Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Revenue | ||||
| Total revenue | $ 67,535 | $ 35,107 | $ 189,312 | $ 110,959 |
| Cost of sales | ||||
| Charging network | 28,872 | 15,556 | 72,361 | 37,544 |
| Other | 20,753 | 10,328 | 64,294 | 44,997 |
| Depreciation, net of capital-build amortization | 11,542 | 8,619 | 33,050 | 22,244 |
| Total cost of sales | 61,167 | 34,503 | 169,705 | 104,785 |
| Gross profit | 6,368 | 604 | 19,607 | 6,174 |
| Operating expenses | ||||
| General and administrative | 33,114 | 32,001 | 101,167 | 104,223 |
| Depreciation, amortization and accretion | 5,043 | 4,975 | 14,986 | 14,542 |
| Total operating expenses | 38,157 | 36,976 | 116,153 | 118,765 |
| Operating loss | (31,789) | (36,372) | (96,546) | (112,591) |
| Interest income | 1,809 | 2,898 | 6,146 | 7,095 |
| Other (expense) income, net | (1) | 1 | (18) | 1 |
| Change in fair value of earnout liability | (374) | 442 | (65) | 875 |
| Change in fair value of warrant liabilities | (2,910) | 4,774 | (515) | 5,785 |
| Total other (expense) income, net | (1,476) | 8,115 | 5,548 | 13,756 |
| Loss before income tax expense | (33,265) | (28,257) | (90,998) | (98,835) |
| Income tax expense | (25) | (95) | (42) | |
| Net loss | (33,290) | (28,257) | (91,093) | (98,877) |
| Less: net loss attributable to redeemable noncontrolling interest | (21,581) | (18,536) | (59,174) | (69,054) |
| Net loss attributable to Class A common stockholders | $ (11,709) | $ (9,721) | $ (31,919) | $ (29,823) |
| Net loss per share to Class A common stockholders, basic (in dollars per shares) | $ (0.11) | $ (0.09) | $ (0.30) | $ (0.34) |
| Net loss per share to Class A common stockholders, diluted (in dollars per share) | $ (0.11) | $ (0.09) | $ (0.30) | $ (0.34) |
| Charging network | ||||
| Revenue | ||||
| Total revenue | $ 43,052 | $ 21,797 | $ 111,850 | $ 49,437 |
| Charging, retail | ||||
| Revenue | ||||
| Total revenue | 26,656 | 13,357 | 67,318 | 29,057 |
| Charging, commercial | ||||
| Revenue | ||||
| Total revenue | 8,622 | 4,042 | 21,555 | 8,175 |
| Charging, OEM | ||||
| Revenue | ||||
| Total revenue | 4,305 | 1,477 | 10,675 | 3,015 |
| Regulatory credit sales | ||||
| Revenue | ||||
| Total revenue | 2,191 | 1,807 | 5,974 | 4,635 |
| Network, OEM | ||||
| Revenue | ||||
| Total revenue | 1,278 | 1,114 | 6,328 | 4,555 |
| eXtend | ||||
| Revenue | ||||
| Total revenue | 21,912 | 10,475 | 68,730 | 54,048 |
| Ancillary | ||||
| Revenue | ||||
| Total revenue | $ 2,571 | $ 2,835 | $ 8,732 | $ 7,474 |
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Condensed Consolidated Statements of Stockholders' Equity (Deficit) | ||||||||
| Net loss attributable to redeemable noncontrolling interest | $ (21,581) | $ (19,200) | $ (18,400) | $ (18,536) | $ (14,500) | $ (36,000) | $ (59,174) | $ (69,054) |
Description of Business and Nature of Operations |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Description of Business and Nature of Operations | |
| Description of Business and Nature of Operations | Note 1 – Description of Business and Nature of Operations EVgo Inc. (“EVgo” or the “Company”) owns and operates a public direct current (“DC”) fast charging network for electric vehicles (“EVs”) in the United States (“U.S.”). EVgo’s network of charging stations provides EV charging infrastructure to consumers and businesses. Its network is capable of charging all EV models and charging standards currently available in the U.S. EVgo partners with automotive original equipment manufacturers (“OEMs”), fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, gas stations, parking lot operators, governments and other organizations and property owners in order to locate and deploy its EV charging infrastructure. EVgo Services LLC (“EVgo Services”) was formed in October 2010 as NRG EV Services, LLC, a Delaware limited liability company and wholly owned subsidiary of NRG Energy, Inc., an integrated power company based in Houston, Texas (“NRG”). On June 17, 2016, NRG sold a majority interest in EVgo Services to Vision Ridge Partners. On January 16, 2020 (the “Holdco Merger Date”), EVgo Holdco, LLC (“EVgo Holdco”), a Delaware limited liability company and a subsidiary of LS Power Equity Partners IV, L.P. (“LS Power”), completed an acquisition of EVgo Services, pursuant to the merger agreement (the “Holdco Merger Agreement”) among EVgo Services, its investors and EVgo Holdco, whereby EVgo Services became a wholly-owned subsidiary of EVgo Holdco, resulting in a change in control of EVgo Services (the “Holdco Merger”). LS Power formed EVgo Holdings, LLC (“EVgo Holdings”) and EVgo Holdco as part of the transaction. EVgo Inc. was incorporated in Delaware on August 4, 2020 under the name Climate Change Crisis Real Impact I Acquisition Corporation (“CRIS”). The Company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Initial Business Combination”). On October 2, 2020, the Company completed its initial public offering (the “Initial Public Offering”). Simultaneously with the closing of the Initial Public Offering, the Company completed the sale of 6,600,000 warrants (the “Private Placement Warrants”) at $1.00 in a private placement to Climate Change Crisis Real Impact I Acquisition Holdings, LLC (the “Sponsor”). On July 1, 2021 (the “CRIS Close Date”), the Company consummated the business combination (the “CRIS Business Combination”) with CRIS, CRIS Thunder Merger LLC (“Thunder Sub”), EVgo Holdings, EVgo Holdco and EVgo OpCo, LLC (“EVgo OpCo” and together with EVgo Holdings and EVgo Holdco, the “EVgo Parties”) pursuant to the business combination agreement dated January 21, 2021 (the “Business Combination Agreement”). Following the CRIS Close Date, the combined company is organized in an “Up-C” structure in which the business of EVgo Holdco and its subsidiaries is held by EVgo OpCo and continues to operate through the subsidiaries of EVgo Holdco and in which the Company’s only direct assets consist of equity interests in Thunder Sub, which, in turn, holds only common units in EVgo OpCo (“EVgo OpCo Units”). On May 22, 2023, in connection with an underwritten equity offering, EVgo Member Holdings, LLC, an affiliate of EVgo Holdings, the Company’s controlling shareholder, purchased 5,882,352 shares of the Company’s Class A common stock at the equity offering price of $4.25 per share. As the sole managing member of EVgo OpCo, Thunder Sub operates and controls all of the business and affairs of EVgo OpCo and through EVgo OpCo and its subsidiaries, conducts its business. Accordingly, the Company consolidates the financial results of EVgo OpCo and records a redeemable noncontrolling interest in its consolidated financial statements to reflect the EVgo OpCo Units that are owned by EVgo Holdings. As of September 30, 2024 and December 31, 2023, EVgo Holdings held 195,800,000 EVgo OpCo Units, representing a voting interest of 64.7% and 65.4%, respectively, of the total outstanding EVgo OpCo Units and an equal number of shares of the Company’s Class B common stock. As of September 30, 2024 and December 31, 2023, the shares of the Company’s Class B common stock held by EVgo Holdings and the shares of the Company’s Class A common stock held by EVgo Member Holdings collectively represented a voting interest of 66.6% and 67.4%, respectively, in the Company. Each EVgo OpCo Unit, together with one share of Class B common stock, is redeemable, subject to certain conditions, for either one share of Class A common stock, or, at EVgo OpCo’s election, the cash equivalent to the market value of one share of Class A common stock, pursuant to the Amended and Restated LLC Agreement of EVgo OpCo dated July 1, 2021 (the “EVgo OpCo A&R LLC Agreement”).
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Summary of Significant Accounting Policies |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Summary of Significant Accounting Policies | |
| Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are unaudited and are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, as set by the Financial Accounting Standards Board (“FASB”), and pursuant to the rules and regulations of the SEC. References to GAAP issued by the FASB in these notes to the condensed consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany transactions have been eliminated in consolidation. These condensed consolidated financial statements include all adjustments considered necessary, in the opinion of management, for a fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of stockholders’ deficit and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year ending December 31, 2024 or any other period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude and timing, certain subsequent events may be required to be reflected in the condensed consolidated financial statements at the balance sheet date and/or required to be disclosed in the notes to the condensed consolidated financial statements. The Company has evaluated subsequent events accordingly. Use of Estimates The preparation of EVgo’s condensed consolidated financial statements requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and related disclosures of contingent assets and liabilities. Significant estimates made by management include, but are not limited to, variable consideration estimates and stand-alone selling prices for performance obligations for revenue, depreciable lives of property and equipment and intangible assets, costs associated with asset retirement obligations, the fair value of operating lease right-of-use (“ROU”) assets and liabilities, share-based compensation, earnout liability, and warrant liabilities. Management bases these estimates on its historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results experienced may vary materially and adversely from EVgo’s estimates. Revisions to estimates are recognized prospectively. Concentration of Business and Credit Risk The Company maintains its cash accounts in commercial banks. Cash balances held in a commercial bank are secured by the Federal Deposit Insurance Corporation up to $250,000. A portion of deposit balances may be in excess of federal insurance limits. The Company has not experienced any losses on such accounts. The Company mitigates its risk with respect to cash by maintaining its deposits at high-quality financial institutions and monitoring the credit ratings of those institutions. The Company had three customers that collectively comprised 50.5% of the Company’s total net accounts receivable as of September 30, 2024. The Company had two customers that collectively comprised 45.7% of the Company’s total net accounts receivable as of December 31, 2023. For the three months ended September 30, 2024 and September 30, 2023, one customer represented 32.1% and 29.6% of total revenue, respectively. For the nine months ended September 30, 2024 and September 30, 2023, one customer represented 36.1% and 49.3% of total revenue, respectively. For the three months ended September 30, 2024 and September 30, 2023, three and two vendors, respectively, collectively provided 90.8% and 74.9% of EVgo’s total charging equipment, respectively. For the nine months ended September 30, 2024 two vendors collectively provided 86.6% of EVgo’s total charging equipment. For the nine months ended September 30, 2023, one vendor provided 77.6% of EVgo’s total charging equipment. Reclassifications The Company has made certain reclassifications to prior period amounts to conform to the current period presentation. Cash, Cash Equivalents and Restricted Cash Cash and restricted cash include cash held in cash depository accounts in major banks in the U.S. and are stated at cost. Cash equivalents are carried at fair value and are invested in money market funds. Cash that is held by a financial institution and has restrictions on its availability to the Company is classified as restricted cash. The Company had restricted cash on the Company’s condensed consolidated balance sheets, of $11.4 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively, associated with unused letters of credits related to the construction of its charging stations and one of its operating leases, and certain amounts held in a short-term escrow account. The restrictions related to the short-term escrow account were removed in October 2024, resulting in the release of $11.0 million of restricted cash. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are amounts due from customers under normal trade terms. Payment terms for accounts receivable related to capital-build agreements are specified in the individual agreements and vary depending on the counterparty. Management reviews accounts receivable on a recurring basis to determine if any accounts receivable will potentially be uncollectible. The Company reserves for any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts. After all attempts to collect an account receivable have failed, the account receivable is written off against the allowance for doubtful accounts. Other accounts receivable of $1.9 million and $2.7 million were included in accounts receivable, net, on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), as amended in December 2022 by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2020-04 provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU 2020-04 are optional and are effective from March 12, 2020 through December 31, 2024, as amended by ASU 2022-06. The Company has not identified any contracts, hedging relationships or other transactions impacted by reference rate reform and therefore does not expect any impact resulting from the adoption of ASU 2020-04 on the Company’s consolidated results of operations or financial position. In November 2023, the FASB issued ASU 2023-07, ASC Subtopic 280 “Segment Reporting — Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. ASU 2023-07 provides for significant segment expense categories and amounts for each reportable segment and an aggregate amount and description of other segment items included in each reported measure of segment profit or loss beyond the significant segment expenses for each reportable segment; permits the disclosure of multiple measures of segment profit or loss for each reportable segment, subject to a minimum disclosure of the measure of segment profit or loss that is most consistent with the amounts included in the financial statements (consistent with current guidance); confirms that all disclosures required in the segments guidance apply to all public entities, including those with a single operating or reportable segment; requires disclosure of the title and position of the individual or the name of the group identified as the CODM in the financial statements; and requires disclosure of how the CODM uses each reported measure of segment profit or loss to assess performance and allocate resources to the segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, ASC Subtopic 740 “Income Taxes — Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is designed to increase transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, ASC Subtopic 718 “Compensation – Stock Compensation” (“ASU 2024-01”) to provide illustrative examples to determine whether profits interest awards are share-based payment arrangements in the scope of ASC 718, or cash bonus or profit-sharing arrangements in the scope of ASC 710, Compensation. ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods and should be applied either retrospectively to all prior periods presented or prospectively to profits interest and similar awards granted or modified on or after the date at which the amendments are first applied. Early adoption is permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, ASC Subtopic 220 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (“ASU 2024-03”). The amendments require that each interim and annual reporting period an entity disclose more information about the components of certain expense captions than is currently disclosed in the financial statements. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. |
Revenue Recognition |
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| Revenue Recognition | Note 3 – Revenue Recognition The following table provides information about contract assets and liabilities from contracts with customers as of:
As of September 30, 2024 there was $4.0 million in contract assets compared to $1.2 million as of December 31, 2023. The balance of contract assets is driven by the difference in timing of when revenue is recognized from performance obligations satisfied in the current reporting period and when amounts are invoiced to the customer. Contract liabilities as of September 30, 2024 increased $15.0 million, or 17%, to $102.4 million compared to $87.4 million as of December 31, 2023. The balance of contract liabilities is driven by the difference in timing between when cash is received pursuant to a contract and when the Company’s performance obligations under the contract are satisfied. The following table provides the activity for the contract liabilities recognized:
Revenues include the following:
It is anticipated that deferred revenue as of September 30, 2024 will be recognized in the following periods ending December 31:
As of September 30, 2024, there was $12.7 million in consideration received for charging credits, for which the timing of revenue recognition is uncertain. The Company expects to recognize revenue for these amounts as customers use their charging credits over the next 3 years. ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”) does not require disclosure of the transaction price to remaining performance obligations if the contract contains variable consideration allocated entirely to a wholly unsatisfied performance obligation. Under many customer contracts, each unit of product represents a separate performance obligation and therefore future volumes are wholly unsatisfied and thus disclosure of the transaction price allocated to a wholly unsatisfied performance obligation is not required. Under these contracts, variability arises as both volume and pricing are not known until the product is delivered. As of September 30, 2024 and December 31, 2023, there were $9.5 million and $26.4 million, respectively, in variable consideration for wholly unsatisfied performance obligations, which is included in deferred revenue on the condensed consolidated balance sheets. |
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Lease Accounting |
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| Lease Accounting | Note 4 – Lease Accounting Lessee Accounting The Company has entered into agreements with Site Hosts, which allow the Company to operate charging stations on the Site Hosts’ property. Additionally, the Company leases offices, a warehouse and laboratory space under agreements with third-party landlords. The agreements with the Site Hosts and landlords are deemed to be operating leases. Original lease terms generally range from to 15 years and certain leases contain renewal options that can extend the term for up to an additional 10 years. The Company has not entered into any finance leases. The Company has estimated operating lease commitments of $29.8 million for leases where the Company has not yet taken possession of the underlying asset as of September 30, 2024. As such, the related operating lease ROU assets and operating lease liabilities have not been recognized in the Company’s condensed consolidated balance sheet as of September 30, 2024. The Company’s lease costs consisted of the following:
As of September 30, 2024, the maturities of operating lease liabilities for the periods ending December 31, were as follows:
Other supplemental and cash flow information consisted of the following:
Lessor Accounting The Company leases charging equipment, charging stations and other technical installations and subleases properties leased from Site Hosts to third parties under operating leases where EVgo is the lessor. Initial lease terms are generally to ten years and may contain renewal options. Because the leasing arrangements the Company enters into with lessees are operating leases, the underlying asset is carried at its carrying value as property, equipment and software, net, or included in operating lease ROU assets on the condensed consolidated balance sheets. The Company’s operating lease income consisted of the following components:
As of September 30, 2024, future minimum rental payments due to the Company as lessor under operating leases (including subleases) for the periods ending December 31, were as follows:
The components of charging equipment, charging stations, and subleased host sites leased to third parties under operating leases, which are included within the Company’s property, equipment and software, net, and operating lease ROU assets were as follows as of:
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| Property, Equipment and Software, Net | Note 5 – Property, Equipment and Software, Net Property, equipment and software, net, consisted of the following as of:
Depreciation, amortization, impairment expense and loss on disposal of property and equipment, net of insurance recoveries, consisted of the following:
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Intangible Assets, Net |
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| Intangible Assets, Net | Note 6 – Intangible Assets, Net Intangible assets, net, consisted of the following as of September 30, 2024:
Amortization of intangible assets was $2.5 million and $2.9 million for the three months ended September 30, 2024 and 2023, respectively. Amortization of intangible assets was $7.7 million and $8.7 million for the nine months ended September 30, 2024 and 2023, respectively. |
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Asset Retirement Obligations |
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| Asset Retirement Obligations | Note 7 – Asset Retirement Obligations Asset retirement obligations represent the present value of the estimated costs to remove the commercial charging stations and restore the sites to the condition prior to installation. The Company reviews estimates of removal costs on an ongoing basis. Asset retirement obligation activity was as follows:
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Equity |
9 Months Ended |
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Sep. 30, 2024 | |
| Equity | |
| Equity | Note 8 – Equity ATM Program On November 10, 2022, EVgo entered into a Distribution Agreement with J.P. Morgan Securities LLC, Evercore Group L.L.C. and Goldman Sachs & Co. LLC as sales agents, pursuant to which the Company may sell up to $200.0 million of shares of Class A common stock in “at the market” transactions at prevailing market prices (the “ATM Program”). As of September 30, 2024, the Company had $183.5 million of remaining capacity under the ATM Program. |
Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2024 | |
| Commitments and Contingencies | |
| Commitments and Contingencies | Note 9 – Commitments and Contingencies Pilot Infrastructure Agreement On July 5, 2022, EVgo entered into a charging infrastructure agreement (the “Pilot Infrastructure Agreement”) and an operations and maintenance agreement (the “Pilot O&M”) with Pilot Travel Centers LLC (the “Pilot Company”) and General Motors LLC (“GM”) to build, operate, and maintain up to 2,000 stalls served by DC chargers that the Pilot Company will own. The stalls will be located at the Pilot Company sites across the U.S. Pursuant to the Pilot Infrastructure Agreement, EVgo is required to meet certain construction milestones measured by the number of sites commissioned, and the Pilot Company is required to make certain payments each month based on completion of pre-engineering and development work, the progress of construction at each site and for each charger procured by EVgo. Subject to extensions of time for specified excusable events, if EVgo is unable to meet its commissioning obligations, the Pilot Company will be entitled to liquidated damages calculated per day, subject to a cap of $30,000 at each site. The Pilot Infrastructure Agreement includes customary events of default such as those resulting from insolvency, material breaches, and extended unexcused noncompliance, in each case subject to applicable notice and cure periods and other customary limitations on the parties’ ability to seek available remedies, including early termination. Additional provisions that may permit or cause early termination include the Pilot Company’s right to terminate after 1,000 stalls have been completed, the inability of EVgo to secure certain chargers and a material increase in the price of chargers due to a change in law. If the Pilot Company elects to terminate the Pilot Infrastructure Agreement after 1,000 stalls have been completed, the Pilot Company must pay EVgo a termination fee per stall for those not built; such fee varies based on the number of stalls already built. If EVgo is wholly or partially unable to perform its obligations under the Pilot Infrastructure Agreement due to certain circumstances outside its control, including delays by permitting authorities and utilities or certain force majeure events, such inability will not be considered a breach or default under the Pilot Infrastructure Agreement. Under the Pilot O&M, EVgo is required to perform operations, maintenance and networking services on stalls built and commissioned under the Pilot Infrastructure Agreement in exchange for payment of a monthly fee by the Pilot Company to EVgo. Similar to the Pilot Infrastructure Agreement, the Pilot O&M includes customary events of default and related remedies. Delta Charger Supply Agreement and Purchase Order On July 12, 2022, EVgo entered into a General Terms and Conditions for Sale of EV Charger Products (the “Delta Charger Supply Agreement”) with Delta Electronics, Inc. (“Delta”), including an initial purchase order (the “Purchase Order”), pursuant to which EVgo will purchase and Delta will sell EV chargers manufactured by Delta in specified quantities at certain delivery dates. EVgo expects to use a portion of the chargers purchased under the Purchase Order to meet the requirements of the Pilot Infrastructure Agreement. EVgo is required to purchase a minimum of 1,000 chargers from Delta under the Purchase Order and may, at EVgo’s election, increase the number of chargers it purchases from Delta to 1,100. The Purchase Order was amended in August 2023 to provide for certain Delta chargers to be manufactured in Delta’s facility in Plano, Texas rather than in Taiwan. General Motors Agreement On July 20, 2020, EVgo entered into a contract with GM (as amended from time to time, the “GM Agreement”) to build fast charger stalls that EVgo will own and operate as part of the Company’s public network. The GM Agreement has been amended several times, to among other things, expand the overall number of charger stalls to be installed from 2,750 to 2,850, adjust charger stall installation targets, extend the completion deadline to June 30, 2028, provide for a payment of $7,000,000 in December 2022 in exchange for EVgo’s agreement to apply certain branding decals on the fast chargers funded by GM pursuant to the GM Agreement and additional payments for changes to GM’s charger branding, and maintain a specified uptime percentage (described below) over the term of the agreement. In the most recent amendment to the GM Agreement, a certain portion of the charger stalls that EVgo is required to build are required to have additional specifications (“Flagship Stalls”). Pursuant to the GM Agreement, EVgo is required to meet certain quarterly milestones measured by the number of charger stalls installed, and GM is required to make certain payments based on charger stalls installed. Under the GM Agreement, EVgo is required to install a total of 2,850 charger stalls by June 30, 2028, 67.9% of which were required to be and were installed by September 30, 2024. Meeting the quarterly milestones will require additional funds beyond the amounts committed by GM, and EVgo may face delays in construction, commissioning or aspects of installation of the charger stalls the Company is obligated to develop. EVgo is also required to maintain network availability (i.e., the percentage of time a charger is operational and available on the network) of at least 97% across Flagship Stalls and 95% across the rest of the GM network. In addition to the capital-build program, EVgo is committed to providing GM EV customers with reservations and certain EVgo services at a discounted rate and branding on chargers. The contract is accounted for under ASC 606, which includes performance obligations related to reservations, memberships, and branding. The capital-build program is considered a set-up activity and not a performance obligation under ASC 606. The GM Agreement is subject to early termination in certain circumstances, including in the event EVgo fails to meet the quarterly charger stall-installation milestones or maintain the specified level of network availability. If GM opts to terminate the agreement, EVgo may not be entitled to receive continued payments from GM and instead may be required to pay liquidated damages to GM. In the event EVgo fails to meet a charger stall-installation milestone or maintain the required network availability in a calendar quarter, GM has the right to provide EVgo with a notice of such deficiency within 30 days of the end of the quarter. If the same deficiency still exists at the end of the quarter immediately following the quarter for which a deficiency notification was delivered, GM may immediately terminate the agreement and seek pre-agreed liquidated damages of up to $15.0 million. If EVgo does not meet its charger stall-installation milestone in any period, GM will have the right, if it so chooses, to send EVgo a charger stall count breach notice, which would trigger a cure period. It is possible that EVgo will not meet the charger stall-installation milestones under the GM Agreement in the future, particularly as a consequence of delays in permitting, commissioning and utility interconnection, and delays associated with industry and regulatory adaptation to the requirements of high-powered charger installation, including slower than expected third-party approvals of certain site acquisitions and site plans by utilities and landowners, and supply chain issues. Nissan Agreements EVgo executed an agreement with Nissan North America, Inc. (“Nissan”) in June 2019 (the “Nissan Agreement”), that provides for joint marketing activities, charging credit programs for purchasers or lessees of Nissan EVs, and a capital-build program. The Nissan Agreement has been amended several times to, among other things, adjust the allocation of the value of unused charging credits and to provide new offerings for purchasers or lessees of certain Nissan EV models. Under the joint-marketing activities provisions of the Nissan Agreement, EVgo was obligated to spend a specified amount annually on joint-marketing activities that were mutually agreed-upon with Nissan until March 1, 2024. Under the charging credit program provisions in the Nissan Agreement, credits for charging are allocated to purchasers or lessees of Nissan EVs, and such purchasers or lessees are permitted to charge their EV for 12 months at no charge to the participant, up to the amount of the charging credit allocated to such participant or on an unlimited basis, depending on the model of Nissan EV purchased or leased. Until March 1, 2024, in the event a participant did not use the entire amount of the allocated charging credit or if the annual charging credit pool was not exhausted within a specific period, a portion of the remaining dollar value of such credit rolled over to subsequent periods, and a portion was retained by the Company. After March 1, 2024, Nissan is required to make additional payments to the extent needed to support charging credits for new enrollees, and unused funds from such additional payments will be returned to Nissan at the end of the term. For Nissan EV purchasers or lessees receiving unlimited charging, the Company receives an upfront activation fee for each purchaser or lessee as well as a usage-based fee. The capital-build program provided for in the Nissan Agreement required the Company to install, operate and maintain public, high-power dual-standard chargers in specified markets pursuant to a schedule that outlined the build timelines for the chargers to be constructed (the “Build Schedule”). EVgo fulfilled its capital-build program obligations under the Nissan Agreement. The contract is accounted for under ASC 606, which includes performance obligations related to memberships, charging credits and joint marketing activities. The capital-build program is considered a set-up activity and not a performance obligation under ASC 606. Nissan has the right to terminate the Nissan Agreement, without penalty or obligation of any kind, upon 30 days’ written notice if it is unable to secure funding to make payments required under the Nissan Agreement. Nissan receives budget approvals annually from Nissan Motor Company Limited. Nissan has fulfilled its annual payment obligations under the Nissan Agreement. Indemnifications and Guarantees In the normal course of business and in conjunction with certain agreements, the Company has entered into contractual arrangements through which we may be obligated to indemnify the other party with respect to certain matters. These arrangements can include provisions whereby we have joint and several liability in relation to the performance of certain contractual obligations along with third parties also providing services and products for a specific project. In addition, our arrangements may include warranties that our services will substantially operate in accordance with the stated requirements. Indemnification provisions are also included in arrangements under which EVgo agrees to hold the indemnified party harmless with respect to third-party claims related to such matters as title to assets sold or licensed or certain intellectual property rights. The Company also has indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us, with respect to certain matters. EVgo has agreed to indemnify against losses arising from a breach of representations or covenants or out of intellectual property infringement or the occurrence of certain specified conditions or other claims made against certain parties. These agreements may limit the time or circumstances within which an indemnification claim can be made and the amount of the claim. Historically, indemnity payments made by us have not had a material effect on our condensed consolidated financial statements. In addition, the Company has entered into indemnification agreements with our officers and directors, and our Amended and Restated Bylaws contain similar indemnification obligations to our agents. To date, EVgo has not been required to make any significant payment under any of the arrangements described above. The Company has assessed the current status of performance/payment risk related to arrangements with limited guarantees, warranty obligations, unspecified limitations, indemnification provisions, letters of credit and surety bonds, and believes that any potential payments would be immaterial to the condensed consolidated financial statements, as a whole. Legal Proceedings In the ordinary course of the Company’s business, the Company may be subject to lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes with vendors and customers and liabilities related to employment, health and safety matters. The Company accrues for losses that are both probable and reasonably estimable. Loss contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex and subject to change. Contingent liabilities arising from ordinary course litigation are not expected to have a material adverse effect on the Company’s financial position. However, future events or circumstances, currently unknown to management, may potentially have a material effect on the Company’s financial position, liquidity or results of operations in any future reporting period. Purchase Commitments As of September 30, 2024, EVgo had $38.0 million in outstanding purchase order commitments to EVgo’s contract manufacturers and component suppliers for charging equipment, of which $34.4 million were short-term in nature. In certain instances, EVgo is permitted to cancel, reschedule or adjust these orders. |
Fair Value Measurements |
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| Fair Value Measurements | Note 10 – Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the level within the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value as of:
The earnout liability was valued using a Monte Carlo simulation methodology. Assumptions used in the valuation of the earnout liability were as follows as of:
The warrants are accounted for as liabilities in accordance with ASC 815, Derivatives and Hedging, and are presented as warrant liabilities on the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of operations. The closing price of the Public Warrants was used as its fair value as of each relevant date. As of September 30, 2024, the Private Placement Warrants were valued using a Monte Carlo simulation methodology, which is considered a Level 3 fair value measurement. Assumptions used in the valuation of the Private Placement Warrant liability using the Monte Carlo simulation methodology are as follows as of:
The following table presents a reconciliation for all liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3):
The carrying values of certain accounts such as cash, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses are deemed to approximate their fair values due to their short-term nature. The fair values of the Company’s money market funds are based on quoted prices in active markets for identical assets. There were no assets measured on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2024 and December 31, 2023. |
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Income Taxes |
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Sep. 30, 2024 | |
| Income Taxes | |
| Income Taxes | Note 11 – Income Taxes The provision for income taxes consists primarily of income taxes related to federal and state jurisdictions where business is conducted related to the Company’s ownership in EVgo OpCo. All income (loss) before income taxes is generated in the U.S. The Company’s provision for income taxes and effective tax rates reflect the impact of a full valuation allowance on its deferred tax assets and a significant portion of income (loss) being allocated to a nontaxable partnership. In assessing the realization of its deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Management considered all available material evidence, both positive and negative, in assessing the appropriateness of a valuation allowance for the Company’s deferred tax assets, including the generation of future taxable income, the scheduled reversal of deferred tax liabilities and other available material evidence. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance against its net deferred tax assets as of September 30, 2024 and December 31, 2023. The Company files a U.S. federal income tax return and income tax returns in various state and local jurisdictions and is subject to examination by the various taxing authorities for all periods since its inception. As of September 30, 2024 and December 31, 2023, there were no unrecognized tax benefits for uncertain tax positions, nor any amounts accrued for interest and penalties. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law and offers tax incentives targeting energy transition and renewables. The alternative fuel refueling property credit under Section 30C of the Internal Revenue Code, which includes electric vehicle charging stations (“30C Credit”), was reinstated in 2022 and extended to apply to any property placed in service beginning January 1, 2023 and before January 1, 2033. The credit amount is calculated as 6% of the eligible costs of the alternative fuel refueling property with a potential higher tax credit rate of 30% of the eligible costs of the alternative fuel refueling property if specified prevailing wage and registered apprenticeship requirements are met during construction of the property, with a maximum credit amount of $100,000 per item of property. Under the IRA 30C Credits may be transferred for cash consideration in the taxable year the credit is generated. The U.S. Department of the Treasury and the Internal Revenue Service have been granted broad authority to issue regulations or guidance that could clarify how these tax credits are calculated. The Company is continuing to evaluate the financial impact of the IRA as additional information becomes available. The Company has elected to account for these credits under ASC Topic 740, Income Taxes, and disregards expected transfers in assessing realizability as part of the valuation allowance analysis. The Company will instead recognize such amounts upon transfer of control over the 30C Credits. During the three and nine months ended September 30, 2024, the Company transferred EVgo OpCo’s 2023 30C Credits for proceeds, net of estimated transaction costs, of $9.0 million. The Company has not recognized any income tax benefits related to the transfers of any 2023 30C Credits as of September 30, 2024 as the Company retains substantive indemnification risks. The Company did not transfer any 30C credits during the three and nine months ended September 30, 2023. |
Tax Receivable Agreement |
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Sep. 30, 2024 | |
| Tax Receivable Agreement | |
| Tax Receivable Agreement | Note 12 – Tax Receivable Agreement In connection with the CRIS Business Combination, EVgo entered into a tax receivable agreement (the “Tax Receivable Agreement”) with EVgo Holdings (along with permitted assigns, the “TRA Holders”) and LS Power Equity Advisors, LLC, as agent. The Tax Receivable Agreement generally provides for payment by the Company, Thunder Sub or any of their subsidiaries (other than EVgo OpCo and its subsidiaries) (the “Company Group”) to the TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes or is deemed to realize in certain circumstances after the CRIS Business Combination as a result of (i) certain increases in tax basis that occur as a result of the Company Group’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of the TRA Holders’ EVgo OpCo Units pursuant to the CRIS Business Combination or the exercise of the redemption or Call Rights set forth in the EVgo OpCo A&R LLC Agreement and (ii) imputed interest deemed to be paid by the Company Group as a result of, and additional tax basis arising from, any payments the Company Group makes under the Tax Receivable Agreement. The Company Group will retain the benefit of any remaining net cash savings. If the Company Group elects to terminate the Tax Receivable Agreement early (or it is terminated early due to the Company Group’s failure to honor a material obligation thereunder or due to certain mergers, asset sales, other forms of business combinations or other changes of control), the Company Group is required to make an immediate payment equal to the present value of the anticipated future payments to be made by it under the Tax Receivable Agreement (based upon certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i) that the Company Group has sufficient taxable income on a current basis to fully utilize the tax benefits covered by the Tax Receivable Agreement and (ii) that any EVgo OpCo Units (other than those held by the Company Group) outstanding on the termination date or change of control date, as applicable, are deemed to be redeemed on such date). Amounts payable by the Company under the Tax Receivable Agreement are accrued through a charge to income when it is probable that a liability has been incurred and the amount is estimable. As of September 30, 2024, no transactions have occurred that would result in a cash tax savings benefit that would trigger the recording of a liability by the Company based on the terms of the Tax Receivable Agreement. |
Share-Based Compensation |
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| Share-Based Compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Note 13 – Share-Based Compensation The following table sets forth the Company’s total share-based compensation expense in the Company’s condensed consolidated statements of operations:
During the three months ended September 30, 2023, the Company entered into a transition agreement with Catherine Zoi and certain other parties in connection with Ms. Zoi’s anticipated resignation as the Company’s Chief Executive Officer. Pursuant to the transition agreement, subject to certain conditions, Ms. Zoi shall be deemed to have remained in continuous employment with the Company or its affiliates through April 30, 2024 (the “Separation Date”), for purposes of vesting, settlement, and exercisability of her outstanding and unvested Company RSUs and stock options, and Ms. Zoi shall vest in her Time Vesting Incentive Units (as defined below) on January 16, 2024. Ms. Zoi will additionally vest in her Sale Vesting Incentive Units (as defined below) upon the consummation of a sale of the Company during the six month period following Ms. Zoi’s Separation Date, if such a sale transaction were to occur. The Company determined that these provisions represented a modification of the existing awards, resulting in the cumulative compensation cost recognized for the original RSU, stock option, and Time Vesting Incentive Unit awards being zero immediately prior to the modification as none of the awards were otherwise expected to vest. The incremental fair value of the modified RSU, stock option and Time Vesting Incentive Unit awards of $4.2 million were recognized over the period from the modification date to the Separation Date. The incremental fair value of the modified Sale Vesting Incentive Unit awards was $6.1 million. 2021 Long Term Incentive Plan On July 1, 2021, concurrent with the closing of the CRIS Business Combination, stockholders approved the 2021 Long Term Incentive Plan (the “2021 Incentive Plan”), which had been previously approved by the Board of Directors. The 2021 Incentive Plan reserves 33,918,000 shares of Class A common stock for issuance to employees, non-employee directors and other service providers. As of September 30, 2024, there were 12,638,937 shares of Class A common stock remaining available for grant. The nonvested performance-based restricted stock units (“PSUs”) previously issued under the 2021 Incentive Plan are subject to under- and over-achievement thresholds. The number of shares remaining available for grant as disclosed in this paragraph was determined based on the number of PSUs whose vesting conditions were considered probable of achievement as of September 30, 2024. Stock Options The following table summarizes stock option activity under the 2021 Incentive Plan for the nine months ended September 30, 2024:
As of September 30, 2024, the Company’s unrecognized share-based compensation expense related to stock options was approximately $0.3 million, which is expected to be recognized over a period of 1.1 years. No stock options were granted or exercised during the nine months ended September 30, 2024. Restricted Stock Units Service-Based Awards The table below represents the Company’s restricted stock unit (“RSU”) activity under the 2021 Incentive Plan during the nine months ended September 30, 2024:
The total fair value of RSUs vested during the nine months ended September 30, 2024 was $8.3 million. As of September 30, 2024, the Company’s unrecognized share-based compensation expense related to unvested RSUs was approximately $22.6 million, which is expected to be recognized over a period of 1.5 years. Market-Based Awards The Company has granted certain nonvested market-based restricted stock units (“MSUs”), which are subject to market-based performance targets related to the attainment of certain stock price levels in order for these units to vest. Vesting is also subject to continued service requirements through the vesting date over a period of three years from the date of grant. Compensation expense for such nonvested stock units is recognized on a straight-line basis over the longer of the explicit service period or the derived service period for the market condition, regardless of whether the market condition has been satisfied. The table below represents the Company’s MSU activity under the 2021 Incentive Plan for the nine months ended September 30, 2024:
No MSUs vested during the nine months ended September 30, 2024. The grant date fair value for such nonvested stock units was estimated using a Monte Carlo simulation that incorporates option-pricing inputs covering the period from the grant date through the end of the performance period. The following assumptions were used for the grants issued during the nine months ended September 30, 2024.
As of September 30, 2024, the Company’s unrecognized share-based compensation expense related to unvested MSUs was approximately $1.3 million, which is expected to be recognized over a period of 1.5 years. Performance-Based Awards The Company has granted certain PSUs, which vest based on the achievement of certain performance-based vesting conditions and subject to a three-year service condition. The number of shares that may ultimately vest with respect to each award may range from 0% up to 156% of the target number of shares based on the achievement of certain performance-based vesting conditions related to stall counts and Adjusted EBITDA over a one year period and a relative total stockholder return (“rTSR”) performance relative to the rTSR of a select group of companies in the Clean Edge Green Energy Index over a three year period. The maximum number of PSUs that may vest is determined based on actual Company achievement and vest over a three-year period subject to continuous service through the three-year period and achievement of the performance conditions. Compensation expense is recognized when performance targets are defined, the grant date is established, and it is considered probable that the performance objectives will be met. The fair value of the PSUs was calculated based on the closing price of the Company’s Class A common stock on the grant date. The table below represents the Company’s PSU activity under the 2021 Incentive Plan for the nine months ended September 30, 2024:
No PSUs vested during the nine months ended September 30, 2024. As of September 30, 2024, the Company’s unrecognized share-based compensation expense related to unvested PSUs was approximately $3.8 million, which is contingent upon meeting the performance objectives. EVgo Management Holdings, LLC Incentive Units Following the Holdco Merger and prior to the CRIS Business Combination, all employees of EVgo Services employed at that time received share-based compensation in the form of units in EVgo Management Holdings, LLC (“EVgo Management”) designed to track incentive units issued by EVgo Holdings to EVgo Management (“Incentive Units”). Of each individual grant of Incentive Units, 65% of the grant was designated as time vesting (the “Time Vesting Incentive Units”) and the remaining 35% of the grant was designated as sale vesting (the “Sale Vesting Incentive Units”). The Time Vesting Incentive Units vest annually and equally over a period of four years from the date of grant. Sale Vesting Incentive Units vest based upon the achievement of certain trigger events relating to the sale of EVgo Holdings. Presented below is a summary of the activity of the Company’s Incentive Units during the nine months ended September 30, 2024:
As of September 30, 2024, the Company’s unrecognized share-based compensation expense related to unvested Time Vesting Incentive Units was approximately $0.1 million, which is expected to be recognized over a period of 0.3 years. |
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Net Loss Per Share |
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| Net Loss Per Share | Note 14 – Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share:
The Company’s potentially dilutive securities consist of the Company’s Public Warrants, Private Placement Warrants, RSUs, stock options and unvested Earnout Shares. For the periods in which EPS is presented, the Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to Class A common stockholders since their impact would have been antidilutive:
Additionally, 718,750 unvested Earnout Shares were excluded from the computation of diluted EPS because their vesting threshold (i.e., the $15.00 triggering event) had not yet been met as of September 30, 2024 and 2023. There were approximately 0.9 million shares of MSUs that were excluded from the computation of diluted EPS as their market vesting conditions had not yet been met as of September 30, 2024. |
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Redeemable Noncontrolling Interest |
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| Redeemable Noncontrolling Interest | Note 15 – Redeemable Noncontrolling Interest As of September 30, 2024 and December 31, 2023, EVgo Holdings held 195,800,000 EVgo OpCo Units, representing a 64.8% and a 65.5% economic ownership interest, respectively, in EVgo OpCo (reflecting the exclusion of 718,750 shares of Class A common stock held by other entities that were subject to possible forfeiture) and that same number of shares of the Company’s Class B common stock, representing a 64.7% and a 65.4% voting interest, respectively, in the Company. EVgo Holdings is entitled to one vote per share of Class B common stock but is not entitled to receive dividends or any assets upon liquidation, dissolution, distribution or winding-up of the Company. Each EVgo OpCo Unit is redeemable, together with one share of Class B common stock, for either one share of Class A common stock or, at EVgo OpCo’s election, the cash equivalent market value of one share of Class A common stock in accordance with the terms of the EVgo OpCo A&R LLC Agreement (see Note 12). The EVgo OpCo Units held by EVgo Holdings have been classified as a redeemable noncontrolling interest in the Company. The cash redemption feature of the EVgo OpCo Units, together with a corresponding number of shares of Class B common stock, at the option of EVgo OpCo, is considered outside of the control of the Company. Therefore, in accordance with ASC Topic 480, Distinguishing Liabilities from Equity, the EVgo OpCo Units are classified as temporary equity in the Company’s condensed consolidated balance sheets. The redeemable noncontrolling interest held by EVgo Holdings in EVgo OpCo, through its ownership of EVgo OpCo Units, was initially measured at its carrying amount on the CRIS Close Date. Net income or loss and other comprehensive income or loss are attributed to the redeemable noncontrolling interest during each reporting period based on its ownership percentage, as appropriate. Subsequent to that, the redeemable noncontrolling interest is measured at its fair value (i.e., based on the Class A common stock price) at the end of each reporting period, exclusive of the par value of the related Class B common stock, with the remeasurement amount being no less than the initial carrying amount, as adjusted for the redeemable noncontrolling interest’s share of net income or loss and other comprehensive income or loss. The offset of any fair value adjustment is recorded to equity, with no impact to net income (loss). The following is a reconciliation of changes in the redeemable noncontrolling interest for the nine months ended September 30, 2024:
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Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Subsequent Events | |
| Subsequent Events | Note 16 – Subsequent Event On October 3, 2024, the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) announced that EVgo received conditional commitment for a loan guarantee of up to $1.05 billion of debt financing under its Title 17 program to accelerate expansion of EVgo’s fast charging network across the U.S. The proposed financing will be provided directly by the Federal Financing Bank as a loan, guaranteed by DOE, and structured as a limited recourse project financing. While this conditional commitment indicates DOE’s intent to finance the project, DOE and the Company must satisfy certain technical, legal, environmental, and financial conditions and DOE must complete environmental review before the DOE decides whether to enter into definitive financing documents and fund the loan. The Company is working to satisfy the required conditions.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
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Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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| Pay vs Performance Disclosure | ||||||||
| Net Income (Loss) | $ (11,709) | $ (10,377) | $ (9,833) | $ (9,721) | $ (7,026) | $ (13,076) | $ (31,919) | $ (29,823) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
| Rule 10b5-1 Arrangement Modified [Flag] | false |
| Non Rule 10b5-1 Arrangement Modified [Flag] | false |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Summary of Significant Accounting Policies | |
| Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are unaudited and are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, as set by the Financial Accounting Standards Board (“FASB”), and pursuant to the rules and regulations of the SEC. References to GAAP issued by the FASB in these notes to the condensed consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany transactions have been eliminated in consolidation. These condensed consolidated financial statements include all adjustments considered necessary, in the opinion of management, for a fair presentation of the condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of stockholders’ deficit and condensed consolidated statements of cash flows for the periods presented. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year ending December 31, 2024 or any other period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude and timing, certain subsequent events may be required to be reflected in the condensed consolidated financial statements at the balance sheet date and/or required to be disclosed in the notes to the condensed consolidated financial statements. The Company has evaluated subsequent events accordingly. |
| Use of Estimates | Use of Estimates The preparation of EVgo’s condensed consolidated financial statements requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and related disclosures of contingent assets and liabilities. Significant estimates made by management include, but are not limited to, variable consideration estimates and stand-alone selling prices for performance obligations for revenue, depreciable lives of property and equipment and intangible assets, costs associated with asset retirement obligations, the fair value of operating lease right-of-use (“ROU”) assets and liabilities, share-based compensation, earnout liability, and warrant liabilities. Management bases these estimates on its historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results experienced may vary materially and adversely from EVgo’s estimates. Revisions to estimates are recognized prospectively. |
| Concentration of Business and Credit Risk | Concentration of Business and Credit Risk The Company maintains its cash accounts in commercial banks. Cash balances held in a commercial bank are secured by the Federal Deposit Insurance Corporation up to $250,000. A portion of deposit balances may be in excess of federal insurance limits. The Company has not experienced any losses on such accounts. The Company mitigates its risk with respect to cash by maintaining its deposits at high-quality financial institutions and monitoring the credit ratings of those institutions. The Company had three customers that collectively comprised 50.5% of the Company’s total net accounts receivable as of September 30, 2024. The Company had two customers that collectively comprised 45.7% of the Company’s total net accounts receivable as of December 31, 2023. For the three months ended September 30, 2024 and September 30, 2023, one customer represented 32.1% and 29.6% of total revenue, respectively. For the nine months ended September 30, 2024 and September 30, 2023, one customer represented 36.1% and 49.3% of total revenue, respectively. For the three months ended September 30, 2024 and September 30, 2023, three and two vendors, respectively, collectively provided 90.8% and 74.9% of EVgo’s total charging equipment, respectively. For the nine months ended September 30, 2024 two vendors collectively provided 86.6% of EVgo’s total charging equipment. For the nine months ended September 30, 2023, one vendor provided 77.6% of EVgo’s total charging equipment. |
| Reclassifications | Reclassifications The Company has made certain reclassifications to prior period amounts to conform to the current period presentation. |
| Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and restricted cash include cash held in cash depository accounts in major banks in the U.S. and are stated at cost. Cash equivalents are carried at fair value and are invested in money market funds. Cash that is held by a financial institution and has restrictions on its availability to the Company is classified as restricted cash. The Company had restricted cash on the Company’s condensed consolidated balance sheets, of $11.4 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively, associated with unused letters of credits related to the construction of its charging stations and one of its operating leases, and certain amounts held in a short-term escrow account. The restrictions related to the short-term escrow account were removed in October 2024, resulting in the release of $11.0 million of restricted cash. |
| Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are amounts due from customers under normal trade terms. Payment terms for accounts receivable related to capital-build agreements are specified in the individual agreements and vary depending on the counterparty. Management reviews accounts receivable on a recurring basis to determine if any accounts receivable will potentially be uncollectible. The Company reserves for any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts. After all attempts to collect an account receivable have failed, the account receivable is written off against the allowance for doubtful accounts. Other accounts receivable of $1.9 million and $2.7 million were included in accounts receivable, net, on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. |
| Recently Issued Accounting Standards | Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), as amended in December 2022 by ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2020-04 provides guidance to alleviate the burden in accounting for reference rate reform by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationships and other transactions impacted by reference rate reform. The provisions apply only to those transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Adoption of the provisions of ASU 2020-04 are optional and are effective from March 12, 2020 through December 31, 2024, as amended by ASU 2022-06. The Company has not identified any contracts, hedging relationships or other transactions impacted by reference rate reform and therefore does not expect any impact resulting from the adoption of ASU 2020-04 on the Company’s consolidated results of operations or financial position. In November 2023, the FASB issued ASU 2023-07, ASC Subtopic 280 “Segment Reporting — Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. ASU 2023-07 provides for significant segment expense categories and amounts for each reportable segment and an aggregate amount and description of other segment items included in each reported measure of segment profit or loss beyond the significant segment expenses for each reportable segment; permits the disclosure of multiple measures of segment profit or loss for each reportable segment, subject to a minimum disclosure of the measure of segment profit or loss that is most consistent with the amounts included in the financial statements (consistent with current guidance); confirms that all disclosures required in the segments guidance apply to all public entities, including those with a single operating or reportable segment; requires disclosure of the title and position of the individual or the name of the group identified as the CODM in the financial statements; and requires disclosure of how the CODM uses each reported measure of segment profit or loss to assess performance and allocate resources to the segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. In December 2023, the FASB issued ASU 2023-09, ASC Subtopic 740 “Income Taxes — Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is designed to increase transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, ASC Subtopic 718 “Compensation – Stock Compensation” (“ASU 2024-01”) to provide illustrative examples to determine whether profits interest awards are share-based payment arrangements in the scope of ASC 718, or cash bonus or profit-sharing arrangements in the scope of ASC 710, Compensation. ASU 2024-01 is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods and should be applied either retrospectively to all prior periods presented or prospectively to profits interest and similar awards granted or modified on or after the date at which the amendments are first applied. Early adoption is permitted. The Company is currently evaluating the effect that the adoption of this ASU will have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, ASC Subtopic 220 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (“ASU 2024-03”). The amendments require that each interim and annual reporting period an entity disclose more information about the components of certain expense captions than is currently disclosed in the financial statements. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. |
Revenue Recognition (Tables) |
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of contract assets and liabilities and liabilities activity |
|
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| Schedule of contract liabilities recognized as revenue. |
|
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| Schedule of deferred revenue to be recognized |
|
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Lease Accounting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Accounting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of lease cost |
|
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| Schedule of future fixed minimum payments |
|
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| Schedule of operating lease supplemental information |
|
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| Schedule of operating lease income |
|
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| Schedule of future minimum rental payments due to as lessor under operating leases (including subleases) |
|
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| Schedule of the components of charging equipment, charging stations, land, and subleased host sites leased to third parties |
|
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Property, Equipment and Software, Net (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Equipment and Software, Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property and equipment, net |
|
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| Schedule of depreciation and amortization of property and equipment, impairment loss and loss on disposal, net of recoveries |
|
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Intangible Assets, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of finite-lived intangible assets, net |
|
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Asset Retirement Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||
| Asset Retirement Obligations | |||||||||||||||||||||||||||||
| Schedule of asset retirement obligation activity |
|
Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities measured on recurring basis |
|
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| Schedule of changes in the fair value of warrant and earnout liabilities |
|
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| Earnout liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assumptions used in valuation of liability |
|
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| Private Placement Warrant Liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assumptions used in valuation of liability |
|
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Share-Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of stock-based compensation expense |
|
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| Schedule of options activity |
|
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| Schedule of PSU activity |
|
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| RSUs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assumptions used for grants of awards |
|
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| Service-Based Awards | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of RSU activity |
|
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| Market-Based Awards | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of RSU activity |
|
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| Incentive Units | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Nonvested Incentive Units Activity [Table Text Block] |
|
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| Schedule of Incentive Units activity |
|
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Net Loss Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss Per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of basic and diluted net earnings per common share |
|
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| Schedule of antidilutive securities excluded from computation of diluted EPS |
|
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Redeemable Noncontrolling Interest (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 | |||||||||||||||||||||||||||||
| Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||||
| Schedule of reconciliation of changes in redeemable noncontrolling interest |
|
Description of Business and Nature of Operations (Details) - $ / shares |
May 22, 2023 |
Jul. 01, 2021 |
Oct. 02, 2020 |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|---|
| Class A Common Stock | |||||
| Conversion ratio | 1 | ||||
| Class B Common Stock | |||||
| Conversion ratio | 1 | ||||
| Percentage of voting interest | 64.70% | 65.40% | |||
| EVgo Holdings | |||||
| Units owned | 195,800,000 | 195,800,000 | |||
| Private Placement Warrants | Climate Change Crisis Real Impact I Acquisition Corporation | |||||
| Warrants issued (in shares) | 6,600,000 | ||||
| Unit price (in dollars per share) | $ 1.00 | ||||
| Thunder Sub | EVgo OpCo | |||||
| Percentage of ownership interest by non controlling owners | 64.70% | 65.40% | |||
| Affiliated Entity | Evgo Member Holdings | Public offering | Class A Common Stock | |||||
| Issuance of Class A common stock, net of issuance costs (in shares) | 5,882,352 | ||||
| Public offering price per share | $ 4.25 | ||||
| Affiliated Entity | EVgo Holdings and EVgo Member Holdings | |||||
| Percentage of voting interest | 66.60% | 67.40% |
Summary of Significant Accounting Policies - Concentration of Business and Credit Risk (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
|
Sep. 30, 2024
USD ($)
individual
customer
|
Sep. 30, 2023
individual
customer
|
Sep. 30, 2024
USD ($)
customer
individual
|
Sep. 30, 2023
individual
customer
|
Dec. 31, 2023
customer
|
|
| Concentration Risk [Line Items] | |||||
| Federal Depository Insurance Coverage | $ | $ 250,000 | $ 250,000 | |||
| Total Accounts Receivable | Customer Concentration Risk | Major Customers | |||||
| Concentration Risk [Line Items] | |||||
| Number of customers | 3 | 2 | |||
| Concentration risk percentage | 50.50% | 45.70% | |||
| Total Revenue | Customer Concentration Risk | Major Customers | |||||
| Concentration Risk [Line Items] | |||||
| Number of customers | 1 | 1 | 1 | 1 | |
| Concentration risk percentage | 32.10% | 29.60% | 36.10% | 49.30% | |
| Total Purchases | Supplier Concentration Risk | Major Supplier | |||||
| Concentration Risk [Line Items] | |||||
| Number of vendors | individual | 3 | 2 | 2 | 1 | |
| Concentration risk percentage | 90.80% | 74.90% | 86.60% | 77.60% | |
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
1 Months Ended | ||
|---|---|---|---|
Oct. 31, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
|
| Restricted cash | $ 11.4 | $ 0.7 | |
| Subsequent Event | |||
| Release of restricted cash due to removal of restrictions on short-term escrow account | $ 11.0 |
Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Summary of Significant Accounting Policies | ||
| Other accounts receivable | $ 1.9 | $ 2.7 |
Revenue Recognition - Contract assets and liabilities and liabilities activity (Details) - USD ($) $ in Thousands |
9 Months Ended | |
|---|---|---|
Sep. 30, 2024 |
Dec. 31, 2023 |
|
| Revenue Recognition | ||
| Contract assets | $ 3,953 | $ 1,191 |
| Contract liabilities | 102,448 | $ 87,440 |
| Change in contract assets | 2,762 | |
| Change in contract liabilities | $ 15,008 | |
| Change in contract assets (as percentage) | 232.00% | |
| Change in contract liabilities (as percentage) | 17.00% | |
| Change in contract liabilities | ||
| Beginning balance | $ 87,440 | |
| Additions | 106,185 | |
| Recognized in revenue | (90,511) | |
| Marketing activities recognized on a net basis | (666) | |
| Ending balance | $ 102,448 |
Revenue Recognition - Revenues related to contract liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Revenue Recognition | ||||
| Amounts included in the beginning of period contract liabilities balance | $ 3,011 | $ 9,305 | $ 19,896 | $ 15,865 |
| Amounts associated with performance obligations satisfied in previous periods | $ 0 | $ 141 | $ 42 | $ 166 |
Lease Accounting - Lessor Accounting (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Lessor, Lease, Description [Line Items] | ||||
| Lessor, Operating Lease, Existence of Option to Extend [true false] | true | |||
| Fixed Lease Income [Abstract] | ||||
| Charging, commercial revenue | $ 435 | $ 542 | $ 1,744 | $ 1,534 |
| Sublease Income [Abstract] | ||||
| Ancillary revenue | 332 | 403 | 812 | 937 |
| Total operating lease income | 767 | $ 945 | 2,556 | $ 2,471 |
| Future minimum rental payments due to lessor under operating leases (including subleases) | ||||
| 2024 | 349 | 349 | ||
| 2025 | 1,239 | 1,239 | ||
| 2026 | 910 | 910 | ||
| 2027 | 667 | 667 | ||
| 2028 | 334 | 334 | ||
| Total | $ 3,499 | $ 3,499 | ||
| Minimum | ||||
| Lessor, Lease, Description [Line Items] | ||||
| Initial lease terms | 1 year | 1 year | ||
| Maximum | ||||
| Lessor, Lease, Description [Line Items] | ||||
| Initial lease terms | 10 years | 10 years | ||
Lease Accounting - Components of charging equipment and charging stations (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant, and Equipment, Lessor Asset under Operating Lease | ||
| Charging station equipment and installation costs | $ 5,955 | $ 5,941 |
| Less: accumulated depreciation | (2,067) | (1,307) |
| Property and equipment, net | 3,888 | 4,634 |
| Operating lease right-of-use assets | $ 12,309 | $ 11,764 |
Property, Equipment and Software, Net - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Total property, equipment and software | $ 543,891 | $ 481,565 |
| Less accumulated depreciation and amortization | (136,241) | (92,338) |
| Property, equipment and software, net | 407,650 | 389,227 |
| Charging station installation costs | ||
| Total property, equipment and software | 250,164 | 198,513 |
| Charging station equipment | ||
| Total property, equipment and software | 164,061 | 130,232 |
| Charging equipment | ||
| Total property, equipment and software | 33,753 | 38,473 |
| Construction in process | ||
| Total property, equipment and software | 72,428 | 91,803 |
| Software | ||
| Total property, equipment and software | 22,027 | 20,743 |
| Office equipment, vehicles and other | ||
| Total property, equipment and software | $ 1,458 | $ 1,801 |
Intangible Assets, Net - Schedule of finite-lived intangible assets, net (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Gross Carrying Amount | $ 90,500 | $ 90,500 | ||
| Accumulated Amortization | (49,203) | (49,203) | ||
| Net Carrying Value | 41,297 | 41,297 | ||
| Amortization of intangible assets | 2,500 | $ 2,900 | 7,700 | $ 8,700 |
| Site Host relationships | ||||
| Gross Carrying Amount | 41,500 | 41,500 | ||
| Accumulated Amortization | (16,288) | (16,288) | ||
| Net Carrying Value | $ 25,212 | $ 25,212 | ||
| Remaining Weighted Average Amortization Period | 7 years 3 months 18 days | 7 years 3 months 18 days | ||
| Customer relationships | ||||
| Gross Carrying Amount | $ 19,000 | $ 19,000 | ||
| Accumulated Amortization | (18,228) | (18,228) | ||
| Net Carrying Value | $ 772 | $ 772 | ||
| Remaining Weighted Average Amortization Period | 3 months 18 days | 3 months 18 days | ||
| Developed technology | ||||
| Gross Carrying Amount | $ 14,000 | $ 14,000 | ||
| Accumulated Amortization | (4,415) | (4,415) | ||
| Net Carrying Value | $ 9,585 | $ 9,585 | ||
| Remaining Weighted Average Amortization Period | 9 years 9 months 18 days | 9 years 9 months 18 days | ||
| User base | ||||
| Gross Carrying Amount | $ 11,000 | $ 11,000 | ||
| Accumulated Amortization | (8,871) | (8,871) | ||
| Net Carrying Value | $ 2,129 | $ 2,129 | ||
| Remaining Weighted Average Amortization Period | 9 months 18 days | 9 months 18 days | ||
| Trade name | ||||
| Gross Carrying Amount | $ 5,000 | $ 5,000 | ||
| Accumulated Amortization | (1,401) | (1,401) | ||
| Net Carrying Value | $ 3,599 | $ 3,599 | ||
| Remaining Weighted Average Amortization Period | 11 years 9 months 18 days | 11 years 9 months 18 days | ||
Asset Retirement Obligations - Asset retirement obligation activity (Details) $ in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Asset Retirement Obligations | |
| Beginning balance | $ 18,232 |
| Liabilities incurred | 797 |
| Accretion expense | 1,407 |
| Liabilities settled | (327) |
| Ending balance | $ 20,109 |
Equity (Details) - At The Market Offering - USD ($) $ in Millions |
Nov. 10, 2022 |
Sep. 30, 2024 |
|---|---|---|
| Common stock capital amount reserved for future issuance | $ 183.5 | |
| Class A Common Stock | ||
| Maximum value of shares available to be sold | $ 200.0 |
Fair Value Measurements - Assets and Liabilities measured at recurring basis (Details) - Recurring - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Liabilities | ||
| Total liabilities | $ 6,375 | $ 5,795 |
| Level 1 | Public Warrant | ||
| Liabilities | ||
| Total liabilities | 4,671 | 4,245 |
| Level 3 | Earnout liability | ||
| Liabilities | ||
| Total liabilities | 719 | 654 |
| Level 3 | Private Placement Warrants | ||
| Liabilities | ||
| Total liabilities | 985 | 896 |
| Money market funds | Level 1 | ||
| Assets | ||
| Cash equivalents | $ 121,125 | $ 186,125 |
Fair Value Measurements - Earnout Liability - Schedule of Assumptions of the liability (Details) - Earnout liability |
Sep. 30, 2024
Y
$ / shares
|
Dec. 31, 2023
$ / shares
Y
|
|---|---|---|
| Stock price | ||
| Earnout liability measurement input | $ / shares | 4.14 | 3.58 |
| Risk-free interest rate | ||
| Earnout liability measurement input | 0.037 | 0.041 |
| Expected restriction period (in years) | ||
| Earnout liability measurement input | Y | 1.7 | 2.5 |
| Expected Volatility | ||
| Earnout liability measurement input | 0.71 | 0.63 |
| Dividend rate | ||
| Earnout liability measurement input | 0 | 0 |
Fair Value Measurements - Private Placement Warrant liability - Schedule of Assumptions of the liability (Details) - Private Placement Warrants |
Sep. 30, 2024
$ / shares
Y
|
Dec. 31, 2023
$ / shares
Y
|
|---|---|---|
| Stock price | ||
| Warrants and Rights Outstanding, Measurement Input | 4.14 | 3.58 |
| Risk-free interest rate | ||
| Warrants and Rights Outstanding, Measurement Input | 0.037 | 0.041 |
| Expected term (in years) | ||
| Warrants and Rights Outstanding, Measurement Input | Y | 1.8 | 2.5 |
| Expected Volatility | ||
| Warrants and Rights Outstanding, Measurement Input | 0.71 | 0.63 |
| Exercise price | ||
| Warrants and Rights Outstanding, Measurement Input | 11.50 | 11.50 |
Fair Value Measurements - Change in fair value of liabilities (Details) $ in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Earnout Liability | |
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
| Fair value as of beginning period | $ 654 |
| Change in fair value of liability | 65 |
| Fair value as of ending period | 719 |
| Private Placement Warrant Liability | |
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
| Fair value as of beginning period | 896 |
| Change in fair value of liability | 89 |
| Fair value as of ending period | $ 985 |
Fair Value Measurements - Narratives (Details) - USD ($) |
Sep. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Recurring | Level 3 | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
| Fair Value | $ 0 | $ 0 |
Income Taxes - Narrative (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Income Taxes | |
| Net proceeds from transfer of EVgo OpCo's 2023 30C Income Tax Credits | $ 9.0 |
Tax Receivable Agreement (Details) |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Tax Receivable Agreement | |
| Net cash savings percentage owed to TRA Holders | 85.00% |
| Cash savings tax benefit | $ 0 |
Share-Based Compensation - 2021 Long Term Incentive Plan (Details) - 2021 Incentive Plan - shares |
Sep. 30, 2024 |
Jul. 01, 2021 |
|---|---|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Number of shares authorized | 33,918,000 | |
| Shares available for grant | 12,638,937 |
Share-Based Compensation - Stock Option Activity (Details) shares in Thousands, $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized compensation cost, period of recognition | 1 year 1 month 6 days |
| Employee Stock Option [Member] | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized share-based compensation cost related to stock options | $ | $ 0.3 |
| Stock options, Granted | 0 |
| Stock options exercised | 0 |
Share-Based Compensation - Schedule of Service Based RSU Activity (Details) - 2021 Incentive Plan - Service Based RSU's shares in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
$ / shares
shares
| |
| Restricted Stock Unit Activity | |
| Nonvested as of beginning (in shares) | shares | 9,051 |
| Granted (in shares) | shares | 9,101 |
| Vested (in shares) | shares | (3,348) |
| Forfeited (in shares) | shares | (2,265) |
| Nonvested as of ending (in shares) | shares | 12,539 |
| Weighted Average Grant Date Fair Value | |
| Nonvested as of beginning (in dollar per share) | $ / shares | $ 5.85 |
| Granted (in dollar per share) | $ / shares | 2.63 |
| Vested (in dollar per share) | $ / shares | 6.28 |
| Forfeited (in dollar per share) | $ / shares | 4.19 |
| Nonvested as of ending (in dollar per share) | $ / shares | $ 3.70 |
Share-Based Compensation - Service Based RSU Activity (Narrative) (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized compensation cost, period of recognition | 1 year 1 month 6 days |
| 2021 Incentive Plan | Service Based RSU's | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Total fair value vested | $ 8.3 |
| Unrecognized compensation cost | $ 22.6 |
| Unrecognized compensation cost, period of recognition | 1 year 6 months |
Share-Based Compensation - Schedule of Market-Based Awards (Details) - Market-Based Awards - 2021 Incentive Plan shares in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
$ / shares
shares
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Vesting period | 3 years |
| Restricted Stock Unit Activity | |
| Nonvested as of beginning (in shares) | shares | 704 |
| Granted (in shares) | shares | 317 |
| Forfeited (in shares) | shares | (83) |
| Nonvested as of ending (in shares) | shares | 938 |
| Weighted Average Grant Date Fair Value | |
| Nonvested as of beginning (in dollar per share) | $ / shares | $ 2.25 |
| Granted (in dollar per share) | $ / shares | 2.29 |
| Forfeited (in dollar per share) | $ / shares | 2.50 |
| Nonvested as of ending (in dollar per share) | $ / shares | $ 2.24 |
Share-Based Compensation - Market-Based Awards (Details) $ in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized compensation cost, period of recognition | 1 year 1 month 6 days |
| Market-Based Awards | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Total fair value vested | $ 0 |
| Unrecognized compensation cost | $ 1,300 |
| Unrecognized compensation cost, period of recognition | 1 year 6 months |
Share-Based Compensation - Schedule of Market-Based Awards Key Assumptions (Details) - Market-Based Awards |
9 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Assumptions | |
| Expected dividend yield | 0.00% |
| Cost of equity | 13.60% |
| Minimum | |
| Assumptions | |
| Risk-free interest rate | 3.90% |
| Expected volatility | 85.00% |
| Remaining time to performance period end date (in years) | 5 years |
| Maximum | |
| Assumptions | |
| Risk-free interest rate | 4.00% |
| Expected volatility | 88.00% |
| Remaining time to performance period end date (in years) | 5 years 2 months 12 days |
Share-Based Compensation - Schedule of Performance-Based Awards (Details) - PSUs - 2021 Incentive Plan shares in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
$ / shares
shares
| |
| Restricted Stock Unit Activity | |
| Nonvested as of beginning (in shares) | shares | 0 |
| Granted (in shares) | shares | 1,859 |
| Forfeited (in shares) | shares | (250) |
| Nonvested as of ending (in shares) | shares | 1,609 |
| Weighted Average Grant Date Fair Value | |
| Nonvested as of beginning (in dollar per share) | $ / shares | $ 0 |
| Granted (in dollar per share) | $ / shares | 2.92 |
| Forfeited (in dollar per share) | $ / shares | 2.90 |
| Nonvested as of ending (in dollar per share) | $ / shares | $ 2.93 |
Share-Based Compensation - Incentive Units - Summary of the activity of Incentive Units (Details) - Incentive Units shares in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
$ / shares
shares
| |
| Incentive Unit Activity | |
| Nonvested as of beginning (in shares) | shares | 252 |
| Vested (in shares) | shares | (57) |
| Forfeited (in shares) | shares | (133) |
| Nonvested as of ending (in shares) | shares | 62 |
| Weighted Average Grant Date Fair Value | |
| Nonvested as of beginning (in dollar per share) | $ / shares | $ 37.03 |
| Vested (in dollar per share) | $ / shares | 15.53 |
| Forfeited (in dollar per share) | $ / shares | 52.04 |
| Nonvested as of ending (in dollar per share) | $ / shares | $ 24.81 |
Share-Based Compensation - Incentive Units (Details) $ in Millions |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized compensation cost, period of recognition | 1 year 1 month 6 days |
| Incentive Units | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Unrecognized compensation cost | $ 0.1 |
| Unrecognized compensation cost, period of recognition | 3 months 18 days |
| Time Vesting Incentive Units | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Share-based compensation award vesting percentage | 65.00% |
| Vesting period | 4 years |
| Sale Vesting Incentive Units | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Share-based compensation award vesting percentage | 35.00% |
Net Loss Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
| Numerator | ||||||||
| Net loss | $ (33,290) | $ (28,257) | $ (91,093) | $ (98,877) | ||||
| Less: net loss attributable to redeemable noncontrolling interest | (21,581) | $ (19,200) | $ (18,400) | (18,536) | $ (14,500) | $ (36,000) | (59,174) | (69,054) |
| Net loss attributable to Class A common stockholders | (11,709) | $ (10,377) | $ (9,833) | (9,721) | $ (7,026) | $ (13,076) | (31,919) | (29,823) |
| Less: net loss attributable to participating securities | (79) | (68) | (216) | (246) | ||||
| Net loss attributable to Class A common stockholders, basic | (11,630) | (9,653) | (31,703) | (29,577) | ||||
| Net loss attributable to Class A common stockholders, diluted | $ (11,630) | $ (9,653) | $ (31,703) | $ (29,577) | ||||
| Denominator | ||||||||
| Weighted average common stock outstanding | 106,925 | 103,406 | 106,210 | 87,168 | ||||
| Less: weighted average unvested Earnout Shares outstanding | (719) | (719) | (719) | (719) | ||||
| Weighted average common stock outstanding, basic (in shares) | 106,206 | 102,687 | 105,491 | 86,449 | ||||
| Weighted average common stock outstanding, diluted (in shares) | 106,206 | 102,687 | 105,491 | 86,449 | ||||
| Net loss per share | ||||||||
| Net loss per share - basic | $ (0.11) | $ (0.09) | $ (0.30) | $ (0.34) | ||||
| Net loss per share - diluted | $ (0.11) | $ (0.09) | $ (0.30) | $ (0.34) | ||||
Redeemable Noncontrolling Interest - Narrative (Details) |
9 Months Ended | |
|---|---|---|
|
Sep. 30, 2024
Vote
shares
|
Dec. 31, 2023
shares
|
|
| EVgo Holdings | EVgo OpCo | ||
| Percentage of ownership interest held | 64.80% | 65.50% |
| EVgo Opco Units | ||
| Redeemable stock conversion ratio | 1 | |
| EVgo Opco Units | EVgo Holdings | ||
| Units owned | 195,800,000 | 195,800,000 |
| Class B Common Stock | ||
| Percentage of voting interest | 64.70% | 65.40% |
| Class B Common Stock | EVgo Holdings | ||
| Number of votes per share | Vote | 1 | |
| Class A Common Stock | ||
| Common shares subject to possible forfeiture | 718,750 | 718,750 |
Redeemable Noncontrolling Interest - Schedule of reconciliation of changes in redeemable noncontrolling interest (Details) $ in Thousands |
9 Months Ended |
|---|---|
|
Sep. 30, 2024
USD ($)
| |
| Redeemable Noncontrolling Interest | |
| Beginning balance | $ 700,964 |
| Net loss attributable to redeemable noncontrolling interest | (59,174) |
| Equity-based compensation attributable to redeemable noncontrolling interest | 304 |
| Adjustment to revise redeemable noncontrolling interest to its redemption value at period-end | 168,518 |
| Ending balance | $ 810,612 |
Subsequent Events (Details) $ in Millions |
Oct. 03, 2024
USD ($)
|
|---|---|
| Subsequent Event | U.S. Department of Energy ("DOE") Loan Programs Office ("LPO") | |
| Subsequent Events | |
| Conditional commitment of guarantee provided | $ 1,050 |