EVgo (EVGO) 2025 Cantor Fitzgerald Global Technology Conference summary

Industry trends and outlook

• EV adoption is expanding beyond early adopters, with nearly 97 models now available and prices approaching parity with ICE vehicles.

• Range anxiety remains a key barrier, but fast charging technology and improved battery performance are addressing this.

• Automakers have invested heavily in EVs, and the industry consensus is that electrification is here to stay.

• The gap between EV growth and fast charger deployment is widening, with 30,000-50,000 potential high-performing sites identified.

• In 2023, 1.3 million passenger EVs were sold in the US, about 8% of all vehicle sales, with OEMs introducing more affordable models.

Business model and competitive positioning

• Focus is on owning and operating fast chargers, not selling equipment, to generate recurring revenue.

• Main competitors include Tesla (largest network, unclear future charging strategy), Electrify America (VW-funded, funding ending soon), and ChargePoint (equipment sales, thin margins).

• The eXtend business, which installs and operates chargers for partners, is being de-emphasized in favor of the owner-operated model.

• Relationships with autonomous vehicle operators are growing, with a rent-based model for dedicated charging stalls.

Growth plans and financial strategy

• A $1.25 billion DOE loan will fund 7,500 new stalls over five years, nearly tripling the current network.

• Next-generation charger technology is expected to lower costs by 30%, enabling further expansion.

• The loan has a five-year build period and 12-year repayment, with a 1.2% spread; cash generation is expected to cover repayment and future growth.

• CapEx per stall is about $85,000, with top-performing stalls generating $50,000 per year.

• Current liquidity is $200 million, with a $160-180 million CapEx program for the year; additional non-dilutive financing is being pursued.