EVgo (EVGO) 28th Annual Needham Growth Conference Virtual summary

Business performance and growth

• Revenue has grown 17-18x over the past three and a half years, outpacing industry peers.

• Usage per stall increased sixfold, with 5,000 stalls in operation and nearly half deployed in the last two years.

• Financing secured includes a $1.25B DOE loan and a new commercial bank facility, supporting stall buildout for several years.

• EBITDA is expected to turn positive in Q4 2025, a major milestone from negative $80M in 2022.

• Operating leverage is strong, with two-thirds of G&A and 30% of cost of sales largely fixed, driving margin expansion.

Market dynamics and industry trends

• EV adoption continues to rise, with 1.2M EV sales in 2025 and a growing total EV park driving business growth.

• Revenue has grown at double the CAGR of EVs on the road, with expectations for 3-4x growth over the next 4-5 years.

• Public fast charging usage is increasing, especially among rideshare and those without home charging.

• Standardization of charging cables and faster vehicle charge rates are significant tailwinds.

Competitive landscape and partnerships

• Few public peers exist; most competitors are small or focused on different business models.

• Strategic focus on high-traffic retail and grocery locations, with a new 10-year partnership to deploy at least 150 Kroger stalls annually.

• Partnerships with rideshare and autonomous vehicle companies are expanding, with dedicated fast-charging sites and contracted cash flows.