Thank you for standing by. My name is Jail and I will be your conference operator today.

At this time, I would like to welcome everyone to the EVGO 4th quarter and full year 2025 earnings call.

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, followed by the number 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. We now would like to turn the conference over to Heather Davis, Vice President of Investor Relations. You may begin.

Good morning, and welcome to EVGO's fourth quarter and full year 2025 earnings call. My name is Heather Davis, and I am the Vice President of Investor Relations at EVGO. Joining me on today's call are Badar Khan, EVGO's Chief Executive Officer, and Kiefer Lehner, EVGO's Chief Financial Officer. Today, we will be discussing EVGO's fourth quarter and full year 2025 financial results, followed by a Q&A session. Today's call is being webcast and can be accessed on the Investor section of our website at investors.ebgo.com. The call will be archived and available there along with the company's earnings release and investor presentation after the conclusion of this call. During the call, management will be making forward-looking statements that are subject to risks and uncertainties including expectations about future performance factors that could cause actual results to differ materially from our expectations are detailed in our sec filings including in the risk factor section of our most recent annual report on form 10k and quarterly reports on form 10q the company's sec filings are available on the investor section of our website These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. Also, please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including a reconciliation to the corresponding GAAP measures, can be found in the earnings materials available on the Investors section of our website. With that, I'll turn the call over to Zadar Khan, EVGO CEO.

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

My focus is clear, building on the strength of our balance sheet to accelerate profitability, long-term growth. With that, let's jump into our fourth quarter. Operational stall growth is one of the key components of growing EVO's revenue. We ended Q4 with 5,100 stalls in operation, a three times increase compared to the end of 2021. We added over 1,200 new stalls to the network in 2025, including 500 in just the fourth quarter, representing our largest stall deployment in a quarter network. Our customer base has grown almost five-fold over that same period, which contributes to the network effect, driving increased brand loyalty and usage across our ever-expanding network. We've grown the total energy dispensed on EVgo's network in 2025 to 366 gigawatt hours, a 14-fold increase over that same period since 2021. 2025 revenues of $384 million have increased over 17 times from 2021 levels. Charity Network gross profit margin expanded over 2,500 basis points from the mid-teens to the upper 30s, reflecting the meaningful operating leverage of fixed costs of sales on a per stall basis as throughput and revenue per stall continue to rise. Importantly, we again delivered improving profitability with adjusted EBITDA growing at a meaningfully faster rate than revenue, and we achieved a positive adjusted EBITDA margin in 2025 for the first time in company history. Total throughput on the public network during the fourth quarter was 99 gigawatt hours, an 18% increase compared to last year. Revenue for Q4 was $118 million, which represents a 75% year-over-year increase with growth in all three revenue categories. Total charging network revenue was $64 million, a 37% increase versus the prior year. Extend revenue was $24 million, delivering growth of 33% over the same period. An ancillary revenue of roughly $31 million was up about 9x. Q4 ancillary revenue benefited from a $26 million contract buyout from a former AV partner that exited space. Charging network gross profit and margin in the fourth quarter were $29 million and 46% respectively, up 56% and 560 basis points respectively. This is slightly higher than our run rate given the higher than usual network OEM revenues resulting primarily from branding revenue associated with our GM contract and higher charging credit breakage. Since 2021, charging network gross profits have grown over 32 times. Fourth quarter adjusted gross profit of $60 million was up over 2x versus the prior year. Adjusted gross margin was 51% in Q4, an increase of over 1,700 basis points over the same period. Adjusted G&A for the quarter was $35 million, an increase of 14% compared to the prior year, but as a percentage of revenue improved from 46% in the fourth quarter of 2024 to 30% in Q4 of this year. Adjusted EBITDA was $25 million in the fourth quarter of 2025, a $33 million improvement versus the fourth quarter of 2024. Importantly, if you exclude the impact of the $24 million ancillary contract buyout, we were still positive adjusted EBITDA for the fourth quarter. Moving to key highlights for full year 2025. Total throughput on the public network in 2025 was 366 gigawatt hours, 32% increase compared to last year. Revenue for 2025 was $384 million, which represents a 50% year-over-year increase with growth across all three revenue categories. Total charging network revenue, $218 million, a 40% increase compared to 2024. Extend revenue was $116 million, delivering growth of 34% compared to the prior year. And ancillary revenues of $49 million, or up 239% year-over-year, again benefiting from a $26 million contract buyout from a former AV partner that exited the space. Charging network gross profit and margin in 2025 for $86 million and 39 percent, respectively, up 46 percent and 170 basis points, respectively, versus the prior year. 2025 adjusted gross profit of $141 million was up 86 percent versus the prior year. Adjusted gross profit margin was 37 percent in 2025, an increase of over 700 basis points. Adjusted G&A as a percentage of revenue also improved from 42% in 2024 to 34% this year, further demonstrating the scalability and operating leverage intrinsic to our model. Adjusted EBITDA was $12 million in 2025, a $44 million improvement versus the prior year. Full-year net capital spending for 2025 was $76 million, a 64% increase versus the prior year. 61% of 2025 CAPEX, net of capital offsets, was spent in Q4 as we deployed over 500 stalls in the quarter and began laying the groundwork for accelerated growth in 2026. For a 2025 vintage, net CAPEX per stall was approximately $70,000, dollars, a slight increase from 2024 vintage, which had an elevated amount of capital offsets. On the financing side, we also borrowed an additional six million dollars under our commercial bank facility in December 2025. As mentioned in last quarter's call, we received the latest DOE loan funding of 41 million dollars in October 2025. In total, that brings our commercial bank and DOE loan balances as of December 31st, 2025 to $66 million and $141 million respectively, turning to our outlook and guidance for 2026. As we've outlined earlier, we see an opportunity to build the top-tier charging network in the United States. While EV sales in 2026 are expected to be flattish to slightly up from 2025, that still means at least 1.2 million new EVs will be on the road, and VIO is expected to expand 20% plus year over year, with new EV sales expected to account for less than 10% of our total 2026 revenue. We're investing in scale, density, and deepening our network advantage, while focused on capturing strong returns on capital deployment. We expect to accelerate our deployment of EVgo public and dedicated stalls this year, with 1,050 to 1,250 new stalls being added in 2026, with the majority of these additions coming in the second half of 2026. In order to facilitate our accelerated future growth, we're making investments in GNA to support this growth engine. Our expectation of the number of extended stalls operationalized this year is 350 to 400 stalls, which will get us through approximately 70 percent of the contract with the pilot company. We anticipate building the remaining and SIN stalls under this contract in 2027, at which point the contract will primarily be tied to operations and maintenance of pilots network. Overall, we plan to deploy 1,400 to 1,650 total stalls in 2026, a significant step up from 2025, and we expect the rate of deployment to continue to increase as the company grows in 2027 and beyond. For the full year 2026, we expect total revenues of $410 million to $470 million with adjusted EBITDA and the range of negative $20 million to positive $20 million. We also expect significant shape and second half waiting to the year as approximately two-thirds of the 2026 stall deployments will go live in the second half of The adjusted EBITDA range is informed by variability of expected throughput on our network. The incremental benefit of each kilowatt hour sold has a big bottom line impact. Roughly 2.5 gigawatt hours of retail throughput equates to approximately $1 million of adjusted EBITDA impact. We expect second half 2026 run rate to be well above full year guidance, given the significant shape to the year. We expect second-half annualized adjusted EBITDA to be up to $40 million. We do anticipate Q1 and Q2 adjusted EBITDA will be negative given the growth investments we are making and the second-half weighting of our new stall additions in 2020. Charging network revenue should be around 70% of 2026 total revenue. Charging revenue is expected to increase each quarter on a year-over-year basis. In the first quarter, growth is expected to be softer as our new stalls added in Q4 are still ramping up and we had significant weather impacts from winter storms. Extend revenues for 2026 are expected to be down on a year-over-year basis as we are constructing fewer stalls under the program this year as we get closer to completing the contract of pilot. Beginning in 2028, this will drive lower revenue solely tied to O&M activity, which frees up our team to focus on further accelerating the expansion of our owned and operated network. Given our strong unit economics and paybacks, we are investing in G&A in 2026 for accelerated future stall deployment and improving the customer experience. These near-term investments are expected to position EVGO to accelerate revenue and profit growth into the future. Adjusted G&A for 2026 is expected to be $150 million to $155 million for the full year, which is approximately 35% of 2026 revenue guidance. This is largely in line with 2025 SG&A expense as a percentage of revenue, but on a full-year basis is burdened by the back-end growth of the 2026 plan. 2026 will be an exciting year of transition for EVgo as we augment our foundation to support sustained profitability and set the table for an accelerated go-forward growth trajectory, which should drive improved incremental margins and sustainable profitability on a go-forward basis. With that, I'll hand it back over to Baddard to dive deeper into EVgo's differentiated value

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

call. Thank you. The floor is now open for questions. If you have dialed in and would like to ask a question, please press star 1 on your telephone cue pad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again. If you are called upon to ask a question and are listening via loudspeak on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. We do request for today's session you please limit yourself to one question and one follow-up and you may requeue for any further follow-up questions your first question comes from the line of steven uh jingaro of stifo your line

is open hi steven uh thanks thank you good morning everybody uh congrats on the progress um can can you uh this might be an odd question but when you when you look at the customers i forget the number you mentioned but 1.3 or 1.5 million customers uh can you tell us did you have a sense for the percentage of usage that a certain piece of the customer base has like if you have 1.6 million i think was the number you gave like are you seeing like are the repeat users driving like are 25 percent driving 75 percent of the business like how do those numbers look

yeah steven we you know we i've been saying uh on a pretty much regular basis over the last several quarters that around half of our usage comes from uh ride share customers or from customers on subscription accounts so these are uh the customers that are um you know using our network most frequently i think we've said ride shares roughly a quarter ride share alone is roughly a quarter of the business and then we've got the subscription accounts and of course customers on the uh the oem charging programs uh so that's that's roughly what it is i think ride share in particular uh as we said over many quarters now it's gone from roughly ten percent four years ago uh to about a quarter so it's a it's a really exciting uh you know part of the of the demand of the network. Rideshare is electrifying. It's going to continue to electrify companies like Uber and Lyft, cities like New York City, states like California, you know, are all focused on encouraging the electrification of Rideshare. So that's really a big component there.

Okay, great. Thank you. And the other one was, do you participate? And I know you mentioned this on the autonomy side. Are there incremental, are there folks at the EVgo charging? How does that ultimately work in your mind?

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

question great no that's awful okay thanks i'll get back in line thank you your next question

comes from the line of laura ding of rbc capital markets your line is open hi laura hi thanks for

Hi, good morning. Thanks for taking my question. I think last quarter you all mentioned those charger tech enhancements. Just wanted to know if there's an update with that and when you expect to have that second enhancement completed and then have a follow-up. Yeah, we're thrilled,

very pleased with the work that's going on, actually, with our supply chain partners that's Cygnet at Delta. We know we've been systematically, you know, re-qualifying, re-installing the tech on each of these sets of equipment, and progress is going great. We completed that program with Cygnet, I want to say, over a year ago now, and the effort that we have with Delta continues through the course of this year. I expect that will be well past the majority of that program

by the middle of the year, so going really well. Got it. Got it. Thanks. And then on NACs, what have you all seen with the initial performance on the connectors installed so far, and then what gives confidence to accelerate that deployment this year? Yeah, so the throughput

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

And again, if you have a question, it is star one on your telephone keypad. Your next question comes from the line of Bill Patterson of JPMorgan. Your line is open.

And really appreciate all the color of this far in the fall. First, it looks like you lower your build schedule targets now through 2029, trying to get a better understanding of what's driving the revision. Is a higher capex per stall? I mean, less demand, I presume it might be less demand, but you know can you just define like what your your expectations are i think you're talking about industry expectations of vio doubling by 2029 but i mean what if growth remains flat or even declines applying lower vio would you subsequently lower your deployments or do you feel confident in a revised guidance so i understand you know the value proposition of evs but uh the near-term growth projections are certainly far from rosy yeah bill i mean i think that as i as we look at

our build plans for our owned stalls which is really what we're focusing on here uh let's start with 2026. we are you know really uh stepping up the deployment of new stalls in 2026. we've been growing new stalls, owned stalls, roughly kind of 700 to 800 a year for about almost four years now. And what you can see for 2026 is it's up to about 85% higher, 50 some to 85% higher. So that's a very significant step up. We'll incur those expenses this year in terms of deploying more stalls. 2027 is about two and a half to three fold versus 2025 levels. So it's another big step up. We will start incurring growth expenses for the 27 deployments towards the end of this year. And I think when I look at this deployment schedule, it's really, we're just being very disciplined around how we deploy capital. That's what guides our decision making. We're generating payback that's as fast as one to two years the top end of our network the top 15 of stores we're targeting three to five year paybacks we're we're getting something at the faster end of that range and so as long as the you know returns that we're generating on this capital is at those levels or the frankincense doesn't even need to be at those levels you know we think it makes a ton of sense to deploy capital uh you know we balance a bunch of things from you know in the past it's been the balance sheet. The balance sheet, of course, is at the strongest place it's been in in pretty many years now. We do think about in-year earnings. We do think about the sequence of deploying our operational capacity. I think the pilot contract deployments reaching an end in 2027 does allow us to transfer some of that operational build capacity over to the owned fleet without causing too much disruption. So that's how we think about it in terms of the underlying VIO. I mean, look, we've seen these forecasts, you and I, we've seen these forecasts. It's been slashed in the last couple of years. And, you know, and yet, you know, we say it's a muted environment, demand environment, and yet it's still two or three times where we are today, 2030. And so I don't know about these forecasts. I sometimes feel like they swing like a pendulum going back and forth. We're going to be focused on deploying capital in a way that makes sense for our shareholders. And the good news is we can deploy faster or slower based on the returns that we're

seeing. Yeah, thanks for that caller. I'd like to maybe double-click and unpack on the relatively wide EBITDA guidance range, maybe understand better what drives it closer to the lower end the range versus positive you talked about a pretty significant ramp in the second half um is there anything else that we should be thinking about for example you know how much does the removal of the 30 d ev tax credits have an impact um maybe you know the extend uh how much shows up in 26 versus 27 just anything you can do to help us better understand the uh the guidance range

yeah good morning bill this is kiefer i'll i'll jump in on this one um to your point we guided to an adjusted EBITDA range that at the midpoint is break-even, but we did also, to your point, share color on both the shape of 26 as well as the exit rate represented by a second-half annualized number, which is clearly well above the full-year guidance range. The shape for the year is really driven by the deployment cadence of our 2026 capital spending, plus some near-term investments at the front end of the year from a gna perspective as we work to make sure we have the foundation in place to support the more rapid build out of our own and operated network so those are really the key drivers there i think you know the operating leverage around the charging business and our charging margin is really what drives that as operating leverage increases you know through stall dependent and throughput dependent costs that illustrates that operating leverage on a go forward basis so charging network gross profit accounts for roughly two-thirds of the range within the 110 to 140 million dollar forecast that we showed

thanks keeper thanks thanks bill your next question comes from the line of craig erwin

of Roth Capital. Your line is open. Good morning and thanks for taking my questions. Actually,

my question is very much on the same line of what the last person just asked. So I was hoping you could get a little bit more granular about incrementally how much G&A dollars you're investing in 26 versus 25. And if you could maybe give us color on where you're spending these dollars you know is this um you know in uh primarily ride share support and multi-family or is this in uh you know education and other things with with you know use use car use dv buyers i mean there's many different ways you could approach organic growth on the network if you could maybe um just share with us a little bit about you know where you're spending the money

yeah great great great question um and thank you um so as you think about 2026 just total adjusted gna we're guiding to a range of 150 million dollars to 155 million dollars at the midpoint there that's up about 19 compared to full year 2025 and up about eight percent from where we exited 2025 on a q4 annualized basis um so gna spending will be up year over year albeit it um at a much more muted level than what we're expecting from a top line and margin expansion standpoint our gna remains kind of two-thirds fixed as you think about the fixed and variable split and where we're really making investments in 2026 is around internal resources as well as additional r d support and resources as we work to to build out and roll out latest generation hardware software and firmware over the course of 2026 yeah great maybe if i just just

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

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

Sure. I mean, look, margins will expand just because of the operating leverage within uh charging gross profit where you know roughly 30 percent of our costs are on a fixed and a personal basis and i think as you just mentioned you see that when you look at the difference between the top 15 percent of our network and the average of our network every quarter when we report every other quarter we put our unit economics you can see our uh charging the gross margin is is quite bit higher it was eight percentage points higher for higher usage tools so there is this embedded operating leverage as usage per store rises but great you know we've got real scale uh relative to everybody else uh in this industry almost everybody else we've got real scale we're able to engage in active energy cost management in uncertainty regulated markets as you know that you know my background comes from that space uh you know we've got very sophisticated or more sophisticated dynamic pricing algorithms deployed across the network we deployed them in through 24 and 25. we've got that next round Craig just to summarize we feel pretty good pretty excited about our pricing sophistication i will say that we are in the foothills of a multi-decade journey And so, you know, our long-term unit economic gross margins are really not different from where we are today. So I think that might seem to be a conservative assumption.

Great. Well, congratulations on the healthy quarter there.

Thanks, Frank. Your next question comes from the line of Chris Pierce of Needham. Your line is open.

Morning. First question, I guess, can you hear me after that?

We can hear you.

We can hear you, yes. Okay, perfect. You know, you've talked about moving faster. You've talked about the network effects and network advantages. I guess if we think about, you know, this long tail of substandard operators, is there a chance for, you know, M&A in maybe some areas where it's a desirable geographic location and you've got a competitor there that is maybe a local-only competitor and that would sort of grow the install base even faster? Or is that not quite something that's possible given the DOE loan or how you guys think about installing and needing electricity

for 350, et cetera? At the highest level, Chris, we want to ensure that we are deploying capital that is generating the best returns. Deploying capital organically, as we can all clearly see, is generating very strong returns uh if we're able to deploy capital inorganically that can compete with that then of course we will take a look at it uh you know it is our view that um you know our you know our uh you know really quite material difference uh superior performance on demand in terms of that usage per stall is due to the site location but also all the other things that you were just alluding to our network effect uh you know our um investments in customer experience customer engagement the reliability the charger speed and so you know if there may be a scenario where um you know uh our our uh sort of know-how on top of somebody else's assets as long as they're in good locations could generate much more attractive returns. But, you know, these are all hypothetical. At this point, we're just very focused on deploying capital organically.

Okay, thank you and good luck.

Your next question comes from the line of Andrew Shepard of Cantor Fitzgerald. Your line is open. Hi, Andrew.

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

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

years now got it that's super helpful appreciate all that color maybe just as a last and quick follow-up um can you maybe just remind us uh a capital needs you know going forward you know with roughly 211 million uh in liquidity you also have the doe loan um you know how are you thinking about capital needs um and and particularly if you're planning on on being active in the m&a

market thank you well just um just to be clear we are very focused on growing the company organically So, you know, if there are opportunities that deploy capital that compete with that, we'll look at it. But today we're very focused on growing organically. You know, I will say, I'll ask Kiefer just to comment on the capital needs. But, you know, we've got one of the, at this point, I think the strongest balance sheet we've had in my time, certainly as CEO and prior to that. So, and we've got this, I consider kind of superior and lower cost access to non-dilutive financing through the DOE and the commercial bank facility. And so we feel very good about those facilities. But I'll ask maybe Kiefer just to comment on how you think about the capital needs this year.

Sure. Good question. And so to jump in on 26 capital spending right now, we're estimating a range and kind of a high 100 million up to approaching $200 million of spend for 26. Approximately two thirds of that would be year marked for 2026 deployments. So the wiggle room there is just related to future capital spending. And when that hits from a timing perspective on a net basis, that was a gross number I just gave you on a net basis. we're expecting offsets this year to be approximately 17 percent so on a pull per stall basis we do believe we'll be able to drive down gross capital spending per stall somewhere in the low single digits on a year-over-year basis as we look from 25 to 26.

wonderful super helpful as always thanks so much and congrats again on the quarter

thanks everybody thank you and your last question is a follow-up from the line of steven jangaro

of stifle your line is open uh thanks thanks for taking the follow-up i uh this was in reference to the the margins and the pricing side uh this came up a little bit an earlier question but are you have you implement or how do you handle sort of the dynamic pricing model like how aware is the system of of of alternatives and and how do you sort of adapt to changing environments with with pricing is that real time is it just could you give me an update on how you how you handle

that yeah um so we rolled out our first set of dynamic pricing algorithms uh back in 2020 late 24. uh so they've been running now for uh for about you know 12 to 18 months um and these are It's really algorithms that are optimizing pricing for us to maximize absolute gross margin. And so these algorithms are resulting in different prices, certainly throughout the day, over a 24-hour period, and across different locations where prices might be going up or down. We expect to roll out a new level of algorithms this spring. We were hoping to do that at the end of last year, but we had the record deployment of new stalls. It was the largest deployment of new stalls in the company's history ever in Q4. We wanted to just sort of manage the operational bandwidth here. And those new algorithms just take us to another level of sophistication in terms of frequency of change and disaggregation in terms of pricing combinations across our entire network.

Great. I appreciate all the details again. Absolutely.

With no further questions, that concludes our Q&A session. I will now turn the conference back over to Bedar Khan for closing remarks.

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

call. You may now disconnect.