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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-39572

EVgo Inc.

(Exact name of registrant as specified in its charter)

Delaware

85-2326098

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

11835 West Olympic Boulevard, Suite 900E, Los Angeles, CA 90064

(Address of Principal Executive Offices)

(877) 494-3833

(Registrant’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Class A common stock, $0.0001 par value per share

EVGO

The Nasdaq Global Select Market

Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50

EVGOW

The Nasdaq Global Select Market

As of November 1, 2023, the Registrant had 103,553,898 shares of Class A common stock and 195,800,000 shares of Class B common stock outstanding.

TABLE OF CONTENTS

Page

Cautionary Statement Regarding Forward-Looking Statements

3

Frequently Used Terms

5

Part I. Financial Information

Item 1.

Financial Statements

7

Condensed Consolidated Balance Sheets as of September 30, 2023 (unaudited) and December 31, 2022

7

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2023 and 2022 (unaudited)

9

Condensed Consolidated Statements of Stockholders’ Deficit for the Nine Months Ended September 30, 2023 and 2022 (unaudited)

10

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (unaudited)

12

Notes to Condensed Consolidated Financial Statements (unaudited)

14

Item 2.

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

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

55

Part II. Other Information

Item 1.

Legal Proceedings

57

Item 1A.

Risk Factors

57

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

57

57

57

58

Signatures

60

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “Quarterly Report”), including Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2, 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 Quarterly Report, words such as “may,” “will,” “might,” “should,” “could,” “would,” “can,” “expect,” “plan,” “objective,” “seek,” “grow,” “possible,” “potential,” “outlook,” “forecast,” “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 very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for EVgo to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements EVgo may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this document may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Forward-looking statements in this Quarterly Report may include, without limitation, statements about:

changes adversely affecting EVgo’s business;
the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns;
fluctuations in EVgo’s revenue and operating results;
unfavorable conditions or further disruptions in the capital and credit markets;
EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness;
competition from existing and new competitors;
EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards for EV charging;
the growth of the electric vehicle (“EV”) market;
EVgo’s ability to expand into new service markets, grow its customer base and manage its operations;
EVgo’s ability to develop new features and functionality that meet market needs and achieve market acceptance;
EVgo’s ability to integrate any businesses it acquires;
EVgo’s ability to recruit and retain experienced personnel;
risks related to legal proceedings or claims, including liability claims;
EVgo’s dependence on third-party contractors to provide various services and hardware;
EVgo’s ability to obtain additional capital on commercially reasonable terms;
supply chain disruptions, inflation and other increases in expenses;
safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs;
any current, pending or future legislation, regulations or policies that could impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs;
partnerships with commercial or public-entity property owners, landlords and/or tenants (collectively “Site Hosts”), original equipment manufacturers (“OEMs”), fleet operators and suppliers;
EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property;

3

general economic or political conditions, including the conflicts in Ukraine, Israel and the broader Middle East region, and elevated rates of inflation and the associated changes in monetary policy; and
other factors detailed under the section entitled “Risk Factors” in EVgo’s periodic filings with the SEC.

EVgo’s SEC filings are available publicly on the SEC’s website at www.sec.gov. The forward-looking statements contained in this Quarterly Report are based on EVgo’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting EVgo will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond EVgo’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of EVgo’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements in this Quarterly Report and in any document incorporated herein by reference should not be relied upon as representing EVgo’s views as of any subsequent date and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

4

FREQUENTLY USED TERMS

Unless the context indicates otherwise, the following terms have the following meanings when used in this Quarterly Report:

Board of Directors” means the board of directors of EVgo Inc.

Business Combination Agreement” means that business combination agreement entered into on January 21, 2021 by and among CRIS, Thunder Sub and the EVgo Parties, as may be amended from time to time.

Class A common stock” means Class A common stock of EVgo Inc., par value $0.0001 per share.

Class B common stock” means Class B common stock of EVgo Inc., par value $0.0001 per share.

Code” means the U.S. Internal Revenue Code of 1986, as amended.

common stock” means Class A common stock and Class B common stock.

Company” means EVgo Inc. and its subsidiaries.

Company Group” means EVgo Inc., Thunder Sub or any of their subsidiaries (other than EVgo OpCo and its subsidiaries).

CRIS” means Climate Change Crisis Real Impact I Acquisition Corporation.

CRIS Business Combination” means the transactions contemplated by the Business Combination Agreement.

CRIS Close Date” means the closing of the CRIS Business Combination on July 1, 2021.

“DCFC” means direct current fast charging.

EV” means electric vehicle.

EVgo” means, prior to the CRIS Close Date, EVgo Holdings and its subsidiaries and, following the CRIS Close Date, EVgo Inc. and its subsidiaries.

EVgo Holdco” means EVgo Holdco, LLC, a Delaware limited liability company.

EVgo Holdings” means EVgo Holdings, LLC, a Delaware limited liability company.

EVgo Member Holdings” means EVgo Members Holdings, LLC, a Delaware limited liability company.

EVgo OpCo” means EVgo OpCo, LLC, a Delaware limited liability company.

EVgo OpCo A&R LLC Agreement” means the amended and restated limited liability company agreement of EVgo OpCo entered into on July 1, 2021.

EVgo OpCo Units” means the equity interests of EVgo OpCo.

EVgo Parties” means EVgo OpCo, EVgo Holdco and EVgo Holdings.

EVgo Services” means EVgo Services LLC, a Delaware limited liability company.

Exchange Act” means the Securities Exchange Act of 1934, as amended.

GAAP” means accounting principles generally accepted in the United States, consistently applied, as in effect from time to time.

5

GWh” means gigawatt hour, a unit of energy that represents one billion watt-hours and is equal to one million kilowatt-hours.

Initial Public Offering” means CRIS’s initial public offering of units consummated on October 2, 2020.

JOBS Act” means the Jumpstart Our Business Startups Act of 2012, as amended.

kWh” means kilowatt-hour.

LS Power” means LS Power Equity Partners IV, L.P. and its affiliates, unless the context otherwise requires.

OEM” means original equipment manufacturer.

PlugShare” means PlugShare LLC, a California limited liability company.

Private Placement Warrants” means the 6,600,000 warrants purchased by the Sponsor in a private placement simultaneously with the closing of the Initial Public Offering, each of which is exercisable for one share of Class A common stock at $11.50 per share, at a price of $1.00 per warrant, generating gross proceeds of $6,600,000.

Public Warrants” means the 11,499,988 redeemable warrants sold as part of the units in the Initial Public Offering.

SEC” means the U.S. Securities and Exchange Commission.

Sponsor” means CRIS’s sponsor, Climate Change Crisis Real Impact I Acquisition Holdings, LLC, a Delaware limited liability company.

Tax Receivable Agreement” means the tax receivable agreement, entered into on the CRIS Close Date, by and among CRIS, Thunder Sub, EVgo Holdings and LS Power Equity Advisors, LLC, as agent.

Thunder Sub” means CRIS Thunder Merger LLC, a Delaware limited liability company and wholly owned subsidiary of EVgo Inc.

USE OF TRADEMARKS

This Quarterly Report may include trademarks, trade names, and service marks owned by EVgo. EVgo’s trademarks include EVgo®, EVgo Advantage®, EVgo Basic, EVgo eXtend, EVgo Inside, EVgo PlusMAX, EVgo ReNew, EVgo Reservations, EVgo Rewards®, EVgo Optima, Pay with PlugShare, PlugShare®, and PlugShare® Premium. EVgo’s trademarks are either registered or have been used as common law trademarks by EVgo. This Quarterly Report may contain additional trademarks, trade names, and service marks of others, which are, to EVgo’s knowledge, the property of their respective owners. Solely for convenience, trademarks, trade names, and service marks referred to in this Quarterly Report appear without the ®, ™ or SM symbols, but such references are not intended to indicate, in any way, that EVgo will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensor to these trademarks, trade names, and service marks. EVgo does not intend its use of other parties’ trademarks, trade names, or service marks to imply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of EVgo by, such other parties.

AVAILABLE INFORMATION

As soon as reasonably practicable after they are filed electronically with the SEC, EVgo’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports are available without charge on EVgo’s website, investors.evgo.com, which EVgo also uses to announce material information to the public. EVgo is providing the address to EVgo’s website solely for the information of investors. EVgo does not intend the address to be an active link or to otherwise incorporate the contents of the website into this Quarterly Report.

6

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

EVgo Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

    

September 30, 

December 31, 

2023

2022

(in thousands)

(unaudited)

Assets

 

  

Current assets

 

  

  

Cash, cash equivalents and restricted cash

 

$

228,709

$

246,193

Accounts receivable, net of allowance of $1,016 and $687 as of September 30, 2023 and December 31, 2022, respectively

 

25,655

 

11,075

Accounts receivable, capital-build

 

13,179

 

8,011

Prepaid expenses and other current assets

 

10,796

 

10,205

Total current assets

 

278,339

 

275,484

Property, equipment and software, net

 

397,927

 

308,112

Operating lease right-of-use assets

56,190

51,856

Restricted cash

300

Other assets

 

1,888

 

2,308

Intangible assets, net

 

51,901

 

60,612

Goodwill

 

31,052

 

31,052

Total assets

$

817,297

$

729,724

Liabilities, redeemable noncontrolling interest and stockholders’ deficit

Current liabilities

 

  

 

Accounts payable

$

17,605

$

9,128

Accrued liabilities

 

38,112

 

39,233

Operating lease liabilities, current

5,719

4,958

Deferred revenue, current

 

19,904

 

16,023

Customer deposits

 

10,908

 

17,867

Other current liabilities

 

61

 

136

Total current liabilities

 

92,309

 

87,345

Operating lease liabilities, noncurrent

50,216

45,689

Earnout liability, at fair value

855

1,730

Asset retirement obligations

 

19,355

 

15,473

Capital-build liability

 

33,434

 

26,157

Deferred revenue, noncurrent

 

46,174

 

23,900

Warrant liabilities, at fair value

6,519

12,304

Total liabilities

$

248,862

$

212,598

Commitments and contingencies (Note 9)

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

EVgo Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (continued)

    

September 30, 

    

December 31, 

2023

2022

(in thousands, except share data)

(unaudited)

Redeemable noncontrolling interest

$

661,804

$

875,226

Stockholders’ deficit

Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of September 30, 2023 and December 31, 2022; none issued and outstanding

Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 102,720,564 and 70,247,726 shares outstanding (excluding 718,750 shares subject to possible forfeiture) as of September 30, 2023 and December 31, 2022, respectively

10

7

Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 195,800,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022

20

20

Additional paid-in capital

142,543

17,533

Accumulated deficit

(235,942)

(375,660)

Total stockholders’ deficit

 

(93,369)

 

(358,100)

Total liabilities, redeemable noncontrolling interest and stockholders’ deficit

$

817,297

$

729,724

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

(in thousands, except per share data)

2023

2022

2023

    

2022

Revenue

 

$

35,107

 

$

10,509

 

$

110,959

 

$

27,285

Cost of revenue

25,884

8,530

82,541

19,095

Depreciation, net of capital-build amortization

8,619

5,187

22,244

12,742

Cost of sales

34,503

13,717

104,785

31,837

Gross profit (loss)

604

(3,208)

6,174

(4,552)

General and administrative expenses

32,001

32,322

104,223

89,928

Depreciation, amortization and accretion

4,975

4,516

14,542

12,535

Total operating expenses

36,976

36,838

118,765

102,463

Operating loss

(36,372)

(40,046)

(112,591)

(107,015)

Interest expense

(8)

(21)

Interest income

2,898

1,636

7,095

2,327

Other income (expense), net

1

(347)

1

(769)

Change in fair value of earnout liability

442

(1,299)

875

1,328

Change in fair value of warrant liabilities

4,774

(10,858)

5,785

14,981

Total other income (expense), net

8,115

(10,876)

13,756

17,846

Loss before income tax expense

(28,257)

(50,922)

(98,835)

(89,169)

Income tax expense

(42)

(22)

Net loss

(28,257)

(50,922)

(98,877)

(89,191)

Less: net loss attributable to redeemable noncontrolling interest

(18,536)

(37,704)

(69,054)

(66,053)

Net loss attributable to Class A common stockholders

$

(9,721)

$

(13,218)

$

(29,823)

$

(23,138)

Net loss per share to Class A common stockholders, basic and diluted

$

(0.09)

$

(0.19)

$

(0.34)

$

(0.33)

Net loss

$

(28,257)

$

(50,922)

$

(98,877)

$

(89,191)

Other comprehensive loss, net of tax

Net change in unrealized income on available-for-sale securities

47

Comprehensive loss

(28,257)

(50,875)

(98,877)

(89,191)

Less: comprehensive loss attributable to redeemable noncontrolling interest

(18,536)

(37,669)

(69,054)

(66,053)

Comprehensive loss attributable to Class A common stockholders

$

(9,721)

$

(13,206)

$

(29,823)

$

(23,138)

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Deficit

For the Nine Months Ended September 30, 2023

(unaudited)

Additional

Total

Class A Common Stock

Class B Common Stock

 Paid-In

Accumulated

Stockholders’

(in thousands)

Shares

Amount

    

Shares

Amount

    

Capital

    

Deficit

    

Deficit

Balance, December 31, 2022

  

70,248

  

$

7

  

195,800

  

$

20

  

$

17,533

  

$

(375,660)

  

$

(358,100)

Share-based compensation

5,797

5,797

Issuance of Class A common stock under share-based compensation plans

1,156

0

0

Net loss¹

(13,076)

(13,076)

Redeemable noncontrolling interest adjustment to fair value

(23,330)

(662,282)

(685,612)

Balance, March 31, 2023

71,404

7

195,800

20

(1,051,018)

(1,050,991)

Share-based compensation

8,255

8,255

Issuance of Class A common stock under the equity offering, net of issuance costs

30,123

3

123,413

123,416

Issuance of Class A common stock under the ATM, net of issuance costs

889

0

5,746

5,746

Issuance of Class A common stock under share-based compensation plans

178

0

0

Net loss²

(7,026)

(7,026)

Redeemable noncontrolling interest adjustment to fair value

(137,414)

865,404

727,990

Balance, June 30, 2023

102,594

$

10

$

195,800

$

20

$

$

(192,640)

$

(192,610)

Share-based compensation

5,129

5,129

Issuance of Class A common stock under share-based compensation plans

127

0

0

Net loss³

(9,721)

(9,721)

Redeemable noncontrolling interest adjustment to fair value

137,414

(33,581)

103,833

Balance, September 30, 2023

  

102,721

$

10

195,800

$

20

$

142,543

$

(235,942)

$

(93,369)

1 Excludes $36.0 million of net loss attributable to redeemable noncontrolling interest.

2 Excludes $14.5 million of net loss attributable to redeemable noncontrolling interest.

3 Excludes $18.5 million of net loss attributable to redeemable noncontrolling interest.

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Deficit

For the Nine Months Ended September 30, 2022

(unaudited)

Accumulated

Additional

Other

Total

Class A Common Stock

Class B Common Stock

 Paid-In

Accumulated

Comprehensive

Stockholders’

(in thousands)

Shares

Amount

    

Shares

Amount

    

Capital

    

Deficit

Loss

    

Deficit

     

Balance, December 31, 2021

68,021

$

7

195,800

$

20

$

$

(1,358,358)

$

$

(1,358,331)

Share-based compensation

2,999

2,999

Warrants exercised and release of warrant liability

0

0

2

2

Issuance of Class A common stock under share-based compensation plans

248

0

0

0

Net loss1

(14,399)

(14,399)

Redeemable noncontrolling interest adjustment to fair value

(3,001)

(609,095)

(612,096)

Balance, March 31, 2022

68,269

7

195,800

20

(1,981,852)

(1,981,825)

Share-based compensation

6,582

6,582

Warrants exercised and release of warrant liability

0

0

1

1

Issuance of Class A common stock under share-based compensation plans

309

0

0

0

Net unrealized loss on available-for-sale securities

(47)

(47)

Net income2

4,479

4,479

Redeemable noncontrolling interest adjustment to fair value

1,354,074

1,354,074

Balance, June 30, 2022

68,578

$

7

195,800

$

20

6,583

$

(623,299)

(47)

$

(616,736)

Share-based compensation

6,450

6,450

Issuance of Class A common stock under share-based compensation plans

88

0

0

0

Net change in unrealized gain on available-for-sale securities

47

47

Net loss3

(13,218)

(13,218)

Redeemable noncontrolling interest adjustment to fair value

(13,033)

(396,114)

(409,147)

Balance, September 30, 2022

  

68,666

$

7

195,800

$

20

  

$

  

$

(1,032,631)

$

  

$

(1,032,604)

  

1 Excludes $40.9 million of net loss attributable to redeemable noncontrolling interest.

2 Excludes $12.5 million of net income attributable to redeemable noncontrolling interest.

3 Excludes $37.7 million of net loss attributable to redeemable noncontrolling interest.

The accompanying notes are an integral part of these condensed consolidated financial statements.

11

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

    

Nine Months Ended

    

September 30, 

(in thousands)

2023

    

2022

Cash flows from operating activities

 

 

 

Net loss

$

(98,877)

$

(89,191)

Adjustments to reconcile net loss to net cash used in operating activities

 

Depreciation, amortization and accretion

 

36,786

25,277

Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense

 

8,065

4,618

Share-based compensation

 

21,023

17,441

Change in fair value of earnout liability

(875)

(1,328)

Change in fair value of warrant liabilities

(5,785)

(14,981)

Other

23

521

Changes in operating assets and liabilities

 

Accounts receivable, net

 

(14,581)

(3,987)

Receivables from related parties

 

1,500

Prepaid expenses, other current assets and other assets

 

(289)

840

Operating lease assets and liabilities, net

955

(1,082)

Accounts payable

 

2,781

(45)

Payables to related parties

 

24

Accrued liabilities

 

2,247

1,567

Deferred revenue

 

26,155

3,544

Customer deposits

 

(6,959)

(1,795)

Other current and noncurrent liabilities

 

(450)

(260)

Net cash used in operating activities

 

(29,781)

(57,337)

Cash flows from investing activities

 

Purchases of property, equipment and software

(124,085)

(133,885)

Proceeds from insurance for property losses

242

729

Purchases of investments

(37,332)

Proceeds from sale of investments

37,166

Net cash used in investing activities

 

(123,843)

(133,322)

Cash flows from financing activities

 

Proceeds from issuance of Class A common stock under the ATM

5,828

Proceeds from issuance of Class A common stock under the equity offering

128,023

Proceeds from capital-build funding

 

7,079

6,864

Proceeds from exercise of warrants

3

Payments of deferred transaction costs

(5,090)

(409)

Net cash provided by financing activities

 

135,840

6,458

Net decrease in cash, cash equivalents and restricted cash

 

(17,784)

(184,201)

Cash, cash equivalents and restricted cash, beginning of period

 

246,493

485,181

Cash, cash equivalents and restricted cash, end of period

$

228,709

$

300,980

The accompanying notes are an integral part of these condensed consolidated financial statements.

12

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (continued)

(unaudited)

Nine Months Ended

September 30, 

(in thousands)

2023

    

2022

Supplemental disclosure of noncash investing and financing activities