# EDGAR Filing Document

**Accession Number:** 0001821159
**File Stem:** 0001558370-25-010178
**Filing Date:** 2025-8
**Character Count:** 63776
**Document Hash:** f3b5606eee5feefcabe7d044ad06425f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010178.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001558370-25-010178

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250805

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EVgo Inc.
- **CENTRAL INDEX KEY:** 0001821159
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 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:** 251182785

**BUSINESS ADDRESS:**
- **STREET 1:** 1661 EAST FRANKLIN AVENUE
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** (310) 954-2900

**MAIL ADDRESS:**
- **STREET 1:** 1661 EAST FRANKLIN AVENUE
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

**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='ASCII'? EVgo Inc._ August 5, 2025

#### 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): August 5, 2025
**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;**1661 East Franklin Avenue, El Segundo, CA** | &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;** | &nbsp;&nbsp;**90245** |
| &nbsp;&nbsp;(Address of principal executive offices) |  | &nbsp;&nbsp;(Zip Code) |

---

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

(Former name or former address, if changed since last report.)

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.**

On August 5, 2025, EVgo Inc. (the "Company") issued a press release, announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information furnished under Item 2.02 of this Current Report on Form 8-K (including exhibit 99.1) 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](evgo-20250805xex99d1.htm) | &nbsp;&nbsp;[Press Release, dated August 5, 2025.](evgo-20250805xex99d1.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: August 5, 2025 | By: | */s/* Paul Dobson |
|  | Name: | Paul Dobson |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

#### Exhibit 99.1
![Graphic](evgo-20250805xex99d1001.jpg)

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**EVgo Inc. Reports Record Second Quarter 2025 Results**

*Secured First of its Kind Commercial Bank Loan Facility to Accelerate Nationwide Infrastructure Buildout*

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● $225 million oversubscribed 5-year facility placed in July with five participating lenders and option to increase up to $300 million.

● Record revenue of $98.0 million in the second quarter, representing an increase of 47% year-over-year .

● Charging network revenue totaled a record $51.8 million in the second quarter, an increase of 46% year-over-year, representing the 14 <sup>th</sup> consecutive quarter of double-digit year-over-year charging revenue growth.

● Network throughput reached 88 gigawatt-hours ("GWh") in the second quarter, an increase of 35% year-over-year.

● Added more than 240 new operational stalls during the second quarter.

● Ended the second quarter with 4,350 stalls in operation.

------

**LOS ANGELES – August 5, 2025 —** EVgo Inc. (Nasdaq: EVGO) ("EVgo" or the "Company") today announced results for the second quarter ended June 30, 2025. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo's results and other business highlights.

**Business Highlights**

● **Commercial Loan Facility**: On July 23, 2025, EVgo secured a commercial bank financing facility (the "Facility") of up to $300 million, with $225 million committed and $75 million of incremental availability. Proceeds of the Facility will be used to accelerate EVgo's nationwide deployment of high-power charging infrastructure by over 1,500 new fast charging stalls.

● **Stall Development:** The Company ended the second quarter with 4,350 stalls in operation. EVgo added more than 240 new DC fast charging stalls during the quarter and removed 100 legacy stalls as part of its ongoing EVgo ReNew™ efforts.

------

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

● **Average Daily Network Throughput:** Average daily throughput per stall for the EVgo public network was 281 kilowatt hours per day in the second quarter of 2025, an increase of 22% compared to 230 kilowatt hours per day in the second quarter of 2024.

● **EVgo Autocharge+:** Autocharge+ accounted for 28% of total charging sessions initiated in the second quarter of 2025.

● **Customer Accounts:** Added over 122,000 new customer accounts in the second quarter, with a total of 1.5 million total customer accounts at the end of the quarter.

● **J3400 (NACS) Connectors:** Second pilot site with native NACS connectors became operational in June 2025. Additional locations anticipated to be added throughout 2025.

● **PlugShare:** PlugShare reached 6.9 million registered users and achieved 9.7 million check-ins since inception.

**Financial & Operational Highlights** 

The below represent summary financial and operational figures for the second quarter of 2025.

● **Revenue** of $98.0 million

● **Network Throughput** <sup>1</sup> of 88 gigawatt-hours

● **Customer Account Additions** of over 122,000 accounts

● **Gross Profit** of $13.9 million

● **Net Loss Attributable to Class A Common Stockholders** of $13.0 million

● **Adjusted Gross Profit** <sup>2</sup> of $28.4 million

● **Adjusted EBITDA** <sup>2</sup> of ($1.9) million

● **Net Cash Provided by Operating Activities** of $14.1 million

● **Capital Expenditures** of $26.2 million

● **Capital Expenditures, Net of Capital Offsets** <sup>2</sup> of $17.1 million

------

<sup>1</sup> Network throughput for EVgo public network excludes dedicated and eXtend™ sites.

<sup>2</sup> Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets 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 Financial Measures" included elsewhere in this release.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in thousands)* | **Q2'25** | **Q2'24** | **Better (Worse)** | **Q2'25 YTD** | **Q2'24 YTD** | **Better (Worse)** |
| Network Throughput (GWh) | 88 | 65 | 35% | 172 | 117 | 47% |
| Revenue | $98030 | $66619 | 47% | $173317 | $121777 | 42% |
| Gross profit | $13908 | $6398 | 117% | $23231 | $13239 | 75% |
| ***Gross margin*** | ***14.2%*** | ***9.6%*** | ***460 bps*** | ***13.4%*** | ***10.9%*** | ***250 bps*** |
| Net loss | $(29821) | $(29610) | (1)% | $(56048) | $(57803) | 3% |
| Adjusted Gross Profit¹ | $28359 | $17658 | 61% | $53729 | $34945 | 54% |
| ***Adjusted Gross Margin***<sup>1</sup> | ***28.9%*** | ***26.5%*** | ***240 bps*** | ***31.0%*** | ***28.7%*** | ***230 bps*** |
| Adjusted EBITDA<sup>1</sup> | $(1933) | $(7982) | 76% | $(7862) | $(15189) | 48% |
| <sup>1</sup> *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 measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *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 measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *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 measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *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 measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *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 measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *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 measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *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 measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in thousands)* | **Q2'25** | **Q2'24** | **Change** | **Q2'25 YTD** | **Q2'24 YTD** | **Change** |
| Cash flows provided by (used in) operating activities | $14089 | $7556 | 86% | $3843 | $(6526) | 159% |
| GAAP capital expenditures | $26199 | $24196 | 8% | $41191 | $45267 | (9)% |
| Less capital offsets: |  |  |  |  |  |  |
| &nbsp;&nbsp;OEM infrastructure payments | 1898 | 5956 | (68)% | 6873 | 11782 | (42)% |
| &nbsp;&nbsp;Proceeds from capital-build funding | 7180 | 4459 | 61% | 9051 | 6139 | 47% |
| Total capital offsets | 9078 | 10415 | (13)% | 15924 | 17921 | (11)% |
| Capital Expenditures, Net of Capital Offsets<sup>1</sup> | $17121 | $13781 | 24% | $25267 | $27346 | (8)% |
| <sup>1</sup> *Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  | <sup>1</sup> *Capital Expenditures, Net of Capital Offsets is a non-GAAP measure and has not been prepared in accordance with GAAP. For a definition of this non-GAAP measures and a reconciliation to the most directly comparable GAAP measures, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in these materials.*  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **6/30/2025** | **6/30/2024** | **Increase** |
| **Stalls in operation:** |  |  |  |
| EVgo public network<sup>1</sup> | 3480 | 3190 | 9% |
| EVgo dedicated network<sup>2</sup> | 110 | 40 | 175% |
| EVgo eXtend™ | 760 | 190 | 300% |
| **Total stalls in operation** | **4350** | **3420** | **27%** |
| <sup>1</sup> *Stalls on publicly available chargers at charging stations that we own and operate on our network.* | <sup>1</sup> *Stalls on publicly available chargers at charging stations that we own and operate on our network.* | <sup>1</sup> *Stalls on publicly available chargers at charging stations that we own and operate on our network.* | <sup>1</sup> *Stalls on publicly available chargers at charging stations that we own and operate on our network.* |
| <sup>2</sup> *Stalls at charging stations that we own and operate on our network that are only available to dedicated fleet customers.* | <sup>2</sup> *Stalls at charging stations that we own and operate on our network that are only available to dedicated fleet customers.* | <sup>2</sup> *Stalls at charging stations that we own and operate on our network that are only available to dedicated fleet customers.* | <sup>2</sup> *Stalls at charging stations that we own and operate on our network that are only available to dedicated fleet customers.* |

---

#### 2025 Financial Guidance
EVgo is updating guidance as follows:

● Total revenue guidance of $350 – $380 million

● Adjusted EBITDA <sup>\*</sup> of $(5) million – $10 million

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*\* 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, please see "Definitions of Non-GAAP Financial Measures" included elsewhere in this release.*

#### Webcast Information
A live audio webcast for EVgo's second quarter 2025 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at *investors.evgo.com*.

This press release, along with other investor materials that will be used or referred to during the webcast, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.

#### About EVgo
EVgo (Nasdaq: EVGO) is one of the nation's leading public fast charging providers. With more than 1,100 fast charging stations across over 40 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical

------

collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. In some cases, you can identify forward-looking statements 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 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. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo's future financial and operating performance; EVgo's future profitability and priorities, including achieving breakeven Adjusted EBITDA; the Facility, including expectations regarding its impact on stall growth and the Facility's effect on EVgo's financial performance; EVgo's development of next generation charging architecture; and EVgo's progress on its network buildout. 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 adversely affecting EVgo's business; EVgo's dependence on the widespread adoption of electric vehicles ("EVs") and growth of the EV and EV charging markets; EVgo's reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the "DOE Loan") and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo's ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo's services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo's revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo's ability to obtain additional financing on commercially reasonable terms; EVgo's ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo's business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo's ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo's expansion plans, including permitting and utility-related delays; EVgo's ability to integrate any businesses it acquires; EVgo's ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo's dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo's ability to enter into and maintain valuable partnerships with commercial or public-entity property

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owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo's ability to maintain, protect and enhance EVgo's intellectual property; EVgo's ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, changing tariff and taxation policies, and geopolitical events such as the conflicts in Ukraine and the Middle East. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission (the "SEC") including its most recent Annual Report on Form 10-K, 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*. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

------

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

#### Condensed Consolidated Balance Sheets

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| *(in thousands)* | (unaudited) |  |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $154468 | $117273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, current | 22425 | 3239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $1,292 and $1,196 as of June 30, 2025 and December 31, 2024 | 31860 | 45849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, capital-build | 16239 | 17732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other current assets | 27386 | 21282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 252378 | 205375 |
| Restricted cash, noncurrent | 6484 |  |
| Property, equipment and software, net | 415714 | 414968 |
| Operating lease right-of-use assets | 93879 | 89295 |
| Other assets | 30273 | 24321 |
| Intangible assets, net | 34877 | 38750 |
| Goodwill | 31052 | 31052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $864657 | $803761 |
| **Liabilities, redeemable noncontrolling interest and stockholders' deficit** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $9828 | $13031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 53381 | 42953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 7039 | 7326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current | 45890 | 46258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2013 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 118151 | 111410 |
| Operating lease liabilities, noncurrent | 87792 | 83043 |
| Asset retirement obligations | 25597 | 23793 |
| Capital-build liability | 53273 | 51705 |
| Deferred revenue, noncurrent | 70609 | 70466 |
| Earnout liability, at fair value | 374 | 942 |
| Warrant liabilities, at fair value | 4036 | 9740 |
| Other long-term liabilities | 7705 | 8931 |
| Long-term debt | 96540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 464077 | 360030 |
| Commitments and contingencies |  |  |

---

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| *(in thousands)* | (unaudited) |  |
| Redeemable noncontrolling interest | $630720 | $699840 |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 133,526,365 and 129,973,698 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of June 30, 2025 and December 31, 2024, respectively | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 172,800,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (230170) | (256139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (230140) | (256109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable noncontrolling interest and stockholders' deficit | $864657 | $803761 |

---

------

**EVgo Inc. and Subsidiaries**

#### Condensed Consolidated Statements of Operations
**(unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| *(in thousands, except per share data)* | **2025** | **2024** | **Change %** | **2025** | **2024** | **Change %** |
| Revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Charging, retail | $32779 | $22336 | 47% | $62794 | $40662 | 54% |
| &nbsp;&nbsp;Charging, commercial¹ | 8573 | 6176 | 39% | 16356 | 11283 | 45% |
| &nbsp;&nbsp;Charging, OEM | 7908 | 3638 | 117% | 13166 | 6370 | 107% |
| &nbsp;&nbsp;Regulatory credit sales | 2450 | 1749 | 40% | 5236 | 3783 | 38% |
| &nbsp;&nbsp;Network, OEM | 118 | 1627 | (93)% | 1374 | 5050 | (73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total charging network  | 51828 | 35526 | 46% | 98926 | 67148 | 47% |
| &nbsp;&nbsp;eXtend  | 37385 | 27667 | 35% | 60873 | 46818 | 30% |
| &nbsp;&nbsp;Ancillary¹ | 8817 | 3426 | 157% | 13518 | 7811 | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 98030 | 66619 | 47% | 173317 | 121777 | 42% |
| Cost of sales |  |  |  |  |  |  |
| &nbsp;&nbsp;Charging network¹ | 32545 | 23056 | 41% | 62154 | 41766 | 49% |
| &nbsp;&nbsp;Other¹ | 37235 | 26016 | 43% | 57635 | 45264 | 27% |
| &nbsp;&nbsp;Depreciation, net of capital-build amortization | 14342 | 11149 | 29% | 30297 | 21508 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of sales | 84122 | 60221 | 40% | 150086 | 108538 | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 13908 | 6398 | 117% | 23231 | 13239 | 75% |
| Operating expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;General and administrative | 40596 | 33827 | 20% | 79224 | 68053 | 16% |
| &nbsp;&nbsp;Depreciation, amortization and accretion | 4124 | 4958 | (17)% | 8219 | 9943 | (17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 44720 | 38785 | 15% | 87443 | 77996 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (30812) | (32387) | 5% | (64212) | (64757) | 1% |
| Interest expense | (909) |  | \*  | (1426) |  | \*  |
| Interest income | 1718 | 2064 | (17)% | 3412 | 4337 | (21)% |
| Other income (expense), net | 5 | (8) | 163% |  | (17) | 100% |
| Change in fair value of earnout liability | (180) | 101 | (278)% | 568 | 309 | 84% |
| Change in fair value of warrant liabilities | 360 | 677 | (47)% | 5704 | 2395 | 138% |
| &nbsp;&nbsp;Total other income, net | 994 | 2834 | (65)% | 8258 | 7024 | 18% |
| Loss before income tax expense | (29818) | (29553) | (1)% | (55954) | (57733) | 3% |
| Income tax expense | (3) | (57) | 95% | (94) | (70) | (34)% |
| &nbsp;&nbsp;Net loss | (29821) | (29610) | (1)% | (56048) | (57803) | 3% |
| Less: net loss attributable to redeemable noncontrolling interest | (16823) | (19233) | 13% | (31688) | (37593) | 16% |
| &nbsp;&nbsp;Net loss attributable to Class A common stockholders | $(12998) | $(10377) | (25)% | $(24360) | $(20210) | (21)% |
| Net loss per share to Class A common stockholders, basic and diluted | $(0.10) | $(0.10) |  | $(0.18) | $(0.19) |  |
| Weighted average Class A common stock outstanding, basic and diluted | 133484 | 105584 |  | 132644 | 105130 |  |
| *\* Percentage not meaningful* | *\* Percentage not meaningful* | *\* Percentage not meaningful* | *\* Percentage not meaningful* | *\* Percentage not meaningful* | *\* Percentage not meaningful* | *\* Percentage not meaningful* |
| *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* |

---

------

**EVgo Inc. and Subsidiaries**

#### Condensed Consolidated Statements of Cash Flow s
**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,**  | **Six Months Ended June 30,**  |
| *(in thousands)* | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(56048) | $(57803) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and accretion | 38516 | 31451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense | 4518 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 12525 | 10103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability | (568) | (309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | (5704) | (2395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest | 1401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales-type lease | (2500) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 83 | 5 |
| &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 | 13988 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids and other current assets and other assets | (4643) | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities, net | (121) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (4875) | 6130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 8737 | (5764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (224) | 5461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and noncurrent liabilities | (1242) | (335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 3843 | (6526) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (41191) | (45267) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance for property losses | 24 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (41167) | (45115) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 94180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from capital-build funding | 9051 | 6139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of withholding tax on net issuance of restricted stock units | (529) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred debt issuance costs | (2513) | (908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 100189 | 5231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents and restricted cash | 62865 | (46410) |
| **Cash, cash equivalents and restricted cash, beginning of period** | 120512 | 209146 |
| **Cash, cash equivalents and restricted cash, end of period** | $183377 | $162736 |

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**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 Financial Measures."

**Definitions of Non-GAAP Financial Measures** 

This release includes some, but not all of the following non-GAAP financial measures, in each case as defined below: "Charging Network Gross Profit," "Charging Network Gross Margin," "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," "Adjusted EBITDA Margin," and "Capital Expenditures, Net of Capital Offsets." With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that commence operations under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM's customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo's performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.

Charging Network Gross Profit, Charging Network Gross Margin, 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, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets 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.

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EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. 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 insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), 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, and (vi) income tax expense (benefit). 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 insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, 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. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph.

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**Reconciliations of Non-GAAP Financial 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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in thousands)* | **Q2'25** | **Q2'24** | **Change** | **Q2'25 YTD** | **Q2'24 YTD** | **Change** |
| GAAP revenue | $98030 | $66619 | 47%  | $173317 | $121777 | 42%  |
| GAAP net loss | $(29821) | $(29610) | (1)%  | $(56048) | $(57803) | 3%  |
| ***GAAP net loss margin*** | ***(30.4%)*** | ***(44.4%)*** | ***1,400 bps*** | ***(32.3)%*** | ***(47.5)%*** | ***1,520 bps*** |
| EBITDA adjustments: |  |  |  |  |  |  |
| Depreciation, net of capital-build amortization | $14417 | $11288 | 28%  | $30456 | $21764 | 40%  |
| Amortization | 3330 | 4342 | (23)%  | 6754 | 8805 | (23)%  |
| Accretion | 719 | 477 | 51%  | 1306 | 882 | 48%  |
| Interest expense | 909 |  | \*  | 1426 |  | \*  |
| Interest income | (1718) | (2064) | 17%  | (3412) | (4337) | 21%  |
| Income tax expense | 3 | 57 | (95)%  | 94 | 70 | 34%  |
| Total EBITDA adjustments | 17660 | 14100 | 25%  | 36624 | 27184 | 35%  |
| EBITDA | $(12161) | $(15510) | 22%  | $(19424) | $(30619) | 37%  |
| ***EBITDA Margin*** | ***(12.4%)*** | ***(23.3%)*** | ***1,090 bps*** | ***(11.2)%*** | ***(25.1)%*** | ***1,390 bps*** |
| Adjusted EBITDA Adjustments: |  |  |  |  |  |  |
| Share-based compensation | $7031 | $5402 | 30%  | $12525 | $10103 | 24%  |
| Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense | 3319 | 2757 | 20%  | 4518 | 5497 | (18)%  |
| Loss on investments |  |  | \*  |  | 5 | (100)%  |
| Bad debt expense | 58 | 81 | (28)%  | 651 | 311 | 109%  |
| Change in fair value of earnout liability | 180 | (101) | 278%  | (568) | (309) | (84)%  |
| Change in fair value of warrant liabilities | (360) | (677) | 47%  | (5704) | (2395) | (138)%  |
| Other<sup>1</sup> |  | 66 | (100)%  | 140 | 2218 | (94)%  |
| Total Adjusted EBITDA adjustments | 10228 | 7528 | 36%  | 11562 | 15430 | (25)%  |
| Adjusted EBITDA | $(1933) | $(7982) | 76%  | $(7862) | $(15189) | 48%  |
| ***Adjusted EBITDA Margin*** | ***(2.0%)*** | ***(12.0%)*** | ***1,000 bps*** | ***(4.5)%*** | ***(12.5)%*** | ***800 bps*** |
| *\* Percentage greater than 999% or not meaningful.* | *\* Percentage greater than 999% or not meaningful.* | *\* Percentage greater than 999% or not meaningful.* | *\* Percentage greater than 999% or not meaningful.* | *\* Percentage greater than 999% or not meaningful.* | *\* Percentage greater than 999% or not meaningful.* | *\* Percentage greater than 999% or not meaningful.* |
| *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* |

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The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in thousands)* | **Q2'25** | **Q2'25** | **Q2'24** | **Q2'24** | **Change** |  | **Q2'25 YTD** | **Q2'25 YTD** | **Q2'24 YTD** | **Q2'24 YTD** | **Change** |
| GAAP total charging network revenue<sup>1</sup> | $| 51828 | $| 35526 | 46%  |  | $| 98926 | $| 67148 | 47%  |
| GAAP charging network cost of sales<sup>1</sup> |  | 32545 |  | 23056 | 41%  |  |  | 62154 |  | 41766 | 49%  |
| Charging Network Gross Profit | $ | 19283 | $ | 12470 | 55%  |  | $ | 36772 | $ | 25382 | 45%  |
| ***Charging Network Gross Margin*** |  |  ***37.2%*** |  |  ***35.1%*** | ***210 bps*** |  |  |  ***37.2%*** |  |  ***37.8%*** | ***(60) bps*** |
| *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* | *¹ During the fourth quarter of 2024, we reclassed revenues earned through our dedicated charging solutions to fleets from commercial charging revenue to ancillary revenue. In addition, the associated costs for those revenues were reclassed from charging network cost of sales to other cost of sales. Previously reported amounts have been updated to conform to the current period presentation.* |

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The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in thousands)* | **Q2'25** | **Q2'24** | **Change** | **Q2'25 YTD** | **Q2'24 YTD** | **Change** |
| GAAP revenue | $98030 | $66619 | 47%  | $173317 | $121777 | 42%  |
| GAAP cost of sales | 84122 | 60221 | 40%  | 150086 | 108538 | 38%  |
| GAAP gross profit | $13908 | $6398 | 117%  | $23231 | $13239 | 75%  |
| ***GAAP cost of sales as a percentage of revenue*** | ***85.8%*** | ***90.4%*** | ***(460) bps*** | ***86.6%*** | ***89.1%*** | ***(250) bps*** |
| ***GAAP gross margin*** | ***14.2%*** | ***9.6%*** | ***460 bps*** | ***13.4%*** | ***10.9%*** | ***250 bps*** |
| Adjusted Cost of Sales adjustments |  |  |  |  |  |  |
| &nbsp;&nbsp;Depreciation, net of capital-build amortization | $14342 | $11149 | 29%  | $30297 | $21508 | 41%  |
| &nbsp;&nbsp;Share-based compensation | 109 | 111 | (2)%  | 201 | 198 | 2%  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Adjusted Cost of Sales adjustments | $14451 | $11260 | 28%  | 30498 | $21706 | 41%  |
| Adjusted Cost of Sales | $69671 | $48961 | 42%  | $119588 | $86832 | 38%  |
| ***Adjusted Cost of Sales as a Percentage of Revenue*** | ***71.1%*** | ***73.5%*** | ***(240) bps*** | ***69.0%*** | ***71.3%*** | ***(230) bps*** |
| Adjusted Gross Profit | $28359 | $17658 | 61%  | $53729 | $34945 | 54%  |
| ***Adjusted Gross Margin*** | ***28.9%*** | ***26.5%*** | ***240 bps*** | ***31.0%*** | ***28.7%*** | ***230 bps*** |

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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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in thousands)* | **Q2'25** | **Q2'24** | **Change** | **Q2'25 YTD** | **Q2'24 YTD** | **Change** |
| GAAP revenue | $98030 | $66619 | 47%  | $173317 | $121777 | 42%  |
| GAAP general and administrative expenses | $40596 | $33827 | 20%  | $79224 | $68053 | 16%  |
| ***GAAP general and administrative expenses as a percentage of revenue*** | ***41.4%*** | ***50.8%*** | ***(940) bps*** | ***45.7%*** | ***55.9%*** | ***(1020) bps*** |
| Less adjustments: |  |  |  |  |  |  |
| Share-based compensation | $6922 | $5291 | 31%  | $12324 | $9905 | 24%  |
| Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense | 3319 | 2757 | 20%  | 4518 | 5497 | (18)%  |
| Bad debt expense | 58 | 81 | (28)%  | 651 | 311 | 109%  |
| Other<sup>1</sup> |  | 66 | (100)%  | 140 | 2218 | (94)%  |
| Total adjustments | 10299 | 8195 | 26%  | 17633 | 17931 | (2)%  |
| Adjusted General and Administrative Expenses | $30297 | $25632 | 18%  | $61591 | $50122 | 23%  |
| ***Adjusted General and Administrative Expenses as a Percentage of Revenue*** | ***30.9%*** | ***38.5%*** | ***(760) bps*** | ***35.5%*** | ***41.2%*** | ***(570) bps*** |
| *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* | *¹ For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024. For the six months ended June 30, 2024, comprised primarily of costs related to the reorganization of our resources previously announced by us on January 17, 2024.* |

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The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(unaudited, dollars in thousands)* | **Q2'25** | **Q2'24** | **Change** | **Q2'25 YTD** | **Q2'24 YTD** | **Change** |
| GAAP capital expenditures | $26199 | $24196 | 8%  | $41191 | $45267 | (9)%  |
| Less capital offsets: |  |  |  |  |  |  |
| OEM infrastructure payments | $1898 | $5956 | (68)%  | $6873 | $11782 | (42)%  |
| Proceeds from capital-build funding | 7180 | 4459 | 61%  | 9051 | 6139 | 47%  |
| Total capital offsets | 9078 | 10415 | (13)%  | 15924 | 17921 | (11)%  |
| Capital Expenditures, Net of Capital Offsets | $17121 | $13781 | 24%  | $25267 | $27346 | (8)%  |
| *\* Percentage not meaningful* | *\* Percentage not meaningful* | *\* Percentage not meaningful* | *\* Percentage not meaningful* |  |  |  |

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