EVgo Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>EVgo Inc. has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and operational information.</b>

AI Summary

EVgo Inc. (EVGOW) filed a Annual Report (10-K) with the SEC on March 6, 2024. EVgo Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and disclosures for the period. Key financial metrics and operational details are presented. The company's business address is 11835 West Olympic Boulevard, Suite 900E, Los Angeles, CA 90064. EVgo Inc. was formerly known as Climate Change Crisis Real Impact I Acquisition Corp.

Why It Matters

For investors and stakeholders tracking EVgo Inc., this filing contains several important signals. This 10-K filing provides investors with a detailed overview of EVgo's financial health, operational strategies, and risk factors for the fiscal year 2023. Understanding the specifics of this report is crucial for assessing EVgo's current market position and future growth prospects in the electric vehicle charging infrastructure sector.

Risk Assessment

Risk Level: medium — EVgo Inc. shows moderate risk based on this filing. The company's financial performance and future growth are subject to market adoption of EVs and competitive pressures, as detailed in the 10-K.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess EVgo's long-term viability and competitive positioning.

Key Numbers

• 20231231 — Fiscal Year End (Report period)
• 20240306 — Filing Date (Date of submission)
• 126 — Public Document Count (Number of documents in the filing)
• 001-39572 — SEC File Number (SEC registration number)

Key Players & Entities

• EVgo Inc. (company) — Filer name
• Climate Change Crisis Real Impact I Acquisition Corp (company) — Former company name
• 11835 West Olympic Boulevard, Suite 900E, Los Angeles, CA 90064 (company) — Business address
• 20231231 (date) — Fiscal year end
• 20240306 (date) — Filing date

FAQ

Industry Context

EVgo operates in the rapidly growing electric vehicle charging infrastructure sector, which is influenced by government incentives, technological advancements, and consumer adoption of EVs.

Regulatory Implications

The company's operations are subject to various federal and state regulations concerning energy, environmental standards, and consumer protection.

What Investors Should Do

1. Analyze EVgo's revenue streams and growth drivers for 2023.
2. Evaluate the company's operating expenses and profitability trends.
3. Assess the identified risks and their potential impact on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-03-06: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for EVgo Inc. as a public company, following its transition from a SPAC.

Key Financial Figures

• $0.0001 — hich registered Class A common stock, $0.0001 par value per share EVGO The Nasdaq
• $11.50 — A common stock at an exercise price of $11.50 EVGOW The Nasdaq Global Select Mark
• $10.00 — PIPE Investors, for a purchase price of $10.00 per share and an aggregate purchase pri
• $400,000,000 — hare and an aggregate purchase price of $400,000,000, in a private placement. " PIPE Invest
• $1.00 — tock at $11.50 per share, at a price of $1.00 per warrant, generating gross proceeds
• $6,600,000 — r warrant, generating gross proceeds of $6,600,000. " Public Warrants " means the 11,499,

Filing Documents

• evgo-20231231x10k.htm (10-K) — 2894KB
• evgo-20231231xex10d12.htm (EX-10.12) — 82KB
• evgo-20231231xex10d14.htm (EX-10.14) — 69KB
• evgo-20231231xex19.htm (EX-19) — 86KB
• evgo-20231231xex21d1.htm (EX-21.1) — 7KB
• evgo-20231231xex23d1.htm (EX-23.1) — 2KB
• evgo-20231231xex31d1.htm (EX-31.1) — 18KB
• evgo-20231231xex31d2.htm (EX-31.2) — 17KB
• evgo-20231231xex32d1.htm (EX-32.1) — 18KB
• evgo-20231231xex97.htm (EX-97) — 153KB
• evgo-20231231x10k001.jpg (GRAPHIC) — 11KB
• evgo-20231231x10k002.jpg (GRAPHIC) — 30KB
• evgo-20231231xex97002.jpg (GRAPHIC) — 1KB
• 0001558370-24-002608.txt (&nbsp;) — 13296KB
• evgo-20231231.xsd (EX-101.SCH) — 95KB
• evgo-20231231_cal.xml (EX-101.CAL) — 73KB
• evgo-20231231_def.xml (EX-101.DEF) — 515KB
• evgo-20231231_lab.xml (EX-101.LAB) — 743KB
• evgo-20231231_pre.xml (EX-101.PRE) — 671KB
• evgo-20231231x10k_htm.xml (XML) — 2222KB

Business

Item 1. Business 8

Risk Factors

Item 1A. Risk Factors 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 58

Cybersecurity Risk Management, Strategy and Governance

Item 1C. Cybersecurity Risk Management, Strategy and Governance 58

Properties

Item 2. Properties 60

Legal Proceedings

Item 3. Legal Proceedings 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 61

[Reserved]

Item 6. [Reserved] 61

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 62

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 81

Consolidated Financial Statements and Supplementary Data

Item 8. Consolidated Financial Statements and Supplementary Data 82

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126

Controls and Procedures

Item 9A. Controls and Procedures 126

Other Information

Item 9B. Other Information 127

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 128 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 129

Executive Compensation

Item 11. Executive Compensation 129

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 129

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 129 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 130

Form 10-K Summary

Item 16. Form 10-K Summary 132 Schedule II 133

Signatures

Signatures 134 2 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report"), including Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7, contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this document other than statements of historical fact, including, without limitation, statements regarding future financial performance, business strategies, market size and opportunity, expansion plans, future results of operations, factors affecting EVgo's performance, estimated revenues, losses, projected costs, prospects, plans and objectives of management, are forward-looking statements. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Annual Report, words such as "may," "will," "might," "should," "could," "would," "can," "expect," "plan," "objective," "seek," "grow," "position," "possible," "potential," "outlook," "forecast," "strategy," "budget," "target," "if," "predict," "anticipate," "intend," "believe," "estimate," "continue," "project" and the negative of such terms or other similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on EVgo's current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events, and are not guarantees of performance. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including the risk factors described in EVgo's filings with the Securities and Exchange Commission (the "SEC"). Moreover, EVgo operates in a

Business

Item 1. Business. Unless otherwise indicated or unless the context otherwise requires, all references to "EVgo" and the "Company" refer to EVgo Inc. and its subsidiaries. Overview EVgo is a leader in EV charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of EVs for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation's largest public fast charging networks, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners, EVgo enables a world-class charging experience where drivers live, work, travel and play. The foundation of the Company's business is building, owning and operating EV fast charging sites that deliver charging to EVs driven by individuals, commercial drivers and fleet operators. EVgo is prioritizing the build out of ultra-fast chargers, a key market segment that is expected to grow faster than the overall EV charging market. See "— Suppliers and Service Providers — Electricity." To take advantage of the expected growth in the number of EVs on the road in the United States, the Company continues to expand its network of charging stations, focusing on development of locations with favorable traffic, utilization and financial return characteristics. The Company's proprietary technology and analytical tools, along with its extensive commercial partnerships with OEMs, fleets and governments, provide a strong competitive edge as it selects, designs and develops new charging stations. Furthermore, EVgo's robust underwriting standards require its portfoli

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View this 10-K filing on SEC EDGAR