EVgo Inc. — Call Transcript 2026

Thank you for standing by. My name is Jill, and I will be your conference operator today. At this time, I would like to welcome everyone to the EVgo fourth quarter and full year 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. I would now like to turn the conference over to Heather Davis, Vice President of Investor Relations. You may begin. Good morning, welcome to EVgo's fourth quarter and full year 2025 earnings call. My name is Heather Davis, and I am Vice President of Investor Relations at EVgo. Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer, and Keefer Lehner, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's fourth quarter and full year 2025 financial results, 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 Factors 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. 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 a reconciliation to the corresponding GAAP measures, can be found in the earnings material available on the investor section of our website. With that, I'll turn the call over to Badar Khan, EVgo's CEO. Thank you, Heather. When I first joined EVgo as CEO at the end of 2023, we set a goal to be adjusted EBITDA break even in 2025. I am pleased to say we achieved that goal in the fourth quarter. This significant milestone demonstrates the growth, scale, operating leverage, and durability of the EVgo business and the dedication and hard work of our team. As I'll touch on later, we're now focused on our next milestone of achieving the real operating leverage inflection point, which will allow us to further accelerate adjusted EBITDA growth and margin expansion. EVgo delivered another excellent year of results, with total revenue of $384 million, a 50% increase over last year, record charging network revenues. We ended 2025 with 5,100 stalls in operation following a very large stall deployment of 500 new stalls in the fourth quarter. Total energy dispensed in our public network increased over 30%, which is more than our stall growth. Our pilot, approximately 100 J3400 connectors, also known as NACS, during 2025 was successful and will be rolling out over 400 more NACS connectors in 2026, both at new sites and retrofits at existing sites, with a goal of effectively doubling our addressable market over time. Given the returns we expect to generate from these stalls, we plan to increase our public stalls deployed by over 50%. This increased pace with deployment significantly increases the number of NACS connectors and our next generation charging architecture represent real investments in 2026 to drive longer term value creation. EVgo continues to offer drivers more choices on where to charge their EVs as our owned public network and extend network expands across the U.S. Today, drivers can find over 1,200 EVgo-operated stations across 47 states. EVgo is the third largest and second fastest-growing network in the U.S., serving all EV models with key OEM, rideshare, and site host partnerships. I look forward to expanding our network even further in 2026. Our network stands at over 5,100 stalls and is one of the most highly used EV charging networks in the United States. While we know charging station deployments have grown significantly over the last several years, the reality is that the usage of America's EV network is disproportionately concentrated amongst the three largest charge point operators or CPOs: EVgo, Tesla, and Electrify America. This is according to an independent third party. The concentration of consumer demand among these top three operators demonstrates the importance of network effect, an already established customer base, which in our case encompasses 1.6 million customers, and scale as a driving force behind this unmatched network utilization. EVgo's fourth quarter utilization was 24%, which is higher than the average of the top three and nearly 5-fold higher than the large group of subscale CPOs, most of whom see usage in the single digits. Per stall demand growth for EVgo's charging network continues to outpace the industry. Since Q1 2024, EVgo's utilization has grown 4 percentage points, while the rest of the industry, excluding the top three, has actually declined by 2 percentage points. In other words, according to this third-party data, EVgo has emerged as a clear leader in the EV charging space in the United States, representing outsized consumer demand for our network as compared to the competition. It's clear to me that EVgo has a strong competitive moat that is enduring and continues to strengthen over time. We've developed superior AI-driven and scalable site selection algorithms and host partnerships that allow us to build charging stations where drivers want to be, conveniently near where people shop, eat, and run their daily errands. We're continuing to scale with strong grocery and retail partnerships, including an expanded partnership with Kroger, which we announced earlier this year. EVgo now has almost 14 times the average number of stalls of the rest of the industry outside the top three CPOs. We have partnerships with rideshare companies such as Uber and Lyft, who we believe partner with EVgo in part because of our enormous scale advantage versus 12 smaller operators and the value drivers get with discounted rates on the EVgo network. As you may have seen recently in the news, EVgo and Uber are in discussions to expand our partnership to meet rising demand for our services from rideshare drivers. We've developed and are continuing to deploy leading customer engagement tools and capabilities to enhance our customer experience. The investments we're able to make in our EVgo app and other technologies are only possible given we have the scale, network effect, talent, and capital to build the tech stack. Of note is Autocharge+, where eligible drivers enroll their vehicle and payment method, and when they pull up to a charger, they simply plug in and charge. It's a seamless customer experience. 30% of our sessions are now initiated with Autocharge+. EVgo continues to deploy more 350 kW or faster chargers that now make up the majority of our network, offering a full charge in under 15 minutes, compared to just 19% for the rest of the industry, excluding the top 3. Our products and hardware teams work tirelessly to improve the charging experience, including ongoing maintenance campaigns targeted at improving reliability on our existing chargers and through our next-generation charging architecture. Finally, unlike many in the industry, we have the non-dilutive financing in place to build at scale. This competitive advantage is not solely driven by EVgo's superior site selection, but rather the combination of all the factors I've described built over 15 years of doing what we do. In the second half of 2026, we expect to reach a critical milestone in the evolution of the business, achieving a key operating leverage inflection with gross profit from our charging operations without any contribution from our non-charging business covering adjusted G&A. At the same time, we're intentionally investing in three key areas that we believe will strengthen the long-term competitiveness, resilience, and value of the EVgo platform. We will build on our already significant scale advantage by ramping up our deployment teams to meet market demand, further separate ourselves from the dozens of smaller operators, and significantly increase the number of new owned stalls we bring online in 2026, with even higher growth planned in 2027. We'll roll out more NACS connectors this year, doubling our addressable market in the long term. This represents an investment in 2026 as we're trading highly productive CCS stalls with NACS stalls, where performance is lower than CCS initially, but growing over time as NACS drivers discover these stalls through our customer marketing campaign. Our investment in next-generation charging architecture improves the fundamentals of the business as we scale. It simplifies the hardware, reduces failure points, improves reliability, and lowers operating costs over time, while also giving us the flexibility to support higher power vehicles and standards like NACS, and ultimately delivering a better customer experience. That combination is critical to sustaining high utilization and expanding margins as the EVgo network grows. Over the last two years, we've deployed over 1,200 stalls on our network each year, including our extend network. In 2026, we expect this will increase to 1,400-1,650. Importantly, we plan to increase the number of new owned and operated stalls deployed by over 50%. Approximately two-thirds of these stalls will be deployed in the second half of 2026. We are targeting cash on cash paybacks of three to five years, with our highest performing top 15% of stalls achieving paybacks in as little as one to two years. These strong returns support our ability to continue accelerating stall deployment, enabled by the non-dilutive financing we have in place that positions us to further scale our build-out in 2027 and beyond. Our autonomous vehicle partnerships remain an important source for further growth and potential upside to these forecasts. As discussed before, new stalls from our existing extend partnerships are expected to wind down during 2027, allowing us to transfer build capacity to our owned and operated business. The industry transition to NACS is an exciting opportunity for EVgo. Over half the EVs on the roads today have NACS inlets, mainly Teslas today, but new models from other OEMs are being launched with native NACS. We expect to add over 400 NACS connectors to the EVgo network by the end of 2026, allowing drivers to charge at our stalls without an adapter. Effectively more than doubling our addressable market. In 2025, we deployed about 100 NACS connectors in our existing sites on a pilot basis with the goals of validating the technology and determining how to grow NACS throughput as quickly as possible. I'm pleased with how the NACS connectors are performing from a technology perspective. I do want to thank our hardware team, who worked tirelessly to make these liquid-cooled cables happen for our fast chargers. EV drivers can find our next locations with EVgo mobile app or from the distinctive yellow signage at these sites. Throughput for NACS stalls is currently lower than our CCS stalls at the same site. We are clearly seeing it grow, driven by increasing numbers of Tesla drivers charging at these stalls. Over the course of this year, we expect to grow NACS per stall usage through our customer communications efforts, driving awareness. This is an important medium to long-term goal as native NACS vehicles share of overall VIO grows. I've highlighted a number of company-specific sources of competitive advantage. Now I want to turn to some of the industry-wide tailwinds we continue to see driving the share of public fast charging that EVgo also benefits from. Today, we are beyond the early adopter phase of EVs. With almost 6 million EVs on the road, American drivers are choosing to go electric. EV prices continue to fall relative to ICE vehicles, making EVs more affordable, which in turn makes EV ownership more accessible to more Americans, including to those that live in multi-family housing. These drivers often don't have access to a garage or private driveway, and therefore are more reliant on public fast charging. In fact, they charge approximately 1.5 times more on the EVgo network than those drivers that live in single-family homes. The electrification of rideshare is another key tailwind that has been, and is continuing to drive the share of public fast charging. Rideshare drivers are adopting EVs five times faster than regular motorists and are more likely to live in multi-family housing or otherwise not have access to home charging, and charge significantly more on EVgo's network than the average retail customer. Companies like Uber and Lyft have their own targets and incentive programs to help rideshare drivers make the switch. On the policy side, New York City and California both have policies in place to encourage increased rideshare electrification each year through 2030, which other states, like Massachusetts, are also considering. Over the last three years, commercial rideshare throughput as a percentage of total throughput on EVgo's network has almost doubled and is roughly a quarter of EVgo's public network throughput today. We are pleased to have reached an initial agreement with Uber, where they will guarantee a minimum level of utilization that incentivizes EVgo to build a number of new, larger charging stations in key urban locations in San Francisco, L.A., Boston, and the New York metro areas. This expanded partnership with Uber is designed to address a key concern amongst electric rideshare drivers, which in turn we expect will continue to accelerate the electrification of rideshare. I'm excited to share more details of this expanded partnership once it's finalized. More affordable vehicles, increasing number of drivers living in multi-family housing, accelerating rideshare electrification together with faster vehicle charge rates are all driving the growth of public fast charging. We remain very focused on capitalizing on these exciting tailwinds to fuel EVgo's continued growth. Finally, EVgo is well positioned to benefit from the growth in autonomous rideshare. Autonomous vehicles are electric. Just like human-operated rideshare, vehicle downtime when an EV is charging is lost revenue. Fast charging is key to NACSimizing their utilization and revenue. Given the amount of technology in these vehicles, they consume more kW hours per mile driven, and as a result, are even more reliant on fast charging. The AV market is poised for tremendous growth over the next 5 years, with a 20-fold increase in robotaxis expected by 2030. EVgo has been operating dedicated charging stations for autonomous rideshare fleets since 2020. Today, we have 140 dedicated charging stalls for autonomous vehicle companies. We're proud to be Waymo's charging partner in San Francisco and L.A., and we operate charging sites for another AV company as well. While this is a small part of the EVgo business today, our track record, partnerships, competitive strengths position us well to support the rapid expansion of the AV market, which should in turn provide meaningful upside to our business plans over the medium and long term. Before Keefer shares more detail on our fourth quarter and full-year results, I want to take a moment to introduce him to our investors and analysts. We are thrilled with the nearly two decades of operational and financial expertise Keefer brings as a public company CFO, former investment banker and private equity investor. He's a great addition to the management team, and I look forward to partnering with him to drive and share shareholder value. Now, I'll turn it over to Keefer. Thank you. Before I begin, I want to share how thrilled I am to be at EVgo as we build the infrastructure this country needs. Since joining in mid-January, I've been working closely with Badar and team to transition into the role, and I'm excited about the substantial organic growth runway in front of us. My focus is clear: building on the strength of our balance sheet to accelerate profitability as we continue to scale the business for accelerated long-term growth and value creation. With that, let's jump into our Q4 and full year results. Operational stall growth is one of the key components of growing EVgo's revenue. We ended Q4 with 5,100 stalls in operation, a three times increase compared to the end of 2021. We added over 1,200 new stalls to the network in 2025, including 500 in just the fourth quarter, representing our largest stall deployment in a quarter ever. Our customer base has grown almost five-fold over that same period, which contributes to the network effect, driving increased brand loyalty and usage across our ever-expanding network. We've grown the total energy dispensed on EVgo's network in 2025 to 366 GWh, a 14-fold increase over that same period since 2021. 2025 revenues of $384 million have increased over 17 times from 2021 levels. Charging network gross profit margin expanded over 2,500 basis points from the mid-teens to the upper thirties, reflecting the meaningful operating leverage of fixed cost of sales on a per stall basis as throughput and revenue per stall continued to rise. Importantly, we again delivered improving profitability with adjusted EBITDA growing at a meaningfully faster rate than revenue, we achieved a positive adjusted EBITDA margin in 2025 for the first time in company history. Total throughput on the public network during the fourth quarter was 99 GW hours, an 18% increase compared to last year. Revenue for Q4 was $118 million, which represents 75% year-over-year increase, with growth in all three revenue categories. Total charging network revenue was $64 million, a 37% increase versus the prior year. Extend revenue was $24 million, delivering growth of 33% over the same period. Ancillary revenue of roughly $31 million was up about 9x. Q4 ancillary revenue benefited from a $26 million contract buyout from a former AV partner that exited the space. Charging network gross profit and margin in the fourth quarter were $29 million and 46% respectively, up 56% and 560 basis points, respectively. This is slightly higher than our run rate, given the higher than usual network OEM revenues, resulting primarily from branding revenue associated with our GM contract and higher charging credit breakage. Since 2021, charging network gross profits have grown over 32 times. Fourth quarter adjusted gross profit of $60 million was up over 2x versus the prior year. Adjusted gross margin was 51% in Q4, an increase of over 1,700 basis points over the same period. Adjusted G&A for the quarter was $35 million, an increase of 14% compared to the prior year. As a percentage of revenue improved from 46% in the fourth quarter of 2024 to 30% in Q4 of this year. Adjusted EBITDA was $25 million in the fourth quarter of 2025, a $33 million improvement versus the fourth quarter of 2024. Importantly, if you exclude the impact of the $24 million ancillary contract buyout, we were still positive adjusted EBITDA for the fourth quarter. Moving to key highlights for full year 2025. Total throughput on the public network in 2025 was 366 GWh, 32% increase compared to last year. Revenue for 2025 was $384 million, which represents a 50% year-over-year increase with growth across all three revenue categories. Total charging network revenue, $218 million, a 40% increase compared to 2024. Extend revenue was $116 million, delivering growth of 34% compared to the prior year. Ancillary revenues of $49 million were up 239% year-over-year, again benefiting from a $26 million contract buyout from a former AV partner that exited the space. Charging network gross profit and margin in 2025 were $86 million and 39%, respectively, up 46% and 170 basis points, respectively, versus the prior year. 2025 adjusted gross profit of $141 million was up 86% versus the prior year. Adjusted gross profit margin was 37% in 2025, an increase of over 700 basis points. Adjusted G&A as a percentage of revenue also improved from 42% in 2024 to 34% this year, further demonstrating the scalability and operating leverage intrinsic to our model. Adjusted EBITDA was $12 million in 2025, a $44 million improvement versus the prior year. Full year net capital spending for 2025, $76 million, a 64% increase versus the prior year. 61% of 2025 CapEx, net of capital offsets, was spent in Q4 as we deployed over 500 stalls in the quarter and began laying the groundwork for accelerated growth in 2026. For our 2025 vintage, net CapEx per stall was approximately $70,000, a slight increase from 2024 vintage, which had an elevated amount of capital offsets. On the financing side, we also borrowed an additional $6 million under our commercial bank facility in December 2025. As mentioned in last quarter's call, we received the latest DOE loan funding of $41 million in October 2025. In total, that brings our commercial bank and DOE loan balances as of December 31, 2025 to $66 million and $141 million, respectively. Turning to our outlook and guidance for 2026. As we've outlined earlier, we see an opportunity to build the top-tier charging network in the United States. While EV sales in 2026 are expected to be flattish to slightly up from 2025, that still means at least 1.2 million new EVs will be on the road, and VIO is expected to expand 20%+ year-over-year, with new EV sales expected to account for less than 10% of our total 2026 revenue. We're investing in scale, density, and deepening our network advantage while focused on capturing strong returns on capital deployment. We expect to accelerate our deployment of EVgo public and dedicated stalls this year with 1,050-1,250 new stalls being added in 2026, with the majority of these additions coming in the second half of 2026. In order to facilitate our accelerated future growth, we're making investments in G&A to support this growth engine. Our expectation of the number of extend stalls operationalized this year is 350-400 stalls, which will get us through approximately 70% of the contract with the Pilot Company. We anticipate building the remaining extend stalls under this contract in 2027, at which point the contract will primarily be tied to operations and maintenance of Pilot's network. Overall, we plan to deploy 1,400-1,650 total stalls in 2026, a significant step up from 2025. We expect the rate of deployment to continue to increase as the company grows in 2027 and beyond. For the full year 2026, we expect total revenues of $410 million-$470 million, with adjusted EBITDA in the range of -$20 million to +$20 million. We also expect significant shape in second half weighting to the year as approximately two-thirds of the 2026 stall deployments will go live in the second half of 2026. The adjusted EBITDA range is informed by variability of expected throughput on our network. The incremental benefit of each kW hour sold has a big bottom line impact. Roughly 2.5 GWh of retail throughput equates to approximately $1 million of adjusted EBITDA impact. We expect second half 2026 run rate to be well above full year guidance, given the significant shape to the year. We expect second half annualized adjusted EBITDA to be up to $40 million. We do anticipate Q1 and Q2 adjusted EBITDAs will be negative, given the growth investments we are making and the second half weighting of our new stall additions in 2026. Charging network revenue should be around 70% of 2026 total revenue. Charging revenue is expected to increase each quarter on a year-over-year basis. In the first quarter, growth is expected to be softer as our new stalls added in Q4 are still ramping up and we had significant weather impacts from winter storms. Extend revenues for 2026 are expected to be down on a year-over-year basis as we are constructing fewer stalls under the program this year as we get closer to completing the contract with Pilot. Beginning in 2028, this will drive lower revenue solely tied to O&M activity, which frees up our team to focus on further accelerating the expansion of our owned and operated network. Given our strong unit economics and paybacks, we are investing in G&A in 2026 for accelerated future stall deployment and improving the customer experience. These near-term investments are expected to position EVgo to accelerate revenue and profit growth into the future. Adjusted G&A for 2026 is expected to be $150 million-$155 million for the full year, which is approximately 35% of 2026 revenue guidance. This is largely in line with 2025 SG&A expense as a percentage of revenue, but on a full year basis is burdened by the back end growth of the 2026 plan. 2026 will be an exciting year of transition for EVgo as we augment our foundation to support sustained profitability and set the table for an accelerated go forward growth trajectory, which should drive improved incremental margins and sustainable profitability on a go forward basis. With that, I'll hand it back over to Badar to dive deeper into EVgo's differentiated value proposition for our shareholders. Thank you, Keefer. Our unit economics we've shown over the last 2 years and the details for Q4 are in the appendix of our investor deck, highlighting the growth we are driving in cash flow per stall. Throughput per stall growth results from EVgo's competitive moat and rising EV VIO. We believe our superior site selection, top-tier partnerships with OEMs, site hosts, rideshare and AV companies, our leading customer engagement and customer experience offerings, including faster chargers, and our growing customer base that is now 1.6 million customers all combine to create a moat around EVgo's business that is hard to replicate and one we've spent 15 years building. This is what drives our recurring and ever-expanding cash flow per stall. Daily throughput per stall, whether for the average of the network or the top 15% of stalls, continues to rise. Our 350 kW stalls that currently comprise over 60% of our network and will comprise around 90% of the network within a few years, are now generating almost 350 kWh per stall per day. Annualized cash flow per stall for our entire network in Q4 was $21,000. If you look at our 350 kW chargers, that is $28,000. Proof that our network will scale to our longer term target. The top 15% of our network was over $65,000, which represents a payback period of just over 1 year for new stalls performing at these levels. Top 15% of stalls clearly shows the operating leverage within charging gross profit, where these stalls generated 54% charge in gross margin, a full 8 percentage points higher than the average of the network due to the higher throughput per stall. EVgo reached a critical milestone this quarter, delivering positive adjusted EBITDA for the quarter and for the full year. This achievement relied in part on our non-charging lines of business, extend and ancillary. Because of the growing number of owned and operate stalls and the growth in stall profitability due to rising throughput per stall, the real growth in the company comes from our charging business. Revenue growth since our IPO is over 70-fold, and we've moved from an adjusted EBITDA loss to a profit. As we've said before, nearly two-thirds of our total G&A is largely fixed, growing much slower than the growth in the charging business. The real operating leverage inflection with a gross profit from our charging business alone, without any contribution from the non-charging businesses, covers our G&A occurs in late 2026. From that point, we expect a significant increase in our already strong incremental margins, with a significant portion of our charging gross profit falling straight to the bottom line, further accelerating the growth in adjusted EBITDA and driving significant adjusted EBITDA margin expansion. This is on top of the operating leverage that exists within charging gross profit that I just discussed earlier. Over the next four years, we are targeting charging network profits to grow at a CAGR of 50%-60%, with adjusted G&A growing at a CAGR of approximately 15%. This operating leverage results in a 105%-130% CAGR in adjusted EBITDA. We are confident that over the course of the next few years, we'll have a business that goes from breakeven to triple-digit millions in adjusted EBITDA. EVgo has spent the past 15 years building a business model and a competitive moat that is hard to replicate and benefits from a number of growing mega trends and tailwinds that have already translated into strong financial results and will deliver even stronger results over the coming years. EVgo operates a highly differentiated industry-leading charging platform that has meaningfully higher utilization than almost every one of our peers. This is not only driven by proprietary site selection capabilities, but also best-in-class customer experience and customer engagement to a large and growing customer base, combined with leading partnerships across the broader industry. Our ability to attract non-dilutive financing to accelerate our growth further separates us from our peers. Our focus on owning and operating our network, especially in the high-density urban centers where drivers need fast charging the most, results in a business model with strong and growing unit economics with equally compelling operating leverage. All of this benefits from a compelling macro backdrop that will propel the business for many years to come. Vehicles in operation are expected to more than double by 2029. The share of public fast charging continues to rise due to the electrification of rideshare, more affordable vehicles, and faster charge rates. Standardized cables will double EVgo's addressable market over time. Of course, the rise fully electric, autonomous vehicles that will need to charge at fast charging locations will just add to the growth we expect to see in our network. By the time we end 2029, we are targeting to have an enduring infrastructure business with over 12,500 public-owned stalls. Charging network revenues model to grow at 40%-50% with adjusted EBITDA margins in the 25%-30%. This is a capital-efficient, accretive growth model that positions EVgo to compound intrinsic value as we continue to scale our network. Taken together, our differentiated approach, the accelerating demand environment, and the strong returns on new investments gives us deep confidence in the long-term value creation opportunity ahead. Operator, we can now open the call for Q&A. Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you're called upon to ask a question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. We do request for today's session that you please limit yourself to one question and one follow-up, and you may re-queue for any further follow-up questions. Your first question comes from line of Stephen Gengaro of Stifel. Your line is open. Hi, Stephen. Thanks. Thank you. Good morning, everybody. Congrats on the progress. Can you This might be an odd question, but when you look at the customers, I forget the number you mentioned, but 1.3 or 1.5 million customers. Yeah. Can you tell us, do you have a sense for the percentage of usage that a certain piece of the customer base has? Like, if you have 1.6 million, I think was the number you gave, like, are the repeat users driving... Like, are 25% driving 75% of the business? Like, how do those numbers look? Yeah. Stephen, we, you know, have been saying, on a pretty much regular basis over the last several quarters that around half Of our usage comes from rideshare customers or from customers on subscription accounts. These are the customers that are, you know, using our network most frequently. I think we've said rideshare is roughly a quarter. Rideshare alone is roughly a quarter of the business. We've got the subscription accounts, and of course, customers on the OEM charging programs. That's, that's roughly what it is. I think rideshare in particular, as we said over many quarters now, it's gone from roughly 10% four years ago, to about a quarter. It's a, it's a really exciting, you know, part of the demand of the network. Rideshare is electrifying. It's gonna continue to electrify companies like Uber and Lyft, cities like New York City, states like California. you know, we're all focused on encouraging the electrification of rideshare. That's really a big component there. Okay, great. Thank you. The other one was how do you participate, and I know you mentioned this on the autonomy side. Like, Are there folks at the EVgo charging? How does that ultimately work in your mind? Well, I think that as we said on the call, I think the autonomous vehicle space is, I think, a very significant source of potential upside for the business. You know, we have, we've got about 140 operational stalls that are dedicated to autonomous vehicle partners. Actually, we've had operating stalls for AV partners for years, actually 5 years now or more, since 2000. Since 2020, I'm sorry. You know, we've been doing it for quite a while. We are adding, maybe doubling the number of stalls. It's still ready this year in 2026, it's still pretty small. I do think that just like in human rideshare, EVgo, you know, will become the partner of choice for autonomous vehicle companies, just given our scale, our balance sheet, the emphasis on reliability, our, you know, significantly superior, customer demand that we share from the third-party industry data. You know, these sites do have, you know, human operators who are plugging the cables in, they're cleaning the vehicles, if that was your question. Great. No, that's helpful. Okay, thanks. I'll get back in line. Thank you. Thanks. Your next question comes from the line of Laura Deng of RBC Capital Markets. Your line is open. Hi, Laura. Hi. Morning. Thanks for taking my question. I think last quarter you all mentioned those charger tech enhancements. Just wanted to know if there's an update with that and when you expect to have that second enhancement completed, and then I have a follow-up. We're thrilled, very pleased with the work that's going on actually with our supply chain partners. That's Signet and Delta. You know, we've been systematically, you know, re-qualifying, reinstalling the tech on each of these sets of equipment. Progress is going great. We completed that program with Signet, I want to say, over a year ago now. The effort that we have with Delta continues through the course of this year. I expect that we'll be well past the majority of that program by the middle of the year. Going really well. Got it. Got it. Thanks. On NACS, what have you all seen with the initial performance on the connectors installed so far? What gives confidence to accelerate that deployment this year? The, the throughput per stall on our NACS stalls has nearly doubled since the fall. That's really giving us the confidence to accelerate the rollout this year. The throughput here on these NACS cables, NACS stalls, are actually still well below CCS stalls. That's because it just takes a little longer for Tesla drivers to kind of get used to charging in places other than Tesla Superchargers. You know, we do expect that over time, through our engagement efforts, our customer communications, really also because our charging stalls are faster. They're 350 kW versus the Supercharger network at 250. They're closer to where drivers are, where they run errands, they live, they work. We'd expect to see that rise. That's really why we're really quite excited by this NACS deployment. It effectively doubles our addressable market. There are many more NACS vehicles than there are CCS over time, you know, charging our network without an adapter. It is an investment in 2026 that I expect will be, will pay off, you know, quite materially in the future. That's why we're talking about rolling out over 400 more NACS stalls over the course of this year. Great. Thank you. Again, if you have a question, it is star one on your telephone keypad. Your next question comes from the line of Bill Peterson of J.P. Morgan. Your line is open. Hi, Bill. Really appreciate all the color thus far on the call. First, it looks like you lowered your build schedule targets now through 2029. Trying to get a better understanding of what's driving the revision. You know, is it higher CapEx per stall? I mean, less demand. I presume it might be less demand. You know, can you just define, like, what your expectations are? I think you were talking about industry expectations of VIO doubling by 2029. I mean, what if growth rate remains flat or even declines implying lower VIO? Would you subsequently lower your deployments, or do you feel confident in a revised guidance? I understand you know, the value proposition of EVs, but the near-term growth projections are certainly far from rosy. Yeah, Bill, I mean, I think that as we look at our build plans for our owned stalls, which is really what we're focusing on here, let's start with 2026. We are, you know, really, stepping up the deployment of new stalls in 2026. We've been growing new stalls, owned stalls, roughly kinda 700-800 a year for about almost 4 years now. What you can see for 2026 is, you know, it's up to about 85% higher. You know, 50% some to 85% higher. That's a very significant step up. We'll incur those expenses, this year in terms of deploying more stalls. 2027 is about 2.5-fold to 3-fold, versus 2025 levels, it's another big step up. We will start incurring growth expenses for the 2027 deployments towards the end of this year. I think when I look at this deployment schedule, it's really we're just being very disciplined around how we deploy capital. That's what guides our decision-making. We're generating payback that's as fast as 1-2 years. The top end of our network, the top 15% of stalls. We're targeting 3-5-year paybacks. We're getting something at the faster end of that range. As long as the, you know, returns that we're generating on this capital is at those levels, and frankly, it doesn't even need to be at those levels, you know, we think it makes a ton of sense to deploy capital. You know, we balance a bunch of things from, you know, in the past, it's been the balance sheet. The balance sheet, of course, is at the strongest place it's been in pretty many years now. We do think about in-year earnings. We do think about the sequence of deploying our operational capacity. I think, the Pilot contract deployments, reaching an end in 2027 does allow us to transfer some of that operational build capacity over to the owned operation, owned fleet without causing too much disruption. That's how we think about it. In terms of the underlying VIO, I mean, look, we've seen these forecasts. You know, you and I, we've seen these forecasts. It's been slashed in the last couple of years. You know, and yet, you know, we say it's a muted environment, demand environment, and yet it's still two or three times where we are today for 2030. I don't know about these forecasts. I sometimes feel like they swing like a pendulum, going back and forth. We're gonna be focused on deploying capital, in a way that makes sense for our shareholders. The good news is we can deploy faster or slower based on the returns that we're seeing. Thanks for that color. I'd like to maybe double-click and unpack on the wide, kind of relatively wide EBITDA guidance range. Maybe understand better what drives it closer to the lower end of the range versus positive. You talked about a pretty significant ramp in the second half. Is there anything else that we should be thinking about? For example, you know, how much does the removal of the 30D EV tax credit have an impact? Maybe, you know, the extend how much shows up in 2026 versus 2027. Just anything you can do to help us better understand the guidance range. Good morning, Bill. This is Keefer. I'll jump in on this one. To your point, we guided to an adjusted EBITDA range that at the midpoint is break even. We did also to your point, share color on both the shape of 2026 as well as the exit rate represented by a second half annualized number, which is clearly well above the full year guidance range. The shape for the year is really driven by the deployment cadence of our 2026 capital spending plus some near-term investments at the front end of the year from a G&A perspective, as we work to make sure we have the foundation in place to support the more rapid build-out of our owned and operated network. Those are really the key drivers there. I think, you know, the operating leverage around the charging business and our charging margin is really what drives that. As operating leverage increases through stall dependent and throughput dependent costs, that illustrates that operating leverage on a go-forward basis. Charging network gross profit accounts for roughly 2/3 of the range within the $110 million-$140 million forecast that we showed in the slides. Thanks, Keefer. Thanks, Tadaw. Thanks, Bill. Your next question comes from the line of Craig Irwin of Roth Capital. Your line is open. All right. Good morning, and thanks for taking my questions. Actually, my question is very, very much on the same line of what the last person just asked. I was hoping you could get a little bit more granular about incrementally how much G&A dollars you're investing in 2026 versus 2025. If you could maybe give us color on, you know, where you're spending these dollars. You know, is this, you know, in primarily rideshare support and multifamily, or is this in, you know, education and other things with, you know, used EV buyers? I mean, there's many different ways you could approach organic growth on the network. If you could maybe just share with us a little bit about, you know, where you're spending the money. Yeah, Craig. Great question. Thank you. As you think about 2026, just total adjusted G&A, we're guiding to a range of $150 million-$155 million. At the midpoint there, that's up about 19% compared to full year 2025 and up about 8% from where we exited 2025 on a Q4 annualized basis. G&A spending will be up year-over-year, albeit, at a much more muted level than what we're expecting from a top line and margin expansion standpoint. Our G&A remains kind of two-thirds fixed as you think about the fixed and variable split. Where we're really making investments, in 2026 is around internal resources, as well as additional R&D support and resources as we work to build out and roll out latest generation hardware, software, and firmware over the course of 2026. Yeah. Craig, maybe if I just jump in here a little bit just to add a little more to that. You know, if you just take a step back, we are generating paybacks as fast as 1-2 years. We've got a network that's now nearly 15 times larger on average than, you know, almost everybody else in the space. The demand on our, on our network on a personal basis is 5 times higher. Many of our top shareholders are actually keen for us to leverage this strength by growing faster. Where Keith was talking about increased resources, it's really to grow faster. Grow faster, solidify that competitive advantage, really separate ourselves from the rest, which gets us to that triple digit millions in adjusted EBITDA really in less time it took us to get from negative 80 to break even. We could choose to not go that fast, and we might be $20 million, maybe $25 million better off in 2026 on adjusted EBITDA. I think that honestly seems to be a little short-sighted. It, it wastes the moat that we've built. Not to mention it results in a slower adjusted EBITDA ramp than if we go faster. We're actually really excited about this year. I think it's a year of really ramping up, which will pay off handsome. We expect to pay off handsomely, you know, going forward. Understood. That makes complete sense. My next question is about the charging network gross margins, right? I definitely appreciate the detail that you've been sharing with us over the last several quarters. 600 basis point improvement year-over-year. That is fantastic. There's quite a lot of volatility out there around electricity prices and, you know, several investors have been asking about your ability to pass through some of the short-term volatility that shows up in the market. You know, many other large buyers of electricity actually, this last quarter, had contracting margins, and you've had expanding margins. Can you maybe just discuss how you purchase and make your commitments for electricity and, you know, your visibility on expanding these margins like you share for your top 15% of the network? Sure. I mean, look, margins will expand just because of the operating leverage, within charging gross profit, where, you know, roughly 30% of our costs are on a fixed and a personal basis. I think as you just mentioned, you see that when you look at the difference between the top 15% of our network and the average of our network. Every quarter when we report, every other quarter we put our unit economics, you can see our, charging gross margin is quite a bit higher. It was 8 percentage points higher for higher usage stalls. There is this embedded operating leverage as usage per stall rises. Craig, we know we've got real scale, relative to everybody else, in this industry. Almost everybody else. We've got real scale. We're able to engage in active energy cost management in certain deregulated markets. As you know that, you know, my background comes from that space. You know, we've got more sophisticated dynamic pricing algorithms deployed across the network. We deployed them in through 2024 and 2025. We've got that next round, of. Pardon the interruption. We seem to be experiencing technical difficulties. I'll place you back on music hold until we get this resolved. Thank you. Can you hear us? Hello? We have the speakers back. Please go ahead. Okay. Can you guys, I will assume that you can hear us. Look, Craig, just to summarize, we feel pretty good, pretty excited about our pricing sophistication. I will say that we are in the foothills of a multi-decade journey. you know, our long term unit economic gross margins are really not different from where we are today. I think that might seem to be a conservative assumption. Great. Well, congratulations on the healthy quarter there. Thanks, Frank. Your next question comes from the line of Chris Pierce of Needham. Your line is open. Hi, Chris. Morning. First question, I guess is can you hear me after that? Are we live? We can hear you. We can hear you, Chris. Yes. Okay. Perfect. you know, you've talked about moving faster. You talked about the network effects and network advantages. I guess if we think about, you know, this long tail of substandard operators, is there a chance for, you know, M&A to maybe some areas where it's a desirable geographic location and you've got a competitor there that is a maybe a local only competitor, and that would sort of grow the install base even faster? Or is that not quite something that's possible given the DOE loan or how you guys think about installing and using electricity for 350, et cetera? I mean, at the highest level, Chris, we are, we wanna ensure that we are deploying capital that is generating the best returns. Deploying capital organically, as we can all clearly see, is generating very strong returns. If we're able to deploy capital inorganically that can compete with that, of course, we will take a look at it. You know, it is our view that, you know, our, you know, our, you know, really quite material difference, superior performance on demand in terms of the usage per stall is due to the site location, but also all the other things that you were just alluding to, our network effect, you know, our investments in customer experience, customer engagement, the reliability, the charger speed. You know, if there may be a scenario where, you know, our, sort of know-how on top of somebody else's assets, as long as they're in good locations, could generate much more attractive returns. You know, these are all hypothetical. At this point, we're just very focused on deploying capital organically. Okay. Thank you and good luck. Operator- Yes. Your next question comes from the line of Andress Sheppard of Cantor Fitzgerald. Your line is open. Hi, Andress. Hey, everyone. Good morning. Again, thanks for taking our questions and congrats on the quarter. I think a lot of our key questions have been asked. I wanted to maybe touch on autonomy and autonomous vehicles since that's a big, you know, area of emphasis going forward. Just curious, like how should we think about KPIs in that industry and what would you recommend we look for in terms of seeing progress there? Should we expect, you know, a major increase in utilization rate? Is it just an increase to the stall counts, network throughput? Like, you know, what would be the key lever to focus there for autonomous vehicles? Thank you. Andress, I mean, I think as I said before, I think this is a space that's really very exciting and has a potentially very significant source of upside in the medium to longer term. We do have 140 of the 5,100 stalls that are operational, 140 today that are dedicated to autonomous vehicle partners. We separated them out in our disclosure at the beginning of 2025. We added 30 to that count last year. This year, it'll be maybe a bit double, maybe kind of 50-75 stalls. Maybe that's a metric to look at. I will say it is pretty early in the game in terms of the autonomous vehicle space. Our contract structures are ones where current contract structures are ones where we don't have any utilization exposure. In other words, we're just getting a fixed monthly fee for these stalls. These are kinda like contracted cash flows over a long period, you know, long term. We are still working out with, you know, between our partners and ourselves what are the best contract structures that make sense for everyone in the long term. Just like in human rideshare, as I said, I expect that EVgo will become the partner of choice for these companies, just given the scale, the balance sheet, you know, and the track record that we've built here over the last many years. We've been on the AV space, we've been serving AV partners for five years now. Got it. That's super helpful. Appreciate all that color. Maybe just as a last and quick follow-up, can you maybe just remind us, capital needs, you know, going forward, you know, with roughly $211 million in liquidity? You also have the DOE loan. You know, how are you thinking about capital needs, and particularly if you're planning on being active in the M&A market? Thank you. Well, just to be clear, we are very focused on growing the company organically. You know, if there are opportunities to deploy capital that compete with that, we'll look at it. Today we're very focused on growing organically. You know, I will say, I'll ask Keith just to comment on the capital needs, but, you know, we've got one of the, at this point, I think the strongest balance sheet we've had, you know, sit in my time, certainly as CEO and prior to that. we've got this, I consider kinda superior and lower cost access to non-dilutive financing through the DOE and the commercial bank facility. we feel very good about those facilities. I'll ask maybe Keith just to comment on how you think about the capital needs this year. Sure. Good question. To jump in on 2026 capital spending. Right now we're estimating a range in kind of the high $100 million up to approaching $200 million of spend for 2026. Approximately two-thirds of that would be earmarked for 2026 deployments. The wiggle room there is just related to future capital spending and when that hits from a timing perspective. On a net basis, that was a gross number I just gave you. On a net basis, we're expecting offsets this year to be approximately 17%. On a per stall basis, we do believe we'll be able to drive down gross capital spending per stall somewhere in the low single digits on a year-over-year basis as we look from 2025 to 2026. Wonderful. Super helpful as always. Thanks so much, and congrats again on the quarter. Thanks, Andress. Thank you. Your last question is a follow-up from the line of Stephen Gengaro of Stifel. Your line is open. Thanks. Thanks for taking the follow-up. This was in reference to the margins and the pricing side. This came up a little bit in an earlier question, but have you implemented or how do you handle sort of the dynamic pricing model? Like how aware is the system of alternatives and how do you sort of adapt to changing environments with pricing? Is that real time? Is it? Just could you give me an update on how you, how you handle that? Stephen, we rolled out our first set of dynamic pricing algorithms back in late 2024. They've been running now for about, you know, 12 to 18 months. These are really algorithms that are, you know, optimizing pricing for us to generate, you know, absolute, you know, to NACSimize absolute gross margin. The, you know, these algorithms are resulting in different prices, certainly throughout the day over a 24-hour period and across different locations, where prices might be going up or down. We expect to roll out a new level of algorithms this spring. We were hoping to do that at the end of last year, but with a... You know, we had the record deployment of new stalls. It was the largest deployment of new stalls in the company's history ever in Q4. We wanted to just sort of manage the operational bandwidth here. Those new algorithms just take us to another level of sophistication in terms of frequency of change and sort of disaggregation in terms of, you know, pricing combinations across our entire network. Great. Appreciate all the details again. Absolutely. With no further questions, that concludes our Q&A session. I will now turn the conference back over to Badar Khan for closing remarks. Great. Well, thank you everyone. EVgo, as you can see, reached a critical milestone of adjusted EBITDA breakeven, and we had just a fantastic fourth quarter in terms of new stalls deployed. We can see from this third party industry data that EVgo's competitive moat that we spent 15 years building is really paying off with far superior customer demand versus almost everybody else on the network. In 2026, we are choosing to leverage this position of strength and make investments that both secures this competitive advantage and results in adjusted EBITDA reaching or in the triple digit millions within reach. I look forward to sharing that progress with you over the course of this coming year. Thanks all. This concludes today's conference call. You may now disconnect.

Speaker 9: Thank you for standing by. My name is Jill, and I will be your conference operator today. At this time, I would like to welcome everyone to the EVgo fourth quarter and full year 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. I would now like to turn the conference over to Heather Davis, Vice President of Investor Relations. You may begin. Thank you for standing by. thank you for standing by My name is Jill, and I will be your conference operator today. my name is jill and i will be your conference operator today At this time, I would like to welcome everyone to the EVgo fourth quarter and full year 2025 earnings call. at this time i would like to welcome everyone to the evgo fourth quarter and full year 2025 earnings call All lines have been placed on mute to prevent any background noise. all lines have been placed on mute to prevent any background noise After the speaker's remarks, there will be a question-and-answer session. after the speaker's remarks there will be a question-and-answer session If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. if you would like to ask a question during this time simply press star followed by 1 on your telephone keypad If you would like to withdraw your question, simply press star 1 again. if you would like to withdraw your question simply press star 1 again I would now like to turn the conference over to Heather Davis, Vice President of Investor Relations. i would now like to turn the conference over to heather davis vice president of investor relations You may begin. you may begin

Speaker 6: Good morning, welcome to EVgo's fourth quarter and full year 2025 earnings call. My name is Heather Davis, and I am Vice President of Investor Relations at EVgo. Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer, and Keefer Lehner, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's fourth quarter and full year 2025 financial results, 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. Good morning, welcome to EVgo's fourth quarter and full year 2025 earnings call. good morning welcome to evgo's fourth quarter and full year 2025 earnings call My name is Heather Davis, and I am Vice President of Investor Relations at EVgo. my name is heather davis and i am vice president of investor relations at evgo Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer, and Keefer Lehner, EVgo's Chief Financial Officer. joining me on today's call are badar khan evgo's chief executive officer and keefer lehner evgo's chief financial officer Today, we will be discussing EVgo's fourth quarter and full year 2025 financial results, followed by a Q&A session. today we will be discussing evgo's fourth quarter and full year 2025 financial results 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. 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. 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. 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 Factors 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. 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 a reconciliation to the corresponding GAAP measures, can be found in the earnings material available on the investor section of our website. With that, I'll turn the call over to Badar Khan, EVgo's CEO. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including in the Risk Factors section of our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. factors that could cause actual results to differ materially from our expectations are detailed in our sec filings including in the risk factors 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. the company's sec filings are available on the investor section of our website These forward-looking statements apply as of today. these forward-looking statements apply as of today We undertake no obligation to update these statements after the call. 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. also please note that we will be referring to certain non-gaap financial measures on this call Information about these non-GAAP measures, including a reconciliation to the corresponding GAAP measures, can be found in the earnings material available on the investor section of our website. information about these non-gaap measures including a reconciliation to the corresponding gaap measures can be found in the earnings material available on the investor section of our website With that, I'll turn the call over to Badar Khan, EVgo's CEO. with that i'll turn the call over to badar khan evgo's ceo

Speaker 2: Thank you, Heather. When I first joined EVgo as CEO at the end of 2023, we set a goal to be adjusted EBITDA break even in 2025. I am pleased to say we achieved that goal in the fourth quarter. This significant milestone demonstrates the growth, scale, operating leverage, and durability of the EVgo business and the dedication and hard work of our team. As I'll touch on later, we're now focused on our next milestone of achieving the real operating leverage inflection point, which will allow us to further accelerate adjusted EBITDA growth and margin expansion. EVgo delivered another excellent year of results, with total revenue of $384 million, a 50% increase over last year, record charging network revenues. Thank you, Heather. thank you heather When I first joined EVgo as CEO at the end of 2023, we set a goal to be adjusted EBITDA break even in 2025. when i first joined evgo as ceo at the end of 2023 we set a goal to be adjusted ebitda break even in 2025 I am pleased to say we achieved that goal in the fourth quarter. i am pleased to say we achieved that goal in the fourth quarter This significant milestone demonstrates the growth, scale, operating leverage, and durability of the EVgo business and the dedication and hard work of our team. this significant milestone demonstrates the growth scale operating leverage and durability of the evgo business and the dedication and hard work of our team As I'll touch on later, we're now focused on our next milestone of achieving the real operating leverage inflection point, which will allow us to further accelerate adjusted EBITDA growth and margin expansion. as i'll touch on later we're now focused on our next milestone of achieving the real operating leverage inflection point which will allow us to further accelerate adjusted ebitda growth and margin expansion EVgo delivered another excellent year of results, with total revenue of $384 million, a 50% increase over last year, record charging network revenues. evgo delivered another excellent year of results with total revenue of $384 million a 50% increase over last year record charging network revenues We ended 2025 with 5,100 stalls in operation following a very large stall deployment of 500 new stalls in the fourth quarter. Total energy dispensed in our public network increased over 30%, which is more than our stall growth. Our pilot, approximately 100 J3400 connectors, also known as NACS, during 2025 was successful and will be rolling out over 400 more NACS connectors in 2026, both at new sites and retrofits at existing sites, with a goal of effectively doubling our addressable market over time. Given the returns we expect to generate from these stalls, we plan to increase our public stalls deployed by over 50%. This increased pace with deployment significantly increases the number of NACS connectors and our next generation charging architecture represent real investments in 2026 to drive longer term value creation. We ended 2025 with 5,100 stalls in operation following a very large stall deployment of 500 new stalls in the fourth quarter. we ended 2025 with 5,100 stalls in operation following a very large stall deployment of 500 new stalls in the fourth quarter Total energy dispensed in our public network increased over 30%, which is more than our stall growth. total energy dispensed in our public network increased over 30% which is more than our stall growth Our pilot, approximately 100 J3400 connectors, also known as NACS, during 2025 was successful and will be rolling out over 400 more NACS connectors in 2026, both at new sites and retrofits at existing sites, with a goal of effectively doubling our addressable market over time. our pilot approximately 100 j3400 connectors also known as nacs during 2025 was successful and will be rolling out over 400 more nacs connectors in 2026 both at new sites and retrofits at existing sites with a goal of effectively doubling our addressable market over time Given the returns we expect to generate from these stalls, we plan to increase our public stalls deployed by over 50%. given the returns we expect to generate from these stalls we plan to increase our public stalls deployed by over 50% This increased pace with deployment significantly increases the number of NACS connectors and our next generation charging architecture represent real investments in 2026 to drive longer term value creation. this increased pace with deployment significantly increases the number of nacs connectors and our next generation charging architecture represent real investments in 2026 to drive longer term value creation EVgo continues to offer drivers more choices on where to charge their EVs as our owned public network and extend network expands across the U.S. Today, drivers can find over 1,200 EVgo-operated stations across 47 states. EVgo is the third largest and second fastest-growing network in the U.S., serving all EV models with key OEM, rideshare, and site host partnerships. I look forward to expanding our network even further in 2026. Our network stands at over 5,100 stalls and is one of the most highly used EV charging networks in the United States. While we know charging station deployments have grown significantly over the last several years, the reality is that the usage of America's EV network is disproportionately concentrated amongst the three largest charge point operators or CPOs: EVgo, Tesla, and Electrify America. This is according to an independent third party. EVgo continues to offer drivers more choices on where to charge their EVs as our owned public network and extend network expands across the U.S. evgo continues to offer drivers more choices on where to charge their evs as our owned public network and extend network expands across the u.s Today, drivers can find over 1,200 EVgo-operated stations across 47 states. today drivers can find over 1,200 evgo-operated stations across 47 states EVgo is the third largest and second fastest-growing network in the U.S., serving all EV models with key OEM, rideshare, and site host partnerships. evgo is the third largest and second fastest-growing network in the u.s serving all ev models with key oem rideshare and site host partnerships I look forward to expanding our network even further in 2026. i look forward to expanding our network even further in 2026 Our network stands at over 5,100 stalls and is one of the most highly used EV charging networks in the United States. our network stands at over 5,100 stalls and is one of the most highly used ev charging networks in the united states While we know charging station deployments have grown significantly over the last several years, the reality is that the usage of America's EV network is disproportionately concentrated amongst the three largest charge point operators or CPOs: EVgo, Tesla, and Electrify America. while we know charging station deployments have grown significantly over the last several years the reality is that the usage of america's ev network is disproportionately concentrated amongst the three largest charge point operators or cpos evgo tesla and electrify america This is according to an independent third party. this is according to an independent third party The concentration of consumer demand among these top three operators demonstrates the importance of network effect, an already established customer base, which in our case encompasses 1.6 million customers, and scale as a driving force behind this unmatched network utilization. EVgo's fourth quarter utilization was 24%, which is higher than the average of the top three and nearly 5-fold higher than the large group of subscale CPOs, most of whom see usage in the single digits. Per stall demand growth for EVgo's charging network continues to outpace the industry. Since Q1 2024, EVgo's utilization has grown 4 percentage points, while the rest of the industry, excluding the top three, has actually declined by 2 percentage points. The concentration of consumer demand among these top three operators demonstrates the importance of network effect, an already established customer base, which in our case encompasses 1.6 million customers, and scale as a driving force behind this unmatched network utilization. the concentration of consumer demand among these top three operators demonstrates the importance of network effect an already established customer base which in our case encompasses 1.6 million customers and scale as a driving force behind this unmatched network utilization EVgo's fourth quarter utilization was 24%, which is higher than the average of the top three and nearly 5-fold higher than the large group of subscale CPOs, most of whom see usage in the single digits. evgo's fourth quarter utilization was 24% which is higher than the average of the top three and nearly 5-fold higher than the large group of subscale cpos most of whom see usage in the single digits Per stall demand growth for EVgo's charging network continues to outpace the industry. Since Q1 2024, EVgo's utilization has grown 4 percentage points, while the rest of the industry, excluding the top three, has actually declined by 2 percentage points. per stall demand growth for evgo's charging network continues to outpace the industry. since q1 2024 evgo's utilization has grown 4 percentage points while the rest of the industry excluding the top three has actually declined by 2 percentage points In other words, according to this third-party data, EVgo has emerged as a clear leader in the EV charging space in the United States, representing outsized consumer demand for our network as compared to the competition. It's clear to me that EVgo has a strong competitive moat that is enduring and continues to strengthen over time. We've developed superior AI-driven and scalable site selection algorithms and host partnerships that allow us to build charging stations where drivers want to be, conveniently near where people shop, eat, and run their daily errands. We're continuing to scale with strong grocery and retail partnerships, including an expanded partnership with Kroger, which we announced earlier this year. EVgo now has almost 14 times the average number of stalls of the rest of the industry outside the top three CPOs. In other words, according to this third-party data, EVgo has emerged as a clear leader in the EV charging space in the United States, representing outsized consumer demand for our network as compared to the competition. in other words according to this third-party data evgo has emerged as a clear leader in the ev charging space in the united states representing outsized consumer demand for our network as compared to the competition It's clear to me that EVgo has a strong competitive moat that is enduring and continues to strengthen over time. it's clear to me that evgo has a strong competitive moat that is enduring and continues to strengthen over time We've developed superior AI-driven and scalable site selection algorithms and host partnerships that allow us to build charging stations where drivers want to be, conveniently near where people shop, eat, and run their daily errands. we've developed superior ai-driven and scalable site selection algorithms and host partnerships that allow us to build charging stations where drivers want to be conveniently near where people shop eat and run their daily errands We're continuing to scale with strong grocery and retail partnerships, including an expanded partnership with Kroger, which we announced earlier this year. we're continuing to scale with strong grocery and retail partnerships including an expanded partnership with kroger which we announced earlier this year EVgo now has almost 14 times the average number of stalls of the rest of the industry outside the top three CPOs. evgo now has almost 14 times the average number of stalls of the rest of the industry outside the top three cpos We have partnerships with rideshare companies such as Uber and Lyft, who we believe partner with EVgo in part because of our enormous scale advantage versus 12 smaller operators and the value drivers get with discounted rates on the EVgo network. As you may have seen recently in the news, EVgo and Uber are in discussions to expand our partnership to meet rising demand for our services from rideshare drivers. We've developed and are continuing to deploy leading customer engagement tools and capabilities to enhance our customer experience. The investments we're able to make in our EVgo app and other technologies are only possible given we have the scale, network effect, talent, and capital to build the tech stack. Of note is Autocharge+, where eligible drivers enroll their vehicle and payment method, and when they pull up to a charger, they simply plug in and charge. We have partnerships with rideshare companies such as Uber and Lyft, who we believe partner with EVgo in part because of our enormous scale advantage versus 12 smaller operators and the value drivers get with discounted rates on the EVgo network. we have partnerships with rideshare companies such as uber and lyft who we believe partner with evgo in part because of our enormous scale advantage versus 12 smaller operators and the value drivers get with discounted rates on the evgo network As you may have seen recently in the news, EVgo and Uber are in discussions to expand our partnership to meet rising demand for our services from rideshare drivers. as you may have seen recently in the news evgo and uber are in discussions to expand our partnership to meet rising demand for our services from rideshare drivers We've developed and are continuing to deploy leading customer engagement tools and capabilities to enhance our customer experience. we've developed and are continuing to deploy leading customer engagement tools and capabilities to enhance our customer experience The investments we're able to make in our EVgo app and other technologies are only possible given we have the scale, network effect, talent, and capital to build the tech stack. the investments we're able to make in our evgo app and other technologies are only possible given we have the scale network effect talent and capital to build the tech stack Of note is Autocharge+, where eligible drivers enroll their vehicle and payment method, and when they pull up to a charger, they simply plug in and charge. of note is autocharge+ where eligible drivers enroll their vehicle and payment method and when they pull up to a charger they simply plug in and charge It's a seamless customer experience. 30% of our sessions are now initiated with Autocharge+. EVgo continues to deploy more 350 kW or faster chargers that now make up the majority of our network, offering a full charge in under 15 minutes, compared to just 19% for the rest of the industry, excluding the top 3. Our products and hardware teams work tirelessly to improve the charging experience, including ongoing maintenance campaigns targeted at improving reliability on our existing chargers and through our next-generation charging architecture. Finally, unlike many in the industry, we have the non-dilutive financing in place to build at scale. This competitive advantage is not solely driven by EVgo's superior site selection, but rather the combination of all the factors I've described built over 15 years of doing what we do. It's a seamless customer experience. 30% of our sessions are now initiated with Autocharge+. it's a seamless customer experience 30% of our sessions are now initiated with autocharge+ EVgo continues to deploy more 350 kW or faster chargers that now make up the majority of our network, offering a full charge in under 15 minutes, compared to just 19% for the rest of the industry, excluding the top 3. evgo continues to deploy more 350 kw or faster chargers that now make up the majority of our network offering a full charge in under 15 minutes compared to just 19% for the rest of the industry excluding the top 3 Our products and hardware teams work tirelessly to improve the charging experience, including ongoing maintenance campaigns targeted at improving reliability on our existing chargers and through our next-generation charging architecture. our products and hardware teams work tirelessly to improve the charging experience including ongoing maintenance campaigns targeted at improving reliability on our existing chargers and through our next-generation charging architecture Finally, unlike many in the industry, we have the non-dilutive financing in place to build at scale. finally unlike many in the industry we have the non-dilutive financing in place to build at scale This competitive advantage is not solely driven by EVgo's superior site selection, but rather the combination of all the factors I've described built over 15 years of doing what we do. this competitive advantage is not solely driven by evgo's superior site selection but rather the combination of all the factors i've described built over 15 years of doing what we do In the second half of 2026, we expect to reach a critical milestone in the evolution of the business, achieving a key operating leverage inflection with gross profit from our charging operations without any contribution from our non-charging business covering adjusted G&A. At the same time, we're intentionally investing in three key areas that we believe will strengthen the long-term competitiveness, resilience, and value of the EVgo platform. We will build on our already significant scale advantage by ramping up our deployment teams to meet market demand, further separate ourselves from the dozens of smaller operators, and significantly increase the number of new owned stalls we bring online in 2026, with even higher growth planned in 2027. We'll roll out more NACS connectors this year, doubling our addressable market in the long term. In the second half of 2026, we expect to reach a critical milestone in the evolution of the business, achieving a key operating leverage inflection with gross profit from our charging operations without any contribution from our non-charging business covering adjusted G&A. in the second half of 2026 we expect to reach a critical milestone in the evolution of the business achieving a key operating leverage inflection with gross profit from our charging operations without any contribution from our non-charging business covering adjusted g&a At the same time, we're intentionally investing in three key areas that we believe will strengthen the long-term competitiveness, resilience, and value of the EVgo platform. at the same time we're intentionally investing in three key areas that we believe will strengthen the long-term competitiveness resilience and value of the evgo platform We will build on our already significant scale advantage by ramping up our deployment teams to meet market demand, further separate ourselves from the dozens of smaller operators, and significantly increase the number of new owned stalls we bring online in 2026, with even higher growth planned in 2027. we will build on our already significant scale advantage by ramping up our deployment teams to meet market demand further separate ourselves from the dozens of smaller operators and significantly increase the number of new owned stalls we bring online in 2026 with even higher growth planned in 2027 We'll roll out more NACS connectors this year, doubling our addressable market in the long term. we'll roll out more nacs connectors this year doubling our addressable market in the long term This represents an investment in 2026 as we're trading highly productive CCS stalls with NACS stalls, where performance is lower than CCS initially, but growing over time as NACS drivers discover these stalls through our customer marketing campaign. Our investment in next-generation charging architecture improves the fundamentals of the business as we scale. It simplifies the hardware, reduces failure points, improves reliability, and lowers operating costs over time, while also giving us the flexibility to support higher power vehicles and standards like NACS, and ultimately delivering a better customer experience. That combination is critical to sustaining high utilization and expanding margins as the EVgo network grows. Over the last two years, we've deployed over 1,200 stalls on our network each year, including our extend network. In 2026, we expect this will increase to 1,400-1,650. This represents an investment in 2026 as we're trading highly productive CCS stalls with NACS stalls, where performance is lower than CCS initially, but growing over time as NACS drivers discover these stalls through our customer marketing campaign. this represents an investment in 2026 as we're trading highly productive ccs stalls with nacs stalls where performance is lower than ccs initially but growing over time as nacs drivers discover these stalls through our customer marketing campaign Our investment in next-generation charging architecture improves the fundamentals of the business as we scale. our investment in next-generation charging architecture improves the fundamentals of the business as we scale It simplifies the hardware, reduces failure points, improves reliability, and lowers operating costs over time, while also giving us the flexibility to support higher power vehicles and standards like NACS, and ultimately delivering a better customer experience. it simplifies the hardware reduces failure points improves reliability and lowers operating costs over time while also giving us the flexibility to support higher power vehicles and standards like nacs and ultimately delivering a better customer experience That combination is critical to sustaining high utilization and expanding margins as the EVgo network grows. that combination is critical to sustaining high utilization and expanding margins as the evgo network grows Over the last two years, we've deployed over 1,200 stalls on our network each year, including our extend network. over the last two years we've deployed over 1,200 stalls on our network each year including our extend network In 2026, we expect this will increase to 1,400-1,650. in 2026 we expect this will increase to 1,400-1,650 Importantly, we plan to increase the number of new owned and operated stalls deployed by over 50%. Approximately two-thirds of these stalls will be deployed in the second half of 2026. We are targeting cash on cash paybacks of three to five years, with our highest performing top 15% of stalls achieving paybacks in as little as one to two years. These strong returns support our ability to continue accelerating stall deployment, enabled by the non-dilutive financing we have in place that positions us to further scale our build-out in 2027 and beyond. Our autonomous vehicle partnerships remain an important source for further growth and potential upside to these forecasts. As discussed before, new stalls from our existing extend partnerships are expected to wind down during 2027, allowing us to transfer build capacity to our owned and operated business. Importantly, we plan to increase the number of new owned and operated stalls deployed by over 50%. importantly we plan to increase the number of new owned and operated stalls deployed by over 50% Approximately two-thirds of these stalls will be deployed in the second half of 2026. approximately two-thirds of these stalls will be deployed in the second half of 2026 We are targeting cash on cash paybacks of three to five years, with our highest performing top 15% of stalls achieving paybacks in as little as one to two years. we are targeting cash on cash paybacks of three to five years with our highest performing top 15% of stalls achieving paybacks in as little as one to two years These strong returns support our ability to continue accelerating stall deployment, enabled by the non-dilutive financing we have in place that positions us to further scale our build-out in 2027 and beyond. these strong returns support our ability to continue accelerating stall deployment enabled by the non-dilutive financing we have in place that positions us to further scale our build-out in 2027 and beyond Our autonomous vehicle partnerships remain an important source for further growth and potential upside to these forecasts. our autonomous vehicle partnerships remain an important source for further growth and potential upside to these forecasts As discussed before, new stalls from our existing extend partnerships are expected to wind down during 2027, allowing us to transfer build capacity to our owned and operated business. as discussed before new stalls from our existing extend partnerships are expected to wind down during 2027 allowing us to transfer build capacity to our owned and operated business The industry transition to NACS is an exciting opportunity for EVgo. Over half the EVs on the roads today have NACS inlets, mainly Teslas today, but new models from other OEMs are being launched with native NACS. We expect to add over 400 NACS connectors to the EVgo network by the end of 2026, allowing drivers to charge at our stalls without an adapter. Effectively more than doubling our addressable market. In 2025, we deployed about 100 NACS connectors in our existing sites on a pilot basis with the goals of validating the technology and determining how to grow NACS throughput as quickly as possible. I'm pleased with how the NACS connectors are performing from a technology perspective. I do want to thank our hardware team, who worked tirelessly to make these liquid-cooled cables happen for our fast chargers. The industry transition to NACS is an exciting opportunity for EVgo. the industry transition to nacs is an exciting opportunity for evgo Over half the EVs on the roads today have NACS inlets, mainly Teslas today, but new models from other OEMs are being launched with native NACS. We expect to add over 400 NACS connectors to the EVgo network by the end of 2026, allowing drivers to charge at our stalls without an adapter. over half the evs on the roads today have nacs inlets mainly teslas today but new models from other oems are being launched with native nacs. we expect to add over 400 nacs connectors to the evgo network by the end of 2026 allowing drivers to charge at our stalls without an adapter Effectively more than doubling our addressable market. effectively more than doubling our addressable market In 2025, we deployed about 100 NACS connectors in our existing sites on a pilot basis with the goals of validating the technology and determining how to grow NACS throughput as quickly as possible. in 2025 we deployed about 100 nacs connectors in our existing sites on a pilot basis with the goals of validating the technology and determining how to grow nacs throughput as quickly as possible I'm pleased with how the NACS connectors are performing from a technology perspective. i'm pleased with how the nacs connectors are performing from a technology perspective I do want to thank our hardware team, who worked tirelessly to make these liquid-cooled cables happen for our fast chargers. i do want to thank our hardware team who worked tirelessly to make these liquid-cooled cables happen for our fast chargers EV drivers can find our next locations with EVgo mobile app or from the distinctive yellow signage at these sites. Throughput for NACS stalls is currently lower than our CCS stalls at the same site. We are clearly seeing it grow, driven by increasing numbers of Tesla drivers charging at these stalls. Over the course of this year, we expect to grow NACS per stall usage through our customer communications efforts, driving awareness. This is an important medium to long-term goal as native NACS vehicles share of overall VIO grows. I've highlighted a number of company-specific sources of competitive advantage. Now I want to turn to some of the industry-wide tailwinds we continue to see driving the share of public fast charging that EVgo also benefits from. Today, we are beyond the early adopter phase of EVs. EV drivers can find our next locations with EVgo mobile app or from the distinctive yellow signage at these sites. ev drivers can find our next locations with evgo mobile app or from the distinctive yellow signage at these sites Throughput for NACS stalls is currently lower than our CCS stalls at the same site. throughput for nacs stalls is currently lower than our ccs stalls at the same site We are clearly seeing it grow, driven by increasing numbers of Tesla drivers charging at these stalls. we are clearly seeing it grow driven by increasing numbers of tesla drivers charging at these stalls Over the course of this year, we expect to grow NACS per stall usage through our customer communications efforts, driving awareness. over the course of this year we expect to grow nacs per stall usage through our customer communications efforts driving awareness This is an important medium to long-term goal as native NACS vehicles share of overall VIO grows. this is an important medium to long-term goal as native nacs vehicles share of overall vio grows I've highlighted a number of company-specific sources of competitive advantage. i've highlighted a number of company-specific sources of competitive advantage Now I want to turn to some of the industry-wide tailwinds we continue to see driving the share of public fast charging that EVgo also benefits from. now i want to turn to some of the industry-wide tailwinds we continue to see driving the share of public fast charging that evgo also benefits from Today, we are beyond the early adopter phase of EVs. today we are beyond the early adopter phase of evs With almost 6 million EVs on the road, American drivers are choosing to go electric. EV prices continue to fall relative to ICE vehicles, making EVs more affordable, which in turn makes EV ownership more accessible to more Americans, including to those that live in multi-family housing. These drivers often don't have access to a garage or private driveway, and therefore are more reliant on public fast charging. In fact, they charge approximately 1.5 times more on the EVgo network than those drivers that live in single-family homes. The electrification of rideshare is another key tailwind that has been, and is continuing to drive the share of public fast charging. With almost 6 million EVs on the road, American drivers are choosing to go electric. with almost 6 million evs on the road american drivers are choosing to go electric EV prices continue to fall relative to ICE vehicles, making EVs more affordable, which in turn makes EV ownership more accessible to more Americans, including to those that live in multi-family housing. ev prices continue to fall relative to ice vehicles making evs more affordable which in turn makes ev ownership more accessible to more americans including to those that live in multi-family housing These drivers often don't have access to a garage or private driveway, and therefore are more reliant on public fast charging. these drivers often don't have access to a garage or private driveway and therefore are more reliant on public fast charging In fact, they charge approximately 1.5 times more on the EVgo network than those drivers that live in single-family homes. in fact they charge approximately 1.5 times more on the evgo network than those drivers that live in single-family homes The electrification of rideshare is another key tailwind that has been, and is continuing to drive the share of public fast charging. the electrification of rideshare is another key tailwind that has been and is continuing to drive the share of public fast charging Rideshare drivers are adopting EVs five times faster than regular motorists and are more likely to live in multi-family housing or otherwise not have access to home charging, and charge significantly more on EVgo's network than the average retail customer. Companies like Uber and Lyft have their own targets and incentive programs to help rideshare drivers make the switch. On the policy side, New York City and California both have policies in place to encourage increased rideshare electrification each year through 2030, which other states, like Massachusetts, are also considering. Over the last three years, commercial rideshare throughput as a percentage of total throughput on EVgo's network has almost doubled and is roughly a quarter of EVgo's public network throughput today. Rideshare drivers are adopting EVs five times faster than regular motorists and are more likely to live in multi-family housing or otherwise not have access to home charging, and charge significantly more on EVgo's network than the average retail customer. rideshare drivers are adopting evs five times faster than regular motorists and are more likely to live in multi-family housing or otherwise not have access to home charging and charge significantly more on evgo's network than the average retail customer Companies like Uber and Lyft have their own targets and incentive programs to help rideshare drivers make the switch. companies like uber and lyft have their own targets and incentive programs to help rideshare drivers make the switch On the policy side, New York City and California both have policies in place to encourage increased rideshare electrification each year through 2030, which other states, like Massachusetts, are also considering. on the policy side new york city and california both have policies in place to encourage increased rideshare electrification each year through 2030 which other states like massachusetts are also considering Over the last three years, commercial rideshare throughput as a percentage of total throughput on EVgo's network has almost doubled and is roughly a quarter of EVgo's public network throughput today. over the last three years commercial rideshare throughput as a percentage of total throughput on evgo's network has almost doubled and is roughly a quarter of evgo's public network throughput today We are pleased to have reached an initial agreement with Uber, where they will guarantee a minimum level of utilization that incentivizes EVgo to build a number of new, larger charging stations in key urban locations in San Francisco, L.A., Boston, and the New York metro areas. This expanded partnership with Uber is designed to address a key concern amongst electric rideshare drivers, which in turn we expect will continue to accelerate the electrification of rideshare. I'm excited to share more details of this expanded partnership once it's finalized. More affordable vehicles, increasing number of drivers living in multi-family housing, accelerating rideshare electrification together with faster vehicle charge rates are all driving the growth of public fast charging. We remain very focused on capitalizing on these exciting tailwinds to fuel EVgo's continued growth. Finally, EVgo is well positioned to benefit from the growth in autonomous rideshare. We are pleased to have reached an initial agreement with Uber, where they will guarantee a minimum level of utilization that incentivizes EVgo to build a number of new, larger charging stations in key urban locations in San Francisco, L.A., Boston, and the New York metro areas. we are pleased to have reached an initial agreement with uber where they will guarantee a minimum level of utilization that incentivizes evgo to build a number of new larger charging stations in key urban locations in san francisco l.a boston and the new york metro areas This expanded partnership with Uber is designed to address a key concern amongst electric rideshare drivers, which in turn we expect will continue to accelerate the electrification of rideshare. this expanded partnership with uber is designed to address a key concern amongst electric rideshare drivers which in turn we expect will continue to accelerate the electrification of rideshare I'm excited to share more details of this expanded partnership once it's finalized. i'm excited to share more details of this expanded partnership once it's finalized More affordable vehicles, increasing number of drivers living in multi-family housing, accelerating rideshare electrification together with faster vehicle charge rates are all driving the growth of public fast charging. more affordable vehicles increasing number of drivers living in multi-family housing accelerating rideshare electrification together with faster vehicle charge rates are all driving the growth of public fast charging We remain very focused on capitalizing on these exciting tailwinds to fuel EVgo's continued growth. we remain very focused on capitalizing on these exciting tailwinds to fuel evgo's continued growth Finally, EVgo is well positioned to benefit from the growth in autonomous rideshare. finally evgo is well positioned to benefit from the growth in autonomous rideshare Autonomous vehicles are electric. Just like human-operated rideshare, vehicle downtime when an EV is charging is lost revenue. Fast charging is key to NACSimizing their utilization and revenue. Given the amount of technology in these vehicles, they consume more kW hours per mile driven, and as a result, are even more reliant on fast charging. The AV market is poised for tremendous growth over the next 5 years, with a 20-fold increase in robotaxis expected by 2030. EVgo has been operating dedicated charging stations for autonomous rideshare fleets since 2020. Today, we have 140 dedicated charging stalls for autonomous vehicle companies. We're proud to be Waymo's charging partner in San Francisco and L.A., and we operate charging sites for another AV company as well. Autonomous vehicles are electric. autonomous vehicles are electric Just like human-operated rideshare, vehicle downtime when an EV is charging is lost revenue. just like human-operated rideshare vehicle downtime when an ev is charging is lost revenue Fast charging is key to NACSimizing their utilization and revenue. fast charging is key to nacsimizing their utilization and revenue Given the amount of technology in these vehicles, they consume more kW hours per mile driven, and as a result, are even more reliant on fast charging. given the amount of technology in these vehicles they consume more kw hours per mile driven and as a result are even more reliant on fast charging The AV market is poised for tremendous growth over the next 5 years, with a 20-fold increase in robotaxis expected by 2030. the av market is poised for tremendous growth over the next 5 years with a 20-fold increase in robotaxis expected by 2030 EVgo has been operating dedicated charging stations for autonomous rideshare fleets since 2020. evgo has been operating dedicated charging stations for autonomous rideshare fleets since 2020 Today, we have 140 dedicated charging stalls for autonomous vehicle companies. today we have 140 dedicated charging stalls for autonomous vehicle companies We're proud to be Waymo's charging partner in San Francisco and L.A., and we operate charging sites for another AV company as well. we're proud to be waymo's charging partner in san francisco and l.a and we operate charging sites for another av company as well While this is a small part of the EVgo business today, our track record, partnerships, competitive strengths position us well to support the rapid expansion of the AV market, which should in turn provide meaningful upside to our business plans over the medium and long term. Before Keefer shares more detail on our fourth quarter and full-year results, I want to take a moment to introduce him to our investors and analysts. We are thrilled with the nearly two decades of operational and financial expertise Keefer brings as a public company CFO, former investment banker and private equity investor. He's a great addition to the management team, and I look forward to partnering with him to drive and share shareholder value. Now, I'll turn it over to Keefer. While this is a small part of the EVgo business today, our track record, partnerships, competitive strengths position us well to support the rapid expansion of the AV market, which should in turn provide meaningful upside to our business plans over the medium and long term. while this is a small part of the evgo business today our track record partnerships competitive strengths position us well to support the rapid expansion of the av market which should in turn provide meaningful upside to our business plans over the medium and long term Before Keefer shares more detail on our fourth quarter and full-year results, I want to take a moment to introduce him to our investors and analysts. before keefer shares more detail on our fourth quarter and full-year results i want to take a moment to introduce him to our investors and analysts We are thrilled with the nearly two decades of operational and financial expertise Keefer brings as a public company CFO, former investment banker and private equity investor. we are thrilled with the nearly two decades of operational and financial expertise keefer brings as a public company cfo former investment banker and private equity investor He's a great addition to the management team , and I look forward to partnering with him to drive and share shareholder value. he's a great addition to the management team and i look forward to partnering with him to drive and share shareholder value Now, I'll turn it over to Keefer. now i'll turn it over to keefer

Speaker 7: Thank you. Before I begin, I want to share how thrilled I am to be at EVgo as we build the infrastructure this country needs. Since joining in mid-January, I've been working closely with Badar and team to transition into the role, and I'm excited about the substantial organic growth runway in front of us. My focus is clear: building on the strength of our balance sheet to accelerate profitability as we continue to scale the business for accelerated long-term growth and value creation. With that, let's jump into our Q4 and full year results. Operational stall growth is one of the key components of growing EVgo's revenue. We ended Q4 with 5,100 stalls in operation, a three times increase compared to the end of 2021. Thank you. thank you Before I begin, I want to share how thrilled I am to be at EVgo as we build the infrastructure this country needs. before i begin i want to share how thrilled i am to be at evgo as we build the infrastructure this country needs Since joining in mid-January, I've been working closely with Badar and team to transition into the role, and I'm excited about the substantial organic growth runway in front of us. since joining in mid-january i've been working closely with badar and team to transition into the role and i'm excited about the substantial organic growth runway in front of us My focus is clear: building on the strength of our balance sheet to accelerate profitability as we continue to scale the business for accelerated long-term growth and value creation. With that, let's jump into our Q4 and full year results. my focus is clear building on the strength of our balance sheet to accelerate profitability as we continue to scale the business for accelerated long-term growth and value creation. with that let's jump into our q4 and full year results Operational stall growth is one of the key components of growing EVgo's revenue. operational stall growth is one of the key components of growing evgo's revenue We ended Q4 with 5,100 stalls in operation, a three times increase compared to the end of 2021. we ended q4 with 5,100 stalls in operation a three times increase compared to the end of 2021 We added over 1,200 new stalls to the network in 2025, including 500 in just the fourth quarter, representing our largest stall deployment in a quarter ever. Our customer base has grown almost five-fold over that same period, which contributes to the network effect, driving increased brand loyalty and usage across our ever-expanding network. We've grown the total energy dispensed on EVgo's network in 2025 to 366 GWh, a 14-fold increase over that same period since 2021. 2025 revenues of $384 million have increased over 17 times from 2021 levels. Charging network gross profit margin expanded over 2,500 basis points from the mid-teens to the upper thirties, reflecting the meaningful operating leverage of fixed cost of sales on a per stall basis as throughput and revenue per stall continued to rise. We added over 1,200 new stalls to the network in 2025, including 500 in just the fourth quarter, representing our largest stall deployment in a quarter ever. we added over 1,200 new stalls to the network in 2025 including 500 in just the fourth quarter representing our largest stall deployment in a quarter ever Our customer base has grown almost five-fold over that same period, which contributes to the network effect, driving increased brand loyalty and usage across our ever-expanding network. our customer base has grown almost five-fold over that same period which contributes to the network effect driving increased brand loyalty and usage across our ever-expanding network We've grown the total energy dispensed on EVgo's network in 2025 to 366 GWh, a 14-fold increase over that same period since 2021. 2025 revenues of $384 million have increased over 17 times from 2021 levels. we've grown the total energy dispensed on evgo's network in 2025 to 366 gwh a 14-fold increase over that same period since 2021 2025 revenues of $384 million have increased over 17 times from 2021 levels Charging network gross profit margin expanded over 2,500 basis points from the mid-teens to the upper thirties, reflecting the meaningful operating leverage of fixed cost of sales on a per stall basis as throughput and revenue per stall continued to rise. charging network gross profit margin expanded over 2,500 basis points from the mid-teens to the upper thirties reflecting the meaningful operating leverage of fixed cost of sales on a per stall basis as throughput and revenue per stall continued to rise Importantly, we again delivered improving profitability with adjusted EBITDA growing at a meaningfully faster rate than revenue, we achieved a positive adjusted EBITDA margin in 2025 for the first time in company history. Total throughput on the public network during the fourth quarter was 99 GW hours, an 18% increase compared to last year. Revenue for Q4 was $118 million, which represents 75% year-over-year increase, with growth in all three revenue categories. Total charging network revenue was $64 million, a 37% increase versus the prior year. Extend revenue was $24 million, delivering growth of 33% over the same period. Ancillary revenue of roughly $31 million was up about 9x. Q4 ancillary revenue benefited from a $26 million contract buyout from a former AV partner that exited the space. Importantly, we again delivered improving profitability with adjusted EBITDA growing at a meaningfully faster rate than revenue, we achieved a positive adjusted EBITDA margin in 2025 for the first time in company history. importantly we again delivered improving profitability with adjusted ebitda growing at a meaningfully faster rate than revenue we achieved a positive adjusted ebitda margin in 2025 for the first time in company history Total throughput on the public network during the fourth quarter was 99 GW hours, an 18% increase compared to last year. total throughput on the public network during the fourth quarter was 99 gw hours an 18% increase compared to last year Revenue for Q4 was $118 million, which represents 75% year-over-year increase, with growth in all three revenue categories. revenue for q4 was $118 million which represents 75% year-over-year increase with growth in all three revenue categories Total charging network revenue was $64 million, a 37% increase versus the prior year. total charging network revenue was $64 million a 37% increase versus the prior year Extend revenue was $24 million, delivering growth of 33% over the same period. extend revenue was $24 million delivering growth of 33% over the same period Ancillary revenue of roughly $31 million was up about 9x. ancillary revenue of roughly $31 million was up about 9x Q4 ancillary revenue benefited from a $26 million contract buyout from a former AV partner that exited the space. q4 ancillary revenue benefited from a $26 million contract buyout from a former av partner that exited the space Charging network gross profit and margin in the fourth quarter were $29 million and 46% respectively, up 56% and 560 basis points, respectively. This is slightly higher than our run rate, given the higher than usual network OEM revenues, resulting primarily from branding revenue associated with our GM contract and higher charging credit breakage. Since 2021, charging network gross profits have grown over 32 times. Fourth quarter adjusted gross profit of $60 million was up over 2x versus the prior year. Adjusted gross margin was 51% in Q4, an increase of over 1,700 basis points over the same period. Charging network gross profit and margin in the fourth quarter were $29 million and 46% respectively, up 56% and 560 basis points, respectively. charging network gross profit and margin in the fourth quarter were $29 million and 46% respectively up 56% and 560 basis points respectively This is slightly higher than our run rate, given the higher than usual network OEM revenues, resulting primarily from branding revenue associated with our GM contract and higher charging credit breakage. this is slightly higher than our run rate given the higher than usual network oem revenues resulting primarily from branding revenue associated with our gm contract and higher charging credit breakage Since 2021, charging network gross profits have grown over 32 times. since 2021 charging network gross profits have grown over 32 times Fourth quarter adjusted gross profit of $60 million was up over 2x versus the prior year. fourth quarter adjusted gross profit of $60 million was up over 2x versus the prior year Adjusted gross margin was 51% in Q4, an increase of over 1,700 basis points over the same period. adjusted gross margin was 51% in q4 an increase of over 1,700 basis points over the same period Adjusted G&A for the quarter was $35 million, an increase of 14% compared to the prior year. As a percentage of revenue improved from 46% in the fourth quarter of 2024 to 30% in Q4 of this year. Adjusted EBITDA was $25 million in the fourth quarter of 2025, a $33 million improvement versus the fourth quarter of 2024. Importantly, if you exclude the impact of the $24 million ancillary contract buyout, we were still positive adjusted EBITDA for the fourth quarter. Moving to key highlights for full year 2025. Total throughput on the public network in 2025 was 366 GWh, 32% increase compared to last year. Revenue for 2025 was $384 million, which represents a 50% year-over-year increase with growth across all three revenue categories. Adjusted G&A for the quarter was $35 million, an increase of 14% compared to the prior year. adjusted g&a for the quarter was $35 million an increase of 14% compared to the prior year As a percentage of revenue improved from 46% in the fourth quarter of 2024 to 30% in Q4 of this year. as a percentage of revenue improved from 46% in the fourth quarter of 2024 to 30% in q4 of this year Adjusted EBITDA was $25 million in the fourth quarter of 2025, a $33 million improvement versus the fourth quarter of 2024. adjusted ebitda was $25 million in the fourth quarter of 2025 a $33 million improvement versus the fourth quarter of 2024 Importantly, if you exclude the impact of the $24 million ancillary contract buyout, we were still positive adjusted EBITDA for the fourth quarter. importantly if you exclude the impact of the $24 million ancillary contract buyout we were still positive adjusted ebitda for the fourth quarter Moving to key highlights for full year 2025. moving to key highlights for full year 2025 Total throughput on the public network in 2025 was 366 GWh, 32% increase compared to last year. total throughput on the public network in 2025 was 366 gwh 32% increase compared to last year Revenue for 2025 was $384 million, which represents a 50% year-over-year increase with growth across all three revenue categories. revenue for 2025 was $384 million which represents a 50% year-over-year increase with growth across all three revenue categories Total charging network revenue, $218 million, a 40% increase compared to 2024. Extend revenue was $116 million, delivering growth of 34% compared to the prior year. Ancillary revenues of $49 million were up 239% year-over-year, again benefiting from a $26 million contract buyout from a former AV partner that exited the space. Charging network gross profit and margin in 2025 were $86 million and 39%, respectively, up 46% and 170 basis points, respectively, versus the prior year. 2025 adjusted gross profit of $141 million was up 86% versus the prior year. Adjusted gross profit margin was 37% in 2025, an increase of over 700 basis points. Total charging network revenue, $218 million, a 40% increase compared to 2024. total charging network revenue $218 million a 40% increase compared to 2024 Extend revenue was $116 million, delivering growth of 34% compared to the prior year. extend revenue was $116 million delivering growth of 34% compared to the prior year Ancillary revenues of $49 million were up 239% year-over-year, again benefiting from a $26 million contract buyout from a former AV partner that exited the space. ancillary revenues of $49 million were up 239% year-over-year again benefiting from a $26 million contract buyout from a former av partner that exited the space Charging network gross profit and margin in 2025 were $86 million and 39%, respectively, up 46% and 170 basis points, respectively, versus the prior year. 2025 adjusted gross profit of $141 million was up 86% versus the prior year. charging network gross profit and margin in 2025 were $86 million and 39% respectively up 46% and 170 basis points respectively versus the prior year 2025 adjusted gross profit of $141 million was up 86% versus the prior year Adjusted gross profit margin was 37% in 2025, an increase of over 700 basis points. adjusted gross profit margin was 37% in 2025 an increase of over 700 basis points Adjusted G&A as a percentage of revenue also improved from 42% in 2024 to 34% this year, further demonstrating the scalability and operating leverage intrinsic to our model. Adjusted EBITDA was $12 million in 2025, a $44 million improvement versus the prior year. Full year net capital spending for 2025, $76 million, a 64% increase versus the prior year. 61% of 2025 CapEx, net of capital offsets, was spent in Q4 as we deployed over 500 stalls in the quarter and began laying the groundwork for accelerated growth in 2026. For our 2025 vintage, net CapEx per stall was approximately $70,000, a slight increase from 2024 vintage, which had an elevated amount of capital offsets. Adjusted G&A as a percentage of revenue also improved from 42% in 2024 to 34% this year, further demonstrating the scalability and operating leverage intrinsic to our model. adjusted g&a as a percentage of revenue also improved from 42% in 2024 to 34% this year further demonstrating the scalability and operating leverage intrinsic to our model Adjusted EBITDA was $12 million in 2025, a $44 million improvement versus the prior year. adjusted ebitda was $12 million in 2025 a $44 million improvement versus the prior year Full year net capital spending for 2025, $76 million, a 64% increase versus the prior year. 61% of 2025 CapEx, net of capital offsets, was spent in Q4 as we deployed over 500 stalls in the quarter and began laying the groundwork for accelerated growth in 2026. full year net capital spending for 2025 $76 million a 64% increase versus the prior year 61% of 2025 capex net of capital offsets was spent in q4 as we deployed over 500 stalls in the quarter and began laying the groundwork for accelerated growth in 2026 For our 2025 vintage, net CapEx per stall was approximately $70,000, a slight increase from 2024 vintage, which had an elevated amount of capital offsets. for our 2025 vintage net capex per stall was approximately $70,000 a slight increase from 2024 vintage which had an elevated amount of capital offsets On the financing side, we also borrowed an additional $6 million under our commercial bank facility in December 2025. As mentioned in last quarter's call, we received the latest DOE loan funding of $41 million in October 2025. In total, that brings our commercial bank and DOE loan balances as of December 31, 2025 to $66 million and $141 million, respectively. Turning to our outlook and guidance for 2026. As we've outlined earlier, we see an opportunity to build the top-tier charging network in the United States. On the financing side, we also borrowed an additional $6 million under our commercial bank facility in December 2025. on the financing side we also borrowed an additional $6 million under our commercial bank facility in december 2025 As mentioned in last quarter's call, we received the latest DOE loan funding of $41 million in October 2025. as mentioned in last quarter's call we received the latest doe loan funding of $41 million in october 2025 In total, that brings our commercial bank and DOE loan balances as of December 31, 2025 to $66 million and $141 million, respectively. in total that brings our commercial bank and doe loan balances as of december 31 2025 to $66 million and $141 million respectively Turning to our outlook and guidance for 2026. turning to our outlook and guidance for 2026 As we've outlined earlier, we see an opportunity to build the top-tier charging network in the United States. as we've outlined earlier we see an opportunity to build the top-tier charging network in the united states While EV sales in 2026 are expected to be flattish to slightly up from 2025, that still means at least 1.2 million new EVs will be on the road, and VIO is expected to expand 20%+ year-over-year, with new EV sales expected to account for less than 10% of our total 2026 revenue. We're investing in scale, density, and deepening our network advantage while focused on capturing strong returns on capital deployment. We expect to accelerate our deployment of EVgo public and dedicated stalls this year with 1,050-1,250 new stalls being added in 2026, with the majority of these additions coming in the second half of 2026. In order to facilitate our accelerated future growth, we're making investments in G&A to support this growth engine. While EV sales in 2026 are expected to be flattish to slightly up from 2025, that still means at least 1.2 million new EVs will be on the road, and VIO is expected to expand 20%+ year-over-year, with new EV sales expected to account for less than 10% of our total 2026 revenue. while ev sales in 2026 are expected to be flattish to slightly up from 2025 that still means at least 1.2 million new evs will be on the road and vio is expected to expand 20%+ year-over-year with new ev sales expected to account for less than 10% of our total 2026 revenue We're investing in scale, density, and deepening our network advantage while focused on capturing strong returns on capital deployment. we're investing in scale density and deepening our network advantage while focused on capturing strong returns on capital deployment We expect to accelerate our deployment of EVgo public and dedicated stalls this year with 1,050-1,250 new stalls being added in 2026, with the majority of these additions coming in the second half of 2026. we expect to accelerate our deployment of evgo public and dedicated stalls this year with 1,050-1,250 new stalls being added in 2026 with the majority of these additions coming in the second half of 2026 In order to facilitate our accelerated future growth, we're making investments in G&A to support this growth engine. in order to facilitate our accelerated future growth we're making investments in g&a to support this growth engine Our expectation of the number of extend stalls operationalized this year is 350-400 stalls, which will get us through approximately 70% of the contract with the Pilot Company. We anticipate building the remaining extend stalls under this contract in 2027, at which point the contract will primarily be tied to operations and maintenance of Pilot's network. Overall, we plan to deploy 1,400-1,650 total stalls in 2026, a significant step up from 2025. We expect the rate of deployment to continue to increase as the company grows in 2027 and beyond. For the full year 2026, we expect total revenues of $410 million-$470 million, with adjusted EBITDA in the range of -$20 million to +$20 million. Our expectation of the number of extend stalls operationalized this year is 350-400 stalls, which will get us through approximately 70% of the contract with the Pilot Company. our expectation of the number of extend stalls operationalized this year is 350-400 stalls which will get us through approximately 70% of the contract with the pilot company We anticipate building the remaining extend stalls under this contract in 2027, at which point the contract will primarily be tied to operations and maintenance of Pilot's network. we anticipate building the remaining extend stalls under this contract in 2027 at which point the contract will primarily be tied to operations and maintenance of pilot's network Overall, we plan to deploy 1,400-1,650 total stalls in 2026, a significant step up from 2025. overall we plan to deploy 1,400-1,650 total stalls in 2026 a significant step up from 2025 We expect the rate of deployment to continue to increase as the company grows in 2027 and beyond. we expect the rate of deployment to continue to increase as the company grows in 2027 and beyond For the full year 2026, we expect total revenues of $410 million-$470 million, with adjusted EBITDA in the range of -$20 million to +$20 million. for the full year 2026 we expect total revenues of $410 million-$470 million with adjusted ebitda in the range of -$20 million to +$20 million We also expect significant shape in second half weighting to the year as approximately two-thirds of the 2026 stall deployments will go live in the second half of 2026. The adjusted EBITDA range is informed by variability of expected throughput on our network. The incremental benefit of each kW hour sold has a big bottom line impact. Roughly 2.5 GWh of retail throughput equates to approximately $1 million of adjusted EBITDA impact. We expect second half 2026 run rate to be well above full year guidance, given the significant shape to the year. We expect second half annualized adjusted EBITDA to be up to $40 million. We do anticipate Q1 and Q2 adjusted EBITDAs will be negative, given the growth investments we are making and the second half weighting of our new stall additions in 2026. We also expect significant shape in second half weighting to the year as approximately two-thirds of the 2026 stall deployments will go live in the second half of 2026. we also expect significant shape in second half weighting to the year as approximately two-thirds of the 2026 stall deployments will go live in the second half of 2026 The adjusted EBITDA range is informed by variability of expected throughput on our network. the adjusted ebitda range is informed by variability of expected throughput on our network The incremental benefit of each kW hour sold has a big bottom line impact. the incremental benefit of each kw hour sold has a big bottom line impact Roughly 2.5 GWh of retail throughput equates to approximately $1 million of adjusted EBITDA impact. roughly 2.5 gwh of retail throughput equates to approximately $1 million of adjusted ebitda impact We expect second half 2026 run rate to be well above full year guidance, given the significant shape to the year. we expect second half 2026 run rate to be well above full year guidance given the significant shape to the year We expect second half annualized adjusted EBITDA to be up to $40 million. we expect second half annualized adjusted ebitda to be up to $40 million We do anticipate Q1 and Q2 adjusted EBITDAs will be negative, given the growth investments we are making and the second half weighting of our new stall additions in 2026. we do anticipate q1 and q2 adjusted ebitdas will be negative given the growth investments we are making and the second half weighting of our new stall additions in 2026 Charging network revenue should be around 70% of 2026 total revenue. Charging revenue is expected to increase each quarter on a year-over-year basis. In the first quarter, growth is expected to be softer as our new stalls added in Q4 are still ramping up and we had significant weather impacts from winter storms. Extend revenues for 2026 are expected to be down on a year-over-year basis as we are constructing fewer stalls under the program this year as we get closer to completing the contract with Pilot. Beginning in 2028, this will drive lower revenue solely tied to O&M activity, which frees up our team to focus on further accelerating the expansion of our owned and operated network. Given our strong unit economics and paybacks, we are investing in G&A in 2026 for accelerated future stall deployment and improving the customer experience. Charging network revenue should be around 70% of 2026 total revenue. charging network revenue should be around 70% of 2026 total revenue Charging revenue is expected to increase each quarter on a year-over-year basis. charging revenue is expected to increase each quarter on a year-over-year basis In the first quarter, growth is expected to be softer as our new stalls added in Q4 are still ramping up and we had significant weather impacts from winter storms. in the first quarter growth is expected to be softer as our new stalls added in q4 are still ramping up and we had significant weather impacts from winter storms Extend revenues for 2026 are expected to be down on a year-over-year basis as we are constructing fewer stalls under the program this year as we get closer to completing the contract with Pilot. extend revenues for 2026 are expected to be down on a year-over-year basis as we are constructing fewer stalls under the program this year as we get closer to completing the contract with pilot Beginning in 2028, this will drive lower revenue solely tied to O&M activity, which frees up our team to focus on further accelerating the expansion of our owned and operated network. beginning in 2028 this will drive lower revenue solely tied to o&m activity which frees up our team to focus on further accelerating the expansion of our owned and operated network Given our strong unit economics and paybacks, we are investing in G&A in 2026 for accelerated future stall deployment and improving the customer experience. given our strong unit economics and paybacks we are investing in g&a in 2026 for accelerated future stall deployment and improving the customer experience These near-term investments are expected to position EVgo to accelerate revenue and profit growth into the future. Adjusted G&A for 2026 is expected to be $150 million-$155 million for the full year, which is approximately 35% of 2026 revenue guidance. This is largely in line with 2025 SG&A expense as a percentage of revenue, but on a full year basis is burdened by the back end growth of the 2026 plan. 2026 will be an exciting year of transition for EVgo as we augment our foundation to support sustained profitability and set the table for an accelerated go forward growth trajectory, which should drive improved incremental margins and sustainable profitability on a go forward basis. These near-term investments are expected to position EVgo to accelerate revenue and profit growth into the future. these near-term investments are expected to position evgo to accelerate revenue and profit growth into the future Adjusted G&A for 2026 is expected to be $150 million-$155 million for the full year, which is approximately 35% of 2026 revenue guidance. adjusted g&a for 2026 is expected to be $150 million-$155 million for the full year which is approximately 35% of 2026 revenue guidance This is largely in line with 2025 SG&A expense as a percentage of revenue, but on a full year basis is burdened by the back end growth of the 2026 plan. 2026 will be an exciting year of transition for EVgo as we augment our foundation to support sustained profitability and set the table for an accelerated go forward growth trajectory, which should drive improved incremental margins and sustainable profitability on a go forward basis. this is largely in line with 2025 sg&a expense as a percentage of revenue but on a full year basis is burdened by the back end growth of the 2026 plan 2026 will be an exciting year of transition for evgo as we augment our foundation to support sustained profitability and set the table for an accelerated go forward growth trajectory which should drive improved incremental margins and sustainable profitability on a go forward basis With that, I'll hand it back over to Badar to dive deeper into EVgo's differentiated value proposition for our shareholders. With that, I'll hand it back over to Badar to dive deeper into EVgo's differentiated value proposition for our shareholders. with that i'll hand it back over to badar to dive deeper into evgo's differentiated value proposition for our shareholders

Speaker 2: Thank you, Keefer. Our unit economics we've shown over the last 2 years and the details for Q4 are in the appendix of our investor deck, highlighting the growth we are driving in cash flow per stall. Throughput per stall growth results from EVgo's competitive moat and rising EV VIO. We believe our superior site selection, top-tier partnerships with OEMs, site hosts, rideshare and AV companies, our leading customer engagement and customer experience offerings, including faster chargers, and our growing customer base that is now 1.6 million customers all combine to create a moat around EVgo's business that is hard to replicate and one we've spent 15 years building. This is what drives our recurring and ever-expanding cash flow per stall. Daily throughput per stall, whether for the average of the network or the top 15% of stalls, continues to rise. Thank you, Keefer. thank you keefer Our unit economics we've shown over the last 2 years and the details for Q4 are in the appendix of our investor deck, highlighting the growth we are driving in cash flow per stall. our unit economics we've shown over the last 2 years and the details for q4 are in the appendix of our investor deck highlighting the growth we are driving in cash flow per stall Throughput per stall growth results from EVgo's competitive moat and rising EV VIO. throughput per stall growth results from evgo's competitive moat and rising ev vio We believe our superior site selection, top-tier partnerships with OEMs, site hosts, rideshare and AV companies, our leading customer engagement and customer experience offerings, including faster chargers, and our growing customer base that is now 1.6 million customers all combine to create a moat around EVgo's business that is hard to replicate and one we've spent 15 years building. we believe our superior site selection top-tier partnerships with oems site hosts rideshare and av companies our leading customer engagement and customer experience offerings including faster chargers and our growing customer base that is now 1.6 million customers all combine to create a moat around evgo's business that is hard to replicate and one we've spent 15 years building This is what drives our recurring and ever-expanding cash flow per stall. this is what drives our recurring and ever-expanding cash flow per stall Daily throughput per stall, whether for the average of the network or the top 15% of stalls, continues to rise. daily throughput per stall whether for the average of the network or the top 15% of stalls continues to rise Our 350 kW stalls that currently comprise over 60% of our network and will comprise around 90% of the network within a few years, are now generating almost 350 kWh per stall per day. Annualized cash flow per stall for our entire network in Q4 was $21,000. If you look at our 350 kW chargers, that is $28,000. Proof that our network will scale to our longer term target. The top 15% of our network was over $65,000, which represents a payback period of just over 1 year for new stalls performing at these levels. Our 350 kW stalls that currently comprise over 60% of our network and will comprise around 90% of the network within a few years, are now generating almost 350 kWh per stall per day. our 350 kw stalls that currently comprise over 60% of our network and will comprise around 90% of the network within a few years are now generating almost 350 kwh per stall per day Annualized cash flow per stall for our entire network in Q4 was $21,000. annualized cash flow per stall for our entire network in q4 was $21,000 If you look at our 350 kW chargers, that is $28,000. if you look at our 350 kw chargers that is $28,000 Proof that our network will scale to our longer term target. proof that our network will scale to our longer term target The top 15% of our network was over $65,000, which represents a payback period of just over 1 year for new stalls performing at these levels. the top 15% of our network was over $65,000 which represents a payback period of just over 1 year for new stalls performing at these levels Top 15% of stalls clearly shows the operating leverage within charging gross profit, where these stalls generated 54% charge in gross margin, a full 8 percentage points higher than the average of the network due to the higher throughput per stall. EVgo reached a critical milestone this quarter, delivering positive adjusted EBITDA for the quarter and for the full year. This achievement relied in part on our non-charging lines of business, extend and ancillary. Because of the growing number of owned and operate stalls and the growth in stall profitability due to rising throughput per stall, the real growth in the company comes from our charging business. Revenue growth since our IPO is over 70-fold, and we've moved from an adjusted EBITDA loss to a profit. Top 15% of stalls clearly shows the operating leverage within charging gross profit, where these stalls generated 54% charge in gross margin, a full 8 percentage points higher than the average of the network due to the higher throughput per stall. top 15% of stalls clearly shows the operating leverage within charging gross profit where these stalls generated 54% charge in gross margin a full 8 percentage points higher than the average of the network due to the higher throughput per stall EVgo reached a critical milestone this quarter, delivering positive adjusted EBITDA for the quarter and for the full year. evgo reached a critical milestone this quarter delivering positive adjusted ebitda for the quarter and for the full year This achievement relied in part on our non-charging lines of business, extend and ancillary. this achievement relied in part on our non-charging lines of business extend and ancillary Because of the growing number of owned and operate stalls and the growth in stall profitability due to rising throughput per stall, the real growth in the company comes from our charging business. because of the growing number of owned and operate stalls and the growth in stall profitability due to rising throughput per stall the real growth in the company comes from our charging business Revenue growth since our IPO is over 70-fold, and we've moved from an adjusted EBITDA loss to a profit. revenue growth since our ipo is over 70-fold and we've moved from an adjusted ebitda loss to a profit As we've said before, nearly two-thirds of our total G&A is largely fixed, growing much slower than the growth in the charging business. The real operating leverage inflection with a gross profit from our charging business alone, without any contribution from the non-charging businesses, covers our G&A occurs in late 2026. From that point, we expect a significant increase in our already strong incremental margins, with a significant portion of our charging gross profit falling straight to the bottom line, further accelerating the growth in adjusted EBITDA and driving significant adjusted EBITDA margin expansion. This is on top of the operating leverage that exists within charging gross profit that I just discussed earlier. Over the next four years, we are targeting charging network profits to grow at a CAGR of 50%-60%, with adjusted G&A growing at a CAGR of approximately 15%. As we've said before, nearly two-thirds of our total G&A is largely fixed, growing much slower than the growth in the charging business. as we've said before nearly two-thirds of our total g&a is largely fixed growing much slower than the growth in the charging business The real operating leverage inflection with a gross profit from our charging business alone, without any contribution from the non-charging businesses, covers our G&A occurs in late 2026. the real operating leverage inflection with a gross profit from our charging business alone without any contribution from the non-charging businesses covers our g&a occurs in late 2026 From that point, we expect a significant increase in our already strong incremental margins, with a significant portion of our charging gross profit falling straight to the bottom line, further accelerating the growth in adjusted EBITDA and driving significant adjusted EBITDA margin expansion. from that point we expect a significant increase in our already strong incremental margins with a significant portion of our charging gross profit falling straight to the bottom line further accelerating the growth in adjusted ebitda and driving significant adjusted ebitda margin expansion This is on top of the operating leverage that exists within charging gross profit that I just discussed earlier. this is on top of the operating leverage that exists within charging gross profit that i just discussed earlier Over the next four years, we are targeting charging network profits to grow at a CAGR of 50%-60%, with adjusted G&A growing at a CAGR of approximately 15%. over the next four years we are targeting charging network profits to grow at a cagr of 50%-60% with adjusted g&a growing at a cagr of approximately 15% This operating leverage results in a 105%-130% CAGR in adjusted EBITDA. We are confident that over the course of the next few years, we'll have a business that goes from breakeven to triple-digit millions in adjusted EBITDA. EVgo has spent the past 15 years building a business model and a competitive moat that is hard to replicate and benefits from a number of growing mega trends and tailwinds that have already translated into strong financial results and will deliver even stronger results over the coming years. EVgo operates a highly differentiated industry-leading charging platform that has meaningfully higher utilization than almost every one of our peers. This is not only driven by proprietary site selection capabilities, but also best-in-class customer experience and customer engagement to a large and growing customer base, combined with leading partnerships across the broader industry. This operating leverage results in a 105%-130% CAGR in adjusted EBITDA. this operating leverage results in a 105%-130% cagr in adjusted ebitda We are confident that over the course of the next few years, we'll have a business that goes from breakeven to triple-digit millions in adjusted EBITDA. we are confident that over the course of the next few years we'll have a business that goes from breakeven to triple-digit millions in adjusted ebitda EVgo has spent the past 15 years building a business model and a competitive moat that is hard to replicate and benefits from a number of growing mega trends and tailwinds that have already translated into strong financial results and will deliver even stronger results over the coming years. evgo has spent the past 15 years building a business model and a competitive moat that is hard to replicate and benefits from a number of growing mega trends and tailwinds that have already translated into strong financial results and will deliver even stronger results over the coming years EVgo operates a highly differentiated industry-leading charging platform that has meaningfully higher utilization than almost every one of our peers. evgo operates a highly differentiated industry-leading charging platform that has meaningfully higher utilization than almost every one of our peers This is not only driven by proprietary site selection capabilities, but also best-in-class customer experience and customer engagement to a large and growing customer base, combined with leading partnerships across the broader industry. this is not only driven by proprietary site selection capabilities but also best-in-class customer experience and customer engagement to a large and growing customer base combined with leading partnerships across the broader industry Our ability to attract non-dilutive financing to accelerate our growth further separates us from our peers. Our focus on owning and operating our network, especially in the high-density urban centers where drivers need fast charging the most, results in a business model with strong and growing unit economics with equally compelling operating leverage. All of this benefits from a compelling macro backdrop that will propel the business for many years to come. Vehicles in operation are expected to more than double by 2029. The share of public fast charging continues to rise due to the electrification of rideshare, more affordable vehicles, and faster charge rates. Standardized cables will double EVgo's addressable market over time. Of course, the rise fully electric, autonomous vehicles that will need to charge at fast charging locations will just add to the growth we expect to see in our network. Our ability to attract non-dilutive financing to accelerate our growth further separates us from our peers. our ability to attract non-dilutive financing to accelerate our growth further separates us from our peers Our focus on owning and operating our network, especially in the high-density urban centers where drivers need fast charging the most, results in a business model with strong and growing unit economics with equally compelling operating leverage. our focus on owning and operating our network especially in the high-density urban centers where drivers need fast charging the most results in a business model with strong and growing unit economics with equally compelling operating leverage All of this benefits from a compelling macro backdrop that will propel the business for many years to come. all of this benefits from a compelling macro backdrop that will propel the business for many years to come Vehicles in operation are expected to more than double by 2029. vehicles in operation are expected to more than double by 2029 The share of public fast charging continues to rise due to the electrification of rideshare, more affordable vehicles, and faster charge rates. the share of public fast charging continues to rise due to the electrification of rideshare more affordable vehicles and faster charge rates Standardized cables will double EVgo's addressable market over time. standardized cables will double evgo's addressable market over time Of course, the rise fully electric, autonomous vehicles that will need to charge at fast charging locations will just add to the growth we expect to see in our network. of course the rise fully electric autonomous vehicles that will need to charge at fast charging locations will just add to the growth we expect to see in our network By the time we end 2029, we are targeting to have an enduring infrastructure business with over 12,500 public-owned stalls. Charging network revenues model to grow at 40%-50% with adjusted EBITDA margins in the 25%-30%. This is a capital-efficient, accretive growth model that positions EVgo to compound intrinsic value as we continue to scale our network. Taken together, our differentiated approach, the accelerating demand environment, and the strong returns on new investments gives us deep confidence in the long-term value creation opportunity ahead. Operator, we can now open the call for Q&A. By the time we end 2029, we are targeting to have an enduring infrastructure business with over 12,500 public-owned stalls. by the time we end 2029 we are targeting to have an enduring infrastructure business with over 12,500 public-owned stalls Charging network revenues model to grow at 40%-50% with adjusted EBITDA margins in the 25%-30%. charging network revenues model to grow at 40%-50% with adjusted ebitda margins in the 25%-30% This is a capital-efficient, accretive growth model that positions EVgo to compound intrinsic value as we continue to scale our network. this is a capital-efficient accretive growth model that positions evgo to compound intrinsic value as we continue to scale our network Taken together, our differentiated approach, the accelerating demand environment, and the strong returns on new investments gives us deep confidence in the long-term value creation opportunity ahead. taken together our differentiated approach the accelerating demand environment and the strong returns on new investments gives us deep confidence in the long-term value creation opportunity ahead Operator, we can now open the call for Q&A. operator we can now open the call for q&a

Speaker 9: Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you're called upon to ask a question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. We do request for today's session that you please limit yourself to one question and one follow-up, and you may re-queue for any further follow-up questions. Your first question comes from line of Stephen Gengaro of Stifel. Your line is open. Thank you. thank you The floor is now open for questions. the floor is now open for questions If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. if you have dialed in and would like to ask a question please press star one on your telephone keypad to raise your hand and join the queue If you would like to withdraw your question, simply press star one again. if you would like to withdraw your question simply press star one again If you're called upon to ask a question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. if you're called upon to ask a question and are listening via loudspeaker on your device please pick up your handset and ensure that your phone is not on mute when asking your question We do request for today's session that you please limit yourself to one question and one follow-up, and you may re-queue for any further follow-up questions. we do request for today's session that you please limit yourself to one question and one follow-up and you may re-queue for any further follow-up questions Your first question comes from line of Stephen Gengaro of Stifel. your first question comes from line of stephen gengaro of stifel Your line is open. your line is open

Speaker 2: Hi, Stephen. Hi, Stephen. hi stephen

Speaker 10: Thanks. Thank you. Good morning, everybody. Congrats on the progress. Can you This might be an odd question, but when you look at the customers, I forget the number you mentioned, but 1.3 or 1.5 million customers. Thanks. thanks Thank you. thank you Good morning, everybody. good morning everybody Congrats on the progress. congrats on the progress Can you This might be an odd question, but when you look at the customers, I forget the number you mentioned, but 1.3 or 1.5 million customers. can you this might be an odd question but when you look at the customers i forget the number you mentioned but 1.3 or 1.5 million customers

Speaker 2: Yeah. Yeah. yeah

Speaker 10: Can you tell us, do you have a sense for the percentage of usage that a certain piece of the customer base has? Like, if you have 1.6 million, I think was the number you gave, like, are the repeat users driving... Like, are 25% driving 75% of the business? Like, how do those numbers look? Can you tell us, do you have a sense for the percentage of usage that a certain piece of the customer base has? can you tell us do you have a sense for the percentage of usage that a certain piece of the customer base has Like, if you have 1.6 million, I think was the number you gave, like, are the repeat users driving... like if you have 1.6 million i think was the number you gave like are the repeat users driving Like, are 25% driving 75% of the business? like are 25% driving 75% of the business Like, how do those numbers look? like how do those numbers look

Speaker 2: Yeah. Stephen, we, you know, have been saying, on a pretty much regular basis over the last several quarters that around half Yeah. yeah Stephen, we, you know, have been saying, on a pretty much regular basis over the last several quarters that around half stephen we you know have been saying on a pretty much regular basis over the last several quarters that around half Of our usage comes from rideshare customers or from customers on subscription accounts. These are the customers that are, you know, using our network most frequently. I think we've said rideshare is roughly a quarter. Rideshare alone is roughly a quarter of the business. We've got the subscription accounts, and of course, customers on the OEM charging programs. That's, that's roughly what it is. I think rideshare in particular, as we said over many quarters now, it's gone from roughly 10% four years ago, to about a quarter. It's a, it's a really exciting, you know, part of the demand of the network. Rideshare is electrifying. It's gonna continue to electrify companies like Uber and Lyft, cities like New York City, states like California. Of our usage comes from rideshare customers or from customers on subscription accounts. of our usage comes from rideshare customers or from customers on subscription accounts These are the customers that are, you know, using our network most frequently. these are the customers that are you know using our network most frequently I think we've said rideshare is roughly a quarter. i think we've said rideshare is roughly a quarter Rideshare alone is roughly a quarter of the business. rideshare alone is roughly a quarter of the business We've got the subscription accounts, and of course, customers on the OEM charging programs. we've got the subscription accounts and of course customers on the oem charging programs That's, that's roughly what it is. that's that's roughly what it is I think rideshare in particular, as we said over many quarters now, it's gone from roughly 10% four years ago, to about a quarter. i think rideshare in particular as we said over many quarters now it's gone from roughly 10% four years ago to about a quarter It's a, it's a really exciting, you know, part of the demand of the network. it's a it's a really exciting you know part of the demand of the network Rideshare is electrifying. rideshare is electrifying It's gonna continue to electrify companies like Uber and Lyft, cities like New York City, states like California. it's gonna continue to electrify companies like uber and lyft cities like new york city states like california you know, we're all focused on encouraging the electrification of rideshare. That's really a big component there. you know, we're all focused on encouraging the electrification of rideshare. you know we're all focused on encouraging the electrification of rideshare That's really a big component there. that's really a big component there

Speaker 10: Okay, great. Thank you. The other one was how do you participate, and I know you mentioned this on the autonomy side. Like, Are there folks at the EVgo charging? How does that ultimately work in your mind? Okay, great. okay great Thank you. thank you The other one was how do you participate, and I know you mentioned this on the autonomy side. the other one was how do you participate and i know you mentioned this on the autonomy side Like, Are there folks at the EVgo charging? like are there folks at the evgo charging How does that ultimately work in your mind? how does that ultimately work in your mind

Speaker 2: Well, I think that as we said on the call, I think the autonomous vehicle space is, I think, a very significant source of potential upside for the business. You know, we have, we've got about 140 operational stalls that are dedicated to autonomous vehicle partners. Actually, we've had operating stalls for AV partners for years, actually 5 years now or more, since 2000. Since 2020, I'm sorry. You know, we've been doing it for quite a while. We are adding, maybe doubling the number of stalls. It's still ready this year in 2026, it's still pretty small. Well, I think that as we said on the call, I think the autonomous vehicle space is, I think, a very significant source of potential upside for the business. well i think that as we said on the call i think the autonomous vehicle space is i think a very significant source of potential upside for the business You know, we have, we've got about 140 operational stalls that are dedicated to autonomous vehicle partners. you know we have we've got about 140 operational stalls that are dedicated to autonomous vehicle partners Actually, we've had operating stalls for AV partners for years, actually 5 years now or more, since 2000. actually we've had operating stalls for av partners for years actually 5 years now or more since 2000 Since 2020, I'm sorry. since 2020 i'm sorry You know, we've been doing it for quite a while. you know we've been doing it for quite a while We are adding, maybe doubling the number of stalls. we are adding maybe doubling the number of stalls It's still ready this year in 2026, it's still pretty small. it's still ready this year in 2026 it's still pretty small I do think that just like in human rideshare, EVgo, you know, will become the partner of choice for autonomous vehicle companies, just given our scale, our balance sheet, the emphasis on reliability, our, you know, significantly superior, customer demand that we share from the third-party industry data. You know, these sites do have, you know, human operators who are plugging the cables in, they're cleaning the vehicles, if that was your question. I do think that just like in human rideshare, EVgo, you know, will become the partner of choice for autonomous vehicle companies, just given our scale, our balance sheet, the emphasis on reliability, our, you know, significantly superior, customer demand that we share from the third-party industry data. i do think that just like in human rideshare evgo you know will become the partner of choice for autonomous vehicle companies just given our scale our balance sheet the emphasis on reliability our you know significantly superior customer demand that we share from the third-party industry data You know, these sites do have, you know, human operators who are plugging the cables in, they're cleaning the vehicles, if that was your question. you know these sites do have you know human operators who are plugging the cables in they're cleaning the vehicles if that was your question

Speaker 10: Great. No, that's helpful. Okay, thanks. I'll get back in line. Thank you. Great. great No, that's helpful. no that's helpful Okay, thanks. okay thanks I'll get back in line. i'll get back in line Thank you. thank you

Speaker 2: Thanks. Thanks. thanks

Speaker 9: Your next question comes from the line of Laura Deng of RBC Capital Markets. Your line is open. Your next question comes from the line of Laura Deng of RBC Capital Markets. your next question comes from the line of laura deng of rbc capital markets Your line is open. your line is open

Speaker 2: Hi, Laura. Hi, Laura. hi laura

Speaker 8: Hi. Morning. Thanks for taking my question. I think last quarter you all mentioned those charger tech enhancements. Just wanted to know if there's an update with that and when you expect to have that second enhancement completed, and then I have a follow-up. Hi. hi Morning. morning Thanks for taking my question. thanks for taking my question I think last quarter you all mentioned those charger tech enhancements. i think last quarter you all mentioned those charger tech enhancements Just wanted to know if there's an update with that and when you expect to have that second enhancement completed, and then I have a follow-up. just wanted to know if there's an update with that and when you expect to have that second enhancement completed and then i have a follow-up

Speaker 2: We're thrilled, very pleased with the work that's going on actually with our supply chain partners. That's Signet and Delta. You know, we've been systematically, you know, re-qualifying, reinstalling the tech on each of these sets of equipment. Progress is going great. We completed that program with Signet, I want to say, over a year ago now. The effort that we have with Delta continues through the course of this year. I expect that we'll be well past the majority of that program by the middle of the year. Going really well. We're thrilled, very pleased with the work that's going on actually with our supply chain partners. we're thrilled very pleased with the work that's going on actually with our supply chain partners That's Signet and Delta. that's signet and delta You know, we've been systematically, you know, re-qualifying, reinstalling the tech on each of these sets of equipment. you know we've been systematically you know re-qualifying reinstalling the tech on each of these sets of equipment Progress is going great. progress is going great We completed that program with Signet, I want to say, over a year ago now. we completed that program with signet i want to say over a year ago now The effort that we have with Delta continues through the course of this year. the effort that we have with delta continues through the course of this year I expect that we'll be well past the majority of that program by the middle of the year. i expect that we'll be well past the majority of that program by the middle of the year Going really well. going really well

Speaker 8: Got it. Got it. Thanks. On NACS, what have you all seen with the initial performance on the connectors installed so far? What gives confidence to accelerate that deployment this year? Got it. got it Got it. got it Thanks. thanks On NACS, what have you all seen with the initial performance on the connectors installed so far? on nacs what have you all seen with the initial performance on the connectors installed so far What gives confidence to accelerate that deployment this year? what gives confidence to accelerate that deployment this year

Speaker 2: The, the throughput per stall on our NACS stalls has nearly doubled since the fall. That's really giving us the confidence to accelerate the rollout this year. The throughput here on these NACS cables, NACS stalls, are actually still well below CCS stalls. That's because it just takes a little longer for Tesla drivers to kind of get used to charging in places other than Tesla Superchargers. You know, we do expect that over time, through our engagement efforts, our customer communications, really also because our charging stalls are faster. They're 350 kW versus the Supercharger network at 250. They're closer to where drivers are, where they run errands, they live, they work. The, the throughput per stall on our NACS stalls has nearly doubled since the fall. the the throughput per stall on our nacs stalls has nearly doubled since the fall That's really giving us the confidence to accelerate the rollout this year. that's really giving us the confidence to accelerate the rollout this year The throughput here on these NACS cables, NACS stalls, are actually still well below CCS stalls. the throughput here on these nacs cables nacs stalls are actually still well below ccs stalls That's because it just takes a little longer for Tesla drivers to kind of get used to charging in places other than Tesla Superchargers. that's because it just takes a little longer for tesla drivers to kind of get used to charging in places other than tesla superchargers You know, we do expect that over time, through our engagement efforts, our customer communications, really also because our charging stalls are faster. you know we do expect that over time through our engagement efforts our customer communications really also because our charging stalls are faster They're 350 kW versus the Supercharger network at 250. they're 350 kw versus the supercharger network at 250 They're closer to where drivers are, where they run errands, they live, they work. they're closer to where drivers are where they run errands they live they work We'd expect to see that rise. That's really why we're really quite excited by this NACS deployment. It effectively doubles our addressable market. There are many more NACS vehicles than there are CCS over time, you know, charging our network without an adapter. It is an investment in 2026 that I expect will be, will pay off, you know, quite materially in the future. That's why we're talking about rolling out over 400 more NACS stalls over the course of this year. We'd expect to see that rise. we'd expect to see that rise That's really why we're really quite excited by this NACS deployment. that's really why we're really quite excited by this nacs deployment It effectively doubles our addressable market. it effectively doubles our addressable market There are many more NACS vehicles than there are CCS over time, you know, charging our network without an adapter. there are many more nacs vehicles than there are ccs over time you know charging our network without an adapter It is an investment in 2026 that I expect will be, will pay off, you know, quite materially in the future. it is an investment in 2026 that i expect will be will pay off you know quite materially in the future That's why we're talking about rolling out over 400 more NACS stalls over the course of this year. that's why we're talking about rolling out over 400 more nacs stalls over the course of this year

Speaker 8: Great. Thank you. Great. great Thank you. thank you

Speaker 9: Again, if you have a question, it is star one on your telephone keypad. Your next question comes from the line of Bill Peterson of J.P. Morgan. Your line is open. Again, if you have a question, it is star one on your telephone keypad. again if you have a question it is star one on your telephone keypad Your next question comes from the line of Bill Peterson of J.P. your next question comes from the line of bill peterson of j.p Morgan. morgan Your line is open. your line is open

Speaker 2: Hi, Bill. Hi, Bill. hi bill

Speaker 3: Really appreciate all the color thus far on the call. First, it looks like you lowered your build schedule targets now through 2029. Trying to get a better understanding of what's driving the revision. You know, is it higher CapEx per stall? I mean, less demand. I presume it might be less demand. You know, can you just define, like, what your expectations are? I think you were talking about industry expectations of VIO doubling by 2029. I mean, what if growth rate remains flat or even declines implying lower VIO? Would you subsequently lower your deployments, or do you feel confident in a revised guidance? I understand you know, the value proposition of EVs, but the near-term growth projections are certainly far from rosy. Really appreciate all the color thus far on the call. really appreciate all the color thus far on the call First, it looks like you lowered your build schedule targets now through 2029. first it looks like you lowered your build schedule targets now through 2029 Trying to get a better understanding of what's driving the revision. trying to get a better understanding of what's driving the revision You know, is it higher CapEx per stall? you know is it higher capex per stall I mean, less demand. i mean less demand I presume it might be less demand. i presume it might be less demand You know, can you just define, like, what your expectations are? you know can you just define like what your expectations are I think you were talking about industry expectations of VIO doubling by 2029. i think you were talking about industry expectations of vio doubling by 2029 I mean, what if growth rate remains flat or even declines implying lower VIO? i mean what if growth rate remains flat or even declines implying lower vio Would you subsequently lower your deployments, or do you feel confident in a revised guidance? would you subsequently lower your deployments or do you feel confident in a revised guidance I understand you know, the value proposition of EVs, but the near-term growth projections are certainly far from rosy. i understand you know the value proposition of evs but the near-term growth projections are certainly far from rosy

Speaker 2: Yeah, Bill, I mean, I think that as we look at our build plans for our owned stalls, which is really what we're focusing on here, let's start with 2026. We are, you know, really, stepping up the deployment of new stalls in 2026. We've been growing new stalls, owned stalls, roughly kinda 700-800 a year for about almost 4 years now. What you can see for 2026 is, you know, it's up to about 85% higher. You know, 50% some to 85% higher. That's a very significant step up. We'll incur those expenses, this year in terms of deploying more stalls. 2027 is about 2.5-fold to 3-fold, versus 2025 levels, it's another big step up. Yeah, Bill, I mean, I think that as we look at our build plans for our owned stalls, which is really what we're focusing on here, let's start with 2026. yeah bill i mean i think that as we look at our build plans for our owned stalls which is really what we're focusing on here let's start with 2026 We are, you know, really, stepping up the deployment of new stalls in 2026. we are you know really stepping up the deployment of new stalls in 2026 We've been growing new stalls, owned stalls, roughly kinda 700-800 a year for about almost 4 years now. we've been growing new stalls owned stalls roughly kinda 700-800 a year for about almost 4 years now What you can see for 2026 is, you know, it's up to about 85% higher. what you can see for 2026 is you know it's up to about 85% higher You know, 50% some to 85% higher. you know 50% some to 85% higher That's a very significant step up. that's a very significant step up We'll incur those expenses, this year in terms of deploying more stalls. 2027 is about 2.5-fold to 3-fold, versus 2025 levels, it's another big step up. we'll incur those expenses this year in terms of deploying more stalls 2027 is about 2.5-fold to 3-fold versus 2025 levels it's another big step up We will start incurring growth expenses for the 2027 deployments towards the end of this year. I think when I look at this deployment schedule, it's really we're just being very disciplined around how we deploy capital. That's what guides our decision-making. We're generating payback that's as fast as 1-2 years. The top end of our network, the top 15% of stalls. We're targeting 3-5-year paybacks. We're getting something at the faster end of that range. As long as the, you know, returns that we're generating on this capital is at those levels, and frankly, it doesn't even need to be at those levels, you know, we think it makes a ton of sense to deploy capital. You know, we balance a bunch of things from, you know, in the past, it's been the balance sheet. We will start incurring growth expenses for the 2027 deployments towards the end of this year. we will start incurring growth expenses for the 2027 deployments towards the end of this year I think when I look at this deployment schedule, it's really we're just being very disciplined around how we deploy capital. i think when i look at this deployment schedule it's really we're just being very disciplined around how we deploy capital That's what guides our decision-making. that's what guides our decision-making We're generating payback that's as fast as 1-2 years. we're generating payback that's as fast as 1-2 years The top end of our network, the top 15% of stalls. the top end of our network the top 15% of stalls We're targeting 3-5-year paybacks. we're targeting 3-5-year paybacks We're getting something at the faster end of that range. we're getting something at the faster end of that range As long as the, you know, returns that we're generating on this capital is at those levels, and frankly, it doesn't even need to be at those levels, you know, we think it makes a ton of sense to deploy capital. as long as the you know returns that we're generating on this capital is at those levels and frankly it doesn't even need to be at those levels you know we think it makes a ton of sense to deploy capital You know, we balance a bunch of things from, you know, in the past, it's been the balance sheet. you know we balance a bunch of things from you know in the past it's been the balance sheet The balance sheet, of course, is at the strongest place it's been in pretty many years now. We do think about in-year earnings. We do think about the sequence of deploying our operational capacity. I think, the Pilot contract deployments, reaching an end in 2027 does allow us to transfer some of that operational build capacity over to the owned operation, owned fleet without causing too much disruption. That's how we think about it. In terms of the underlying VIO, I mean, look, we've seen these forecasts. You know, you and I, we've seen these forecasts. It's been slashed in the last couple of years. You know, and yet, you know, we say it's a muted environment, demand environment, and yet it's still two or three times where we are today for 2030. The balance sheet, of course, is at the strongest place it's been in pretty many years now. the balance sheet of course is at the strongest place it's been in pretty many years now We do think about in-year earnings. we do think about in-year earnings We do think about the sequence of deploying our operational capacity. we do think about the sequence of deploying our operational capacity I think, the Pilot contract deployments, reaching an end in 2027 does allow us to transfer some of that operational build capacity over to the owned operation, owned fleet without causing too much disruption. i think the pilot contract deployments reaching an end in 2027 does allow us to transfer some of that operational build capacity over to the owned operation owned fleet without causing too much disruption That's how we think about it. that's how we think about it In terms of the underlying VIO, I mean, look, we've seen these forecasts. in terms of the underlying vio i mean look we've seen these forecasts You know, you and I, we've seen these forecasts. you know you and i we've seen these forecasts It's been slashed in the last couple of years. it's been slashed in the last couple of years You know, and yet, you know, we say it's a muted environment, demand environment, and yet it's still two or three times where we are today for 2030. you know and yet you know we say it's a muted environment demand environment and yet it's still two or three times where we are today for 2030 I don't know about these forecasts. I sometimes feel like they swing like a pendulum, going back and forth. We're gonna be focused on deploying capital, in a way that makes sense for our shareholders. The good news is we can deploy faster or slower based on the returns that we're seeing. I don't know about these forecasts. i don't know about these forecasts I sometimes feel like they swing like a pendulum, going back and forth. i sometimes feel like they swing like a pendulum going back and forth We're gonna be focused on deploying capital, in a way that makes sense for our shareholders. we're gonna be focused on deploying capital in a way that makes sense for our shareholders The good news is we can deploy faster or slower based on the returns that we're seeing. the good news is we can deploy faster or slower based on the returns that we're seeing

Speaker 3: Thanks for that color. I'd like to maybe double-click and unpack on the wide, kind of relatively wide EBITDA guidance range. Maybe understand better what drives it closer to the lower end of the range versus positive. You talked about a pretty significant ramp in the second half. Is there anything else that we should be thinking about? For example, you know, how much does the removal of the 30D EV tax credit have an impact? Maybe, you know, the extend how much shows up in 2026 versus 2027. Just anything you can do to help us better understand the guidance range. Thanks for that color. thanks for that color I'd like to maybe double-click and unpack on the wide, kind of relatively wide EBITDA guidance range. i'd like to maybe double-click and unpack on the wide kind of relatively wide ebitda guidance range Maybe understand better what drives it closer to the lower end of the range versus positive. maybe understand better what drives it closer to the lower end of the range versus positive You talked about a pretty significant ramp in the second half. you talked about a pretty significant ramp in the second half Is there anything else that we should be thinking about? is there anything else that we should be thinking about For example, you know, how much does the removal of the 30D EV tax credit have an impact? for example you know how much does the removal of the 30d ev tax credit have an impact Maybe, you know, the extend how much shows up in 2026 versus 2027. maybe you know the extend how much shows up in 2026 versus 2027 Just anything you can do to help us better understand the guidance range. just anything you can do to help us better understand the guidance range

Speaker 2: Good morning, Bill. This is Keefer. I'll jump in on this one. To your point, we guided to an adjusted EBITDA range that at the midpoint is break even. We did also to your point, share color on both the shape of 2026 as well as the exit rate represented by a second half annualized number, which is clearly well above the full year guidance range. The shape for the year is really driven by the deployment cadence of our 2026 capital spending plus some near-term investments at the front end of the year from a G&A perspective, as we work to make sure we have the foundation in place to support the more rapid build-out of our owned and operated network. Those are really the key drivers there. Good morning, Bill. good morning bill This is Keefer. this is keefer I'll jump in on this one. i'll jump in on this one To your point, we guided to an adjusted EBITDA range that at the midpoint is break even. to your point we guided to an adjusted ebitda range that at the midpoint is break even We did also to your point, share color on both the shape of 2026 as well as the exit rate represented by a second half annualized number, which is clearly well above the full year guidance range. we did also to your point share color on both the shape of 2026 as well as the exit rate represented by a second half annualized number which is clearly well above the full year guidance range The shape for the year is really driven by the deployment cadence of our 2026 capital spending plus some near-term investments at the front end of the year from a G&A perspective, as we work to make sure we have the foundation in place to support the more rapid build-out of our owned and operated network. the shape for the year is really driven by the deployment cadence of our 2026 capital spending plus some near-term investments at the front end of the year from a g&a perspective as we work to make sure we have the foundation in place to support the more rapid build-out of our owned and operated network Those are really the key drivers there. those are really the key drivers there I think, you know, the operating leverage around the charging business and our charging margin is really what drives that. As operating leverage increases through stall dependent and throughput dependent costs, that illustrates that operating leverage on a go-forward basis. Charging network gross profit accounts for roughly 2/3 of the range within the $110 million-$140 million forecast that we showed in the slides. I think, you know, the operating leverage around the charging business and our charging margin is really what drives that. i think you know the operating leverage around the charging business and our charging margin is really what drives that As operating leverage increases through stall dependent and throughput dependent costs, that illustrates that operating leverage on a go-forward basis. as operating leverage increases through stall dependent and throughput dependent costs that illustrates that operating leverage on a go-forward basis Charging network gross profit accounts for roughly 2/3 of the range within the $110 million-$140 million forecast that we showed in the slides. charging network gross profit accounts for roughly 2/3 of the range within the $110 million-$140 million forecast that we showed in the slides

Speaker 3: Thanks, Keefer. Thanks, Tadaw. Thanks, Keefer. thanks keefer Thanks, Tadaw. thanks tadaw

Speaker 2: Thanks, Bill. Thanks, Bill. thanks bill

Speaker 9: Your next question comes from the line of Craig Irwin of Roth Capital. Your line is open. Your next question comes from the line of Craig Irwin of Roth Capital. your next question comes from the line of craig irwin of roth capital Your line is open. your line is open

Speaker 5: All right. Good morning, and thanks for taking my questions. Actually, my question is very, very much on the same line of what the last person just asked. I was hoping you could get a little bit more granular about incrementally how much G&A dollars you're investing in 2026 versus 2025. If you could maybe give us color on, you know, where you're spending these dollars. You know, is this, you know, in primarily rideshare support and multifamily, or is this in, you know, education and other things with, you know, used EV buyers? I mean, there's many different ways you could approach organic growth on the network. If you could maybe just share with us a little bit about, you know, where you're spending the money. All right. all right Good morning, and thanks for taking my questions. good morning and thanks for taking my questions Actually, my question is very, very much on the same line of what the last person just asked. actually my question is very very much on the same line of what the last person just asked I was hoping you could get a little bit more granular about incrementally how much G&A dollars you're investing in 2026 versus 2025. i was hoping you could get a little bit more granular about incrementally how much g&a dollars you're investing in 2026 versus 2025 If you could maybe give us color on, you know, where you're spending these dollars. if you could maybe give us color on you know where you're spending these dollars You know, is this, you know, in primarily rideshare support and multifamily, or is this in, you know, education and other things with, you know, used EV buyers? you know is this you know in primarily rideshare support and multifamily or is this in you know education and other things with you know used ev buyers I mean, there's many different ways you could approach organic growth on the network. i mean there's many different ways you could approach organic growth on the network If you could maybe just share with us a little bit about, you know, where you're spending the money. if you could maybe just share with us a little bit about you know where you're spending the money

Speaker 7: Yeah, Craig. Great question. Thank you. As you think about 2026, just total adjusted G&A, we're guiding to a range of $150 million-$155 million. At the midpoint there, that's up about 19% compared to full year 2025 and up about 8% from where we exited 2025 on a Q4 annualized basis. G&A spending will be up year-over-year, albeit, at a much more muted level than what we're expecting from a top line and margin expansion standpoint. Our G&A remains kind of two-thirds fixed as you think about the fixed and variable split. Yeah, Craig. yeah craig Great question. great question Thank you. thank you As you think about 2026, just total adjusted G&A, we're guiding to a range of $150 million-$155 million. as you think about 2026 just total adjusted g&a we're guiding to a range of $150 million-$155 million At the midpoint there, that's up about 19% compared to full year 2025 and up about 8% from where we exited 2025 on a Q4 annualized basis. at the midpoint there that's up about 19% compared to full year 2025 and up about 8% from where we exited 2025 on a q4 annualized basis G&A spending will be up year-over-year, albeit, at a much more muted level than what we're expecting from a top line and margin expansion standpoint. g&a spending will be up year-over-year albeit at a much more muted level than what we're expecting from a top line and margin expansion standpoint Our G&A remains kind of two-thirds fixed as you think about the fixed and variable split. our g&a remains kind of two-thirds fixed as you think about the fixed and variable split Where we're really making investments, in 2026 is around internal resources, as well as additional R&D support and resources as we work to build out and roll out latest generation hardware, software, and firmware over the course of 2026. Where we're really making investments, in 2026 is around internal resources, as well as additional R&D support and resources as we work to build out and roll out latest generation hardware, software, and firmware over the course of 2026. where we're really making investments in 2026 is around internal resources as well as additional r&d support and resources as we work to build out and roll out latest generation hardware software and firmware over the course of 2026

Speaker 2: Yeah. Craig, maybe if I just jump in here a little bit just to add a little more to that. You know, if you just take a step back, we are generating paybacks as fast as 1-2 years. We've got a network that's now nearly 15 times larger on average than, you know, almost everybody else in the space. The demand on our, on our network on a personal basis is 5 times higher. Many of our top shareholders are actually keen for us to leverage this strength by growing faster. Where Keith was talking about increased resources, it's really to grow faster. Yeah. yeah Craig, maybe if I just jump in here a little bit just to add a little more to that. craig maybe if i just jump in here a little bit just to add a little more to that You know, if you just take a step back, we are generating paybacks as fast as 1-2 years. you know if you just take a step back we are generating paybacks as fast as 1-2 years We've got a network that's now nearly 15 times larger on average than, you know, almost everybody else in the space. we've got a network that's now nearly 15 times larger on average than you know almost everybody else in the space The demand on our, on our network on a personal basis is 5 times higher. the demand on our on our network on a personal basis is 5 times higher Many of our top shareholders are actually keen for us to leverage this strength by growing faster. many of our top shareholders are actually keen for us to leverage this strength by growing faster Where Keith was talking about increased resources, it's really to grow faster. where keith was talking about increased resources it's really to grow faster Grow faster, solidify that competitive advantage, really separate ourselves from the rest, which gets us to that triple digit millions in adjusted EBITDA really in less time it took us to get from negative 80 to break even. We could choose to not go that fast, and we might be $20 million, maybe $25 million better off in 2026 on adjusted EBITDA. I think that honestly seems to be a little short-sighted. It, it wastes the moat that we've built. Not to mention it results in a slower adjusted EBITDA ramp than if we go faster. We're actually really excited about this year. I think it's a year of really ramping up, which will pay off handsome. We expect to pay off handsomely, you know, going forward. Grow faster, solidify that competitive advantage, really separate ourselves from the rest, which gets us to that triple digit millions in adjusted EBITDA really in less time it took us to get from negative 80 to break even. grow faster solidify that competitive advantage really separate ourselves from the rest which gets us to that triple digit millions in adjusted ebitda really in less time it took us to get from negative 80 to break even We could choose to not go that fast, and we might be $20 million, maybe $25 million better off in 2026 on adjusted EBITDA. we could choose to not go that fast and we might be $20 million maybe $25 million better off in 2026 on adjusted ebitda I think that honestly seems to be a little short-sighted. i think that honestly seems to be a little short-sighted It, it wastes the moat that we've built. it it wastes the moat that we've built Not to mention it results in a slower adjusted EBITDA ramp than if we go faster. not to mention it results in a slower adjusted ebitda ramp than if we go faster We're actually really excited about this year. we're actually really excited about this year I think it's a year of really ramping up, which will pay off handsome. i think it's a year of really ramping up which will pay off handsome We expect to pay off handsomely, you know, going forward. we expect to pay off handsomely you know going forward

Speaker 5: Understood. That makes complete sense. My next question is about the charging network gross margins, right? I definitely appreciate the detail that you've been sharing with us over the last several quarters. 600 basis point improvement year-over-year. That is fantastic. There's quite a lot of volatility out there around electricity prices and, you know, several investors have been asking about your ability to pass through some of the short-term volatility that shows up in the market. You know, many other large buyers of electricity actually, this last quarter, had contracting margins, and you've had expanding margins. Can you maybe just discuss how you purchase and make your commitments for electricity and, you know, your visibility on expanding these margins like you share for your top 15% of the network? Understood. understood That makes complete sense. that makes complete sense My next question is about the charging network gross margins, right? my next question is about the charging network gross margins right I definitely appreciate the detail that you've been sharing with us over the last several quarters. 600 basis point improvement year-over-year. i definitely appreciate the detail that you've been sharing with us over the last several quarters 600 basis point improvement year-over-year That is fantastic. that is fantastic There's quite a lot of volatility out there around electricity prices and, you know, several investors have been asking about your ability to pass through some of the short-term volatility that shows up in the market. there's quite a lot of volatility out there around electricity prices and you know several investors have been asking about your ability to pass through some of the short-term volatility that shows up in the market You know, many other large buyers of electricity actually, this last quarter, had contracting margins, and you've had expanding margins. you know many other large buyers of electricity actually this last quarter had contracting margins and you've had expanding margins Can you maybe just discuss how you purchase and make your commitments for electricity and, you know, your visibility on expanding these margins like you share for your top 15% of the network? can you maybe just discuss how you purchase and make your commitments for electricity and you know your visibility on expanding these margins like you share for your top 15% of the network

Speaker 2: Sure. I mean, look, margins will expand just because of the operating leverage, within charging gross profit, where, you know, roughly 30% of our costs are on a fixed and a personal basis. I think as you just mentioned, you see that when you look at the difference between the top 15% of our network and the average of our network. Every quarter when we report, every other quarter we put our unit economics, you can see our, charging gross margin is quite a bit higher. It was 8 percentage points higher for higher usage stalls. There is this embedded operating leverage as usage per stall rises. Craig, we know we've got real scale, relative to everybody else, in this industry. Almost everybody else. We've got real scale. Sure. sure I mean, look, margins will expand just because of the operating leverage, within charging gross profit, where, you know, roughly 30% of our costs are on a fixed and a personal basis. i mean look margins will expand just because of the operating leverage within charging gross profit where you know roughly 30% of our costs are on a fixed and a personal basis I think as you just mentioned, you see that when you look at the difference between the top 15% of our network and the average of our network. i think as you just mentioned you see that when you look at the difference between the top 15% of our network and the average of our network Every quarter when we report, every other quarter we put our unit economics, you can see our, charging gross margin is quite a bit higher. every quarter when we report every other quarter we put our unit economics you can see our charging gross margin is quite a bit higher It was 8 percentage points higher for higher usage stalls. it was 8 percentage points higher for higher usage stalls There is this embedded operating leverage as usage per stall rises. there is this embedded operating leverage as usage per stall rises Craig, we know we've got real scale, relative to everybody else, in this industry. craig we know we've got real scale relative to everybody else in this industry Almost everybody else. almost everybody else We've got real scale. we've got real scale We're able to engage in active energy cost management in certain deregulated markets. As you know that, you know, my background comes from that space. You know, we've got more sophisticated dynamic pricing algorithms deployed across the network. We deployed them in through 2024 and 2025. We've got that next round, of. We're able to engage in active energy cost management in certain deregulated markets. we're able to engage in active energy cost management in certain deregulated markets As you know that, you know, my background comes from that space. as you know that you know my background comes from that space You know, we've got more sophisticated dynamic pricing algorithms deployed across the network. you know we've got more sophisticated dynamic pricing algorithms deployed across the network We deployed them in through 2024 and 2025. we deployed them in through 2024 and 2025 We've got that next round, of. we've got that next round of

Speaker 9: Pardon the interruption. We seem to be experiencing technical difficulties. I'll place you back on music hold until we get this resolved. Thank you. Pardon the interruption. pardon the interruption We seem to be experiencing technical difficulties. we seem to be experiencing technical difficulties I'll place you back on music hold until we get this resolved. i'll place you back on music hold until we get this resolved Thank you. thank you

Speaker 2: Can you hear us? Hello? Can you hear us? can you hear us Hello? hello

Speaker 9: We have the speakers back. Please go ahead. We have the speakers back. we have the speakers back Please go ahead. please go ahead

Speaker 2: Okay. Can you guys, I will assume that you can hear us. Look, Craig, just to summarize, we feel pretty good, pretty excited about our pricing sophistication. I will say that we are in the foothills of a multi-decade journey. you know, our long term unit economic gross margins are really not different from where we are today. I think that might seem to be a conservative assumption. Okay. okay Can you guys, I will assume that you can hear us. can you guys i will assume that you can hear us Look, Craig, just to summarize, we feel pretty good, pretty excited about our pricing sophistication. look craig just to summarize we feel pretty good pretty excited about our pricing sophistication I will say that we are in the foothills of a multi-decade journey. you know, our long term unit economic gross margins are really not different from where we are today. i will say that we are in the foothills of a multi-decade journey you know our long term unit economic gross margins are really not different from where we are today I think that might seem to be a conservative assumption. i think that might seem to be a conservative assumption Great. Well, congratulations on the healthy quarter there. Great. great Well, congratulations on the healthy quarter there. well congratulations on the healthy quarter there Thanks, Frank. Thanks, Frank. thanks frank

Speaker 9: Your next question comes from the line of Chris Pierce of Needham. Your line is open. Your next question comes from the line of Chris Pierce of Needham. your next question comes from the line of chris pierce of needham Your line is open. your line is open

Speaker 2: Hi, Chris. Hi, Chris. hi chris

Speaker 4: Morning. First question, I guess is can you hear me after that? Are we live? Morning. morning First question, I guess is can you hear me after that? first question i guess is can you hear me after that Are we live? are we live

Speaker 2: We can hear you. We can hear you. we can hear you We can hear you, Chris. Yes. We can hear you, Chris. we can hear you chris Yes. yes

Speaker 4: Okay. Perfect. you know, you've talked about moving faster. You talked about the network effects and network advantages. I guess if we think about, you know, this long tail of substandard operators, is there a chance for, you know, M&A to maybe some areas where it's a desirable geographic location and you've got a competitor there that is a maybe a local only competitor, and that would sort of grow the install base even faster? Or is that not quite something that's possible given the DOE loan or how you guys think about installing and using electricity for 350, et cetera? Okay. okay Perfect. you know, you've talked about moving faster. perfect you know you've talked about moving faster You talked about the network effects and network advantages. you talked about the network effects and network advantages I guess if we think about, you know, this long tail of substandard operators, is there a chance for, you know, M&A to maybe some areas where it's a desirable geographic location and you've got a competitor there that is a maybe a local only competitor, and that would sort of grow the install base even faster? i guess if we think about you know this long tail of substandard operators is there a chance for you know m&a to maybe some areas where it's a desirable geographic location and you've got a competitor there that is a maybe a local only competitor and that would sort of grow the install base even faster Or is that not quite something that's possible given the DOE loan or how you guys think about installing and using electricity for 350, et cetera? or is that not quite something that's possible given the doe loan or how you guys think about installing and using electricity for 350 et cetera

Speaker 2: I mean, at the highest level, Chris, we are, we wanna ensure that we are deploying capital that is generating the best returns. Deploying capital organically, as we can all clearly see, is generating very strong returns. If we're able to deploy capital inorganically that can compete with that, of course, we will take a look at it. You know, it is our view that, you know, our, you know, our, you know, really quite material difference, superior performance on demand in terms of the usage per stall is due to the site location, but also all the other things that you were just alluding to, our network effect, you know, our investments in customer experience, customer engagement, the reliability, the charger speed. I mean, at the highest level, Chris, we are, we wanna ensure that we are deploying capital that is generating the best returns. i mean at the highest level chris we are we wanna ensure that we are deploying capital that is generating the best returns Deploying capital organically, as we can all clearly see, is generating very strong returns. deploying capital organically as we can all clearly see is generating very strong returns If we're able to deploy capital inorganically that can compete with that, of course, we will take a look at it. if we're able to deploy capital inorganically that can compete with that of course we will take a look at it You know, it is our view that, you know, our, you know, our, you know, really quite material difference, superior performance on demand in terms of the usage per stall is due to the site location, but also all the other things that you were just alluding to, our network effect, you know, our investments in customer experience, customer engagement, the reliability, the charger speed. you know it is our view that you know our you know our you know really quite material difference superior performance on demand in terms of the usage per stall is due to the site location but also all the other things that you were just alluding to our network effect you know our investments in customer experience customer engagement the reliability the charger speed You know, if there may be a scenario where, you know, our, sort of know-how on top of somebody else's assets, as long as they're in good locations, could generate much more attractive returns. You know, these are all hypothetical. At this point, we're just very focused on deploying capital organically. You know, if there may be a scenario where, you know, our, sort of know-how on top of somebody else's assets, as long as they're in good locations, could generate much more attractive returns. you know if there may be a scenario where you know our sort of know-how on top of somebody else's assets as long as they're in good locations could generate much more attractive returns You know, these are all hypothetical. you know these are all hypothetical At this point, we're just very focused on deploying capital organically. at this point we're just very focused on deploying capital organically

Speaker 4: Okay. Thank you and good luck. Okay. okay Thank you and good luck. thank you and good luck

Speaker 2: Operator- Operator- operator-

Speaker 9: Yes. Your next question comes from the line of Andress Sheppard of Cantor Fitzgerald. Your line is open. Yes. yes Your next question comes from the line of Andress Sheppard of Cantor Fitzgerald. your next question comes from the line of andress sheppard of cantor fitzgerald Your line is open. your line is open

Speaker 2: Hi, Andress. Hi, Andress. hi andress

Speaker 1: Hey, everyone. Good morning. Again, thanks for taking our questions and congrats on the quarter. I think a lot of our key questions have been asked. I wanted to maybe touch on autonomy and autonomous vehicles since that's a big, you know, area of emphasis going forward. Just curious, like how should we think about KPIs in that industry and what would you recommend we look for in terms of seeing progress there? Should we expect, you know, a major increase in utilization rate? Is it just an increase to the stall counts, network throughput? Like, you know, what would be the key lever to focus there for autonomous vehicles? Thank you. Hey, everyone. hey everyone Good morning. good morning Again, thanks for taking our questions and congrats on the quarter. again thanks for taking our questions and congrats on the quarter I think a lot of our key questions have been asked. i think a lot of our key questions have been asked I wanted to maybe touch on autonomy and autonomous vehicles since that's a big, you know, area of emphasis going forward. i wanted to maybe touch on autonomy and autonomous vehicles since that's a big you know area of emphasis going forward Just curious, like how should we think about KPIs in that industry and what would you recommend we look for in terms of seeing progress there? just curious like how should we think about kpis in that industry and what would you recommend we look for in terms of seeing progress there Should we expect, you know, a major increase in utilization rate? should we expect you know a major increase in utilization rate Is it just an increase to the stall counts, network throughput? is it just an increase to the stall counts network throughput Like, you know, what would be the key lever to focus there for autonomous vehicles? like you know what would be the key lever to focus there for autonomous vehicles Thank you. thank you

Speaker 2: Andress, I mean, I think as I said before, I think this is a space that's really very exciting and has a potentially very significant source of upside in the medium to longer term. We do have 140 of the 5,100 stalls that are operational, 140 today that are dedicated to autonomous vehicle partners. We separated them out in our disclosure at the beginning of 2025. We added 30 to that count last year. This year, it'll be maybe a bit double, maybe kind of 50-75 stalls. Maybe that's a metric to look at. I will say it is pretty early in the game in terms of the autonomous vehicle space. Our contract structures are ones where current contract structures are ones where we don't have any utilization exposure. Andress, I mean, I think as I said before, I think this is a space that's really very exciting and has a potentially very significant source of upside in the medium to longer term. andress i mean i think as i said before i think this is a space that's really very exciting and has a potentially very significant source of upside in the medium to longer term We do have 140 of the 5,100 stalls that are operational, 140 today that are dedicated to autonomous vehicle partners. we do have 140 of the 5,100 stalls that are operational 140 today that are dedicated to autonomous vehicle partners We separated them out in our disclosure at the beginning of 2025. we separated them out in our disclosure at the beginning of 2025 We added 30 to that count last year. we added 30 to that count last year This year, it'll be maybe a bit double, maybe kind of 50-75 stalls. this year it'll be maybe a bit double maybe kind of 50-75 stalls Maybe that's a metric to look at. maybe that's a metric to look at I will say it is pretty early in the game in terms of the autonomous vehicle space. i will say it is pretty early in the game in terms of the autonomous vehicle space Our contract structures are ones where current contract structures are ones where we don't have any utilization exposure. our contract structures are ones where current contract structures are ones where we don't have any utilization exposure In other words, we're just getting a fixed monthly fee for these stalls. These are kinda like contracted cash flows over a long period, you know, long term. We are still working out with, you know, between our partners and ourselves what are the best contract structures that make sense for everyone in the long term. Just like in human rideshare, as I said, I expect that EVgo will become the partner of choice for these companies, just given the scale, the balance sheet, you know, and the track record that we've built here over the last many years. We've been on the AV space, we've been serving AV partners for five years now. In other words, we're just getting a fixed monthly fee for these stalls. in other words we're just getting a fixed monthly fee for these stalls These are kinda like contracted cash flows over a long period, you know, long term. these are kinda like contracted cash flows over a long period you know long term We are still working out with, you know, between our partners and ourselves what are the best contract structures that make sense for everyone in the long term. we are still working out with you know between our partners and ourselves what are the best contract structures that make sense for everyone in the long term Just like in human rideshare, as I said, I expect that EVgo will become the partner of choice for these companies, just given the scale, the balance sheet, you know, and the track record that we've built here over the last many years. just like in human rideshare as i said i expect that evgo will become the partner of choice for these companies just given the scale the balance sheet you know and the track record that we've built here over the last many years We've been on the AV space, we've been serving AV partners for five years now. we've been on the av space we've been serving av partners for five years now

Speaker 1: Got it. That's super helpful. Appreciate all that color. Maybe just as a last and quick follow-up, can you maybe just remind us, capital needs, you know, going forward, you know, with roughly $211 million in liquidity? You also have the DOE loan. You know, how are you thinking about capital needs, and particularly if you're planning on being active in the M&A market? Thank you. Got it. got it That's super helpful. that's super helpful Appreciate all that color. appreciate all that color Maybe just as a last and quick follow-up, can you maybe just remind us, capital needs, you know, going forward, you know, with roughly $211 million in liquidity? maybe just as a last and quick follow-up can you maybe just remind us capital needs you know going forward you know with roughly $211 million in liquidity You also have the DOE loan. you also have the doe loan You know, how are you thinking about capital needs, and particularly if you're planning on being active in the M&A market? you know how are you thinking about capital needs and particularly if you're planning on being active in the m&a market Thank you. thank you

Speaker 2: Well, just to be clear, we are very focused on growing the company organically. You know, if there are opportunities to deploy capital that compete with that, we'll look at it. Today we're very focused on growing organically. You know, I will say, I'll ask Keith just to comment on the capital needs, but, you know, we've got one of the, at this point, I think the strongest balance sheet we've had, you know, sit in my time, certainly as CEO and prior to that. we've got this, I consider kinda superior and lower cost access to non-dilutive financing through the DOE and the commercial bank facility. we feel very good about those facilities. Well, just to be clear, we are very focused on growing the company organically. well just to be clear we are very focused on growing the company organically You know, if there are opportunities to deploy capital that compete with that, we'll look at it. you know if there are opportunities to deploy capital that compete with that we'll look at it Today we're very focused on growing organically. today we're very focused on growing organically You know, I will say, I'll ask Keith just to comment on the capital needs, but, you know, we've got one of the, at this point, I think the strongest balance sheet we've had, you know, sit in my time, certainly as CEO and prior to that. we've got this, I consider kinda superior and lower cost access to non-dilutive financing through the DOE and the commercial bank facility. we feel very good about those facilities. you know i will say i'll ask keith just to comment on the capital needs but you know we've got one of the at this point i think the strongest balance sheet we've had you know sit in my time certainly as ceo and prior to that we've got this i consider kinda superior and lower cost access to non-dilutive financing through the doe and the commercial bank facility we feel very good about those facilities I'll ask maybe Keith just to comment on how you think about the capital needs this year. I'll ask maybe Keith just to comment on how you think about the capital needs this year. i'll ask maybe keith just to comment on how you think about the capital needs this year

Speaker 7: Sure. Good question. To jump in on 2026 capital spending. Right now we're estimating a range in kind of the high $100 million up to approaching $200 million of spend for 2026. Approximately two-thirds of that would be earmarked for 2026 deployments. The wiggle room there is just related to future capital spending and when that hits from a timing perspective. On a net basis, that was a gross number I just gave you. On a net basis, we're expecting offsets this year to be approximately 17%. On a per stall basis, we do believe we'll be able to drive down gross capital spending per stall somewhere in the low single digits on a year-over-year basis as we look from 2025 to 2026. Sure. sure Good question. good question To jump in on 2026 capital spending. to jump in on 2026 capital spending Right now we're estimating a range in kind of the high $100 million up to approaching $200 million of spend for 2026. right now we're estimating a range in kind of the high $100 million up to approaching $200 million of spend for 2026 Approximately two-thirds of that would be earmarked for 2026 deployments. approximately two-thirds of that would be earmarked for 2026 deployments The wiggle room there is just related to future capital spending and when that hits from a timing perspective. the wiggle room there is just related to future capital spending and when that hits from a timing perspective On a net basis, that was a gross number I just gave you. on a net basis that was a gross number i just gave you On a net basis, we're expecting offsets this year to be approximately 17%. on a net basis we're expecting offsets this year to be approximately 17% On a per stall basis, we do believe we'll be able to drive down gross capital spending per stall somewhere in the low single digits on a year-over-year basis as we look from 2025 to 2026. on a per stall basis we do believe we'll be able to drive down gross capital spending per stall somewhere in the low single digits on a year-over-year basis as we look from 2025 to 2026

Speaker 1: Wonderful. Super helpful as always. Thanks so much, and congrats again on the quarter. Wonderful. wonderful Super helpful as always. super helpful as always Thanks so much, and congrats again on the quarter. thanks so much and congrats again on the quarter

Speaker 2: Thanks, Andress. Thank you. Thanks, Andress. thanks andress Thank you. thank you

Speaker 9: Your last question is a follow-up from the line of Stephen Gengaro of Stifel. Your line is open. Your last question is a follow-up from the line of Stephen Gengaro of Stifel. your last question is a follow-up from the line of stephen gengaro of stifel Your line is open. your line is open

Speaker 10: Thanks. Thanks for taking the follow-up. This was in reference to the margins and the pricing side. This came up a little bit in an earlier question, but have you implemented or how do you handle sort of the dynamic pricing model? Like how aware is the system of alternatives and how do you sort of adapt to changing environments with pricing? Is that real time? Is it? Just could you give me an update on how you, how you handle that? Thanks. thanks Thanks for taking the follow-up. thanks for taking the follow-up This was in reference to the margins and the pricing side. this was in reference to the margins and the pricing side This came up a little bit in an earlier question, but have you implemented or how do you handle sort of the dynamic pricing model? this came up a little bit in an earlier question but have you implemented or how do you handle sort of the dynamic pricing model Like how aware is the system of alternatives and how do you sort of adapt to changing environments with pricing? like how aware is the system of alternatives and how do you sort of adapt to changing environments with pricing Is that real time? is that real time Is it? is it Just could you give me an update on how you, how you handle that? just could you give me an update on how you how you handle that

Speaker 2: Stephen, we rolled out our first set of dynamic pricing algorithms back in late 2024. They've been running now for about, you know, 12 to 18 months. These are really algorithms that are, you know, optimizing pricing for us to generate, you know, absolute, you know, to NACSimize absolute gross margin. The, you know, these algorithms are resulting in different prices, certainly throughout the day over a 24-hour period and across different locations, where prices might be going up or down. We expect to roll out a new level of algorithms this spring. We were hoping to do that at the end of last year, but with a... You know, we had the record deployment of new stalls. Stephen, we rolled out our first set of dynamic pricing algorithms back in late 2024. stephen we rolled out our first set of dynamic pricing algorithms back in late 2024 They've been running now for about, you know, 12 to 18 months. they've been running now for about you know 12 to 18 months These are really algorithms that are, you know, optimizing pricing for us to generate, you know, absolute, you know, to NACSimize absolute gross margin. these are really algorithms that are you know optimizing pricing for us to generate you know absolute you know to nacsimize absolute gross margin The, you know, these algorithms are resulting in different prices, certainly throughout the day over a 24-hour period and across different locations, where prices might be going up or down. the you know these algorithms are resulting in different prices certainly throughout the day over a 24-hour period and across different locations where prices might be going up or down We expect to roll out a new level of algorithms this spring. we expect to roll out a new level of algorithms this spring We were hoping to do that at the end of last year, but with a... we were hoping to do that at the end of last year but with a You know, we had the record deployment of new stalls. you know we had the record deployment of new stalls It was the largest deployment of new stalls in the company's history ever in Q4. We wanted to just sort of manage the operational bandwidth here. Those new algorithms just take us to another level of sophistication in terms of frequency of change and sort of disaggregation in terms of, you know, pricing combinations across our entire network. It was the largest deployment of new stalls in the company's history ever in Q4. it was the largest deployment of new stalls in the company's history ever in q4 We wanted to just sort of manage the operational bandwidth here. we wanted to just sort of manage the operational bandwidth here Those new algorithms just take us to another level of sophistication in terms of frequency of change and sort of disaggregation in terms of, you know, pricing combinations across our entire network. those new algorithms just take us to another level of sophistication in terms of frequency of change and sort of disaggregation in terms of you know pricing combinations across our entire network

Speaker 10: Great. Appreciate all the details again. Great. great Appreciate all the details again. appreciate all the details again

Speaker 2: Absolutely. Absolutely. absolutely

Speaker 9: With no further questions, that concludes our Q&A session. I will now turn the conference back over to Badar Khan for closing remarks. With no further questions, that concludes our Q&A session. with no further questions that concludes our q&a session I will now turn the conference back over to Badar Khan for closing remarks. i will now turn the conference back over to badar khan for closing remarks

Speaker 2: Great. Well, thank you everyone. EVgo, as you can see, reached a critical milestone of adjusted EBITDA breakeven, and we had just a fantastic fourth quarter in terms of new stalls deployed. We can see from this third party industry data that EVgo's competitive moat that we spent 15 years building is really paying off with far superior customer demand versus almost everybody else on the network. In 2026, we are choosing to leverage this position of strength and make investments that both secures this competitive advantage and results in adjusted EBITDA reaching or in the triple digit millions within reach. I look forward to sharing that progress with you over the course of this coming year. Thanks all. Great. great Well, thank you everyone. well thank you everyone EVgo, as you can see, reached a critical milestone of adjusted EBITDA breakeven, and we had just a fantastic fourth quarter in terms of new stalls deployed. evgo as you can see reached a critical milestone of adjusted ebitda breakeven and we had just a fantastic fourth quarter in terms of new stalls deployed We can see from this third party industry data that EVgo's competitive moat that we spent 15 years building is really paying off with far superior customer demand versus almost everybody else on the network. we can see from this third party industry data that evgo's competitive moat that we spent 15 years building is really paying off with far superior customer demand versus almost everybody else on the network In 2026, we are choosing to leverage this position of strength and make investments that both secures this competitive advantage and results in adjusted EBITDA reaching or in the triple digit millions within reach. in 2026 we are choosing to leverage this position of strength and make investments that both secures this competitive advantage and results in adjusted ebitda reaching or in the triple digit millions within reach I look forward to sharing that progress with you over the course of this coming year. i look forward to sharing that progress with you over the course of this coming year Thanks all. thanks all

Speaker 9: This concludes today's conference call. You may now disconnect. This concludes today's conference call. this concludes today's conference call You may now disconnect. you may now disconnect