EVgo Inc. Aligns Organization Around Growing Its Charging Network
EVgo (Nasdaq: EVGO) has announced a strategic reorganization to enhance its operational focus for 2023, prioritizing expansion of its public charging network and infrastructure projects. The company expects to achieve 2022 results within earlier provided guidance and will present its earnings on March 15, 2023. A recent Delaware Chancery Court ruling validated its capital structure, addressing previous uncertainties. Despite reducing headcount by approximately 40 employees, EVgo aims to improve efficiency by optimizing its cost structure while hiring in key operational roles to meet rising demand for electric vehicle charging.
- Reorganization aligns resources with strategic priorities for 2023.
- Anticipates 2022 results to meet previously issued guidance.
- Delaware Chancery Court ruling validates capital structure, reducing uncertainty.
- Reduction of headcount by approximately 40 employees.
- Cost-cutting measures could affect overall operational capacity.
Continued cost optimization and focus on hiring for operational roles
2022 results expected to meet previously issued guidance
Announces date for fourth quarter and full year 2022 earnings call
Company’s Section 205 Petition Granted by
“As a market leader in fast charging,
Operational efficiency improvements are expected to enable
As previously announced on its Form 8-K dated
Following a hearing of the Petition, the
The Company welcomes the 205 Order as it eliminates any purported uncertainty with respect to its capital structure.
About
Cautionary Statement Regarding Preliminary Financial Results
The Company has not yet completed its financial close processes for fiscal year 2022. Therefore, the Company’s statements regarding its expectations for its financial results for the year ended
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our ability to effectively direct resources towards the Company’s highest priorities so as to meet its growth objectives; our preliminary results for revenue and Adjusted EBITDA (Non-GAAP), network throughput, stalls in operation or under construction or other operational measures, including any guidance issued in respect thereof; express or implied statements regarding EVgo’s future financial performance, revenues, capital expenditures, stalls in operation or under construction and network throughput, and software and other service offerings, and operational priorities; EVgo’s expectation of market position and acceleration in its business due to factors including increased EV adoption and demand for EV charging; and the Company’s collaboration with partners enabling transportation electrification and effective deployment of chargers. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including information learned during the completion of financial close or audit processes; changes or developments in the broader general market; ongoing impacts from COVID-19 on EVgo’s business, customers, and suppliers; macro political, economic, and business conditions, including inflation and geopolitical conflicts that could impact our supply chains; increased competition, including from new and existing entrants in the EV charging market; unfavorable conditions or further disruptions in the capital and credit markets and EVgo’s ability to obtain additional capital on commercially reasonable terms; EVgo’s limited operating history as a public company; EVgo’s dependence on widespread adoption of EVs and increased installation of charging stations; mechanisms surrounding energy and non-energy costs for EVgo’s charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain disruptions; EVgo’s ability to expand into new service markets, grow its customer base, and manage its operations; impediments to EVgo’s expansion plans, including permitting delays; the need to attract additional fleet operators as customers; potential adverse effects on EVgo’s revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; risks related to EVgo’s dependence on its intellectual property; and risks that EVgo’s technology could have undetected defects or errors. Additional risks and uncertainties that could affect the Company’s financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo” in EVgo’s Annual Report on Form 10-K for the year ended
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