EVgo Inc.

Good day and thank you for standing by. Welcome to the EVGO Q1 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Heather Davis, Head of Investor Relations. Please go ahead.

Good morning and welcome to EVgo's first quarter 2026 earnings call. My name is Heather Davis and I am the Vice President of Investor Relations at EVgo. Joining me on today's call are Badr Khan, EVgo's Chief Executive Officer, and Kiefer Lehner, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's first quarter, 2026 financial results and our outlook for the year, followed by a Q&A session. Today's call is being webcast and can be accessed on the investor section of our website at investors.evgo.com. The call will be archived and available there along with the company's earnings release and investor presentation after the conclusion of this call. During the call, management will be making forward-looking statements that are subject to risks and uncertainties, including expectations about future performance. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including in the risk factor section of our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company's SEC filings are available on the investor section of our website. These forward-looking statements apply as of today and we undertake no obligation to update these statements after the call. Also, please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including definitions and applicable reconciliations to the corresponding GAAP measures, can be found in the earnings materials available on the investor section of our website. With that, I'll turn the call over to Badr Khan, EVgo's CEO.

Thank you, Heather. EVgo's first quarter was in line with our expectations. We delivered solid results, headlined by record first quarter revenues of $110 million, a 45% year-over-year increase Increased revenues were largely driven by the continued growth of our operating network, extend, and two new contracts at dedicated AV hubs locations. Throughput on our public network increased to 91 gigawatt hours in the quarter. Stalls in operation across the EVO network were 5,280, with over 200 new stalls added in Q1. Adjusted EBITDA was negative 7 million in the quarter, as we continue to invest in the long-term growth of the business by expanding our operations and deployment teams and our next generation charging architecture. We ended the quarter with a healthy balance sheet with $150 million in cash. We continue to make great progress on our next generation charging architecture that we expect to start rolling out to the field by the end of the year. This will not only deliver improved reliability and an enhanced customer experience but is also expected to lower capex per store and will further underpin our long-term unit economics that we believe will result in recurring adjusted evita generation at the half a billion dollars level by 2030. we've achieved some noteworthy milestones on the next gen architecture including completion of the first system build of the power cabinet and dispenser successful vehicle charging with EVGO developed controllers and firmware, and the start of long-term reliability testing. EVGO has excellent partnerships with rideshare companies, who we believe partner with us in part because of our enormous scale advantage versus the dozens of smaller operators, and because of the value their drivers get on the EVGO network. Rideshare drivers are already around a quarter of our network throughput, and we continue to deepen our partnership with Uber where we are working towards finalization of an agreement where they guarantee a minimum level of utilization that incentivizes us to build more and larger charging stations in key urban metros. This would not only meet rising demand from the segment, but further accelerate the electrification of rideshare. We have excellent relationships with our site host partners, from grocery stores to retail stores. And this quarter, we had a record number of new stalls signed under long-term leases, around three times the same quarter last year, most of which will come online nine to 12 months after signing. This level of site lease signings is an indication of the value our site partners believe EVGO brings and their confidence in our ability to deliver fast-charging stalls as we continue ramping up stall deployments. We have over 100 stalls operational with NACS connectors and continue to target having over 500 NACS stalls available across the network by the end of the year at approximately 15% of our sites. By deploying NACs connectors across our network, we are effectively more than doubling our addressable market where drivers with cars with NACs inlets can charge without an adapter. And importantly, we've agreed an amendment to our loan with the DOE Office of Energy Dominance Financing with the current administration, which we believe increases certainty and reduces complexity of go-forward draws and further enhances our already strong liquidity profile. DOE's loan program has historically been designed as a bridge to commercial financeability. In the case of EVGO, this is exactly what happened. Less than a year after closing the DOE loan, we closed our commercial bank financing of up to $300 million. The combination of the amended DOE loan and commercial bank facility gives EVGO the capital it needs to deliver on our previously communicated bill targets. EVO successfully drew under the loan three times in 2025, and this amendment is a reflection of two things. First, the success we've had in securing additional private market funding, an acknowledgement that additional debt capital is available to EVO in the commercial markets. And secondly, it reflects the current administration's view of the importance of this essential infrastructure build-out across the U.S. Our fast-charging infrastructure is performing well and better than originally modeled when the loan was underwritten. Much of the loan remains the same, and I'll highlight a few key updates. The size of the loan has been updated to $750 million, which includes $625 million in borrowings and up to $125 million in capitalized interest. EVGO can draw up to 80% of total eligible project costs. However, because the loan is currently over collateralized, we can draw up to 95% of eligible project costs on an incremental basis until total leverage hits the 65% loan-to-value ratio. A redundant construction risk-related reserve account of $35 million is eliminated because debt funding occurs after store completion, which reduces restricted cash for e-to-go, further improving our liquidity profile. On May 1st, Indigo received our next advance of $81 million, bringing our cash balance on May 1st to $223 million. Other key terms remain the same as the original agreement. The availability period remains five years with a term of 17 years. The interest rate of the loan remains very attractive at Treasury plus approximately 1.2%, and we're able to request advances quarterly. We already have the strongest balance sheet we've had in many years. and these changes result in even more free cash available to be reinvested into the business. EVGO has ample liquidity with the DOE loan and our commercial facility, and as of May 1st, we currently have up to $640 million available principal capacity on our two credit facilities, inclusive of the incremental availability. Between the DOE loan and our commercial credit facility and reinvestment of profits, we expect to have 12,500 to 13,900 EVGO public stalls by the end of 2029, which is unchanged from previously stated bill targets. Given the strong, recurring, and high margin cash flows being generated from our charging infrastructure, we believe and the market has acknowledged that this is an infrastructure asset class that should be levered. We will continue to explore other non-dilutive financing all while maintaining a healthy balance sheet to reduce our cost of capital to even lower levels or allow us to grow faster or both. We believe the long-term growth outlook for EVgo remains very attractive. Projections for 2030 EV VIO are near 16 million, representing a 20% counter. Recent volatility in the oil market makes the ongoing TCO for EVs even more compelling for American drivers. Sales of new EVs in Q1 are rebounding from the Q4 lows and are expected to accelerate throughout the year, adding to VIO. The market for used EVs has been very strong, and we can see that over the past few quarters, quarterly sales of used EVs has approached the 100,000 units level, with Q1 just under half the level of new BEV sales. Q1 used EV sales have more than doubled versus three years ago and are projected to continue to accelerate going forward. Drivers of used EVs are often customers of public charging networks. This is because used car buyers are more likely to live in multifamily housing and multifamily residents tend to charge more frequently on public networks. As a result, we expect to see the serviceable, addressable market for public fast charging to increase faster than overall VIO growth, with growth in public fast charging remaining more resilient compared to growth in the overall EV market. Prices for used EVs have nearly reached parity with their ICE counterparts, given the surge in EV leases following the passage of the IRA, Approximately 1.5 million leases are expected to expire between 2026 and 2028, resulting in a significant number of these cars switching hands from their original owner to an owner that is more likely to utilize public fast charging. As a reference, there's no reason why the battery electric vehicle market over time will not resemble the broader automotive market, where the vast majority of all cars on the road are used. This is a significant tailwind for the business, as it was not long ago that a secondary market for EVs did not exist. So, not only do we see enormous growth in overall BEV VIO, but we expect that the average car will be charging more, both of which result in a favorable long-term outlook for EVGO. Now, I'll turn it over to Kiefer to share more details on the quarter and EVGO's 2026 outlook.