# EDGAR Filing Document

**Accession Number:** 0001821159
**File Stem:** 0001558370-23-004990
**Filing Date:** 2023-3
**Character Count:** 81209
**Document Hash:** 81cc61f748e4b680612950d99ff2541b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-004990.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001558370-23-004990

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20230330

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVgo Inc.
- **CENTRAL INDEX KEY:** 0001821159
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39572
- **FILM NUMBER:** 23777158

**BUSINESS ADDRESS:**
- **STREET 1:** 11835 WEST OLYMPIC BOULEVARD
- **STREET 2:** SUITE 900E
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064
- **BUSINESS PHONE:** (310) 954-2900

**MAIL ADDRESS:**
- **STREET 1:** 11835 WEST OLYMPIC BOULEVARD
- **STREET 2:** SUITE 900E
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90064

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVgo Inc
- **DATE OF NAME CHANGE:** 20210702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Climate Change Crisis Real Impact I Acquisition Corp
- **DATE OF NAME CHANGE:** 20200814

?xml version='1.0' encoding='UTF-8'?

#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

## FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): March 30, 2023
**EVgo Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**001-39572** | &nbsp;&nbsp;**85-2326098** |
| &nbsp;&nbsp;(State or other jurisdiction of<br>incorporation) | &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(I.R.S. Employer <br>Identification No.) |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**11835 West Olympic Boulevard, Suite 900ELos Angeles, California** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;**90064** |
| &nbsp;&nbsp;(Address of principal executive offices) |  | &nbsp;&nbsp;(Zip Code) |

---

Registrant's telephone number, including area code: **(877) 494-3833**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**TradingSymbol(s)** | &nbsp;&nbsp;**Name of each exchangeon which registered** |
| &nbsp;&nbsp;Shares of Class A common stock, $0.0001 par value per share | &nbsp;&nbsp;EVGO | &nbsp;&nbsp;The Nasdaq Global Select Market |
| &nbsp;&nbsp;Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | &nbsp;&nbsp;EVGOW | &nbsp;&nbsp;The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

EVgo Inc. (the "Company") issued a press release on March 30, 2023, announcing its financial results for the fiscal year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 7.01. Regulation FD Disclosure**

On March 30, 2023, at 11:00 a.m. Eastern Time, the Company will host its year end and fourth quarter 2022 earnings conference call and webcast. Via webcast, the Company will present portions of its fiscal year and fourth quarter 2022 earnings call presentation (the "Earnings Call Presentation"), which contains a summary of the Company's financial results for the fiscal year and quarter ended December 31, 2022, financial estimates, and certain other financial and operating information regarding the Company. A copy of the Earnings Call Presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information furnished in this Current Report on Form 8-K (including exhibits 99.1 and 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**ExhibitNumber** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;99.1 | &nbsp;&nbsp;[Press Release, dated March 30, 2023](evgo-20230330xex99d1.htm). |
| &nbsp;&nbsp;99.2 | &nbsp;&nbsp;[Earnings Call Presentation.](evgo-20230330xex99d2.htm) |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **EVgo Inc.**  | **EVgo Inc.**  |
| Date: March 30, 2023 | By: | */s/ Olga Shevorenkova* |
|  | Name: | Olga Shevorenkova |
|  | Title: | Chief Financial Officer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.1

#### Exhibit 99.1
![Graphic](evgo-20230330xex99d1001.jpg)

**EVgo Inc. Reports Fourth Quarter and Full Year 2022 Results**

------

● Revenue grew to $27.3 million in the fourth quarter, representing an increase of 283% year-over-year driven by increasing throughput and execution of Pilot Flying J contract.

● For the full year 2022, revenue grew to $54.6 million, an increase of 146% over 2021.

● Network throughput reached 14.4 Gigawatt-hours ("GWh") in the fourth quarter, an increase of 76% year-over-year.

● 2022 network throughput of 44.6 GWh grew 69% over 2021.

● Ended the fourth quarter with over 2,800 stalls in operation or under construction, with more than 180 new stalls added to the EVgo network during the quarter and approximately 670 added during 2022.

● Added approximately 59,000 new customer accounts in the fourth quarter and approximately 224,000 during 2022, reaching approximately 553,000 overall at the end of 2022.

------

**Los Angeles** – **March 30, 2023** – EVgo Inc. (Nasdaq: EVGO) ("EVgo" or the "Company") today announced results for the fourth quarter and full year ended December 31, 2022. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo's results and other business highlights.

Revenue increased to $27.3 million in the fourth quarter of 2022, compared to $7.1 million in the fourth quarter of 2021, representing 283% year-over-year growth. For the full year 2022, revenue increased to $54.6 million, compared to $22.2 million for the full year 2021, an increase of 146% year-over-year and at the high end of the Company's revenue guidance range. Revenue growth was primarily driven by retail charging, eXtend, and ancillary revenues.

Network throughput increased to 14.4 GWh in the fourth quarter of 2022, compared to 8.2 GWh in the fourth quarter of 2021, representing 76% year-over-year growth. For the full year 2022, network throughput reached 44.6 GWh, reflecting growth of 69% year-over-year. The Company added approximately 59,000 new customer accounts during the fourth quarter, bringing the overall number of customer accounts to approximately 553,000 at quarter-end, an increase of approximately 63% year-over-year.

"In 2022 EVgo achieved record revenue reflecting the continued growth of EVgo's ultra-fast DC charging network, blue-ribbon partnerships, and industry-leading technology offerings," said Cathy Zoi, EVgo's CEO. "EVgo remains focused on operational excellence and continuing to strengthen our network by adding new fast charging locations and upgrading stalls on our public network. Committed to creating a seamless charging experience for EV drivers and fleet operators, EVgo added new technology features like Autocharge+, PlugShare Premium, charging with Amazon Alexa, and we expanded EVgo Advantage<sup>TM</sup> and EVgo Optima<sup>TM</sup>. We expect 2023 will be another banner year for EVgo as we expand our network and revenue base, and deliver financial results that demonstrate discipline, agility, and innovation in serving the rapidly growing EV sector."

------

**Business Highlights**

● **Stall Development:** The Company ended the fourth quarter of 2022 with over 2,800 stalls in operation or under construction. EVgo added more than 180 new DC fast charging stalls to its network during the quarter and approximately 670 for the year.

● **Active Engineering and Construction (E&C) Stall Development Pipeline:** The Company's pipeline grew to approximately 4,000 stalls as of the end the fourth quarter of 2022 versus approximately 3,100 at the end of the fourth quarter of 2021.

● **EVgo eXtend** <sup>TM</sup> **:** During the fourth quarter, the Company began delivery of charging equipment for projects under the Pilot Flying J/GM program.

● **EVgo ReNew** <sup>TM</sup> **:** In 2022 EVgo launched ReNew, an enhanced maintenance and upgrade program designed to ensure stations across the EVgo network meet its quality and technology standards. For the year, the Company upgraded more than 100 stalls and retired approximately 160 stalls.

● **EVgo Autocharge+:** After its nationwide launch in September 2022, Autocharge+ is nearing 10% of total charging sessions initiated in recent months.

● **Fleet Partnerships:** EVgo expanded its project development portfolio with an autonomous vehicle company, added a national food and beverage company as a fleet partner who will take advantage of Optima™, EVgo's proprietary fleet management software, and announced a national program with Lyft to serve their high-volume EV driver network.

● **Connect the Watts** <sup>TM</sup> **:** In January 2023, EVgo's "Connect the Watts" program announced its inaugural class of "EV Charging Heroes," recognizing leaders in the utility, site host, equipment and contracting sectors who are driving progress towards an all-electric future.

**Financial & Operational Highlights** 

The below represent summary financial and operational figures for the fourth quarter of 2022.

● **Revenue** of $27.3 million

● **Network Throughput** of 14.4 gigawatt-hours

● **Customer Account Additions** of approximately 59,000 accounts

● **Gross Loss** of ($1.1) million

● **Net Loss** of ($17.0) million

● **Adjusted Gross Profit** of $5.0 million <sup>1</sup>

● **Adjusted EBITDA** of ($20.1) million <sup>1</sup>

● **Cash Flows Used in Operating Activities** of ($1.5) million

● **Capital Expenditures** of ($66.4) million

● **Equity Issuance** of 1.6 million Class A common stock shares with $10.4 million raised in net proceeds through an "at-the-market" equity offering

The below represent summary financial and operational figures for full year 2022.

● **Revenue** of $54.6 million

● **Network Throughput** of 44.6 gigawatt-hours

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● **Customer Account Additions** of approximately 224,000 accounts

● **Gross Loss** of ($5.7) million

● **Net Loss** of ($106.2) million

● **Adjusted Gross Profit** of $13.2 million <sup>1</sup>

● **Adjusted EBITDA** of ($80.2) million <sup>1</sup>

● **Cash Flows Used in Operating Activities** of ($58.8) million

● **Capital Expenditures** of ($200.3) million

● **Equity Issuance** of 1.6 million Class A common stock shares with $10.4 million raised in net proceeds through an "at-the-market" equity offering

<sup>1</sup>Adjusted Gross Profit / (Loss) and Adjusted EBITDA 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 Measures" included elsewhere in this release.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Unaudited, dollars in thousands* | **Q4'22** | **Q4'21** | **Change** | **Change** | **FY'22** | **FY'21** | **Change** | **Change** |
| Charging revenue, retail | $5828 | $3537 | 65 | % | $18895 | $11041 | 71 | % |
| Charging revenue, commercial | 1322 | 695 | 90 | % | 3363 | 2420 | 39 | % |
| Charging revenue, OEM | 349 | 179 | 95 | % | 941 | 812 | 16 | % |
| Regulatory credit sales | 968 | 1096 | (12) | % | 5652 | 3023 | 87 | % |
| Network revenue, OEM | 626 | 352 | 78 | % | 2451 | 1510 | 62 | % |
| eXtend revenue | 16689 | 114 | \* | % | 18443 | 789 | \* | % |
| Ancillary revenue | 1521 | 1147 | 33 | % | 4843 | 2619 | 85 | % |
| &nbsp;&nbsp;Total revenue | $27303 | $7120 | 283 | % | $54588 | $22214 | 146 | % |
| *Unaudited, dollars in thousands* | **Q4'22** | **Q4'21** | **Better (Worse)** | **Better (Worse)** | **FY'22** | **FY'21** | **Better (Worse)** | **Better (Worse)** |
| **Network Throughput (GWh)** | **14.4** | **8.2** | **76** | **%** | **44.6** | **26.4** | **69** | **%** |
| GAAP revenue | $27303 | $7120 | 283 | % | $54588 | $22214 | 146 | % |
| GAAP gross loss | $(1099) | $(1824) | 40 | % | $(5651) | $(6830) | 17 | % |
| GAAP net loss | $(17049) | $(46322) | 63 | % | $(106240) | $(57762) | (84) | % |
| Adjusted Gross Profit<sup>1</sup> | $4993 | $2006 | 149 | % | $13246 | $5189 | 155 | % |
| ***Adjusted Gross Margin***<sup>1</sup> | ***18.3%*** | ***28.2%*** | ***(990)*** | ***bps*** | ***24.3%*** | ***23.4%*** | ***90*** | ***bps*** |
| Adjusted EBITDA<sup>1</sup> | $(20058) | $(16310) | (23) | % | $(80246) | $(51370) | (56) | % |
| *Unaudited, dollars in thousands* | **Q4'22** | **Q4'21** |  |  | **FY'22** | **FY'21** |  |  |
| Cash flows used in operating activities | $(1457) | $(11806) |  |  | $(58794) | $(29603) |  |  |
| Capital expenditures | $(66366) | $(25324) |  |  | $(200251) | $(65003) |  |  |

---

![Graphic](evgo-20230330xex99d1002.jpg)

*\*Percentage greater than 999%.*

<sup>1</sup> Adjusted Gross Profit / (Loss), 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 measure, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" included elsewhere in this release.

------

#### 2023 Financial & Operating Guidance
EVgo is introducing 2023 guidance as follows:

● Total revenue of $105 – $150 million

● Adjusted EBITDA of ($78) – ($60) million\*

Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 4,000 DC fast charging stalls in operation or under construction.

EVgo's 2023 guidance range is informed by federal regulatory guidance regarding domestic assembly and content requirements for NEVI-funded projects which was issued in late February. Impacts on specific project timelines remain uncertain and are dependent on domestic capacity coming online.

\*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 and a reconciliation to the most directly comparable GAAP measure for historical periods presented in this release, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" included elsewhere in this release.

#### Conference Call Information
A live audio webcast and conference call for EVgo's fourth quarter and full year 2022 earnings release will be held today at 11:00 a.m. ET / 8:00 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:

**Toll Free**: (888) 340-5044 (for U.S. callers)<br>**Toll/International**: (646) 960-0363 (for callers outside the U.S.)

**Conference ID:** 6304708

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

------

**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, capital expenditures, chargers in operation or under construction and network throughput, EVgo's expectation of market position and acceleration in its business due to factors including increased EV adoption; and the Company's collaboration with partners 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 impacts from COVID-19 on EVgo's business, customers, and suppliers; macro political, economic, and business conditions, including inflation and geopolitical conflicts that could impact our supply chains; increased competition, including from new and existing entrants in the EV charging market; unfavorable conditions or further disruptions in the capital and credit markets and EVgo's ability to obtain additional capital on commercially reasonable terms; EVgo's limited operating history as a public company; EVgo's dependence on widespread adoption of EVs and increased installation of charging stations; mechanisms surrounding energy and non-energy costs for EVgo's charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain disruptions; EVgo's ability to expand into new service markets, grow its customer base, and manage its operations; impediments to EVgo's expansion plans, including permitting delays; the need to attract additional fleet operators as customers; potential adverse effects on EVgo's 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; risks related to EVgo's dependence on its intellectual property; and risks that EVgo's technology could have undetected defects or errors. Additional risks and uncertainties that could affect the Company's 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 Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC"), 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 <u>www.sec.gov</u>. All forward-looking statements in this press release are based on information available to us as of the date hereof, and EVgo does 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.

------

#### Financial Statements
**EVgo Inc. and Subsidiaries**

#### Condensed Consolidated Balance Sheets
**Unaudited**

---

| | | |
|:---|:---|:---|
|  | **December 31,**  | **December 31,**  |
| *(in thousands)* | **2022** | **2021** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash | $246193 | $484881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $687 and $718 as of December 31, 2022 and 2021, respectively | 11075 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, capital-build | 8011 | 9621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from related party |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 4953 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 5252 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 275484 | 506345 |
| Property, equipment and software, net | 308112 | 133282 |
| Operating lease right-of-use assets | 51856 |  |
| Restricted cash | 300 | 300 |
| Other assets | 2308 | 3115 |
| Intangible assets, net | 60612 | 72227 |
| Goodwill | 31052 | 31052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $729724 | $746321 |
| **Liabilities, redeemable noncontrolling interest and stockholders' deficit** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $9128 | $2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 39233 | 27078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 4958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current | 16023 | 5144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 17867 | 11592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 136 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 87345 | 46871 |
| Operating lease liabilities, noncurrent | 45689 |  |
| Earnout liability, at fair value | 1730 | 5211 |
| Asset retirement obligations | 15473 | 12833 |
| Capital-build liability | 26157 | 23169 |
| Deferred revenue, noncurrent | 23900 | 21709 |
| Warrant liability, at fair value | 12304 | 48461 |
| Other liabilities |  | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $212598 | $158400 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interest | 875226 | 1946252 |
| Stockholders' deficit | (358100) | (1358331) |
| Total liabilities, redeemable noncontrolling interest and stockholders' deficit | $729724 | $746321 |

---

------

**EVgo Inc. and Subsidiaries**

#### Consolidated Statements of Operations
**Unaudited**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended**  | **Years Ended**  | **Years Ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| *(in thousands, except per share data)* | **2022** | **2021** | **Change %** | **2022** | **2021** | **Change %** |
| Revenue | $27228 | $7120 | 282% | $54513 | $21652 | 152% |
| Revenue from related party | 75 |  | \* | 75 | 562 | (87)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 27303 | 7120 | 283% | 54588 | 22214 | 146% |
| Cost of revenue | 22365 | 5130 | 336% | 41460 | 17058 | 143% |
| Depreciation, net of capital-build amortization | 6037 | 3814 | 58% | 18779 | 11986 | 57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 28402 | 8944 | 218% | 60239 | 29044 | 107% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross loss | (1099) | (1824) | 40% | (5651) | (6830) | 17% |
| General and administrative expenses | 36785 | 24859 | 48% | 126713 | 71086 | 78% |
| Depreciation, amortization and accretion | 4604 | 3470 | 33% | 17139 | 11915 | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 41389 | 28329 | 46% | 143852 | 83001 | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (42488) | (30153) | (41)% | (149503) | (89831) | (66)% |
| Interest expense |  |  | \* | (21) |  | \* |
| Interest expense, related party |  |  | \* |  | (1926) | 100% |
| Interest income | 2152 | 35 | \* | 4479 | 69 | \* |
| Other (expense) income, net | (46) | 118 | (139)% | (815) | 607 | (234)% |
| Change in fair value of earnout liability | 2153 | (1481) | 245% | 3481 | 2214 | 57% |
| Change in fair value of warrant liability | 21176 | (14841) | 243% | 36157 | 31105 | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | 25435 | (16169) | 257% | 43281 | 32069 | 35% |
| Loss before income tax benefit (expense) | (17053) | (46322) | 63% | (106222) | (57762) | (84)% |
| Income tax benefit (expense) | 4 |  | \* | (18) |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | (17049) | (46322) | 63% | (106240) | (57762) | (84)% |
| Less: net loss attributable to redeemable noncontrolling interest | (12612) | (34286) | 63% | (78665) | (51856) | (52)% |
| Net loss attributable to Class A common stockholders | $(4437) | $(12036) | 63% | $(27575) | $(5906) | (367)% |
| Net loss per share to Class A common stockholders, basic and diluted | $(0.06) | $(0.18) | 67% | $(0.40) | $(0.09) | (344)% |

---

![Graphic](evgo-20230330xex99d1003.jpg)

*\*Percentage greater than 999% or not meaningful.*

------

**EVgo Inc. and Subsidiaries**

#### Consolidated Statements of Cash Flow s
**Unaudited**

---

| | | |
|:---|:---|:---|
|  | **Years Ended**  | **Years Ended**  |
|  | **December 31,**  | **December 31,**  |
| *(in thousands)* | **2022** | **2021** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(106240) | $(57762) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 35918 | 23901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of property and equipment and impairment expense | 8988 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 25048 | 10942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, related party |  | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability | (3481) | (2214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (36157) | (31105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 67 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (8516) | (195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables from related parties | 1500 | (1425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current and noncurrent assets | (2364) | (5691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities, net | (519) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1371 | (1294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables to related parties |  | (904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 7320 | 7027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 13070 | 21925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 6275 | 3931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent liabilities | (1074) | (737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (58794) | (29603) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and software | (200251) | (65003) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance for property losses | 710 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (37332) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments | 37166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of business, net of cash received |  | (22762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (199707) | (87765) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under the ATM | 10654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital-build funding, net | 10088 | 2909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of warrants | 3 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from CRIS Business Combination |  | 601579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from note payable, related party  |  | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on note payable, related party  |  | (5500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of transaction costs for CRIS Business Combination |  | (28383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of withholding tax on net issuance of restricted stock units | (25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of issuance costs and deferred transaction costs | (907) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 19813 | 594635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash, cash equivalents and restricted cash | (238688) | 477267 |
| **Cash and restricted cash, beginning of period** | 485181 | 7914 |
| **Cash, cash equivalents and restricted cash, end of period** | $246493 | $485181 |

---

------

**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** 

EVgo uses the following non-GAAP financial measures, in each case as defined below: "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," and "Adjusted EBITDA Margin." EVgo believes these measures are useful to investors in evaluating EVgo's performance. In addition, EVgo management uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these measures help to depict a more meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.

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 and Adjusted EBITDA Margin 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 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 recoveries, and impairment expense, (iii) bad debt (recovery) expense, 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, (vi) interest expense, related party, and (vii) income taxes. 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 recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt (recovery) expense, (v) change in fair value of earnout liability, (vi) change in fair value of warrant liability, 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.

#### Reconciliations of Non-GAAP 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, in each case, for the years and quarters ended December 31, 2022 and 2021:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Unaudited, dollars in thousands* | **Q4'22** | **Q4'21** | **Change** | **FY'22** | **FY'21** | **Change** |
| **GAAP revenue** | $27303 | $7120 | 283% | $54588 | $22214 | 146% |
| **GAAP net loss** | $(17049) | $(46322) | 63% | $(106240) | $(57762) | (84)% |
| ***GAAP net loss margin*** | ***(62.4%)*** | ***(650.6%)*** | ***\* bps*** | ***(194.6%)*** | ***(260.0%)*** | ***6,540 bps*** |
| **Adjustments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, net of capital-build amortization | 6140 | 3814 | 61% | 19103 | 12122 | 58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | 4057 | 2930 | 38% | 14900 | 10177 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion | 444 | 536 | (17)% | 1915 | 1602 | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (2152) | (35) | \* | (4479) | (69) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |  | \* | 21 |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, related party |  |  | \* |  | 1926 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (4) |  | \* | 18 |  | \* |
| **EBITDA** | (8564) | (39077) | 78% | (74762) | (32004) | (134)% |
| ***EBITDA Margin*** | ***(31.4%)*** | ***(548.8%)*** | ***\* bps*** | ***(137.0%)*** | ***(144.1%)*** | ***710 bps*** |
| **Adjustments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 7607 | 5649 | 35% | 25048 | 10942 | 129% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment, net of recoveries, and impairment expense | 3660 | 672 | 445% | 8278 | 1311 | 531% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on investments | 34 | (118) | 129% | 783 | (554) | 241% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt (recovery) expense | (85) | 113 | (175)% | (18) | 405 | (104)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability | (2153) | 1481 | (245)% | (3481) | (2214) | (57)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (21176) | 14841 | (243)% | (36157) | (31105) | (16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>1</sup> | 619 | 129 | 380% | 63 | 1849 | (97)% |
| **Adjusted EBITDA** | $(20058) | $(16310) | (23)% | $(80246) | $(51370) | (56)% |
| ***Adjusted EBITDA Margin*** | ***(73.5%)*** | ***(229.1%)*** | ***\* bps*** | ***(147.0%)*** | ***(231.3%)*** | ***8,430 bps*** |

---

![Graphic](evgo-20230330xex99d1002.jpg)

*\*Percentage greater than 999%, bps greater than 9,999 or not meaningful.*

<sup>1</sup> For FY'21, comprised primarily of $1.8 million in transaction costs related to the Company's merger with Climate Change Crisis Real Impact I Acquisition Corporation and the acquisition of PlugShare LLC.

------

The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss) and Adjusted Gross Margin to the most directly comparable GAAP measures, in each case, for the years and quarters ended December 31, 2022 and 2021:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Unaudited, dollars in thousands* | **Q4'22** | **Q4'21** | **Change** | **FY'22** | **FY'21** | **Change** |
| **GAAP revenue** | $27303 | $7120 | 283% | $54588 | $22214 | 146% |
| **GAAP cost of sales** | 28402 | 8944 | 218% | 60239 | 29044 | 107% |
| **GAAP gross loss** | $(1099) | $(1824) | 40% | $(5651) | $(6830) | 17% |
| ***GAAP cost of sales as a percentage of revenue*** | ***104.0%*** | ***125.6%*** | ***(2160) bps*** | ***110.4%*** | ***130.7%*** | ***(2030) bps*** |
| ***GAAP gross margin*** | ***(4.0%)*** | ***(25.6%)*** | ***2,160 bps*** | ***(10.4%)*** | ***(30.7%)*** | ***2,030 bps*** |
| **GAAP cost of sales adjustments:** | **GAAP cost of sales adjustments:** |  |  |  |  |  |
| Depreciation, net of capital-build amortization | $6037 | $3814 | 58% | $18779 | $11986 | 57% |
| Share-based compensation | 55 | 16 | 244% | 118 | 33 | 258% |
|  | 6092 | 3830 | 59% | 18897 | 12019 | 57% |
| **Adjusted Cost of Sales**<sup>1</sup> | $22310 | $5114 | 336% | $41342 | $17025 | 143% |
| ***Adjusted Cost of Sales as a Percentage of Revenue***<sup>1</sup> | ***81.7%*** | ***71.8%*** | ***990 bps*** | ***75.7%*** | ***76.6%*** | ***(90) bps*** |
| **Adjusted Gross Profit**<sup>1</sup> | $4993 | $2006 | 149% | $13246 | $5189 | 155% |
| ***Adjusted Gross Margin***<sup>1</sup> | ***18.3%*** | ***28.2%*** | ***(990) bps*** | ***24.3%*** | ***23.4%*** | ***90 bps*** |

---

![Graphic](evgo-20230330xex99d1003.jpg)

<sup>1</sup> In the first quarter of 2023, the Company updated its definition and presentation of Adjusted Cost of Sales to provide further clarity regarding the differences between GAAP Cost of Sales and Adjusted Cost of Sales, and to remove OEM reimbursement as an adjustment in the definition. The Company believes that omitting OEM reimbursement from the calculation of Adjusted Cost of Sales is appropriate due to the immateriality of this adjustment in recent periods. Prior period figures have been revised to conform to the updated definition and presentation.

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 for the years and quarters ended December 31, 2022 and 2021:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Unaudited, dollars in thousands* | **Q4'22** | **Q4'21** | **Change** | **FY'22** | **FY'21** | **Change** |
| **GAAP revenue** | $27303 | $7120 | 283% | $54588 | $22214 | 146% |
| **GAAP general and administrative expenses** | $36785 | $24859 | 48% | $126713 | $71086 | 78% |
| ***GAAP general and administrative expenses as a percentage of revenue*** | ***134.7%*** | ***349.1%*** | ***\* bps*** | ***232.1%*** | ***320.0%*** | ***(8790) bps*** |
| **GAAP general and administrative expenses adjustments:** | **GAAP general and administrative expenses adjustments:** | **GAAP general and administrative expenses adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | $7553 | $5634 | 34% | $24929 | $10909 | 129% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment, net of recoveries, and impairment expense | 3660 | 672 | 445% | 8278 | 1311 | 531% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt (recovery) expense | (85) | 113 | (175)% | (18) | 405 | (104)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 619 | 129 | 380% | 63 | 1849 | (97)% |
|  | 11747 | 6548 | 79% | 33252 | 14474 | 130% |
| **Adjusted General and Administrative Expenses** | $25038 | $18311 | 37% | $93461 | $56612 | 65% |
| ***Adjusted General and Administrative Expenses as a Percentage of Revenue*** | ***91.7%*** | ***257.2%*** | ***\* bps*** | ***171.2%*** | ***254.8%*** | ***(8360) bps*** |

---

![Graphic](evgo-20230330xex99d1003.jpg)

*\*Bps greater than 9,999.*

------

**For investors:** <br> investors@evgo.com<br>

**For Media:**<br> press@evgo.com

Source: EVgo Inc.

------

## Exhibit 99.2

#### Exhibit 99.2

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVgo Q4 2022 Earnings Call March 30, 2023 Nasdaq: EVGO – investors.evgo.com |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-Looking Statements This presentation 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," "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 the current expectations or beliefs of the management of EVgo Inc. ("EVgo" or the "Company") 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, capital expenditures, chargers in operation or under construction and network throughput, EVgo's expectation of market position and acceleration in its business due to factors including increased EV adoption, and EVgo's collaboration with partners enabling effective deployment of chargers. These statements are based on various assumptions, whether or not identified in this presentation, 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 presentation, including changes or developments in the broader general market; ongoing impacts from COVID-19 on EVgo's business, customers, and suppliers; macro political, economic, and business conditions, including inflation and conflicts that could impact EVgo's supply chains; increased competition, including from new and existing entrants in the EV charging market; unfavorable conditions or further disruptions in the capital and credit markets and EVgo's ability to obtain additional capital on commercially reasonable terms; EVgo's limited operating history as a public company; EVgo's dependence on widespread adoption of EVs and increased installation of charging stations; mechanisms surrounding energy and non-energy costs for EVgo's charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain disruptions; EVgo's ability to expand into new service markets, grow its customer base, and manage its operations; impediments to EVgo's expansion plans, including permitting delays; the need to attract additional fleet operators as customers; potential adverse effects on EVgo's 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; risks related to EVgo's dependence on its intellectual property; and risks that EVgo's technology could have undetected defects or errors. Additional risks and uncertainties that could affect the Company's 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 most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC"), 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. All forward-looking statements in this presentation are based on information available to us as of the date hereof, and EVgo does 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 generally accepted accounting principles in the United States of America ("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 EVgo'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 EVgo'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. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in the tables included at the end of this presentation. Safe Harbor & Forward-Looking Statements 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Cathy Zoi, CEO Strategic Overview 3 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,800+ stalls DCfast charging stalls in operation or under construction 900+ locations A leader in public DC fast chargingsites 9 OEM partners Engagedby multiple OEMs for partnerships ranging from charging credit and infrastructure buildout, to marketing and data integration 100% Renewableenergy powered since 2019 through the purchase of renewable energy certificates ~553,000 Customer accounts ~140 million Americans within 10 miles of EVgo charger Snapshot of EVgo's Market Leading Position Market leader in clean mobility electrification – backed by 100% renewable power ~4,000 stalls In active engineering and construction (E&C} stall development pipeline 69% Y-o-Y network throughput growth(1) 30+ states 60+ major metropolitan areas 3.0M+ users Registered PlugShare® accounts 4 Construction of charging sites is subject to various risks and delays, and not all the future charging sites depicted above may be completed. Source: Company estimates, PlugShare All figures as of Q4'22 unless otherwise noted 1) 2022 vs 2021 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Business Highlights Accelerating growth and investment in network Stalls in Operation or Under Construction Network Throughput (GWh) 5 All figures for 2022 or as of 12/31/22 unless otherwise noted. ~1,900 ~2,800 12/31/2021 12/31/2022 47% 26.4 44.6 FY '21 FY '22 69% 2,800+ Stalls in operation or under construction increased 47% YoY, with ~670 new stalls added to EVgo network in 2022 ~4,000 Active E&C Stall Development Pipeline Grew 29% YoY ~670 New stalls added to our network during 2022, increase of 131% YoY 44.6 GWh Network throughput up 69% from 2021 146% Revenue increase versus 2021 3.0M+ PlugShare registered users increased 50% YoY |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Charging Network Rideshare Fleet Dedicated Fleet Technology-Enabled Services One of largest ultra fast public charging networks in U.S., with 900+ locations, 60+ metros, 30+ states EVgo eXtend™: Model for partners looking to own charging solutions while outsourcing ongoing operations & maintenance Preferential pricing on EVgo's public charging network and integration through EVgo Inside for partnered rideshare operators and fleets Hubs and behind the fence (BTF) solutions for customers that need 24/7 dedicated charging (both EVgo- and customer-owned equipment) Proprietary suite of complementary IT infrastructure / tools that optimize customer charging experiences EVgo-owned chargers: Ongoing revenue growth from EV adoption, network expansion, and throughput growth EVgo eXtend™: Capital-light network expansion, customer acquisition, and near/long-term recurring revenue Strong near-term utilization growth, with longer-term upside Visible, recurring revenue through contractual availability with minimal utilization exposure Value-added, high margin service offerings provide revenue upside Multiple Pathways to Capitalize on Rapid Growth in Electrification of Transportation 6 All data is as of 12/31/22 unless otherwise noted. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growth, Execution, Innovation, Efficiency 2022 Accomplishments Public Fleet Technology Operations People • Added ~670 stalls in 2022 • Launched EVgo ReNew™ to enhance driver experience by upgrading, replacing or retiring older 50kW chargers • Deepening and expanding partnerships with blue chip OEMs, e.g., Toyota, Subaru, Cadillac • New site host agreements at Lowe's and others augment existing portfolio • Improving driver experience with subscription plans, rewards and dynamic pricing strategy • Expanding partnerships with Uber and Lyft for rideshare drivers, including in-app technical and marketing collaboration • Signed new behind-the-fence deals with MHX and a national food and beverage company • Developing new DCFC hubs for existing AV partners • Autocharge+ improving customer satisfaction, increasing percentage of charging session initiations • EVgo Inside™: delivering full EVgo charging experience via OEM and partner apps (GM, Toyota, Amazon Alexa, and more to come) • Enhanced EVgo mobile app, more than doubled monthly average in mobile app-initiated charge sessions • Since inception, EVgo Innovation Lab has tested 45 EVs across 30 unique brands • PlugShare 3M+ registered users, launched Pay with PlugShare, scaled direct and indirect advertising • Signed new expanded supply agreement with Delta Electronics for 350kW chargers • Executed eXtend infrastructure partnership with Pilot Flying J and GM for ~500 sites, and commenced site development and construction • Collaboration with Data Science team to launch network plan • Expanded qualified contractor base for charger deployment • Added new senior talent including leaders in: Retail Revenue, Software, Accounting and Controls, PMO & Supply Chain, Customer Experience, Business Development • Added roles in software development, engineering and construction, to support the build out of EVgo's network 7 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network Plan: Maximizing Profitable Market Share 8 2022 stall growth of ~670 Added 1,100+ stalls over last 3 years Active E&C stall development pipeline of ~4,000 as of end of 2022 Focus on top 50 MSAs and select highway corridors Maximize both near-term utilization and long-term NPV through market, utility and site selection, grants optimization Influence and improve investment economics through policy and utility efforts Clear geographic boundaries to target, ensuring the economics of the site are consistent with expectations Prioritize top partnerships and share development plans to drive action Locations intended to provide an approximation of future charging sites. Construction of charging sites is subject to various risks and delays, and not all ofthe future charging sites depicted above may be completed. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVgo's commitment to maximize uptime and deliver world-class driver experiences across new and legacy infrastructure In 2022: EVgo Renew: Enhancing the Fast-Charging Experience 9 Upgraded more than 100 stalls Retired approximately 160 stalls |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Electric Vehicle Infrastructure program ("NEVI") will allocate ~$5 billion to states over next five years • U.S. government approved all 50 state plans (plus Washington D.C. and Puerto Rico) in 2022 and issued final technical minimum standards in February 2023 • With approval, states now have access to NEVI formula funding, representing $615 million to help build EV chargers • First solicitations from states open with initial awards expected in 2023, based on state procurement and RFP processes Launched EV Charging Hero National Recognition Program • Inaugural "Charging Heroes" winners recognized in January 2023, celebrating leaders in the EV charging ecosystem for their work and achievements in driving the electrification of transportation • National EV Charging Recognition Program is part of Connect the Watts, EVgo's effort to bring the EV charging infrastructure community together to identify best practices and accelerate fast charger deployment U.S. Set for Rapid Investment in Fast Chargers 10 |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 Olga Shevorenkova, CFO Financial and Operational Overview |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Operational Highlights Active E&C Stall Development Pipeline EVgo Customer Accounts (000s) Revenue ($M) Continued focus on scaling execution in 2022 • 29% year-over-year growth in Active E&C Stall Development Pipeline • Customer account growth of 63% year-over-year • Year-over-year throughput exceeding operational stall growth: • Operational stalls of ~2,200: +29% • Network throughput: +69% • Revenue: +146% 12 340 553 Q4'21 Q4'22 $22.2 $54.6 FY '21 FY '22 ~3,100 146% ~4,000 Q4'21 Q4'22 29% 63% |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues grew 283% year-over-year, driven by increases in eXtend and retail charging revenues • Retail charging revenue increased 65% on YoY basis • eXtend revenues increased $16.6 million as pre-engineering and equipment delivery started for certain Pilot Flying J sites • Adjusted gross margin declined from 28.2% to 18.3%, primarily due to a decrease in the percentage of contribution of Regulatory Credit Sales to revenue mix and a reduction in LCFS prices • Adj. EBITDA reflects continued investments in growth • Net proceeds of $10.4 million from issuance of 1.6 million Class A shares in an at-the-market offering • Ended Q4'22 with $246.5 million in cash, cash equivalents, and restricted cash Key Financial Highlights Q4 2022 Quarterly Revenue, Margin and Cash Flow Update 13 Better (Worse) Network Throughput (GWh) 14.4 8.2 76 % GAAP revenue $27,303 $7,120 283 % GAAP gross loss $(1099) $(1824) 40 % GAAP net loss $(17049) $(46322) 63 % Adjusted Gross Profit1 $4,993 $2,006 149 % Adjusted Gross Margin 1 18.3% 28.2% (990) bps Adjusted EBITDA1 $(20058) $(16310) (23)% Cash flows used in operating activities $(1457) $(11806) Capital expenditures $(66366) $(25324) Q4'22 Q4'21 Unaudited, dollars in thousands Q4'22 Q4'21 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 measure, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" included elsewhere in these materials.  |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues grew 146% year-over-year, driven by increases in eXtend, retail charging revenues, and regulatory credit sales • Retail charging revenue increased 71% on YoY basis • eXtend revenues increased $17.7 million over 2021 • Adjusted gross margin increased 90 basis points compared to 2021 driven by accelerated LCFS recognition in first half of 2022 and a full year of contribution from Plugshare • Adj. EBITDA reflects continued investments in growth • Net proceeds of $10.4 million from issuance of 1.6 million Class A shares in an at-the-market offering • Ended 2022 with $246.5 million in cash, cash equivalents, and restricted cash Key Financial Highlights 2022 Annual Revenue, Margin and Cash Flow Update 14 Better (Worse) Network Throughput (GWh) 44.6 26.4 69 % GAAP revenue $54,588 $22,214 146 % GAAP gross loss $(5651) $(6830) 17 % GAAP net loss $(106240) $(57762) (84)% Adjusted Gross Profit1 $13,246 $5,189 155 % Adjusted Gross Margin 1 24.3% 23.4% 90 bps Adjusted EBITDA1 $(80246) $(51370) (56)% Cash flows used in operating activities $(58794) $(29603) Capital expenditures $(200251) $(65003) Unaudited, dollars in thousands FY'22 FY'21 FY'22 FY'21 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 measure, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" included elsewhere in these materials.  |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• kWh Dispensed Increasing Faster Than Stall Growth • More than 10 metro markets exhibiting double-digit utilization • Charge rate increased 17% year-over-year • Charge rate on 350kW chargers: ~53kW • Total throughput increased 69% year-over-year • Monthly retail throughput nearly doubled over the course of the year • Customer accounts of ~553,000 grew 63% YoY • Monthly fleet throughput nearly doubled over the course of the year • Pricing strategy for retail drivers • Launched kWh pricing along with time of use pricing • Subscription plans: EVgo PlusMax™, EVgo Plus™ or EVgo Basic™ • Pay as You Go option for occasional fast charging • Strong startin 2023 • Q1 2023 QTD daily average throughput ~20% higherthan thatin Q4 2022 EVgo Network Throughput Continues to Grow 26.4 44.6 2021 2022 +69% Throughput (GWh) ~1,700 ~2,200 2021 2022 +29% Operational Stalls 15 |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA\*\* ($78)-($60)M Total Stalls in Operation or Under Construction as of YE 2023 3,400-4,000 Initiating key 2023 financial and operational forecast figures: 2023 Guidance 16 \*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 and a reconciliation to the most directly comparable GAAP measure, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Measures" included elsewhere in these materials. Revenue1 $105-$150M 1 EVgo's 2023 guidance range is informed by federal regulatory guidance regarding domestic assembly and content requirements for NEVI-funded projects which was issued in late February. Impacts on specific project timelines remain uncertain and are dependent on domestic capacity coming online. |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 Appendix Reconciliation of Non-GAAP Measures to GAAP, Summary Financials |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Disaggregation 18 Charging revenue, retail $5,828 $3,537 65 % $18,895 $11,041 71 % Charging revenue, commercial 1,322 695 90 % 3,363 2,420 39 % Charging revenue, OEM 349 179 95 % 941 812 16 % Regulatory credit sales 968 1,096 (12) % 5,652 3,023 87 % Network revenue, OEM 626 352 78 % 2,451 1,510 62 % eXtend revenue 16,689 114 \* % 18,443 789 \* % Ancillary revenue 1,521 1,147 33 % 4,843 2,619 85 % Total revenue $27,303 $7,120 283 % $54,588 $22,214 146 % Unaudited, dollars in thousands Q4'22 Q4'21 Change FY'22 FY'21 Change \*Percentage greater than 999%. |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements: Condensed Consolidated Balance Sheets 19 (in thousands) Assets Current assets Cash, cash equivalents and restricted cash $246,193 $484,881 Accounts receivable, net of allowance of $687 and $718 as of December 31, 2022 and 2021, respectively 11,075 2,559 Accounts receivable, capital-build 8,011 9,621 Receivable from related party — 1,500 Prepaid expenses 4,953 6,395 Other current assets 5,252 1,389 Total current assets 275,484 506,345 Property, equipment and software, net 308,112 133,282 Operating lease right-of-use assets 51,856 — Restricted cash 300 300 Other assets 2,308 3,115 Intangible assets, net 60,612 72,227 Goodwill 31,052 31,052 Total assets $729,724 $746,321 Liabilities, redeemable noncontrolling interest and stockholders' deficit Current liabilities Accounts payable $9,128 $2,946 Accrued liabilities 39,233 27,078 Operating lease liabilities, current 4,958 — Deferred revenue, current 16,023 5,144 Customer deposits 17,867 11,592 Other current liabilities 136 111 Total current liabilities 87,345 46,871 Operating lease liabilities, noncurrent 45,689 — Earnout liability, at fair value 1,730 5,211 Asset retirement obligations 15,473 12,833 Capital-build liability 26,157 23,169 Deferred revenue, noncurrent 23,900 21,709 Warrant liability, at fair value 12,304 48,461 Other liabilities — 146 Total liabilities $212,598 $158,400 Commitments and contingencies Redeemable noncontrolling interest 875,226 1,946,252 Stockholders' deficit (358100) (1358331) Total liabilities, redeemable noncontrolling interest and stockholders' deficit $729,724 $746,321 December 31, December 31, 2022 2021 Unaudited |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements: Consolidated Statements of Operations 20 Unaudited (in thousands, except per share data) Change % Change % Revenue $27,228 $7,120 282 % $54,513 $21,652 152 % Revenue from related party 7 5 — \* 7 5 562 (87)% Total revenue 27,303 7,120 283 % 54,588 22,214 146 % Cost of revenue 22,365 5,130 336 % 41,460 17,058 143 % Depreciation, net of capital-build amortization 6,037 3,814 58 % 18,779 11,986 57 % Cost of sales 28,402 8,944 218 % 60,239 29,044 107 % Gross loss (1099) (1824) 40 % (5651) (6830) 17 % General and administrative expenses 36,785 24,859 48 % 126,713 71,086 78 % Depreciation, amortization and accretion 4,604 3,470 33 % 17,139 11,915 44 % Total operating expenses 41,389 28,329 46 % 143,852 83,001 73 % Operating loss (42488) (30153) (41)% (149503) (89831) (66)% Interest expense — — \* (21) — \* Interest expense, related party — — \* — (1926) 100 % Interest income 2,152 3 5 \* 4,479 6 9 \* Other (expense) income, net (46) 118 (139)% (815) 607 (234)% Change in fair value of earnout liability 2,153 (1481) 245 % 3,481 2,214 57 % Change in fair value of warrant liability 21,176 (14841) 243 % 36,157 31,105 16 % Total other income (expense), net 25,435 (16169) 257 % 43,281 32,069 35 % Loss before income tax benefit (expense) (17053) (46322) 63 % (106222) (57762) (84)% Income tax benefit (expense) 4 — \* (18) — \* Net loss (17049) (46322) 63 % (106240) (57762) (84)% Less: net loss attributable to redeemable noncontrolling interest (12612) (34286) 63 % (78665) (51856) (52)% Net loss attributable to Class A common stockholders $(4437) $(12036) 63 % $(27575) $(5906) (367)% Net loss per share to Class A common stockholders, basic and diluted $(0.06) $(0.18) 67 % $(0.40) $(0.09) (344)% 2022 2021 2022 2021 Three Months Ended December 31, December 31, Years Ended \*Percentage greater than 999% or not meaningful. |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements: Consolidated Statements of Cash Flows 21 (in thousands) Cash flows from operating activities Net loss $(106240) $(57762) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amortization and accretion 35,918 23,901 Net loss on disposal of property and equipment and impairment expense 8,988 1,311 Share-based compensation 25,048 10,942 Interest expense, related party — 1,926 Change in fair value of earnout liability (3481) (2214) Change in fair value of warrant liability (36157) (31105) Other 6 7 761 Changes in operating assets and liabilities Accounts receivable, net (8516) (195) Receivables from related parties 1,500 (1425) Prepaid expenses and other current and noncurrent assets (2364) (5691) Operating lease assets and liabilities, net (519) — Accounts payable 1,371 (1294) Payables to related parties — (904) Accrued liabilities 7,320 7,027 Deferred revenue 13,070 21,925 Customer deposits 6,275 3,931 Other current and noncurrent liabilities (1074) (737) Net cash used in operating activities (58794) (29603) Cash flows from investing activities Purchases of property, equipment and software (200251) (65003) Proceeds from insurance for property losses 710 — Purchases of investments (37332) — Proceeds from sale of investments 37,166 — Acquisition of business, net of cash received — (22762) Net cash used in investing activities (199707) (87765) Cash flows from financing activities Issuance of common stock under the ATM 10,654 — Capital-build funding, net 10,088 2,909 Proceeds from exercise of warrants 3 3 0 Proceeds from CRIS Business Combination — 601,579 Proceeds from note payable, related party — 24,000 Payments on note payable, related party — (5500) Payment of transaction costs for CRIS Business Combination — (28383) Payments of withholding tax on net issuance of restricted stock units (25) — Payments of issuance costs and deferred transaction costs (907) — Net cash provided by financing activities 19,813 594,635 Net (decrease) increase in cash, cash equivalents and restricted cash (238688) 477,267 Cash and restricted cash, beginning of period 485,181 7,914 Cash, cash equivalents and restricted cash, end of period $246,493 $485,181 Years Ended December 31, 2022 2021 Unaudited |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This presentation includes the following non-GAAP financial measures, in each case as defined below: "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" and "Adjusted EBITDA Margin." EVgo believes these measures are useful to investors in evaluating EVgo's performance. In addition, EVgo management uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these measures help to depict a more meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. 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 recoveries, and impairment expense, (iii) bad debt (recovery) expense, 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, (vi) interest expense, related party, and (vii) income taxes. 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 recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt (recovery) expense, (v) change in fair value of earnout liability, (vi) change in fair value of warrant liability, 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. 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 and Adjusted EBITDA Margin 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. Definitions of Non-GAAP Financial Measures 22 |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliations of Non-GAAP Measures to GAAP 23 Unaudited, dollars in thousands Change GAAP revenue $27,303 $7,120 283 % $54,588 $22,214 146 % GAAP net loss $(17049) $(46322) 63 % $(106240) $(57762) (84)% GAAP net loss margin (62.4%) (650.6%) \* bps (194.6%) (260.0%) 6,540 bps Adjustments: Depreciation, net of capital-build amortization 6,140 3,814 61 % 19,103 12,122 58 % Amortization 4,057 2,930 38 % 14,900 10,177 46 % Accretion 444 536 (17)% 1,915 1,602 20 % Interest income (2152) (35) \* (4479) (69) \* Interest expense — — \* 2 1 — \* Interest expense, related party — — \* — 1,926 100 % Income tax (benefit) expense (4) — \* 1 8 — \* EBITDA (8564) (39077) 78 % (74762) (32004) (134)% EBITDA Margin (31.4%) (548.8%) \* bps (137.0%) (144.1%) 710 bps Adjustments: Share-based compensation 7,607 5,649 35 % 25,048 10,942 129 % Loss on disposal of property and equipment, net of recoveries, and impairment expense 3,660 672 445 % 8,278 1,311 531 % Loss (gain) on investments 3 4 (118) 129 % 783 (554) 241 % Bad debt (recovery) expense (85) 113 (175)% (18) 405 (104)% Change in fair value of earnout liability (2153) 1,481 (245)% (3481) (2214) (57)% Change in fair value of warrant liability (21176) 14,841 (243)% (36157) (31105) (16)% Other1 619 129 380 % 6 3 1,849 (97)% Adjusted EBITDA $(20058) $(16310) (23)% $(80246) $(51370) (56)% Adjusted EBITDA Margin (73.5%) (229.1%) \* bps (147.0%) (231.3%) 8,430 bps Q4'22 Q4'21 Change FY'22 FY'21 \*Percentage greater than 999%, bps greater than 9,999 or not meaningful. 1 For FY'21, comprised primarily of $1.8 million in transaction costs related to the Company's merger with Climate Change Crisis Real Impact I Acquisition Corporation and the acquisition of PlugShare LLC. |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliations of Non-GAAP Measures to GAAP 24 Unaudited, dollars in thousands Change GAAP revenue $27,303 $7,120 283 % $54,588 $22,214 146 % GAAP cost of sales 28,402 8,944 218 % 60,239 29,044 107 % GAAP gross loss $(1099) $(1824) 40 % $(5651) $(6830) 17 % GAAP cost of sales as a percentage of revenue 104.0% 125.6% (2160) bps 110.4% 130.7% (2030) bps GAAP gross margin (4.0%) (25.6%) 2,160 bps (10.4%) (30.7%) 2,030 bps Depreciation, net of capital-build amortization $6,037 $3,814 58 % $18,779 $11,986 57 % Share-based compensation 5 5 1 6 244 % 118 3 3 258 % 6,092 3,830 59 % 18,897 12,019 57 % Adjusted Cost of Sales1 $22,310 $5,114 336 % $41,342 $17,025 143 % Adjusted Cost of Sales as a Percentage of Revenue 1 81.7% 71.8% 990 bps 75.7% 76.6% (90) bps Adjusted Gross Profit1 $4,993 $2,006 149 % $13,246 $5,189 155 % Adjusted Gross Margin 1 18.3% 28.2% (990) bps 24.3% 23.4% 90 bps FY'22 FY'21 GAAP cost of sales adjustments: Q4'22 Q4'21 Change 1 In the first quarter of 2023, the Company updated its definition and presentation of Adjusted Cost of Sales to provide further clarity regarding the differences between GAAP Cost of Sales and Adjusted Cost of Sales, and to remove OEM reimbursement as an adjustment in the definition. The Company believes that omitting OEM reimbursement from the calculation of Adjusted Cost of Sales is appropriate due to the immateriality of this adjustment in recent periods. Prior period figures have been revised to conform to the updated definition and presentation. |

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| &nbsp;&nbsp;![GRAPHIC](evgo-20230330xex99d2g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliations of Non-GAAP Measures to GAAP 25 Unaudited, dollars in thousands Change GAAP revenue $27,303 $7,120 283 % $54,588 $22,214 146 % GAAP general and administrative expenses $36,785 $24,859 48 % $126,713 $71,086 78 % GAAP general and administrative expenses as a percentage of revenue 134.7% 349.1% \* bps 232.1% 320.0% (8790) bps GAAP general and administrative expenses adjustments: Share-based compensation $7,553 $5,634 34 % $24,929 $10,909 129 % Loss on disposal of property and equipment, net of recoveries, and impairment expense 3,660 672 445 % 8,278 1,311 531 % Bad debt (recovery) expense (85) 113 (175)% (18) 405 (104)% Other 619 129 380 % 6 3 1,849 (97)% 11,747 6,548 79 % 33,252 14,474 130 % Adjusted General and Administrative Expenses $25,038 $18,311 37 % $93,461 $56,612 65 % Adjusted General and Administrative Expenses as a Percentage of Revenue 91.7% 257.2% \* bps 171.2% 254.8% (8360) bps Q4'22 Q4'21 Change FY'22 FY'21 \*Bps greater than 9,999. |

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