Executive Summary

Q4 2024 delivered record network throughput (84 GWh, +68% YoY) and charging network revenue ($46.5M, +73% YoY), with total revenue of $67.5M essentially flat sequentially vs Q3 ($67.5M) but up 35% YoY; GAAP gross margin expanded to 14.5% and Adj. Gross Margin to 33.7% .
Management issued 2025 guidance calling for $340–$380M revenue and Adj. EBITDA of ($5)M to $10M, targeting EBITDA breakeven in 2025; charging network revenue expected to be ~two-thirds of total with sequential growth through the year .
Utilization reached an “industry-leading” 24% (up ~5 pts YoY), average daily throughput per public stall rose to 269 kWh/day (from 197 a year ago), and Autocharge+ sessions hit 24% of total; dynamic pricing is now deployed across 100% of sites .
Strategic catalysts include the closed $1.25B DOE loan (first $75M draw in Jan-2025), next-gen charger co-development with Delta targeting ~30% CapEx per-stall reduction (from 2H’26), and initial native NACS (J3400) rollout to attract Tesla drivers .
We attempted to pull S&P Global consensus estimates for Q4 2024, but data were unavailable at the time of analysis; thus, no vs-consensus comparisons are shown (S&P Global estimates unavailable).

What Went Well and What Went Wrong

What Went Well

Record operating momentum: Q4 throughput 84 GWh (+68% YoY), charging network revenue $46.5M (+73% YoY), and sequential ninth quarter of double‑digit charging revenue growth; CEO: “EVgo finished 2024 strong, achieving record throughput and stall deployments.”
Efficiency and unit economics: GAAP gross margin expanded to 14.5% (from 7.1% a year ago), Adjusted Gross Margin to 33.7% (from 26.5%), driven by higher utilization (24%) and scale benefits; CFO highlighted leverage with top 15% of network generating ~$50k per stall per year .
Strategic financing and technology roadmap: Closed $1.25B DOE loan to fund ~7,500 stalls (first $75M drawn Jan‑2025) and advanced a joint development agreement with Delta for next‑gen charging architecture targeting ~30% lower gross CapEx per stall .

What Went Wrong

Revenue mix timing: eXtend revenue fell 2% YoY in Q4 to $17.9M due to ~$4M of revenue timing that shifted into Q1 2025, partially muting sequential growth despite strong core charging .
Profitability still negative: Adj. EBITDA improved materially but remained at ($8.4)M in Q4 and ($32.5)M for FY24; GAAP net loss in Q4 was ($35.6)M .
Higher near-term operating spend: Adjusted G&A increased sequentially by ~$4M in Q4 to support next‑gen architecture, with management guiding to modest further increases from the Q4 run rate in 2025 .

Financial Results

Summary P&L vs Prior Periods

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($M)	$49.994	$66.619	$67.535	$67.513
Gross Profit ($M)	$3.540	$6.398	$6.368	$9.760
Gross Margin (%)	7.1%	9.6%	9.4%	14.5%
Net Loss ($M)	($36.589)	($29.610)	($33.290)	($35.608)
Net Loss/Share ($)	($0.12)	($0.10)	($0.11)	($0.11)
Adjusted Gross Profit ($M)	$13.253	$17.658	$17.989	$22.755
Adjusted Gross Margin (%)	26.5%	26.5%	26.6%	33.7%
Adjusted EBITDA ($M)	($13.962)	($7.982)	($8.881)	($8.404)

Segment/Revenue Mix

Revenue ($M)	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Total Charging Network	$26.885	$36.444	$43.052	$46.513
eXtend	$18.314	$27.667	$21.912	$17.882
Ancillary	$4.795	$2.508	$2.571	$3.118
Total Revenue	$49.994	$66.619	$67.535	$67.513

KPIs and Operating Metrics

KPI	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Network Throughput (GWh)	50	66	78	84
Avg Daily Throughput/ Stall (kWh, public)	197	227	254	269
Autocharge+ Share of Sessions	—	>18%	21%	24%
Utilization (public)	—	20%	—	24%
Stalls in Operation (Total)	2,980	3,440	3,680	4,080
Customer Accounts Added (Quarter)	—	>131,000	>147,000	>133,000

Notes: In 2024, EVgo reclassified dedicated fleet charging from “commercial charging” to “ancillary,” and associated costs moved from “charging network cost of sales” to “other.” Prior periods were conformed for comparability .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue	FY 2025	N/A	$340 – $380M	New
Adjusted EBITDA	FY 2025	N/A	($5)M – $10M	New
Charging Network Revenue Mix	FY 2025	N/A	~2/3 of total	New
Sequential Revenue Cadence	FY 2025	N/A	Sequential quarterly growth; Q1 seasonally flat vs Q4	New
eXtend Revenue	FY 2025	N/A	Roughly flat YoY, 2H weighted	New
Ancillary Revenue	FY 2025	N/A	Growth, mostly in Q4 (dedicated business)	New
Adj. G&A	FY 2025	N/A	Modest increase from Q4’24 run rate	New
CapEx Net of Offsets	FY 2025	N/A	$160 – $180M	New
Public & Dedicated Stalls Built	FY 2025	N/A	800 – 900 (majority public); plus 450 – 550 eXtend	New

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
DOE Loan Facility	Conditional commitment announced in Oct; closing process underway	$1.25B closed in Dec; $75M first draw in Jan; management confident on future draws	Positive, de-risked funding
Utilization & Throughput	Utilization 20%; avg 227 kWh/day (Q2) ; avg 254 kWh/day (Q3)	Utilization 24%; avg 269 kWh/day; 65% of stalls >15% utilization	Improving
Dynamic Pricing	Began rollout; broader deployment through 2024	Now live across 100% of sites; algorithm update expected 2H 2025	Maturing
NACS (J3400)	Strategy discussed; testing at Innovation Lab	First native NACS pilot site live; expected broader retrofit/new deployments	Accelerating
CapEx Efficiency & Next‑Gen Architecture	MOU with Delta in Oct; targeting lower costs	Signed JDA; prototype expected in Q2’25; 30% lower gross CapEx per stall targeted from 2H’26	Advancing
Rideshare & AV Dedicated Hubs	Commercial charging growing; AV opportunities referenced	110 dedicated AV stalls; fixed-fee, lower margin vs public but stable; ~20% share estimated; expected to expand	Expanding
Regional Mix & Tariffs	Utilization rising outside CA; LCFS amendments expected to strengthen credits	Non-CA usage now > CA; minimal direct impact from announced tariffs; lower energy tariffs in TX/FL help cost per kWh	Favorable
Revenue Timing	—	~$4M eXtend revenue shifted from Q4’24 to Q1’25	Neutral timing effect

Management Commentary

CEO framing: “We’ve secured financing and expect to more than triple our installed base in five years… we expect an estimated further 40% growth in revenues in 2025 and achieving Adjusted EBITDA breakeven” .
Unit economics and performance: “Utilization… reached… 24%… 65% of our stalls had utilization >15%… top 15% of our network… ~599 kWh/day” (CFO) . “Annual cash flow per public stall increased 5x… top 15%… roughly $50,000 per stall per year” (CFO) .
Pricing and product: “Last year, we began rolling out dynamic pricing… expanded… to 100%… expect the next major update… in the second half of this year” (CEO) .
Technology roadmap: “Co‑develop the next generation of chargers… expected to lower our gross CapEx per stall by 30%… prototype in Q2 of this year [2025]” (CEO) .
NACS rollout: “First pilot site with native NACS connectors was operational in February 2025… Additional locations anticipated throughout 2025” .

Q&A Highlights

DOE loan durability and alternative financing: Management emphasized the loan is a “legally binding contract,” noted strong asset performance, and outlined complementary non‑dilutive financing options (project finance/straight debt/hybrids) with positive bank receptivity .
2025 guidance drivers: ~2/3 revenue from charging network; sequential quarterly growth; LCFS price variability and timing factors; Adj. G&A to rise modestly from Q4 run rate .
AV dedicated hubs strategy: Fixed‑fee model with stable utilization; margins lower than public owned/operated but higher than eXtend; expected to grow faster than previously anticipated .
Geographic prioritization and competition: Mix shifting to non‑CA markets; charging build‑outs by competitors (e.g., IONNA) seen as demand stimulants; EVgo confident in site selection for high utilization .
Tariffs and demand charges: Minimal direct tariff exposure; broad demand charge reductions/holidays and rising throughput reduce demand charge impact over time .

Estimates Context

We attempted to retrieve S&P Global (Capital IQ) consensus estimates for Q4 2024 (revenue, EPS, EBITDA), but the data were unavailable at the time of analysis; therefore, vs‑consensus comparisons are not provided (S&P Global estimates unavailable).

Key Takeaways for Investors

Core health improving: Q4 delivered record throughput and charging network revenue with gross margin and adjusted gross margin expanding materially, supported by utilization rising to 24% and dynamic pricing at scale .
2025 inflection targeted: Management guides to $340–$380M revenue and Adj. EBITDA breakeven range (‑$5M to +$10M), with sequential growth through 2025 and ~two‑thirds mix from charging network revenues .
Funded growth runway: The $1.25B DOE loan (first $75M drawn) underpins a plan to add ~7,500 stalls over five years; additional non‑dilutive financing being pursued for projects outside the DOE scope .
Technology and CapEx leverage: Delta JDA and prefab skids aim to structurally lower CapEx per stall (~30% target from 2H’26), supporting long‑term returns at scale .
New demand unlocks: Native NACS connectors should increase Tesla driver usage; rideshare and AV dedicated hubs offer baseload demand and diversification of revenue streams .
Watch near‑term optics: eXtend revenue timing shifted ~$4M from Q4 to Q1, and Adj. G&A rises near‑term to support next‑gen architecture; nonetheless, operating leverage is trending favorably .
Policy backdrop: CARB LCFS amendments (Q4) and the DOE loan support the economics and funding of the buildout; management cites minimal direct impact from announced tariffs and continued demand growth outside CA .

EVgo Inc. (EVGO)·Q4 2024 Earnings Summary