) (21)% Net loss per share to Class A common stockholders, basic and diluted $(0.10) $(0.10) $(0.18) $(0.19) Weighted average Class A common stock outstanding, basic and diluted 133,484 105,584 132,644 105,130 * Percentage not meaningful¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation. EVgo Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows(unaudited) Six Months Ended June 30, (in thousands) 2025 2024 Cash flows from operating activities Net loss $(56,048) $(57,803)Adjustments to reconcile net loss to net cash provided by (used in) operating activities Depreciation, amortization and accretion 38,516 31,451 Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 4,518 5,497 Share-based compensation 12,525 10,103 Change in fair value of earnout liability (568) (309)Change in fair value of warrant liabilities (5,704) (2,395)Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest 1,401 — Gain on sales-type lease (2,500) — Other 83 5 Changes in operating assets and liabilities Accounts receivable, net 13,988 112 Prepaids and other current assets and other assets (4,643) 1,324 Operating lease assets and liabilities, net (121) (3)Accounts payable (4,875) 6,130 Accrued liabilities 8,737 (5,764)Deferred revenue (224) 5,461 Other current and noncurrent liabilities (1,242) (335)Net cash provided by (used in) operating activities 3,843 (6,526)Cash flows from investing activities Capital expenditures (41,191) (45,267)Proceeds from insurance for property losses 24 152 Net cash used in investing activities (41,167) (45,115)Cash flows from financing activities Proceeds from long-term debt 94,180 — Proceeds from capital-build funding 9,051 6,139 Payments of withholding tax on net issuance of restricted stock units (529) — Payments of deferred debt issuance costs (2,513) (908)Net cash provided by financing activities 100,189 5,231 Net increase (decrease) in cash, cash equivalents and restricted cash 62,865 (46,410)Cash, cash equivalents and restricted cash, beginning of period 120,512 209,146 Cash, cash equivalents and restricted cash, end of period $183,377 $162,736 Use of Non-GAAP Financial Measures To supplement EVgo’s 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’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results. EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s 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’s institutional investors and the analyst community to help them analyze the health of EVgo’s business. For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures.” 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: “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.” 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’s 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’s 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’s 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’s 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’s 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: (unaudited, dollars in thousands) Q2'25 Q2'24 Change Q2'25 YTD Q2'24 YTD ChangeGAAP revenue $98,030 $66,619 47% $173,317 $121,777 42% GAAP net loss $(29,821) $(29,610) (1)% $(56,048) $(57,803) 3%GAAP net loss margin (30.4%) (44.4%) 1,400 bps (32.3)% (47.5)% 1,520 bps EBITDA adjustments: Depreciation, net of capital-build amortization $14,417 $11,288 28% $30,456 $21,764 40%Amortization 3,330 4,342 (23)% 6,754 8,805 (23)%Accretion 719 477 51% 1,306 882 48%Interest expense 909 — * 1,426 — *Interest income (1,718) (2,064) 17% (3,412) (4,337) 21%Income tax expense 3 57 (95)% 94 70 34%Total EBITDA adjustments 17,660 14,100 25% 36,624 27,184 35%EBITDA $(12,161) $(15,510) 22% $(19,424) $(30,619) 37%EBITDA Margin (12.4%) (23.3%) 1,090 bps (11.2)% (25.1)% 1,390 bps Adjusted EBITDA Adjustments: Share-based compensation $7,031 $5,402 30% $12,525 $10,103 24%Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 3,319 2,757 20% 4,518 5,497 (18)%Loss on investments — — * — 5 (100)%Bad debt expense 58 81 (28)% 651 311 109%Change in fair value of earnout liability 180 (101) 278% (568) (309) (84)%Change in fair value of warrant liabilities (360) (677) 47% (5,704) (2,395) (138)%Other1 — 66 (100)% 140 2,218 (94)%Total Adjusted EBITDA adjustments 10,228 7,528 36% 11,562 15,430 (25)%Adjusted EBITDA $(1,933) $(7,982) 76% $(7,862) $(15,189) 48%Adjusted EBITDA Margin (2.0%) (12.0%) 1,000 bps (4.5)% (12.5)% 800 bps * Percentage greater than 999% or not meaningful.¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024. The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures: (unaudited, dollars in thousands) Q2'25 Q2'24 Change Q2'25 YTD Q2'24 YTD ChangeGAAP total charging network revenue1 $51,828 $35,526 46% $98,926 $67,148 47%GAAP charging network cost of sales1 32,545 23,056 41% 62,154 41,766 49%Charging Network Gross Profit $19,283 $12,470 55% $36,772 $25,382 45%Charging Network Gross Margin 37.2% 35.1% 210 bps 37.2% 37.8% (60) bps ¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation. 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: (unaudited, dollars in thousands) Q2'25 Q2'24 Change Q2'25 YTD Q2'24 YTD ChangeGAAP revenue $98,030 $66,619 47% $173,317 $121,777 42%GAAP cost of sales 84,122 60,221 40% 150,086 108,538 38%GAAP gross profit $13,908 $6,398 117% $23,231 $13,239 75%GAAP cost of sales as a percentage of revenue 85.8% 90.4% (460) bps 86.6% 89.1% (250) bpsGAAP gross margin 14.2% 9.6% 460 bps 13.4% 10.9% 250 bps Adjusted Cost of Sales adjustments Depreciation, net of capital-build amortization $14,342 $11,149 29% $30,297 $21,508 41%Share-based compensation 109 111 (2)% 201 198 2%Total Adjusted Cost of Sales adjustments $14,451 $11,260 28% 30,498 $21,706 41% Adjusted Cost of Sales $69,671 $48,961 42% $119,588 $86,832 38%Adjusted Cost of Sales as a Percentage of Revenue 71.1% 73.5% (240) bps 69.0% 71.3% (230) bps Adjusted Gross Profit $28,359 $17,658 61% $53,729 $34,945 54%Adjusted Gross Margin 28.9% 26.5% 240 bps 31.0% 28.7% 230 bps 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: (unaudited, dollars in thousands) Q2'25 Q2'24 Change Q2'25 YTD Q2'24 YTD ChangeGAAP revenue $98,030 $66,619 47% $173,317 $121,777 42% GAAP general and administrative expenses $40,596 $33,827 20% $79,224 $68,053 16%GAAP general and administrative expenses as a percentage of revenue 41.4% 50.8% (940) bps 45.7% 55.9% (1,020) bps Less adjustments: Share-based compensation $6,922 $5,291 31% $12,324 $9,905 24%Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 3,319 2,757 20% 4,518 5,497 (18)%Bad debt expense 58 81 (28)% 651 311 109%Other1 — 66 (100)% 140 2,218 (94)%Total adjustments 10,299 8,195 26% 17,633 17,931 (2)%Adjusted General and Administrative Expenses $30,297 $25,632 18% $61,591 $50,122 23%Adjusted General and Administrative Expenses as a Percentage of Revenue 30.9% 38.5% (760) bps 35.5% 41.2% (570) bps ¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024. The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure: (unaudited, dollars in thousands) Q2'25 Q2'24 Change Q2'25 YTD Q2'24 YTD ChangeGAAP capital expenditures $26,199 $24,196 8% $41,191 $45,267 (9)% Less capital offsets: OEM infrastructure payments $1,898 $5,956 (68)% $6,873 $11,782 (42)%Proceeds from capital-build funding 7,180 4,459 61% 9,051 6,139 47%Total capital offsets 9,078 10,415 (13)% 15,924 17,921 (11)%Capital Expenditures, Net of Capital Offsets $17,121 $13,781 24% $25,267 $27,346 (8)% * Percentage not meaningful

EVgo Inc. Reports Record Second Quarter 2025 Results

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