Financial News

EVgo Inc. Reports 2021 Second Quarter Results

  • On July 1, 2021, 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 (NYSE: GM) (“GM”), 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. (Nasdaq: EVGO) (“EVgo” or the “Company”) today 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 a 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 gains 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.”

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

As of the end of 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.

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.

  • 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



    ($ in 000s)

     

     

    Q2'21

     

     

    Q1'21

     

     

    Q2'20

    Network Throughput (GWh)

     

     

    6.1

     

     

    4.1

     

     

    2.7

    Revenue

     

    $

    4,783

     

    $

    4,130

     

    $

    2,957

    GAAP COGS

     

    $

    (7,549)

     

    $

    (6,740)

     

    $

    (5,916)

    GAAP Gross (Loss)

     

    $

    (2,765)

     

    $

    (2,609)

     

    $

    (2,959)

    GAAP G&A Expenses

     

    $

    (12,247)

     

    $

    (11,073)

     

    $

    (6,796)

    GAAP Net (Loss)

     

    $

    (18,421)

     

    $

    (16,610)

     

    $

    (10,406)

    Adj. Gross (Loss) 1

     

    $

    (61)

     

    $

    (162)

     

    $

    (711)

    Adj. Gross Margin1

     

     

    (1.3)%

     

     

    (3.9)%

     

     

    (24.0)%

    Adj. EBITDA1

     

    $

    (11,009)

     

    $

    (9,779)

     

    $

    (5,033)

    Adj. EBITDA Margin1

     

     

    (230.2)%

     

     

    (236.8)%

     

     

    (170.2)%

     

     

     

     

    H1'21

     

     

    H1'20

    Cash flow from operations

     

    $

    (1,357

    )

     

    $

    (15,757

    )

    Cash flow from investing

     

    $

    (23,341

    )

     

    $

    (7,734

    )

1.

Adjusted Gross Profit / (Loss), Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin 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 “Definition of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release. COGS consists primarily of energy usage fees, depreciation and amortization expenses, site O&M expenses, customer service and network charges, warranty and repair services, and site lease and rental expense associated with charging equipment. Adjusted Gross Profit (Loss) is defined as Gross Profit (Loss) less: (i) depreciation and ARO accretion, (ii) stock option expense, and (iii) other non-recurring expenses.

EVgo realized 48% quarter-over-quarter sequential growth in kilowatt-hour (kWh) network throughput during the second quarter of 2021 and 126% growth year-over-year.

Revenue exhibited similar growth trends, with 16% quarter-over-quarter sequential growth during the second quarter of 2021.

Adjusted Gross Margin for the second quarter of 2021 improved 260 basis points to (1.3%) from (3.9%) in the first quarter of 2021 due to lower energy costs per kWh as a result of improved leveraging of demand charges, which are part of our energy tariffs.

GAAP General & Administrative Expenses increased to $12.2 million in the second quarter of 2021 compared to $11.0 million in the first quarter of 2021 and $6.8 million in the second quarter of 2020. The increase is in line with EVgo’s expectations, and primarily driven by the Company’s ongoing growth investments.

Adjusted EBITDA Margin in the second quarter of 2021 was ($11) million compared to ($9.8) million in the first quarter of 2021.

EVgo realized an increase of $14.4 million in cash flow from operations in the first half of 2021 as compared to the first half of 2020 from $(15.8) million to $(1.4) million owing in part to a $20 million pre-payment from OEM partners in the first quarter of 2021.

Capital expenditures in the first half of 2021 more than tripled to $23.3 million from $7.7 million, as EVgo is actively executing on its charger stall build plan.

2021 Guidance

EVgo is affirming its prior financial forecast for full year 2021 of $20 million in revenues, 24 gigawatt-hours of network throughput, and ($58) million in Adjusted EBITDA.

Conference Call Information

A live audio webcast and conference call for our second quarter 2021 earnings release will be held at 11:00 AM ET / 8:00 AM PT on August 11, 2021. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:

Toll Free: 1-877-407-4018

Toll/International: 1-201-689-8471

Conference ID: 13722018

This press release, along with other investor materials, 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 the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 275,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" 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. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial performance, revenues and capital expenditures, EVgo’s expectation of acceleration in our business due to factors including a re-opening economy and increased EV adoption; and the Company’s strong liquidity position enabling effective deployment of chargers. 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 or developments in the broader general market; ongoing impact from COVID-19 on our business, customers, and suppliers; macro political, economic, and business conditions; our limited operating history as a public company; our dependence on widespread adoption of EVs and increased installation of charging station; mechanisms surrounding energy and non-energy costs for our charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain interruptions; impediments to our expansion plans; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and risks that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo” in EVgo’s registration statement on Form S-1 originally filed with the Securities and Exchange Commission (the “SEC”) on July 20, 2021, as well as its other filings with the SEC, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

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 Measures” included at the end of this release.

Definitions of Non-GAAP Financial Measures

This press release includes the non-GAAP financial measures: “Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “EBITDA,” “Adjusted EBITDA”. EVgo believes these measures are useful to investors in evaluating EVgo’s financial performance. In addition, EVgo uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these non-GAAP financial measures help to depict a more realistic representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. EVgo believes that investors should have access to the same set of tools that its management uses in analyzing operating results.

Adjusted COGS is defined as cost of goods sold before: (i) depreciation and ARO accretion, (ii) stock option expense, and (iii) other non-recurring expenses. Adjusted Gross Profit (Loss) is defined as Gross Profit (Loss) less (i) depreciation and ARO accretion, (ii) stock option expense, an (iii) other non-recurring expenses. Adjusted Gross Margin is defined as Adjusted Gross Profit (Loss) as a percentage of revenue. EBITDA is defined as net income (loss) before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus other unusual or nonrecurring income (expenses) such as bad debt expense. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. Adjusted COGS, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are not prepared in accordance with GAAP and that 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.

Reconciliations of Non-GAAP Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EVgo - Gross Profit / (Loss) Bridge ($000)

 

Q1 2020

 

 

Q2 2020

 

 

Q3 2020

 

 

Q4 2020

 

 

Q1 2021

 

 

Q2 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Gross Profit / (Loss)

$

(2,543

)

 

$

(2,959

)

 

$

(3,382

)

 

$

(3,729

)

 

$

(2,609

)

 

$

(2,765

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Site Depreciation & ARO Accretion

$

2,095

 

 

$

2,256

 

 

$

2,651

 

 

$

2,527

 

 

$

2,447

 

 

$

2,705

 

Stock Option Expense and Other

 

7

 

 

 

(8

)

 

 

(4

)

 

 

(4

)

 

 

(0

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Gross Profit / (Loss)

$

(441

)

 

$

(711

)

 

$

(735

)

 

$

(1,205

)

 

$

(162

)

 

$

(61

)

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

EVgo - COGS Bridge ($000)

 

Q1 2020

   

Q2 2020

   

Q3 2020

 

 

Q4 2020

 

 

Q1 2021

 

 

Q2 2021

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

GAAP COGS

$

6,396

 

 

$

5,916

 

 

$

6,954

 

 

$

7,923

 

 

$

6,740

 

 

$

7,549

 

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

Less:

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

Site Depreciation & ARO Accretion

$

2,095

 

 

$

2,256

 

 

$

2,651

 

 

$

2,527

 

 

$

2,447

 

 

$

2,705

 

Stock Option Expense and Other

 

7

 

   

(8

)

   

(4

)

 

 

(4

)

 

 

(0

)

 

 

(1

)

 

 

 

   

 

   

 

 

 

 

 

 

 

 

 

 

Adjusted COGS

$

4,294

 

 

$

3,668

 

 

$

4,307

 

 

$

5,399

 

 

$

4,293

 

 

$

4,844

 

 

                     

 

         

EVgo - Adj. EBITDA Bridge ($000)

 

Q1 2020

   

Q2 2020

   

Q3 2020

   

Q4 2020

 

 

Q1 2021

   

Q2 2021

 

                     

 

         

Net Income

$

(14,810

)

 

$

(10,406

)

 

$

(7,475

)

 

$

(15,519

)

$

(16,610

)

 

$

(18,421

)

 

                     

 

         

+ Taxes

$

8

 

 

$

(2

)

 

$

(12

)

 

$

8

 

$

-

 

 

$

-

 

+ Depreciation, ARO, Amor.

 

4,202

 

   

4,707

 

   

5,126

 

   

4,999

 

 

 

4,957

 

   

5,251

 

+ Interest Income / Expense

 

122

 

   

280

 

   

410

 

   

603

 

 

 

875

 

   

1,039

 

EBITDA

$

(10,478

)

 

$

(5,421

)

 

$

(1,952

)

 

$

(9,910

)

$

(10,778

)

 

$

(12,132

)

 

                     

 

         

+ Bad Debt, Non-Recurring Costs, Other Adj.

$

5,783

 

 

$

388

 

 

$

(3,455

)

 

$

1,089

 

$

999

 

 

$

1,123

 

Adj. EBITDA

$

(4,695

)

 

$

(5,033

)

 

$

(5,407

)

 

$

(8,821

)

$

(9,779

)

 

$

(11,009

)

Financial Statements

 

EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor)

Condensed Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2021

 

2020

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash

 

$

1,040,046

 

$

7,914,150

Restricted cash

 

 

361,030

 

 

Accounts receivable, net

 

 

2,157,140

 

 

2,164,346

Accounts receivable, capital build

 

 

3,249,706

 

 

3,258,724

Deferred offering costs

 

 

7,215,869

 

 

3,071,282

Prepaid expenses and other current assets

 

 

2,858,797

 

 

3,563,021

Total current assets

 

 

16,882,588

 

 

19,971,523

Property and equipment, net

 

 

94,827,359

 

 

71,265,503

Intangible assets, net

 

 

63,661,371

 

 

67,956,371

Goodwill

 

 

22,111,166

 

 

22,111,166

Other assets

 

 

1,839,114

 

 

836,347

 

 

$

199,321,598

 

$

182,140,910

 

 

 

 

 

 

 

Liabilities and Members’ Equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

3,211,032

 

$

2,998,448

Payables to related parties

 

 

1,554,400

 

 

135,146

Accrued liabilities

 

 

20,315,881

 

 

10,945,013

Deferred revenue, current

 

 

2,962,647

 

 

1,653,042

Customer deposits

 

 

6,537,688

 

 

7,660,378

Note payable, related party

 

 

59,578,994

 

 

39,164,383

Capital-build, buyout liability

 

 

 

 

627,647

Other current liabilities

 

 

136,635

 

 

397,228

Total current liabilities

 

 

94,297,277

 

 

63,581,285

Deferred revenue, noncurrent

 

 

22,200,470

 

 

2,732,257

Capital-build liability, excluding buyout liability

 

 

17,086,501

 

 

17,387,686

Asset retirement obligations

 

 

10,271,676

 

 

8,801,806

Other liabilities

 

 

 

 

150,903

Total liabilities

 

 

143,855,924

 

 

92,653,937

Members’ equity

 

 

55,465,674

 

 

89,486,973

 

 

$

199,321,598

 

$

182,140,910

 

EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

 

Predecessor

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 16,

 

 

January 1,

 

 

Three months

 

Three months

 

 

Six months

 

2020

 

 

2020

 

 

ended

 

ended

 

 

ended

 

through

 

 

through

 

 

June 30,

 

June 30,

 

 

June 30,

 

June 30,

 

 

January 15,

 

 

2021

 

2020

 

 

2021

 

2020

 

 

2020

Revenue

 

$

4,783,250

 

$

2,956,974

 

 

$

8,352,045

 

$

5,283,287

 

 

$

1,461,395

Revenue from related parties

 

 

 

 

 

 

 

561,700

 

 

 

 

 

65,294

Total revenues

 

 

4,783,250

 

 

2,956,974

 

 

 

8,913,745

 

 

5,283,287

 

 

 

1,526,689

Cost of sales

 

 

7,548,717

 

 

5,915,939

 

 

 

14,288,264

 

 

11,176,535

 

 

 

1,135,789

Gross (loss) profit

 

 

(2,765,467)

 

 

(2,958,965)

 

 

 

(5,374,519)

 

 

(5,893,248)

 

 

 

390,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

12,246,772

 

 

6,796,485

 

 

 

23,319,765

 

 

12,572,392

 

 

 

1,084,284

Transaction bonus

 

 

 

 

 

 

 

 

 

5,316,124

 

 

 

Depreciation, amortization, and accretion

 

 

2,545,075

 

 

2,451,122

 

 

 

5,055,303

 

 

4,488,154

 

 

 

69,435

Total operating expenses

 

 

14,791,847

 

 

9,247,607

 

 

 

28,375,068

 

 

22,376,670

 

 

 

1,153,719

Operating loss

 

 

(17,557,314)

 

 

(12,206,572)

 

 

 

(33,749,587)

 

 

(28,269,918)

 

 

 

(762,819)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, related party

 

 

1,038,826

 

 

279,699

 

 

 

1,914,610

 

 

401,561

 

 

 

Interest income

 

 

(716)

 

 

(7)

 

 

 

(716)

 

 

(7)

 

 

 

Other income, related party

 

 

 

 

 

 

 

 

 

 

 

 

(341,954)

Other income, net

 

 

(173,975)

 

 

(2,080,135)

 

 

 

(631,863)

 

 

(3,876,149)

 

 

 

Total other expense (income) , net

 

 

864,135

 

 

(1,800,443)

 

 

 

1,282,031

 

 

(3,474,595)

 

 

 

(341,954)

Net loss

 

$

(18,421,449)

 

$

(10,406,129)

 

 

$

(35,031,618)

 

$

(24,795,323)

 

 

$

(420,865)

 

EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor)

 

Condensed Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

 

Predecessor

 

 

(unaudited)

 

 

 

 

 

 

 

 

January 16,

 

 

January 1,

 

 

Six months

 

2020

 

 

2020

 

 

ended

 

through

 

 

through

 

 

June 30,

 

June 30,

 

 

January 15,

 

 

2021

 

2020

 

 

2020

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(35,031,618)

 

 

(24,795,323)

 

 

 

(420,865)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

 

 

 

Depreciation, amortization, and accretion

 

 

10,207,361

 

 

8,540,764

 

 

 

367,659

Net loss on disposal of property and equipment

 

 

346,628

 

 

295,153

 

 

 

Share based compensation

 

 

1,010,319

 

 

451,638

 

 

 

12,733

Interest on note payable, related party

 

 

1,914,611

 

 

401,561

 

 

 

Other

 

 

96,577

 

 

104,286

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(160,782)

 

 

527,387

 

 

 

32,963

Receivables from related parties

 

 

 

 

 

 

 

(333,527)

Prepaid expenses and other current and noncurrent assets

 

 

278,822

 

 

852,103

 

 

 

(45,882)

Accounts payable

 

 

(1,338,931)

 

 

(549,195)

 

 

 

315,011

Accrued expenses

 

 

1,284,507

 

 

(788,978)

 

 

 

(247,585)

Deferred revenue

 

 

20,777,818

 

 

(252,562)

 

 

 

(36,866)

Customer deposits

 

 

(1,122,690)

 

 

(306,966)

 

 

 

12,538

Payables to related parties

 

 

1,419,254

 

 

140,483

 

 

 

(1,031)

Other current and noncurrent liabilities

 

 

(1,039,143)

 

 

(32,704)

 

 

 

Net cash used in operating activities

 

 

(1,357,267)

 

 

(15,412,353)

 

 

 

(344,852)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(23,340,749)

 

 

(7,568,384)

 

 

 

(165,608)

Net cash used in investing activities

 

 

(23,340,749)

 

 

(7,568,384)

 

 

 

(165,608)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

Proceeds from note payable, related party

 

 

24,000,000

 

 

20,750,000

 

 

 

Payments on note payable, related party

 

 

(5,500,000)

 

 

 

 

 

Capital-build funding, net

 

 

1,337,030

 

 

2,933,067

 

 

 

Payment of deferred offering costs

 

 

(1,652,088)

 

 

 

 

 

Contributions

 

 

 

 

5,316,124

 

 

 

Net cash provided by financing activities

 

 

18,184,942

 

 

28,999,191

 

 

 

Net (decrease) increase in cash and restricted cash

 

 

(6,513,074)

 

 

6,018,454

 

 

 

(510,460)

Cash and restricted cash, beginning of period

 

 

7,914,150

 

 

257,288

 

 

 

1,403,172

Cash and restricted cash, end of period

 

$

1,401,076

 

 

6,275,742

 

 

 

892,712

Supplemental disclosure of noncash investing and financing activities

 

 

 

 

 

 

 

 

 

 

Asset retirement obligations incurred

 

$

787,214

 

$

628,562

 

 

$

Purchases of property and equipment in accounts payable and accrued liabilities

 

$

9,076,659

 

$

1,604,925

 

 

$

1,758,727

Accrued deferred offering costs

 

$

4,870,103

 

$

 

 

$

 

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