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 9, 2022
EVgo Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-39572 |
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85-2326098 |
(State or other jurisdiction of |
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(Commission File Number) |
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(I.R.S. Employer |
11835 West Olympic Boulevard, Suite 900E |
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90064 |
(Address of principal executive offices) |
|
(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 to 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:
Title of each class |
Trading |
Name of each exchange |
Shares of Class A common stock, $0.0001 par value |
EVGO |
Nasdaq Global Select Market |
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 |
EVGOW |
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 August 9, 2022, announcing its financial results for the quarter ended June 30, 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 August 9, 2022, at 11:00 a.m. Eastern Time, the Company will host its second quarter 2022 earnings conference call and webcast. Via webcast, the Company will present portions of its second quarter 2022 earnings call presentation (the “Earnings Call Presentation”), which contains a summary of the Company’s financial results for the quarter ended June 30, 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.
Exhibit |
Description |
99.1 |
|
99.2 |
|
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2
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.
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EVgo Inc. |
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Date: August 9, 2022 |
By: |
/s/ Olga Shevorenkova |
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Name: |
Olga Shevorenkova |
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Title: |
Chief Financial Officer |
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|
(Principal Financial Officer) |
3
Exhibit 99.1
EVgo Inc. Reports Second Quarter 2022 Results
● | Network throughput reached 10.1 Gigawatt-hours (“GWh”) in the second quarter of 2022, an increase of 66% year-over-year |
● | Revenue grew to $9.1 million in the second quarter of 2022, representing an increase of 90% year-over-year |
● | Ended the second quarter of 2022 with 2,397 stalls in operation or under construction, and operationalized 170 new stalls during the quarter |
● | Added approximately 67,000 new customer accounts, increasing overall to approximately 444,000 at the end of the second quarter of 2022 |
● | Announced first major EVgo eXtend project, a collaboration with GM and the Pilot Company that is expected to lead to approximately 2,000 new stalls at up to 500 locations across the U.S. over the next few years. EVgo will install, operate and maintain the network for GM and Pilot Company |
● | Entered into New Charger Supply Agreement with Delta Electronics for 1,000 chargers (or 2,000 stalls) as part of effort to meet EVgo eXtend and other charger supply needs |
● | Detailed rollout of Autocharge+, ongoing growth at PlugShare, charging deal for the Cadillac LYRIQ, and award with the U.S. General Services Administration’s (“GSA”) Blanket Purchase Agreement (“BPA”) |
Los Angeles, CA, August 9th, 2022 – EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter of 2022. The Company continues to execute on its growth plans on the back of continued electric vehicle (“EV”) adoption and market development.
Revenue increased to $9.1 million in the second quarter of 2022, compared to $4.8 million in the second quarter of 2021, representing 90% year-over-year growth. Growth in revenue for the quarter was primarily driven by higher retail charging revenues, as well as growth in network original equipment manufacturers (“OEM”) and regulatory credit revenue. The Company added approximately 67,000 new customer accounts, bringing the overall number of customer accounts to approximately 444,000, an increase of 60% year-over-year.
Network throughput increased to 10.1 GWh in the second quarter of 2022, compared to 6.1 GWh in the second quarter of 2021, representing 66% year-over-year growth.
“Our results for the second quarter, together with the milestone EVgo eXtend partnership recently announced, reinforce EVgo’s leadership position in ultra-fast EV charging,” said Cathy Zoi, EVgo’s CEO. “We delivered 10 GWh of network throughput and accelerated customer account additions, demonstrating the growth potential of our business as consumers continue to adopt EVs. EVgo is entering the rollout period of the National Electric Vehicle Infrastructure (“NEVI”) program with strong momentum and substantial progress. As one of the longest running, largest, and most reliable public fast charging operators in the U.S., we could not be more excited about the possibility of accelerating our growth, expanding our partnerships, and helping to enable the wider, faster adoption of EVs across America.”
1
Business Highlights
● | EVgo eXtend: In July, the Company announced an agreement with GM and Pilot Company to install 2,000 stalls at up to 500 sites across U.S. Under the partnership, EVgo will procure, design, install, operate and maintain the network/stations. |
● | Charger Supply Agreement: In July, EVgo entered into a Charger Supply Agreement with Delta Electronics, through which EVgo will purchase 1,000 chargers (equivalent to 2,000 stalls) from Delta, with an option to purchase more and expand the agreement over time. |
● | Network reliability: EVgo’s uptime for stalls on its network was once again in the mid-90s percent through the first half of 2022, representing the Company’s focus on operational excellence and maintaining a highly reliable charging network. |
● | EVgo Optima: Together with a major Midwestern investor-owned utility EVgo will help pilot a program powered by its Optima fleet solutions to assist in their fleet electrification efforts. |
● | Launch of Autocharge+: During the quarter, the Company announced the rollout of its Autocharge+ functionality, which is designed to simplify and accelerate the charging experience for drivers. |
● | BPA with U.S. GSA: EVgo, along with OSC~WEBco, was awarded participation in a new five-year Blanket Purchase Agreement to furnish EV supply equipment and ancillary services to federal government agencies and departments. |
● | Station development: The Company ended the second quarter of 2022 with 2,397 stalls in operation or under construction. Excluding retired locations, this reflects an addition of 170 new operational DC fast charging stalls during the quarter. |
● | Active E&C Stall Development Pipeline: The Company’s pipeline grew to 3,669 stalls by the end the second quarter of 2022 versus 2,067 at the end of the second quarter of 2021. |
Financial & Operational Highlights
The below represent summary financial and operational figures for the second quarter of 2022.
● | Revenue of $9.1 million |
● | Network throughput of 10.1 gigawatt-hours |
● | Customer account additions of approximately 67,000 accounts |
● | Gross loss of $0.7 million |
● | Net income of $17.0 million |
● | Adjusted gross profit of $3.4 million |
● | Adjusted EBITDA of ($19.8) million |
● | Cash Flow from Operations of ($18.5) million |
● | Capital Expenditures of $44.0 million |
2
|
|
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($ in 000s) |
Q2'22 |
Q2'21 |
|
|
|
Network Throughput (GWh) |
10.1 |
6.1 |
Revenue |
$9,076 |
$4,783 |
GAAP Gross Profit / (Loss) |
($744) |
($1,674) |
GAAP Net Income/(Loss) |
$16,997 |
($18,420) |
Adj. Gross Profit/(Loss)1 |
$3,375 |
$1,024 |
Adj. Gross Margin1 |
37.2% |
21.4% |
Adj. EBITDA1 |
($19,837) |
($11,009) |
|
|
|
|
Q2'22 |
Q2'21 |
Cash flow from operations |
($18,539) |
($9,138) |
Capital expenditures |
($44,017) |
($15,514) |
|
|
|
1. Adjusted Gross Profit / (Loss), Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin 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 “Definition of non-GAAP Financial Measures” and “Reconciliation of non-GAAP Measures” included elsewhere in this release.
2022 Financial & Operating Guidance
EVgo is affirming its previously announced guidance for full-year 2022 as follows:
● | Total revenue of $48 – $55 million |
● | Network throughput of 50 – 60 GWh |
● | Adjusted EBITDA of ($75) – ($85) million |
Additionally, EVgo is affirming its stall target guidance. At year-end 2022, EVgo expects to have a total of 3,000 – 3,300 DC fast charging stalls operational or under construction.
Conference Call Information
A live audio webcast and conference call for our second quarter 2022 earnings release will be held at 11:00 AM ET / 8:00 AM PT on August 9, 2022. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: (877) 407-4018
Toll/International: (201) 689-8472
Conference ID: 13731661
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.
3
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles and is powered by 100% renewable energy. As of the end of the second quarter 2022, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 444,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
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 acceleration in our business due to factors including a re-opening economy and increased EV adoption; and the Company’s strong liquidity position and 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 impact from COVID-19 on our business, customers, and suppliers; macro political, economic, and business conditions, including inflation; our limited operating history as a public company; our dependence on widespread adoption of EVs and increased installation of charging station; mechanisms surrounding energy and non-energy costs for our charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain interruptions; impediments to our expansion plans, including permitting delays; the need to attract additional fleet operators as customers; potential adverse effects on our 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; the effects of competition; risks related to our dependence on our intellectual property; and risks that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our 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 for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2022, as well as its other filings with the SEC, 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 press release are based on information available to us as of the date hereof, and we do 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.
4
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
This press release includes the non-GAAP financial measures: “Adjusted Cost of Sales,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “EBITDA,” “Adjusted EBITDA.” EVgo believes these measures are useful to investors in evaluating EVgo’s financial performance. In addition, EVgo uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these non-GAAP financial measures help to depict a more realistic representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. EVgo believes that investors should have access to the same set of tools that its management uses in analyzing operating results.
EVgo defines Adjusted Cost of Sales as cost of sales before: (i) depreciation and amortization, (ii) share-based compensation, and (iii) O&M reimbursement. Adjusted Gross Profit (Loss) is defined as revenues less Adjusted Cost of Sales. Adjusted Gross Margin is defined as Adjusted Gross Profit (Loss) as a percentage of revenues. EVgo defines EBITDA as net income (loss) before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. EVgo defines Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense, (ii) loss on disposal of assets and (iii) other unusual or nonrecurring income (expenses) such as bad debt expense. Adjusted Cost of Sales, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are not prepared in accordance with GAAP and that 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.
5
These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.
6
Reconciliations of Non-GAAP Measures ($ in 000s)
|
|
|
|
|
|
|
|
|
|
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
|
|
|
|
|
|
|
|
Net Income |
|
($16,610) |
($18,420) |
$23,591 |
($46,322) |
($55,266) |
$16,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+ Taxes |
|
– |
– |
– |
– |
5 |
17 |
+ Depreciation, ARO, Amortization |
|
4,957 |
5,250 |
6,414 |
7,280 |
7,341 |
8,233 |
+ Interest Income / Expense |
|
875 |
1,038 |
(22) |
(35) |
(55) |
(623) |
EBITDA |
|
($10,778) |
($12,132) |
$29,983 |
($39,077) |
($47,975) |
$24,624 |
|
|
|
|
|
|
|
|
+ Bad Debt, Non-Recurring Costs, Other Adj. |
|
$999 |
$1,123 |
($44,255) |
$22,767 |
$29,799 |
($44,461) |
Adj. EBITDA |
|
($9,779) |
($11,009) |
($14,272) |
($16,310) |
($18,176) |
($19,837) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
|
|
|
|
|
|
|
|
GAAP Gross Profit / (Loss) |
|
($1,678) |
($1,674) |
($1,653) |
($1,824) |
($600) |
($744) |
|
|
|
|
|
|
|
|
+ Site Depreciation & ARO Accretion |
|
$2,447 |
$2,705 |
$3,020 |
$3,814 |
$3,454 |
$4,101 |
+ Stock Option Expense and Other |
|
(6) |
(7) |
3 |
7 |
2 |
18 |
|
|
|
|
|
|
|
|
Adjusted Gross Profit / (Loss) |
|
$763 |
$1,024 |
$1,370 |
$1,997 |
$2,856 |
$3,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
|
|
|
|
|
|
|
|
GAAP COS |
|
$5,808 |
$6,457 |
$7,834 |
$8,944 |
$8,300 |
$9,820 |
|
|
|
|
|
|
|
|
Less: |
|
|
|
|
|
|
|
Site Depreciation & ARO Accretion |
|
$2,447 |
$2,705 |
$3,020 |
$3,814 |
$3,454 |
$4,101 |
Stock Option Expense and Other |
|
(6) |
(7) |
3 |
7 |
2 |
18 |
|
|
|
|
|
|
|
|
Adjusted COS |
|
$3,367 |
$3,759 |
$4,811 |
$5,123 |
$4,844 |
$5,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
|
|
|
|
|
|
|
|
Adjusted Gross Profit / (Loss) - As Previously Reported * |
|
($162) |
($61) |
$217 |
$669 |
$1,140 |
$1,783 |
|
|
|
|
|
|
|
|
Adjusted COS Reclassification to G&A |
|
925 |
1,085 |
1,153 |
1,328 |
1,716 |
1,592 |
|
|
|
|
|
|
|
|
Adjusted Gross Profit / (Loss) |
|
$763 |
$1,024 |
$1,370 |
$1,997 |
$2,856 |
$3,375 |
|
|
|
|
|
|
|
|
* Q3'21, Q4'21, Q1'22, and Q2'22 computed here under the previous method. |
|
|
|
|
Note: Figures may not sum due to rounding.
7
Financial Statements
EVgo Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
|
|
June 30, |
|
December 31, |
||
|
|
2022 |
|
2021 |
||
(in thousands) |
|
(unaudited) |
|
|
||
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash, restricted cash and cash equivalents |
|
$ |
344,707 |
|
$ |
484,881 |
Short-term investments |
|
|
27,776 |
|
|
— |
Total cash, restricted cash, cash equivalents and short-term investments |
|
|
372,483 |
|
|
484,881 |
Accounts receivable, net of allowance of $858,870 and $718,396, respectively |
|
|
4,860 |
|
|
2,559 |
Accounts receivable, capital build |
|
|
8,923 |
|
|
9,621 |
Receivable from related party |
|
|
— |
|
|
1,500 |
Prepaid expenses |
|
|
2,333 |
|
|
6,395 |
Other current assets |
|
|
1,295 |
|
|
1,389 |
Total current assets |
|
|
389,894 |
|
|
506,345 |
Property, equipment and software, net |
|
|
209,089 |
|
|
133,282 |
Operating lease right-of-use assets |
|
|
34,433 |
|
|
— |
Restricted cash |
|
|
300 |
|
|
300 |
Long-term investments |
|
|
6,797 |
|
|
— |
Other assets |
|
|
2,419 |
|
|
3,115 |
Intangible assets, net |
|
|
66,420 |
|
|
72,227 |
Goodwill |
|
|
31,052 |
|
|
31,052 |
Total assets |
|
$ |
740,404 |
|
$ |
746,321 |
|
|
|
|
|
|
|
Liabilities, redeemable noncontrolling interest and stockholders' deficit | ||||||
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,716 |
|
$ |
2,946 |
Payables to related parties |
|
|
24 |
|
|
— |
Accrued liabilities |
|
|
43,426 |
|
|
27,078 |
Operating lease liabilities, current |
|
|
3,954 |
|
|
— |
Deferred revenue, current |
|
|
4,681 |
|
|
5,144 |
Customer deposits |
|
|
9,482 |
|
|
11,592 |
Other current liabilities |
|
|
136 |
|
|
111 |
Total current liabilities |
|
|
63,419 |
|
|
46,871 |
Operating lease liabilities, noncurrent |
|
|
28,814 |
|
|
— |
Earnout liability, at fair value |
|
|
2,584 |
|
|
5,211 |
Asset retirement obligations |
|
|
16,274 |
|
|
12,833 |
Capital-build liability |
|
|
25,070 |
|
|
23,169 |
Deferred revenue, noncurrent |
|
|
21,600 |
|
|
21,709 |
Warrant liability, at fair value |
|
|
22,621 |
|
|
48,461 |
Other liabilities |
|
|
— |
|
|
146 |
Total liabilities |
|
|
180,382 |
|
|
158,400 |
|
|
|
|
|
|
|
Commitments and contingencies (Note 9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
|
1,176,758 |
|
|
1,946,252 |
Stockholders’ deficit |
|
|
(616,736) |
|
|
(1,358,331) |
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit |
|
$ |
740,404 |
|
$ |
746,321 |
8
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 30, |
|
June 30, |
||||||||
(in thousands, except per share data) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
Revenue |
|
$ |
9,076 |
|
$ |
4,783 |
|
$ |
16,776 |
|
$ |
8,352 |
Revenue from related party |
|
|
— |
|
|
— |
|
|
— |
|
|
562 |
Total revenue |
|
|
9,076 |
|
|
4,783 |
|
|
16,776 |
|
|
8,914 |
Cost of revenue |
|
|
5,719 |
|
|
3,752 |
|
|
10,565 |
|
|
7,113 |
Depreciation and amortization |
|
|
4,101 |
|
|
2,705 |
|
|
7,555 |
|
|
5,152 |
Cost of sales |
|
|
9,820 |
|
|
6,457 |
|
|
18,120 |
|
|
12,265 |
Gross loss |
|
|
(744) |
|
|
(1,674) |
|
|
(1,344) |
|
|
(3,351) |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
32,178 |
|
|
13,338 |
|
|
57,606 |
|
|
25,344 |
Depreciation, amortization and accretion |
|
|
4,132 |
|
|
2,545 |
|
|
8,019 |
|
|
5,055 |
Total operating expenses |
|
|
36,310 |
|
|
15,883 |
|
|
65,625 |
|
|
30,399 |
Operating loss |
|
|
(37,054) |
|
|
(17,557) |
|
|
(66,969) |
|
|
(33,750) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(13) |
|
|
— |
|
|
(13) |
|
|
— |
Interest expense, related party |
|
|
— |
|
|
(1,039) |
|
|
— |
|
|
(1,915) |
Interest income |
|
|
636 |
|
|
1 |
|
|
691 |
|
|
1 |
Other (expense) income, net |
|
|
(158) |
|
|
174 |
|
|
(422) |
|
|
632 |
Change in fair value of earnout liability |
|
|
4,891 |
|
|
— |
|
|
2,627 |
|
|
— |
Change in fair value of warrant liability |
|
|
48,712 |
|
|
— |
|
|
25,839 |
|
|
— |
Total other income (expense), net |
|
|
54,068 |
|
|
(864) |
|
|
28,722 |
|
|
(1,282) |
Income (loss) before income tax expense |
|
|
17,014 |
|
|
(18,421) |
|
|
(38,247) |
|
|
(35,032) |
Income tax expense |
|
|
(17) |
|
|
— |
|
|
(22) |
|
|
— |
Net income (loss) |
|
|
16,997 |
|
|
(18,421) |
|
|
(38,269) |
|
|
(35,032) |
Less: net income (loss) attributable to redeemable noncontrolling interest |
|
|
12,518 |
|
|
(18,421) |
|
|
(28,349) |
|
|
(35,032) |
Net income (loss) attributable to Class A common stockholders |
|
$ |
4,479 |
|
$ |
— |
|
$ |
(9,920) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share to Class A common stockholders, basic |
|
$ |
0.06 |
|
|
N/A |
|
$ |
(0.14) |
|
|
N/A |
Net income (loss) per share to Class A common stockholders, diluted |
|
$ |
0.06 |
|
|
N/A |
|
$ |
(0.14) |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
16,997 |
|
$ |
(18,421) |
|
$ |
(38,269) |
|
$ |
(35,032) |
Other comprehensive loss, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss on available-for-sale securities |
|
|
(47) |
|
|
— |
|
|
(47) |
|
|
— |
Comprehensive income (loss) |
|
|
16,950 |
|
|
(18,421) |
|
|
(38,316) |
|
|
(35,032) |
Less: comprehensive income (loss) attributable to redeemable noncontrolling interest |
|
|
12,483 |
|
|
(18,421) |
|
|
(28,384) |
|
|
(35,032) |
Comprehensive income (loss) attributable to Class A common stockholders |
|
$ |
4,467 |
|
$ |
— |
|
$ |
(9,932) |
|
$ |
— |
9
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
|
Six Months Ended |
||||
|
|
June 30, |
||||
(in thousands) |
|
2022 |
|
2021 |
||
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(38,269) |
|
$ |
(35,032) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
Depreciation, amortization and accretion |
|
|
15,574 |
|
|
10,207 |
Net loss on disposal of property and equipment |
|
|
2,889 |
|
|
347 |
Share-based compensation |
|
|
10,548 |
|
|
1,010 |
Interest expense, related party |
|
|
— |
|
|
1,915 |
Change in fair value of earnout liability |
|
|
(2,627) |
|
|
— |
Change in fair value of warrant liability |
|
|
(25,839) |
|
|
— |
Other |
|
|
474 |
|
|
97 |
Changes in operating assets and liabilities |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(2,302) |
|
|
(161) |
Receivables from related parties |
|
|
1,499 |
|
|
— |
Prepaid expenses and other current and noncurrent assets |
|
|
3,735 |
|
|
279 |
Operating lease assets and liabilities, net |
|
|
(808) |
|
|
— |
Accounts payable |
|
|
(100) |
|
|
(1,339) |
Payables to related parties |
|
|
24 |
|
|
1,419 |
Accrued liabilities |
|
|
358 |
|
|
1,285 |
Deferred revenue |
|
|
(572) |
|
|
20,778 |
Customer deposits |
|
|
(2,110) |
|
|
(1,123) |
Other current and noncurrent liabilities |
|
|
(844) |
|
|
(1,039) |
Net cash used in operating activities |
|
|
(38,370) |
|
|
(1,357) |
Cash flows from investing activities |
|
|
|
|
|
|
Purchases of property, equipment and software |
|
|
(72,291) |
|
|
(23,341) |
Proceeds from insurance for property losses |
|
|
202 |
|
|
— |
Purchases of investments |
|
|
(34,747) |
|
|
— |
Net cash used in investing activities |
|
|
(106,836) |
|
|
(23,341) |
Cash flows from financing activities |
|
|
|
|
|
|
Proceeds from note payable, related party |
|
|
— |
|
|
24,000 |
Payments on note payable, related party |
|
|
— |
|
|
(5,500) |
Proceeds from exercise of warrants |
|
|
3 |
|
|
— |
Capital-build funding, net |
|
|
5,029 |
|
|
1,337 |
Payment of transaction costs for CRIS Business Combination |
|
|
— |
|
|
(1,652) |
Net cash provided by financing activities |
|
|
5,032 |
|
|
18,185 |
Net decrease in cash, restricted cash and cash equivalents |
|
|
(140,174) |
|
|
(6,513) |
Cash, restricted cash and cash equivalents, beginning of period |
|
|
485,181 |
|
|
7,914 |
Cash, restricted cash and cash equivalents, end of period |
|
$ |
345,007 |
|
$ |
1,401 |
10
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (continued)
(unaudited)
|
|
Six Months Ended |
||||
|
|
June 30, |
||||
(in thousands) |
|
2022 |
|
|
2021 |
|
Supplemental disclosure of noncash investing and financing activities |
|
|
|
|
|
|
Accrued transaction costs |
|
$ |
— |
|
$ |
4,870 |
Asset retirement obligations incurred |
|
$ |
3,111 |
|
$ |
787 |
Non-cash increase in accounts receivable, capital-build and capital-build liability |
|
$ |
4,330 |
|
$ |
— |
Purchases of property and equipment in accounts payable and accrued liabilities |
|
$ |
29,510 |
|
$ |
9,077 |
Fair value adjustment to redeemable noncontrolling interest |
|
$ |
741,978 |
|
$ |
— |
For investors:
Ted Brooks, VP of Investor Relations
investors.evgo.com
310-954-2943
For Media:
press@evgo.com
Source: EVgo Inc.
11
EVgo Q2 2022 Earnings CallAugust 9, 2022Nasdaq: EVGO | investors.evgo.com |
Forward-Looking StatementsThis 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" 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’sfuture financial performance, revenues , capital expenditures, chargers in operation and under construction and network throughput. EVgo’sexpectation of acceleration in our business due to factors including a re-opening economy and increased EV adoption and EVgo’sstrong liquidity position and 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’smanagement 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 impact from COVID-19 on our business, customers, and suppliers; macro political, economic, and business conditions, including inflation; our limited operating history as a public company; our dependence on widespread adoption of EVs and increased installation of charging station; mechanisms surrounding energy and non-energy costs for our charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain interruptions; impediments to our expansion plans, including permitting delays; the need to attract additional fleet operators as customers; potential adverse effects on our 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; the effects of competition; risks related to our dependence on our intellectual property; and risks that our technology could have undetected defects or errors.Additional risks and uncertainties that could affect our 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’sAnnual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2022, as well as itsother filings with the SEC, copies of which are available on EVgo’swebsite at investors.evgo.com, and on the SEC’s website atwww.sec.gov .All forward-looking statements in this presentation are based on information available to us as of the date hereof, and we donot 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 MeasuresTo supplement EVgo’sfinancial 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’sperformance by excluding certain items that may not be indicative of EVgo’srecurring core business operating results. EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’sperformance. These non-GAAP financial measures also facilitate management’s internal comparisons to EVgo’shistorical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow forgreater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’sinstitutional investors and the analyst community to help them analyze the health of EVgo’sbusiness. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in the tables included atthe end of this presentation. Safe Harbor & Forward Looking Statements 2 |
This press release includes the non-GAAP financial measures: “Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “EBITDA,” and “Adjusted EBITDA,” EVgo believes these measures are useful to investors in evaluating EVgo’sfinancial performance. In addition, EVgo uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these non-GAAP financial measures help to depict a more realistic representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. EVgo believes that investors should have access to the same set of tools that its management uses in analyzing operating results. Adjusted Cost of Sales, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA and Adjusted EBITDA. EVgo defines Adjusted Cost of Sales as cost of sales before: (i) depreciation and amortization, (ii) share-based compensation, and (iii) O&M reimbursement. Adjusted Gross Profit (Loss) is defined as revenues less Adjusted Cost of Sales. Adjusted Gross Margin is defined as Adjusted Gross Profit (Loss) as a percentage of revenues. EVgo defines EBITDA as net income (loss) before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. EVgo defines Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense, (ii) loss on disposal of assets and (iii) other unusual or nonrecurring income (expenses) such as bad debt expense. Adjusted Cost of Sales, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are not prepared inaccordance with GAAP and that 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’sfinancial 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 3 |
1CathyZoi, CEOStrategic Overview4 |
Source:Companyestimates,PlugShare1) Q2’22 vs Q2’21. ~ 2,400 stalls DCfastcharging stalls in operation or under construction at Q2’22 8 5 0+ locations 1 in public DC fast chargingsites 8 OEM PartnersEngagedbymultiple OEMsfor partnerships ranging from charging credit and infrastructure buildout, to marketing and data integration100%Renewableenergy powered ~444 ,000 Customer accounts ~140 Million Americans within 10 MilesofEVgo charger Snapshot of EVgo’sMarket Leading Position Market leader in clean mobility electrification –backed by 100% renewable power ~ 3,700 stalls In Active E&C Stall Development Pipeline 37%Q2’22 Adjusted Gross Margin 66 % -o- networkthroughputgrowth(1) Over 30 states Over 60 major metropolitan areas 2.5MM+ users Registered PlugShare accounts 5 |
Key Business HighlightsAccelerating growth and investment in network along with expansion of EVgo’seXtendoffering Stalls in Operation or Under Construction Network Throughput (GWh) +66%6 +55% 2,397Stalls in operation or under construction reached 2,397 by June 30, with 170 newly operational stalls in Q2 (H1’22 total of 299 surpassed 2021 total operational stall growth)3,669Active E&C Stall Development Pipeline reached largest point ever at 3,669 stalls, growing by 10% since Q1’2210.1GWhNetwork throughput of 10.1 GWh, up over 65% from a year ago90%Revenue increase versus last year500 sitesExternal launch of EVgo eXtend project with anticipated 500 corridor sites/2,000 stalls with Pilot Company and GMLaunched Autocharge+ with GM, EVgo Optima test program with a major Midwestern investor-owned utility, and fleet electrification charging partnership with City of Philadelphia+2.5MPlugShare registered subscriber figures |
EVgo Begins Major eXtendProject with Pilot Company & GM;Announces Major Charger Supply Agreement•Capital-light third-party ownership model –approach de-risks near-term revenue while opening new markets, partners and customers to EVgo at an accelerated rate•Under terms of Pilot Company and GM deal –EVgo will procure, design, install and operate up to 2,000 stalls at up to 500 new corridor sites across U.S., with development activity emphasis on 2023-2025 period•Sites designated in advance –minimalthird-party real estate ownership issues helps shorten development cycle•Revenue generation via:1.Procurement of hardware, site design and management of construction and logistics center along with customer support2.Provision of ongoing O&M service including software, call center operation, EVgoInsideTMand ReservationsTM,monitoring, preventative maintenance and networking 7•EVgo to provide support to Pilot Company and GM in their applications for NEVI, Appendix D, and utility make-ready funding opportunities•EVgo entered into a charger supply agreement with Delta Electronics, whose terms will provide for EVgo to purchase 1,000 chargers (equivalent to 2,000 stalls), with an option to purchase more and expand the agreement over time |
•General Services Administration (GSA) Blanket Purchase Agreement (BPA): •EVgo and OSC~WEBcoworking together as one of 16 BPA award winners •Biden-Harris administration has set aside up to $750 million in proposed funding that could be deployed to meet EV and EVSE targets •State plans have been submitted, and the National Electric Vehicle Infrastructure (NEVI) is beginning to take shape:•EVgo has already conducted information sessions with 36 state DOTs and submitted formal comments with 18 states to-date•Expect first solicitations from states in Q4’22 or Q1’23•Utility and state-level rate changes and engagement initiatives: •Public Service Company of Colorado: Colorado Public Service Commission issued recommended decision that is expected to be finalized in August 2022; would result in improved commercial EV rates in the state•San Diego Gas & Electric: working with SDG&E on programs to improve EV charging attractiveness in their service territory•Participating in rate proceedings in 18 utility service territories across 12 states•Grant applications advancing: •EVgohas applied for grant funding through more than 30 differentprogramsConnecting the Watts: Working Together with Key Stakeholders to Grow EV Charging8 |
Technology-Enabled Innovation & Growth9 Autocharge+PlugShareEVgoInnovation LabCharger Operations & Reliability•Eliminating the need to manually initiate a charge and payment session once a vehicle is enrolled, this simplifies the charging experience –leading to faster, more convenient, more secure charging sessions •Payment methods, processing and charging-behavior security featuresall part of the new service•Introduced systemwide in late June for GM vehicles at more than 90% of EVgo’schargers for vehicles that use CCS connectors; expect other OEMs on the platform shortly•Early customer reviews have been uniformly and strongly positive•Exceeded 2.5 million registered subscribers in Q2’22 as platform continues to grow•In Q2’22 introduced PlugShare Premium –a high-value subscription version of the app –that enhances experience for Premium users with further functionality expansion potential•Operating since 2021, Innovation Lab conducts interoperability testing across hardware, firmware, and software ecosystem for EVs•Principal location in El Segundo, California, with 3 remote testing locations at OEM development and testing facilities•13 different OEMs have tested passenger vehicles, and 12 OEMs have tested fleet vehicles since EVgolaunched the Lab•12 years of fast-charging history, with high levels of alignment between EVgo, drivers and shareholders•Complex interdependent networks across EV chargers (hardware, firmware, software),external digital telecommunications services and OEMs and their products•Testing in Feb-May 2022 period produced mid-90s% uptime result out of over 250 chargers tested in Northern California cohort•Testing included charger hardware and connectivity, payment processing systems and charging session initiations across seven different EV types |
2OlgaShevorenkova, CFOFinancial and OperationalOverview10 |
Key Operational Highlights Active E&C Stall Development Pipeline Revenue ($MM) EVgo Customer Accounts (000s)Continued focus on execution in Q2’22•78% year-over-year growth in Active E&C Stall Development Pipeline as backlog growth continues while construction activity accelerates•Customer account growth accelerated at faster rate than recent quarters in Q2’22, up 60% year-over-year and 18% since Q1’22 •Year-over-year throughput exceeding operational stall growth: •Operational stall growth: +25%•Network throughput: +66%•Revenue: +90%11 +90% +78% |
•Revenues grew 90%, driven by retail charging, OEM network revenue, and regulatory credit sales•OEM network revenue driven by the booking of higher membership and marketing revenues as well as breakage fees•Gross margins increased to 37.2% in Q2’22 vs. 21.4% in Q2’21, with scaling effects of business and accelerated LCFS recognition contributing•Acceleration of LCFS recognition added ~9 percentage points to Q2’22 •Expect adjusted gross margin to modulate to levels consistent with those prior to LCFS acceleration starting in Q3’22•Ended Q2’22 with $372 million in cash and short-term investments as expected increase in personnel and capital investment materialized in Q2’221.Adjusted Gross Profit / (Loss), Adjusted Gross Margin, and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of thesenon-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definition of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in these materials. Note: Figures may not sum due to rounding.Key Financial HighlightsQuarterly Revenue, Margin and Cash Flow Update12 ($ in 000s)Q2'22Q2'21Network Throughput (GWh)10.16.1Revenue$9,076$4,783GAAP Gross Profit / (Loss)($744)($1,674)GAAP Net Income/(Loss)$16,997($18,420) Adj. Gross Profit/(Loss)1$3,375$1,024 Adj. Gross Margin137.2%21.4% Adj. EBITDA1($1,37)($11,00) Q2'22Q2'21Cash flow from operations($18,539)($9,138)Capital expenditures($44,017)($15,514) |
•Upfront capex incursion, but long-term asset base with meaningful operating leverage•Expect positive and increasing annual operating cash flows from VIO growth•Low double-digit unlevered pre-tax IRRsUnderstanding Cash Flow Generation13 Core Build-Own-Operate CharacteristicsNote: Public Site (CA) assumes 4-stall project that goes into operation in 2023. Source: EVgo. EVgo eXtendCharacteristics•No upfront cash outlay, more moderate long-term cash flows•Expect immediate operating cash flow generation•Low double-digit cash flow margins Core Build-Own-Operate Illustrative Annual Cash Flow Profiles EVgo eXtendIllustrative Annual Cash Flow Profiles |
Network Throughput50-60 GWhAdjusted EBITDA($75)-($85)MMTotal Stalls in Operation or Under Construction as of YE 20223,000-3,300Affirming key 2022 financial and operational forecast figures:2022 Guidance Revenue$48-55MM14 |
3AppendixReconciliation of Non-GAAP Measures to GAAP, Summary Financials15 |
Revenue Disaggregation($ 000s)16 Q2'22Q2'21Charging revenue, retail$4,389$2,498Charging revenue, OEM$189$150Charging revenue, commercial$654$546Network revenue, OEM$887$275Ancillary revenue$829$639Regulatory credit sales$2,128$675Total Revenue$9,076$4,783 |
Reconciliation of Non-GAAP Measures to GAAP($ 000s)17 Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 GAAP Gross Profit / (Loss) ($1,678)($1,674)($1,653)($1,824)($600)($744) + Site Depreciation & ARO Accretion$2,447$2,705$3,020$3,814$3,454$4,101 + Stock Option Expense and Other(6)(7)37218 Adjusted Gross Profit / (Loss) $763$1,024$1,370$1,997$2,856$3,375 Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 GAAP COS $5,808$6,457$7,834$8,944$8,300$9,820 Less: Site Depreciation & ARO Accretion$2,447$2,705$3,020$3,814$3,454$4,101 Stock Option Expense and Other(6)(7)37218 Adjusted COS $3,367$3,759$4,811$5,123$4,844$5,701 |
Reconciliation of Non-GAAP Measures to GAAP (Cont’d)($ 000s)18 |
Financial Statements: Balance Sheets19 (in thousands) Assets Current assets Cash, restricted cash and cash equivalents $344,707 $484,881 Short-term investments27,776 — Total cash, restricted cash, cash equivalents and short-term investments372,483 484,881 Accounts receivable, net of allowance of $858,870 and $718,396, respectively 4,860 2,559 Accounts receivable, capital build 8,923 9,621 Receivable from related party — 1,500 Prepaid expenses2,333 6,395 Other current assets 1,295 1,389 Total current assets 389,894 506,345 Property, equipment and software, net 209,089 133,282 Operating lease right-of-use assets34,433 — Restricted cash300 300 Long-term investments6,797 — Other assets 2,419 3,115 Intangible assets, net 66,420 72,227 Goodwill 31,052 31,052 Total assets$740,404 $746,321 Current liabilities Accounts payable$1,716 $2,946 Payables to related parties 24 — Accrued liabilities 43,426 27,078 Operating lease liabilities, current3,954 — Deferred revenue, current 4,681 5,144 Customer deposits 9,482 11,592 Other current liabilities 136 111 Total current liabilities 63,419 46,871 Operating lease liabilities, noncurrent28,814 — Earnout liability, at fair value2,584 5,211 Asset retirement obligations 16,274 12,833 Capital-build liability 25,070 23,169 Deferred revenue, noncurrent 21,600 21,709 Warrant liability, at fair value22,621 48,461 Other liabilities — 146 Total liabilities 180,382 158,400 Commitments and contingencies (Note 9) Redeemable noncontrolling interest1,176,758 1,946,252 Stockholders’ deficit(616,736) (1,358,331) Total liabilities, redeemable noncontrolling interest and stockholders’ deficit$740,404 $746,321 June 30, December 31, 2022 2021 (unaudited) Liabilities, redeemable noncontrolling interest and stockholders' deficit |
Financial Statements: Consolidated Statements of Operations20 (in thousands, except per share data) Revenue $9,076 $4,783 $16,776 $8,352 Revenue from related party— — — 562 Total revenue9,076 4,783 16,776 8,914 Cost of revenue5,719 3,752 10,565 7,113 Depreciation and amortization4,101 2,705 7,555 5,152 Cost of sales9,820 6,457 18,120 12,265 Gross loss(744) (1,674) (1,344) (3,351) General and administrative32,178 13,338 57,606 25,344 Depreciation, amortization and accretion4,132 2,545 8,019 5,055 Total operating expenses36,310 15,883 65,625 30,399 Operating loss(37,054) (17,557) (66,969) (33,750) Interest expense(13) — (13) — Interest expense, related party— (1,039) — (1,915) Interest income636 1 691 1 Other (expense) income, net(158) 174 (422) 632 Change in fair value of earnout liability4,891 — 2,627 — Change in fair value of warrant liability48,712 — 25,839 — Total other income (expense), net54,068 (864) 28,722 (1,282) Income (loss) before income tax expense17,014 (18,421) (38,247) (35,032) Income tax expense(17) — (22) — Net income (loss)16,997 (18,421) (38,269) (35,032) Less: net income (loss) attributable to redeemable noncontrolling interest12,518 (18,421) (28,349) (35,032) Net income (loss) attributable to Class A common stockholders$4,479 $— $(9,920) $— Net income (loss) per share to Class A common stockholders, basic$0.06 N/A$(0.14) N/A Net income (loss) per share to Class A common stockholders, diluted$0.06 N/A$(0.14) N/A Net income (loss)$16,997 $(18,421) $(38,269) $(35,032) Other comprehensive loss, net of tax: Net unrealized loss on available-for-sale securities(47) — (47) — Comprehensive income (loss)16,950 (18,421) (38,316) (35,032) Less: comprehensive income (loss) attributable to redeemable noncontrolling interest12,483 (18,421) (28,384) (35,032) Comprehensive income (loss) attributable to Class A common stockholders$4,467 $— $(9,932) $— Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 |
Financial Statements: Consolidated Statements of Cash Flows21 (in thousands) Cash flows from operating activities Net loss$(38,269) $(35,032) Adjustments to reconcile net loss to net cash used in operating activities Depreciation, amortization and accretion 15,574 10,207 Net loss on disposal of property and equipment 2,889 347 Share-based compensation 10,548 1,010 Interest expense, related party— 1,915 Change in fair value of earnout liability(2,627) — Change in fair value of warrant liability(25,839) — Other474 97 Changes in operating assets and liabilities Accounts receivable, net (2,302) (161) Receivables from related parties 1,499 — Prepaid expenses and other current and noncurrent assets 3,735 279 Operating lease assets and liabilities, net(808) — Accounts payable (100) (1,339) Payables to related parties 24 1,419 Accrued liabilities 358 1,285 Deferred revenue (572) 20,778 Customer deposits (2,110) (1,123) Other current and noncurrent liabilities (844) (1,039) Net cash used in operating activities (38,370) (1,357) Cash flows from investing activities Purchases of property, equipment and software(72,291) (23,341) Proceeds from insurance for property losses202 — Purchases of investments(34,747) — Net cash used in investing activities (106,836) (23,341) Cash flows from financing activities Proceeds from note payable, related party — 24,000 Payments on note payable, related party — (5,500) Proceeds from exercise of warrants3 — Capital-build funding, net 5,029 1,337 Payment of transaction costs for CRIS Business Combination— (1,652) Net cash provided by financing activities 5,032 18,185 Net decrease in cash, restricted cash and cash equivalents (140,174) (6,513) Cash, restricted cash and cash equivalents, beginning of period 485,181 7,914 Cash, restricted cash and cash equivalents, end of period$345,007 $1,401 Six Months Ended June 30, 2022 2021 |
Financial Statements: Consolidated Statements of Cash Flows (Cont’d)22 (in thousands)2021 Supplemental disclosure of noncash investing and financing activities Accrued transaction costs$— $4,870 Asset retirement obligations incurred$3,111 $787 Non-cash increase in accounts receivable, capital-build and capital-build liability$4,330 $— Purchases of property and equipment in accounts payable and accrued liabilities$29,510 $9,077 Fair value adjustment to redeemable noncontrolling interest$741,978 $— 2022 Six Months Ended June 30, |