EVgo Inc (EVGO) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the EVgo third quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。在此，我謹代表 EVgo 歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Heather Davis.

現在我將把電話交給希瑟·戴維斯。

Good morning, and welcome to EVgo's third quarter 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 Paul Dobson, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's third quarter 2025 financial results, followed by a Q&A session.

早安，歡迎參加 EVgo 2025 年第三季財報電話會議。我叫 Heather Davis，是 EVgo 的投資人關係副總裁。今天與我一起參加電話會議的有 EVgo 執行長 Badar Khan 和 EVgo 財務長 Paul Dobson。今天，我們將討論 EVgo 2025 年第三季的財務業績，隨後進行問答環節。

Today's call is being webcast and can be accessed on the Investors section of our website at investors.evgo.com. The call will be archived and available 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.

今天的電話會議將進行網路直播，您可以透過我們網站投資者關係頁面 investors.evgo.com 存取。會議結束後，我們將提供會議錄音，並發佈公司獲利報告和投資者簡報。在電話會議期間，管理階層將發表一些存在風險和不確定性的前瞻性聲明，包括對未來績效的預期。

Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including in the risk factors section of our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company's SEC filings are available on the investors section of our website. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call.

可能導致實際結果與預期有重大差異的因素已在我們的美國證券交易委員會文件中詳細說明，包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告的風險因素部分。該公司向美國證券交易委員會提交的文件可在我們網站的投資者關係部分查閱。這些前瞻性聲明截至今日有效，我們不承擔在電話會議後更新這些聲明的義務。

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.

另外，請注意，本次電話會議中我們將提及一些非GAAP財務指標。有關這些非GAAP指標的信息，包括與相應GAAP指標的調節表，可以在我們網站投資者關係部分的盈利資料中找到。

With that, I'll turn the call over to Badar Khan, EVgo's CEO.

接下來，我將把電話交給 EVgo 的執行長巴達爾汗。

Thank you, Heather. EVgo delivered another solid quarter of results, furthering our position as an industry leader built for long-term success. We delivered total revenue of $92 million and record charging network revenues. We ended the quarter with almost 4,600 stalls in operation and expect to see a very large fourth quarter for stall deployment. And we continue to see improvement in adjusted EBITDA.

謝謝你，希瑟。EVgo 又取得了穩健的季度業績，進一步鞏固了我們作為行業領導者的地位，並為長期成功奠定了基礎。我們實現了9,200萬美元的總收入，並創下了充電網路收入的新紀錄。本季末，我們投入營運的機庫數量接近 4,600 個，預計第四季機庫部署量將非常大。我們看到調整後 EBITDA 持續改善。

From a liquidity standpoint, we are in a very strong position with a higher cash balance at the end of the quarter than last quarter. In October, we received the latest advance for $41 million from the DOE Loan, which is being used to accelerate the nationwide build-out of EV charging infrastructure, offering American drivers more choices on where they charge.

從流動性角度來看，我們的財務狀況非常穩健，本季末的現金餘額高於上一季末。10 月份，我們收到了來自美國能源部貸款的最新一筆 4,100 萬美元預付款，這筆款項將用於加速全國電動車充電基礎設施的建設，為美國駕駛提供更多充電地點選擇。

As you recall from the last call, we closed on a first-of-its-kind transformational commercial financing facility in July for $225 million with potential to expand up to $300 million, which we believe reflects the confidence these banks have in the resilience of the cash flows generated by our ultrafast charging infrastructure. We have now received two draws from this facility for a total of $59 million.

正如您在上一次電話會議中所了解到的，我們在 7 月完成了一項史無前例的轉型商業融資安排，金額為 2.25 億美元，並有可能擴大到 3 億美元。我們認為，這反映了這些銀行對我們超快速充電基礎設施產生的現金流的韌性的信心。我們目前已從該機構收到兩筆款項，總計 5,900 萬美元。

We've expanded our pilot for J3400 connectors, more commonly known as NACS, and now have roughly 100 NACS cables installed. We're encouraged to see an increase in Tesla's charging at EVgo. And we continue to improve returns on capital deployed by lowering net CapEx per stall with 2025 vintage net CapEx per stall now expected to be lower than our initial plan by 27%.

我們擴大了 J3400 連接器（更常見的名稱是 NACS）的試點範圍，目前已安裝了大約 100 條 NACS 電纜。我們很高興看到特斯拉在 EVgo 的充電量增加。我們不斷提高資本投入回報率，降低每個攤位的淨資本支出，預計 2025 年每個攤位的淨資本支出將比我們最初的計劃降低 27%。

Unlike other companies in the EV charging space, EVgo's revenue has grown consistently and predictably faster than the growth in EV vehicles in operation, growing at double the CAGR of VIO growth over the past four-years. This is due to both market factors and company-specific factors, and we believe this outperformance of revenue growth over VIO growth is set to continue for the foreseeable future.

與其他電動車充電領域的公司不同，EVgo 的營收成長速度一直穩定且可預測地快於電動車保有量的成長速度，在過去四年中，其複合年增長率是電動車保有量成長速度的兩倍。這既是市場因素造成的，也是公司本身因素造成的，我們認為，在可預見的未來，營收成長超過 VIO 成長的這種趨勢還將持續。

Today's market-wide tailwinds include higher usage fueled by rideshare electrification, expansion of affordable vehicles, bringing more drivers to public charging, faster vehicle charge rates with a shift towards larger, less efficient cars. And historically, EV vehicle miles traveled has steadily closed the gap to their ICE counterparts.

如今整個市場的利多因素包括：共享出行電氣化推動了更高的使用率、經濟型車輛的普及、更多駕駛者使用公共充電設施、以及隨著汽車體積增大、效率降低而加快的車輛充電速度。從歷史數據來看，電動車的行駛里程與燃油車的行駛里程之間的差距一直在穩定縮小。

Company-specific factors that are driving EVgo's outsized growth include our network planning, which looks for better locations with high utilization compared to the rest of the industry, building better charging stations and our expanding network effect of more than 1.6 million customer accounts. The third quarter saw a historic number of EV sales in the US. ahead of the federal tax credits expiring.

推動 EVgo 實現超額成長的公司特有因素包括我們的網路規劃（與業內其他公司相比，我們尋找利用率更高的更佳位置）、建立更好的充電站以及我們不斷擴大的網路效應（超過 160 萬個客戶帳戶）。第三季美國電動車銷量創下歷史新高，而此時聯邦稅收抵免政策尚未到期。

While we won't speculate on the level of EV sales in Q4 and 2026, it will result in an ever-increasing number of EVs on the road. Although EV projections today are lower than in the past, the latest forecast for EV VIO growth remains strong, albeit with a slower rate of growth. Our charging revenue forecast based on our updated unit economics and forecasted store growth we discussed last quarter also conservatively assumes a lower rate of growth than we delivered historically, and yet still represents three to four times annualized growth from today.

雖然我們不打算預測第四季和 2026 年電動車的銷量水平，但這將導致道路上的電動車數量不斷增加。儘管如今電動車的預測低於以往，但電動車銷量的最新預測仍然強勁，儘管成長速度有所放緩。根據我們更新的單位經濟效益和上季度討論過的預測門市成長，我們的充電收入預測也保守地假設成長率低於我們過去實現的成長率，但仍然代表著比現在年化成長率高出三到四倍。

As we noted earlier, we are nearing a critical milestone, delivering breakeven adjusted EBITDA, which we expect to achieve in the fourth quarter. Over the past four-years, quarterly revenue and gross profit have accelerated 15 to 19-fold, whereas quarterly adjusted G&A has only grown modestly because most of our G&A is actually fixed.

正如我們之前提到的，我們即將迎來一個關鍵里程碑，實現調整後 EBITDA 收支平衡，我們預計將在第四季度實現這一目標。過去四年，季度收入和毛利增加了 15 到 19 倍，而季度調整後的管理費用僅略有增長，因為我們的大部分管理費用實際上是固定的。

As a result, we are predictably reaching adjusted EBITDA inflection to positive in the fourth quarter. But after this inflection, EVgo has two sources of operating leverage that will position us for accelerated adjusted EBITDA growth in the future. First, and something we have been benefiting from over the past four-years is that we have leverage within our charging network cost of sales.

因此，我們預計第四季度調整後 EBITDA 將實現正成長。但在此轉折點之後，EVgo 擁有兩個營運槓桿來源，這將使我們在未來加速調整後 EBITDA 的成長。首先，過去四年我們一直受益於一點，那就是我們在充電網路銷售成本方面具有議價能力。

Approximately 28% of our cost of sales is fixed on a per store basis. So as throughput per store grows, so does the charging network gross margin. These fixed costs on a per store basis include rent and property taxes. Secondly, once store-based cash flow or charging network gross profit less sustaining G&A exceeds the total of growth and corporate G&A, which are largely fixed, all profits from the charging network fall straight to the bottom line, accelerating adjusted EBITDA growth.

我們銷售成本中約有 28% 是按門市計算的固定成本。因此，隨著每家門市的吞吐量成長，充電網路的毛利率也會成長。每家門市的固定成本包括租金和房產稅。其次，一旦門市現金流或充電網路毛利減去維持性一般及行政費用超過成長和公司一般及行政費用的總和（這兩項費用大多是固定的），充電網路的所有利潤將直接計入淨利潤，從而加速調整後 EBITDA 的成長。

With approximately 2/3 of our G&A cost base largely fixed today, this represents very strong operating leverage. In fact, excluding growth G&A, EVgo is already adjusted EBITDA positive, but we are choosing to incur growth expenses given the strong returns associated with deploying new stores. Making this even more attractive for investors is that we have the financing in place through 2029 to deploy all these new stores without the need for any additional equity capital.

由於我們目前約有 2/3 的一般及行政成本基本上固定，這代表著非常強大的營運槓桿。事實上，若不計增長性一般及行政費用，EVgo 的調整後 EBITDA 已經為正，但考慮到部署新店帶來的強勁回報，我們選擇承擔增長性支出。更吸引投資者的是，我們已經籌集到足夠的資金，可以一直到 2029 年開設所有這些新店，而無需任何額外的股權資本。

The expected result is a very attractive business by 2029 with $0.5 billion in adjusted EBITDA at mid-30s adjusted EBITDA margins. For almost two years, EVgo has been delivering one of the highest levels of network usage across the industry. Again, this is driven by both market and company-specific factors. Average daily throughput per stall is an important KPI to view network performance, and it is growing, driven by both time-based utilization as well as charge rates, both of which have been growing for the past four-years.

預計到 2029 年，公司將成為一個極具吸引力的企業，調整後 EBITDA 為 5 億美元，調整後 EBITDA 利潤率在 30% 左右。近兩年來，EVgo 的網路使用率一直處於業界領先水準。這同樣是由市場因素和公司特定因素共同驅動的。每個攤位的平均每日吞吐量是衡量網路效能的重要 KPI，並且正在成長，這主要受基於時間的利用率和收費率的推動，而這兩者在過去四年中都一直在增長。

Rising charge rates are a significant tailwind we benefit from as higher charge rates deliver more kilowatt hours at the same utilization level and tend to result in higher levels of EV adoption, in turn, increasing demand for our fast chargers. Higher charge rates also improve returns on capital deployed because they allow us to dispense more kilowatt hours from the existing assets without the need to deploy more capital.

充電費率的上漲對我們而言是一個重要的利好因素，因為更高的充電費率可以在相同的利用率水平下提供更多的千瓦時，並且往往會導致電動車普及率的提高，進而增加對我們快速充電器的需求。更高的收費標準也能提高資本投入的回報率，因為這使我們能夠從現有資產中釋放更多的千瓦時，而無需投入更多資本。

Higher charge rates come from improved battery technology and EVs, as well as EVgo deploying more 350-kilowatt ultrafast high-powered infrastructure. Average daily throughput per stall has grown more than sixfold from less than 50 kilowatt hours in Q1 2022 to 295 this quarter. And we conservatively assume only slightly higher utilization by 2029, but with rising charge rates, we expect to see 450 to 500 average daily throughput by 2029.

更高的充電速度得益於電池技術和電動車的改進，以及 EVgo 部署更多 350 千瓦超快高功率基礎設施。每個工位的平均每日吞吐量成長了六倍多，從 2022 年第一季的不到 50 千瓦時成長到本季的 295 千瓦時。我們保守估計到 2029 年利用率只會略有提高，但隨著充電費率的上漲，我們預計到 2029 年平均每日吞吐量將達到 450 至 500。

This higher throughput per stall, combined with many more stalls deployed is what has been and will continue to drive growth in revenues. Not only have we been delivering some of the best performing usage across the industry, we're focused on ensuring our chargers perform to their maximum potential and can maintain increasing utilization rates.

每個攤位更高的吞吐量，再加上部署的攤位數量更多，正是過去和將來都會推動收入成長的因素。我們不僅在業界提供了性能最佳的產品，而且還致力於確保我們的充電樁發揮最大潛力，並保持不斷提高的利用率。

Today, nearly all stores deployed are 350-kilowatt chargers, which delivered almost 60% of our throughput in the quarter. These chargers are the most representative of our expected future network since we estimate well over 90% of our throughput in 2029 will come from these chargers. Utilization on the EVgo network has surpassed others in the industry, our expectations and the expectations of the equipment providers.

目前，幾乎所有門市都部署了 350 千瓦的充電樁，這在當季提供了我們近 60% 的充電量。這些充電樁最能代表我們預期的未來網絡，因為我們估計到 2029 年，超過 90% 的吞吐量將來自這些充電樁。EVgo 網路的利用率已經超過了業內其他網路、我們的預期以及設備供應商的預期。

This high usage placed stress on our Signet chargers, which were the first 350-kilowatt chargers we deployed. After performing root cause analysis in conjunction with Signet in 2024, we embarked on a number of tech enhancements and a year later, Signet chargers are performing very strongly with usage already close to our long-term target in 2029.

如此高的使用率給我們的 Signet 充電器帶來了壓力，這些充電器是我們部署的首批 350 千瓦充電器。2024 年，我們與 Signet 合作進行了根本原因分析，隨後進行了一系列技術改進。一年後，Signet 充電器的效能非常強勁，使用量已接近我們 2029 年的長期目標。

We are now at a similar junction with our Delta chargers, which have comprised almost all new builds since 2024. EVgo is embarking on the same kind of tech enhancements we did with Signet, and we're confident we will see the same strong performance step-up as we've seen with the Signets. As an industry leader, we are focused on ensuring we have the best quality hardware through ongoing maintenance, periodic enhancement of specific components and our next-generation charging stations, which we are actively developing at our innovation lab in El Segundo.

我們現在也面臨類似的情況，我們的 Delta 充電樁自 2024 年以來幾乎全部都是新建的。EVgo 正在進行與 Signet 相同的技術改進，我們相信它將像 Signet 一樣帶來強勁的性能提升。作為行業領導者，我們致力於透過持續維護、定期改進特定組件以及我們正在位於埃爾塞貢多的創新實驗室積極開發的下一代充電站，來確保我們擁有最優質的硬體。

Our new generation of charging architecture is being designed not only for a better experience and lower cost, but also being developed and qualified for these higher levels of utilization from the start. This project is being led by the EVgo team and features a robust design for reliability methodology, including best-in-class hardware design and software, taking into account our learnings from our 15-years of experience in EV charging and over 1.6 million customer accounts, all of which sets us apart from the rest of the industry.

我們新一代的充電架構不僅旨在提供更好的體驗和更低的成本，而且從一開始就針對更高的利用率進行開發和認證。該專案由 EVgo 團隊領導，採用穩健的可靠性設計方法，包括一流的硬體設計和軟體，並充分考慮了我們在電動車充電領域 15 年的經驗以及超過 160 萬個客戶帳戶，所有這些都使我們與業內其他公司區分開來。

The next generation of charging architecture is expected to lower our gross CapEx per stall by over 25% in 2029 versus 2023, delivering even stronger returns on capital deployed. In the meantime, we've been driving down both gross and net CapEx per stall over the last three-years. In 2025, vintage gross CapEx per stall is expected to be 17% lower than 2023, driven by savings from lower contractor pricing, material sourcing and increased use of prefabricated skids.

下一代充電架構預計將在 2029 年使我們每個充電樁的總資本支出將比 2023 年降低 25% 以上，從而帶來更強勁的資本投資回報。同時，在過去的三年裡，我們一直在降低每個停車位的總資本支出和淨資本支出。預計 2025 年，每個停車位的舊式毛資本支出將比 2023 年減少 17%，這主要得益於承包商價格降低、材料採購以及預製撬裝設備使用增加帶來的節省。

When you include capital offsets, our CapEx per stall is expected to be reduced by 40%, resulting in vintage net CapEx per stall of $75,000. As a reminder, capital offsets come from three sources. State and utility incentives, OEM infrastructure payments and federal incentives like 30C. Our forecasted performance this year is a reminder that despite the fact that federal incentives for EV charging will sunset in the summer of 2026, state grants and utility incentives are alive and well.

如果將資本抵銷考慮在內，預計每個攤位的資本支出將減少 40%，使每個攤位的淨資本支出達到 75,000 美元。再次提醒，資本抵銷來自三個面向。州和公用事業激勵措施、OEM 基礎設施付款和聯邦激勵措施（如 30C）。我們今年的預測業績提醒我們，儘管聯邦政府對電動車充電的激勵措施將於 2026 年夏季結束，但州政府的撥款和公用事業公司的激勵措施仍然有效。

As we said last quarter, in order to capture some of these state grants, a certain number of stores that were due to be operationalized in the second half of the year have shifted out by a few weeks, lowering the total number of stores that we expect to deploy in calendar 2025. Our long-term expectation is to continue lowering gross CapEx per stall as a result of our next-generation architecture, but we conservatively assume we do not have a same level of offsets as we've seen in the past couple of years.

正如我們上個季度所說，為了獲得一些州政府的撥款，一些原定於今年下半年投入營運的門市推遲了幾週開業，從而減少了我們預計在 2025 年部署的門市總數。從長遠來看，我們期望透過下一代架構繼續降低每個機位的毛資本支出，但我們保守估計，我們不會像過去幾年那樣獲得同等程度的抵銷。

Let's now briefly turn to progress on our four key priorities. Delivering a best-in-class customer experience, operating in CapEx efficiencies, capturing and retaining high-value customers and securing additional complementary nondilutive financing to accelerate growth. As we discussed earlier, our next-generation charging architecture will take our customer experience to the next level.

現在讓我們簡要地看一下我們在四個關鍵優先事項上的進展。提供一流的客戶體驗，提高資本支出效率，吸引和留住高價值客戶，並獲得額外的補充性非稀釋性融資以加速成長。正如我們之前討論過的，我們的下一代充電架構將把我們的客戶體驗提升到一個新的水平。

We've completed the enhancement of a number of components in our Signet 350-kilowatt chargers and are now embarking on a similar campaign for our Delta 350-kilowatt chargers. In terms of efficiencies, while the next-generation charging architecture is expected to deliver CapEx efficiencies by 2027, we're making great progress in the near term, too, lowering 2025 vintage net CapEx by 27% versus our plan for the year, and we continue to see a reduction in G&A as a percent of revenue for 2025 versus prior years.

我們已經完成了 Signet 350 千瓦充電器中多個組件的改進，現在正著手對 Delta 350 千瓦充電器進行類似的改進。就效率而言，雖然預計下一代充電架構將在 2027 年實現資本支出效率的提升，但我們在短期內也取得了巨大進展，將 2025 年的淨資本支出比我們當年的計劃降低了 27%，而且我們繼續看到 2025 年的一般及行政費用佔收入的百分比比往年有所下降。

The EVgo app has now reached an overall rating of 4.5 on the Apple App Store, which is a key threshold above which we would expect to see accelerated organic customer acquisition, and we're thrilled with reaching this milestone. Our NACS pilot has continued to expand from two sites last quarter to almost 100 stores as of the end of October.

EVgo 應用在蘋果應用商店的整體評分已達到 4.5 分，這是一個關鍵的門檻，超過這個門檻，我們預計會看到自然客戶獲取速度加快，我們很高興達到這一里程碑。我們的 NACS 試點計畫已從上個季度的兩個地點持續擴大到 10 月底的近 100 家門市。

In this pilot, we continue to test our ability to attract native NAC vehicles to our network and we remain encouraged by the higher number of Tesla drivers at these stores than they had prior to installing the NACS cables. This is a key part of our iterative learning process before a much wider scale rollout plan for 2026. And on financing, we've made excellent progress this year between continued advances under the DOE Loan, closing the sale of our 2024 Vintage 30C portfolio and of course, the transformational first-of-its-kind commercial financing facility.

在這個試點項目中，我們繼續測試我們吸引本地 NAC 車輛加入我們網路的能力，並且我們仍然對特斯拉車主數量比安裝 NAC 電纜之前在這些門市的數量更多而感到鼓舞。這是我們為 2026 年更大規模推廣計畫而進行的迭代學習過程的關鍵部分。在融資方面，我們今年取得了卓越的進展，包括繼續推動能源部貸款、完成 2024 年 30C 年份投資組合的出售，當然還有具有變革意義的首創商業融資機制。

As we noted earlier, we expect 40% capital offsets for the 2025 vintage CapEx. We have the financing in place to increase our annual store build to up to 5,000 stores a year by 2029 without the need for any new equity capital.

正如我們之前提到的，我們預計 2025 年資本支出將有 40% 的資本抵銷。我們已經籌集到足夠的資金，到 2029 年，無需任何新的股權資本，即可將每年的門市建設數量增加到 5000 家。

Now, Paul will share more detail on our third quarter results.

接下來，保羅將分享我們第三季業績的更多細節。

Thank you, Badar. Operational stall growth is one of the key components of growing EVgo's revenue. We ended Q3 with 4,590 stalls in operation, a 2.7 times increase compared to the end of 2021. Our customer base has grown almost fivefold over that same period, which contributes to the network effect driving increased usage on our network.

謝謝你，巴達爾。營運站點的成長是 EVgo 收入成長的關鍵組成部分之一。第三季末，我們營運的攤位數量為 4,590 個，比 2021 年底增加了 2.7 倍。在同一時期，我們的客戶群成長了近五倍，這有助於產生網路效應，從而推動我們網路的使用量增加。

We've grown the total energy dispensed on EVgo's network to 350 gigawatt hours over the trailing 12-months, a 13-fold increase over that same period. Revenues of $333 million over the last 12-months have increased over 15 times since 2021. Charging network gross margin has grown from the mid-teens to the mid to high 30s, reflecting the leverage of fixed cost of sales on a per stall basis as throughput per stall rises.

在過去的 12 個月裡，EVgo 網路上的總供電量成長至 350 吉瓦時，比同期成長了 13 倍。過去 12 個月的營收為 3.33 億美元，比 2021 年成長了 15 倍以上。充電網路毛利率已從十幾個百分點增長到三十幾個百分點，反映出隨著每個充電樁吞吐量的增加，每個充電樁的固定銷售成本都得到了有效利用。

And importantly, we continue to deliver improving profitability and adjusted EBITDA margin has made significant improvements driven by increasing revenues, leverage of fixed costs and disciplined cost management. Total throughput on the public network during the third quarter was 95 gigawatt hours, a 25% increase compared to last year.

更重要的是，我們持續提高獲利能力，調整後的 EBITDA 利潤率在收入成長、固定成本槓桿化和嚴格的成本管理的推動下取得了顯著改善。第三季公共網路的總吞吐量為 95 吉瓦時，比去年同期成長了 25%。

Revenue for Q3 was $92 million, which represents a 37% year-over-year increase with growth in all three revenue categories. Total charging network revenues were $56 million, exhibiting a 33% increase. eXtend revenues were $32 million, delivering growth of 46%. Ancillary revenues of roughly $5 million were up 27%. Charging network gross margin in the third quarter was 35%, up 1 percentage point.

第三季營收為 9,200 萬美元，年增 37%，所有三個營收類別均成長。充電網路總收入為5,600萬美元，較去年同期成長33%。 eXtend業務營收為3,200萬美元，較去年同期成長46%。輔助收入約 500 萬美元，成長了 27%。第三季充電網路毛利率為 35%，上升 1 個百分點。

Third quarter adjusted gross profit of $27 million was up 48% versus the prior year. Adjusted gross margin was 29% in Q3, an increase of 230 basis points. Adjusted G&A as a percentage of revenue also improved from 40% in the third quarter of 2024 to 34% in Q3 of this year, demonstrating the operating leverage effect. Adjusted EBITDA was negative $5 million in the third quarter of 2025, a $4 million improvement versus the third quarter of 2024.

第三季調整後毛利為 2,700 萬美元，較上年同期成長 48%。第三季調整後毛利率為 29%，成長了 230 個基點。經調整的一般及行政費用佔收入的百分比也從 2024 年第三季的 40% 改善至今年第三季的 34%，這反映了經營槓桿效應。2025 年第三季調整後 EBITDA 為負 500 萬美元，比 2024 年第三季改善了 400 萬美元。

Now turning to our 2025 guidance. We anticipate some of the public and dedicated stalls we forecasted to be operationalized in December will now be open in January 2026. As such, our EVgo public and dedicated stall expectation for the year is 700 to 750. This shift in deployments to January will be reflected in our 2026 guidance, which we expect to issue with our Q4 results in early 2026.

現在來看我們2025年的指導。我們預計，原計劃於 12 月投入營運的一些公共攤位和專用攤位，現在將於 2026 年 1 月開放。因此，我們預計今年 EVgo 的公共和專用攤位數量將達到 700 至 750 個。此次部署時間調整至 1 月份，將反映在我們的 2026 年業績指引中，我們預計將在 2026 年初發布第四季度業績報告時公佈該指引。

However, we are increasing our expectation of the number of eXtend stalls operationalized this year to 550 to 575 due to the great progress we've been seeing all year with our partner, Pilot Flying J. As a result, Q4 is expected to represent a very big quarter for newly operationalized stalls. Overall, we will deploy slightly fewer total stalls in 2025 compared to our guidance in Q2.

然而，由於我們與合作夥伴 Pilot Flying J 今年取得了巨大進展，我們將今年投入營運的 eXtend 停機坪數量的預期提高到 550 至 575 個。因此，預計第四季度將是新投入營運停機坪數量非常大的季度。總體而言，與第二季的預期相比，2025 年我們將部署的總停機坪數量將略有減少。

However, the mix has changed with fewer public and dedicated stalls and more eXtend stalls. We have not only been focused on capital efficiency, but also reducing the length of time it takes for us to develop and build stalls. As a result, we now expect fiscal net CapEx for 2025 in the range of $100 million to $110 million driven primarily by less spend this year on 2026 (technical difficulty) stalls.

然而，攤位組合發生了變化，公共攤位和專用攤位減少了，而擴展攤位增加了。我們不僅注重資本效率，也注重縮短攤位開發和建造所需的時間。因此，我們現在預計 2025 年的財政淨資本支出將在 1 億美元至 1.1 億美元之間，這主要是由於今年對 20​​26 年（技術困難）停滯不前導致支出減少。

We are now forecasting a wide range of outcomes for the fourth quarter and full year than we normally would, substantially due to a potential contract closeout payment to EVgo in relation to dedicated stalls we were building for one of our autonomous vehicle partners that has decided to exit the robotaxi business. There is currently uncertainty on both the quantum and timing of these payments.

我們現在對第四季度和全年的預測結果將比往常更加多樣化，這主要是由於我們可能要向 EVgo 支付一筆合約終止款項，這筆款項與我們為一家自動駕駛汽車合作夥伴建造的專用停車位有關，而該合作夥伴已決定退出無人駕駛出租車業務。目前這些款項的金額和支付時間都存在不確定性。

And because this amount could be very significant, we are issuing a baseline guidance that does not include this item and an upside guidance that includes it. Our prior revenue and adjusted EBITDA guidance did assume a smaller range from this matter in 2025. As the matter has progressed, we now believe the range of outcomes could be much wider.

由於該金額可能非常巨大，我們發布了不包含此項的基準指引和包含此項的上漲指引。我們先前的收入和調整後 EBITDA 預期確實假設 2025 年此事的影響範圍會更小。隨著事態發展，我們現在認為結果的範圍可能會更廣。

In addition, the matter may not be concluded this year and may slip into the new year. For the full year 2025, we expect total baseline revenues will be in the $350 million to $365 million range with baseline adjusted EBITDA in the negative $15 million to negative $8 million range. Our baseline revenue and adjusted EBITDA guidance are relatively in line with our prior view, excluding our prior estimate for the ancillary upside.

此外，此事可能無法在今年內解決，可能會拖延到新年。我們預計 2025 年全年基準總營收將在 3.5 億至 3.65 億美元之間，基準調整後 EBITDA 將在負 1,500 萬美元至負 800 萬美元之間。除先前對輔助業務成長的估計外，我們的基準收入和調整後 EBITDA 指引與我們先前的觀點基本一致。

Including the ancillary revenue upside of up to $40 million, 2025 revenues are expected in the range of $350 million to $405 million, with adjusted EBITDA in a negative $15 million to positive $23 million range. There are a few moving parts for the implied Q4, so let's unpack those a bit. Charging network revenues are estimated to be near 60% of total revenues for the full year, in line with prior guidance.

加上高達 4,000 萬美元的輔助收入成長，預計 2025 年營收將在 3.5 億美元至 4.05 億美元之間，調整後的 EBITDA 將在 -1,500 萬美元至 +2,300 萬美元之間。第四季業績預測涉及幾個方面，讓我們來詳細分析一下。預計全年充電網路收入將佔總收入的 60% 左右，與先前的預期一致。

We're anticipating continued sequential improvement in the fourth quarter. We expect the 2025 charging network margin profile to be consistent with 2024. Fourth quarter charging network margin should improve compared to Q3 '25. Our eXtend business with a pilot company continues to perform better than expectations.

我們預計第四季將繼續環比改善。我們預計 2025 年充電網路利潤率將與 2024 年保持一致。第四季充電網路利潤率應較 2025 年第三季有所提高。我們與試點公司開展的 eXtend 業務持續表現優於預期。

Full year eXtend revenues are anticipated to be approximately 30% higher than prior year eXtend revenues, slightly higher than prior guidance. We'll be more than halfway through the build program with pilot by the end of this year and thus expect 2026 eXtend revenues to be similar to 2025. Ancillary revenues are expected to grow significantly in 2025, driven by our dedicated hubs business serving other autonomous vehicle partners.

預計全年 eXtend 收入將比上一年 eXtend 收入高出約 30%，略高於先前的預期。到今年年底，我們的建設計劃將完成一半以上，試點項目也將啟動，因此預計 2026 年 eXtend 的收入將與 2025 年類似。預計到 2025 年，輔助收入將大幅成長，這主要得益於我們為其他自動駕駛汽車合作夥伴提供服務的專用樞紐業務。

Baseline ancillary revenues are expected to show at least 50% growth before any potential upside. Adjusted G&A for 2025 is expected to be approximately $125 million to $127 million for the full year. In 2026, we're continuing to invest in growth, therefore, anticipate G&A increasing by approximately 20%. We expect to achieve adjusted EBITDA breakeven in the fourth quarter at the midpoint of our baseline guidance. This is a significant milestone for the company.

在任何潛在成長之前，基礎輔助收入預計至少會成長 50%。預計 2025 年全年調整後一般及行政費用約為 1.25 億美元至 1.27 億美元。2026 年，我們將繼續投資於成長，因此預計一般及行政費用將成長約 20%。我們預計第四季將實現調整後 EBITDA 損益平衡，達到我們基準預期的中點。這對公司來說是一個重要的里程碑。

Operator, we can now open the call for Q&A.

操作員，我們現在可以開始問答環節了。

(Operator Instructions) Chris Dendrinos, RBC Capital Markets.

（操作員說明）克里斯·丹德里諾斯，加拿大皇家銀行資本市場。

I guess maybe to start out here, and you mentioned some commentary around the EV demand outlook, and I know you wouldn't comment on it. But maybe could you kind of walk through how you're thinking about EV demand in relation to your longer-term outlook? And what are the puts and takes that would maybe make you slow development down or speed development up?

我想或許可以從這裡開始，你提到了一些關於電動車需求前景的評論，我知道你不會對此發表評論。不過，您能否大致談談您是如何看待電動車需求與長期展望之間的關係的？哪些因素可能會導致開發速度減慢或加速？

Yes. Chris, look, I think EVs -- the number of EVs on the road have grown, as you can see, three to fourfold in the past four-years. Today, there's around 100 battery electric vehicle models available, and that's -- it was probably about 30, four-years ago. We see these cars are increasingly affordable and just great cars to drive. I think in some ways, EV sales forecasts sometimes to me anyway feel like a pendulum swimming back and forth.

是的。克里斯，你看，我認為電動車——正如你所看到的，過去四年裡路上的電動車數量增加了三到四倍。如今市面上大約有 100 款純電動車車型，而四年前可能只有 30 款左右。我們發現這些車的價格越來越實惠，而且駕駛體驗也非常好。我覺得在某種程度上，電動車的銷售預測有時就像鐘擺一樣來回擺動。

They were probably too high a few years ago and maybe the pendulum swung back and maybe it's too low today, driven by a view of these incentives that have just expired. I actually think that we'll see higher sales than what the current forecasts show because the cars are -- they're just great to drive. They're -- in many cases, they're getting better. And I think it's just a matter of time before they're cheaper.

幾年前它們可能太高了，也許風向已經轉變，如今它們可能太低了，這是由於這些激勵措施剛剛到期所致。我個人認為實際銷售量會高於目前的預測，因為這些車——它們開起來真的非常棒。在很多情況下，他們的情況正在好轉。我認為它們降價只是時間問題。

As it relates to our business, the way we think about our charging stalls is, of course, whether we're able to generate the kind of strong returns on capital that we're generating today. You can see or most people can see that we're at two to three-year payback here. As we look at the market, we think about the ratio of cars per fast charger nationwide.

就我們的業務而言，我們對充電樁的看法當然是，我們是否能夠像今天一樣獲得強勁的資本回報。你可以看出，或者說大多數人都能看出，我們目前的投資回收期是兩到三年。當我們審視市場時，我們會考慮全國範圍內每輛汽車與快速充電樁的比例。

And over the last several years, that ratio has been growing, meaning there is more upside on usage per store. And that's, in fact, what we've seen. We've seen our usage per store go up sixfold. We don't see that picture getting any worse than today. And therefore, we -- if it gets better to today, then that's even better for us. If it's no worse than today, we will expect to be deploying charging stalls that are generating the kind of returns that we are today. And that's how we think about the capital deployment in the business.

過去幾年，這一比例一直在增長，這意味著每家門市的使用量還有更大的提升空間。而這，實際上，正是我們所看到的。我們發現每家店的使用量增加了六倍。我們認為情況不會比今天更糟了。因此，如果今天的情況有所改善，對我們來說就更好了。如果情況不比現在更糟，我們預計部署的充電樁將產生與今天相同的回報。這就是我們對企業資本部署的思考方式。

Got it. And then as a follow-up, you mentioned you're seeing an uptick in Tesla's charging on your network with the rollout of that NACS cable. Can you maybe kind of quantify here what you're seeing early days?

知道了。然後，您又提到，隨著 NACS 電纜的推出，您發現特斯拉在您的網路上的充電量增加。您能否在這裡量化一下您早期觀察到的現象？

I would say it's still a little too early to quantify or to give you a real quantification. We've gone from a couple of sites that we talked about last quarter to almost 100 cables as of the end of October. Team here and myself are pretty excited about what we're seeing. Tesla driver usage is higher at these sites than they were pre-installation. These are all retrofit.

我認為現在進行量化或給出真正的量化結果還為時過早。我們從上個季度討論的幾個站點增加到 10 月底的近 100 個電纜站點。我和我的團隊都對目前的情況感到非常興奮。這些地點的特斯拉車主使用率比安裝前更高。這些都是後期改造專案。

I expect that we will do what we've done in everything else in the business, which is sort of very databased analysis of the situation where if we are continue to have the kind of confidence we have today that we're able to put these retrofit cables at sites that are targeted sites close to where we believe Tesla drivers live and work and run (technical difficulty) and we continue to see that sort of Tesla usage rise, we'll look to scale rollout in 2026.

我預計我們將像在公司其他所有領域一樣，對情況進行非常深入的資料庫分析。如果我們繼續保持今天的信心，能夠在靠近我們認為特斯拉車主生活、工作和出行（技術難題）的目標地點安裝這些改造電纜，並且我們繼續看到特斯拉的使用量上升，我們將在 2026 年考慮擴大推廣規模。

I think we'll keep it at this sort of 100 level for another quarter or so, make sure that we remain confident in the results and then really scaling it out next year.

我認為我們會將這個水準維持在100左右再過一個季度，確保我們對結果保持信心，然後在明年真正擴大規模。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

I realize you're going to provide more granularity on stall guidance for next year. You gave some framework for eXtend. But if you look at the guidance, assuming some of the pushouts into next year, your prior guidance from the middle of the year was around, I don't know, 1,400 or so, 1,350 to 1,500 at the midpoint. I guess, conceptually, should we think of that coming in lower, maybe perhaps towards where you had provided guidance at the start of 2025, which was more in the 1,000 to 1,200 range.

我知道你們明年會提供更詳細的停滯指導。你為擴展（eXtend）提供了一些框架。但如果你看看指導意見，假設一些項目推遲到明年，你之前在年中給出的指導意見大約是，我不知道，1400 左右，中間值在 1350 到 1500 之間。我想，從概念上講，我們是否應該認為這個數字會更低，也許會接近您在 2025 年初給出的指導，也就是 1000 到 1200 的範圍內。

I'm just trying to get a sense of how we should think about that as well as really the build plan over the next five-years. Should that be tracking more like what we saw at the start of the year? Just trying to get a sense given the realities that we may be probably see a negative year-on-year growth for EV demand maybe for the next several quarters.

我只是想了解我們應該如何看待這個問題，以及未來五年的發展規劃。這個趨勢是否應該更接近年初的情況？我只是想了解一下，鑑於現實情況，未來幾季電動車需求可能會出現年比負成長。

Yes, hey, Will, we haven't yet provided guidance for 2026, as you said. But I think looking back to what we said last quarter is actually a useful starting point. And on our call last quarter, you're exactly right. We said that we would expect to see 1,350 to 1,500 stores for 2026. And to be clear, that was our owned and operated stores at 1,350 to 1,500, that's our public network and our dedicated stores.

是的，嘿，威爾，正如你所說，我們還沒有提供 2026 年的指導意見。但我認為回顧上個季度我們所說的話其實是一個有用的起點。在上個季度的電話會議上，您說得完全正確。我們曾預測，到 2026 年，門市數量將達到 1350 至 1500 家。需要說明的是，這指的是我們自營的 1350 到 1500 家門市，也就是我們的公共網路和專屬門市。

So that's about double the rate of growth that we're at today. This year in 2025, the larger number that you mentioned includes our eXtend stores. So we were at the sort of 800-ish public and dedicated plus eXtend for 2025. We now see 2025 a little bit lower, more extend, a little less public and dedicated. But on the public and dedicated side, it's -- we would be looking at about a doubling of where we're at this year for 2026.

所以，這大約是目前成長率的兩倍。今年（2025 年），您提到的較大數字包含了我們的 eXtend 門市。因此，我們預計到 2025 年，公共和專用以及擴展功能將達到 800 左右。我們現在預計 2025 年的目標會略低一些，持續時間會更長一些，公眾參與度和專注度也會略低一些。但就公眾和專款而言，到 2026 年，我們預計資金量將比今年翻倍。

So we're pretty excited by it. We're generating the kind of returns that we expect that we've been talking about for the last couple of years or the last several months or last several quarters. And as long as we are generating those kind of returns, then we expect our shareholders would want us to deploy that capital.

所以我們對此感到非常興奮。我們正在獲得我們過去幾年、幾個月甚至幾季以來一直期待的那種回報。只要我們能獲得這樣的回報，那麼我們預期股東們就會希望我們部署這些資金。

I'd like to try to understand this ancillary upside a bit more -- and just to be clear, this was not contemplated in your prior guidance, right? So -- and then if that's the case, trying to get a sense of what this closeout could mean for future revenue impact. In other words, was there some sort of expectation that this dedicated fleet customer would have been continuing beyond 2025? Any additional color would be helpful here.

我想更深入地了解一下這種額外的好處——而且需要明確的是，這在您之前的指導中並沒有考慮到，對嗎？所以——如果真是這樣的話，就要努力了解這次清盤會對未來的收入產生什麼影響。換句話說，是否有人預期這位專屬車隊客戶會將合作關係延續到 2025 年後？這裡如果能添加一些其他顏色就更好了。

Yes. So, we had assumed a smaller range from this contract close out in 2025 in our prior guidance. It was in the $10 million to $15 million range. And so, if you look at our guidance today, we're pretty much at the same place as we were last quarter. So, if you just take today's baseline guidance, excluding our updated view, add on the $10 million to $15 million that we assumed in our prior guidance, and you're at pretty much the same place.

是的。因此，在我們先前的預測中，我們假設從 2025 年該合約到期之日起，價格波動範圍會更小。金額在1000萬美元到1500萬美元之間。因此，如果你看一下我們今天的業績指引，你會發現我們和上個季度的情況基本上相同。所以，如果你只採用今天的基準指引，不包括我們更新後的觀點，再加上我們先前指引中假設的 1000 萬至 1500 萬美元，結果就基本上一樣了。

In terms of the update, it's a larger range. So the upside is quite a bit higher than we had thought earlier in this year, but also there could be a timing issue where it occurs, it slips into next year. We don't assume that this is a recurring thing, Bill. So, this is -- we consider this a one-off, and that's why we're separating it out. So, you can see the very strong trajectory of the underlying baseline business.

就更新而言，範圍更廣。因此，上漲空間比我們今年早些時候預想的要高得多，但也可能存在時間問題，上漲可能會推遲到明年。比爾，我們並不認為這種情況會反覆發生。所以，我們認為這是一個特例，因此將其單獨列出。因此，你可以看到基礎業務非常強勁的發展軌跡。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Two things for me. I guess the first is you talked about fourth quarter and maybe getting to EBITDA breakeven at the midpoint of your guidance. Can you just remind us as we sort of think about seasonal patterns as you get into '26 without specific numbers, should we be thinking about this as when you get there, you should stay there and then progress from there? Or are there some seasonal noise we should be contemplating in our models just to make sure we're in line with how you're thinking about things?

對我來說有兩件事。我想首先，你提到了第四季度，並希望能夠達到你預期目標的中點，實現 EBITDA 盈虧平衡。能否提醒我們一下，當我們思考 2026 年的季節性模式時（沒有具體數字），我們是否應該這樣想：到達某個階段後，就應該停留在那裡，然後再從那裡開始發展？或者，我們的模型中是否應該考慮一些季節性因素，以確保我們與您的思考方式一致？

Yes. Let me talk about the seasonality point in just one second, Stephen. The -- but you're right, the company has maybe at a macro level, very strong operating leverage, where around 2/3 of our G&A is kind of largely fixed. And so, when the growing profits from the charging network exceed those costs, all that profit goes straight to the bottom line. I'm talking about charging network gross profit less sustaining G&A.

是的。史蒂芬，讓我用一秒鐘的時間談談季節性問題。——但你說得對，公司在宏觀層面上可能擁有非常強大的經營槓桿，其中大約 2/3 的一般及行政費用基本上是固定的。因此，當充電網路帶來的不斷增長的利潤超過這些成本時，所有這些利潤都會直接計入利潤。我指的是收取網路毛利減去維持性一般及行政費用。

And that's the point where EBITDA really accelerates. Looking back, that's how we've gone from an $80 million loss to approaching breakeven. And it's really how we get to $0.5 billion in adjusted EBITDA in four to five-years' time. And to your question more specifically around the near term, in Q4 this -- in Q3 and in Q4 this year, we still have gross profit from our non-charging businesses that are helping to cover those fixed costs.

而這正是 EBITDA 真正加速成長的節點。回首過去，正是如此，我們才從虧損 8,000 萬美元到接近損益兩平。這就是我們如何在四到五年內實現 0.5 億美元的調整後 EBITDA 的真正方法。至於你提出的關於近期方面的具體問題，今年第四季——也就是第三季和第四季度，我們非收費業務的毛利仍然有助於彌補這些固定成本。

But in 2026, the charging network profit, so again, that's charging network gross profit less sustaining G&A will be higher without any contribution from our non-charging business to cover those fixed costs. And that's where we see things really accelerate. We think that will be in the second half of next year. In terms of the seasonality point, we do have seasonality. We do see it in terms of vehicle miles travel.

但到 2026 年，充電網路利潤（即充電網路毛利減去維持性一般及行政費用）將會更高，因為我們的非充電業務沒有任何貢獻來彌補這些固定成本。而正是在這裡，我們看到事情真正加速發展。我們認為那將發生在明年下半年。就季節性而言，我們確實存在季節性。我們可以以車輛行駛里程來衡量這一點。

So there's a little less VMT and therefore, a little less throughput per store per day in the kind of Q1 in the winter than in the summer. We also see seasonality in terms of charge rates. Charge rates tend to be a little lower in the winters than in the warmer summer months. And we also see seasonality in terms of gross charging gross margin where we have higher cost of sales, energy cost of sales, higher tariffs in the summer months.

因此，冬季第一季的車輛行駛里程 (VMT) 比夏季少一些，因此，每家店每天的吞吐量也略低一些。我們也發現，收費標準也存在季節性變化。冬季的充電費率通常比溫暖的夏季月份略低。我們還可以看到毛利率的季節性變化，夏季銷售成本、能源銷售成本和關稅都會增加。

So those are probably the main sort of seasonality things that we see. And as I said, once that charging network gross profits exceed fixed costs, that's the point where you see the EBITDA growth just really accelerate, and we're getting closer and closer to that point if we standby.

所以這些大概就是我們看到的主要季節性現象了。正如我所說，一旦充電網路毛利超過固定成本，EBITDA 成長就會真正加速，如果我們繼續維持現狀，我們離這個目標越來越近了。

Great. And then my other question was just around industry dynamics. And how do you think about -- I mean, you've laid things out very well as far as your plans through '29. How do you think about just the number of players in the industry, industry consolidation in the US market? And how do you think that plays out over the next couple of years?

偉大的。然後我的另一個問題是關於行業動態的。你覺得——我的意思是，你已經把你的計劃，直到 2029 年，都安排得非常好了。您如何看待美國市場中參與者的數量以及產業整合的現況？你認為未來幾年會如何發展？

Yes. I mean, look, we are -- we think that we've got a number of sources of competitive advantage where specifically, we focus very much on site selection. So building sites where drivers are and as a result, generate the kind of returns that we're generating today. We do not see that across the rest of the industry, either they're people are focused on chasing federal grants that may not necessarily be the most productive sites or their goal isn't necessarily to maximize returns on charging.

是的。我的意思是，你看，我們認為我們有很多競爭優勢來源，尤其是在選址方面，我們非常注重這一點。因此，我們在司機聚集的地方建造站點，從而產生了我們今天所獲得的這種回報。我們沒有看到其他行業也這樣做，要么他們的人專注於追逐聯邦撥款，而這些撥款可能並非最有成效的地點，要么他們的目標未必是最大限度地提高充電收益。

But in terms of encouraging people to buy electric vehicles. We know that charging or range anxiety is alongside the upfront price, one of the two biggest reasons for even faster adoption of electric vehicles. And so, some companies are focusing on building charging stations to sell cars. When we think about -- we've got scale -- that translates to advantages in customer experience, the remote monitoring and diagnostics, the kind of marketing and dynamic pricing I talk about every quarter, the supply chain relationships, we talked about those relationships on the call today.

但就鼓勵人們購買電動車而言。我們知道，充電焦慮或里程焦慮與前期價格一樣，是促使電動車更快普及的兩大原因之一。因此，一些公司正專注於建造充電站來銷售汽車。當我們思考——我們擁有規模——這轉化為客戶體驗、遠端監控和診斷、我每季都會談到的那種行銷和動態定價、供應鏈關係等方面的優勢，我們今天在電話會議上也談到了這些關係。

These are not things that we see with the rest -- with many others in the space. The average number of charging stations across this industry amongst our competitors are significantly smaller than us. And so, when I think about these advantages, next-generation architecture, our balance sheet, it seems to me that we'd expect to see a smaller number of other peers in the network in the industry.

這些是我們在其他領域——或者說該領域的許多其他領域——看不到的。本產業競爭對手的平均充電站數量遠低於我們。因此，當我考慮到這些優勢、下一代架構以及我們的資產負債表時，我認為我們應該會在行業網絡中看到更少的其他同行。

I'm thrilled when we see our peers building charging stations because that will ultimately encourage EV adoption. And as I said before, I expect that will result in more throughput per store for our network because we've got faster charging stations and better located sites. So that's maybe one way of thinking about this landscape.

看到同行們建造充電站，我感到非常興奮，因為這最終將促進電動車的普及。正如我之前所說，我預計這將使我們的網路每家門市的吞吐量更高，因為我們擁有更快的充電站和位置更好的網站。這或許是看待這片土地的一種方式。

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

So Badar, I was hoping we could dig in a little bit more on the experience you're seeing out there with the new NACS connectors, right? This is an exciting opportunity for you given the size of the Tesla fleet and that it's early days for the OEMs to cut over to the NACS connector where they're heading longer term. Can you maybe unpack for us what the actual utilizations are or early experiences on utilization around NACS?

巴達爾，我希望我們能更深入地探討你對新型 NACS 連接器的使用體驗，對吧？鑑於特斯拉車隊的規模，以及汽車製造商目前還處於向NACS連接器過渡的早期階段（這是他們長期發展的方向），這對你來說是一個令人興奮的機會。您能否為我們詳細介紹NACS的實際使用情況或早期使用經驗？

I mean, are you seeing the Tesla drivers come back repetitively to the same locations, use multiple locations? And how should we think about the build here and the tempo? And what would you use to guide your change out of additional locations in the future? Are there specific data points or other metrics you would use to guide the adoption of these cables?

我的意思是，你是否看到特斯拉車主反覆光顧同一地點，或使用多個地點？那我們該如何考慮這裡的結構和節奏呢？那麼，未來在其他地點開展業務時，您會用什麼來指導業務拓展呢？是否有具體的數據點或其他指標可以用來指導這些電纜的採用？

We completely agree with you that the upside here is quite significant. As you said, and we've talked about in prior calls, there are -- there's a significant amount of the vehicle fleet that are Tesla vehicles that are generally not charging on our charging stations. And so being able to access roughly half of all the IO it was just a giant step-up for us.

我們完全同意你的觀點，這裡的潛在利益相當可觀。正如您所說，我們也曾在之前的通話中討論過，我們的車隊中有相當一部分是特斯拉汽車，但它們通常不會在我們的充電站充電。因此，能夠訪問大約一半的 I/O 對我們來說是一個巨大的進步。

And so, we're pretty excited by it. We also know that switching out a CCS cable that is very productive. I mean we can see we're at an average of almost 300 kilowatt hours per stall per day across the network is not something that we want to -- it's not something we want to take for granted. And so, we are being very thoughtful about switching out the CCS cables with these NACS cables.

所以，我們對此感到非常興奮。我們也知道，更換 CCS 電纜是非常有效的。我的意思是，我們可以看到，整個網路中每個充電樁每天平均消耗近 300 千瓦時，這不是我們想要看到的——這不是我們想要視為理所當然的事情。因此，我們正在非常謹慎地考慮用這些 NACS 電纜取代 CCS 電纜。

It does take us a few months to ramp up throughput per stall on our CCS cables with drivers that are very familiar with EVgo. And so, we want to make sure that we're being thoughtful about that switchover and attracting Tesla vehicles. In the early part of the year, it was all about making sure that we've got cables that can withstand the high power.

我們需要幾個月的時間才能提高 CCS 電纜上每個站台的吞吐量，並且駕駛員對 EVgo 非常熟悉。因此，我們希望確保在轉型過程中深思熟慮，並吸引特斯拉汽車。今年年初，我們主要的工作就是確保我們使用的電纜能夠承受高功率。

So these are liquid cool cables, and we've got the right technology, and I think we've proven that. We've gone up to 100 cables as of the end of October, and we're going to spend some months now making sure that we're learning everything we need to be learning in terms of all the questions that you asked, what is the behavior of Tesla drivers in terms of the charging stations, repeat at the same location, other locations, how are they identifying EVgo stations?

所以這些是液冷電纜，我們擁有正確的技術，我認為我們已經證明了這一點。截至十月底，我們已經擁有了 100 條電纜，接下來幾個月我們將確保我們學習所有我們需要學習的內容，包括你們提出的所有問題，例如特斯拉車主在充電站的行為，在同一地點重複測試，在其他地點測試，他們是如何識別 EVgo 充電站的？

How can we help them to identify and locate our stations even better. We expect in 2026, when we issue our guidance that this will be a fairly key part of our store rollout schedule. As I said before, I expect a lot of the 2026 will be retrofit. I do expect to be a scale rollout of the NACS cables next year, again, attracting roughly half the market that isn't really charging in our standard network today.

我們如何幫助他們更好地識別和定位我們的站點？我們預計，到 2026 年發布指導意見時，這將是我們門市推廣計畫中相當關鍵的一部分。正如我之前所說，我預計 2026 年的許多車型都將是改裝車型。我預計明年 NACS 電纜將大規模推廣，再次吸引目前在我們標準網路中尚未真正收費的大約一半市場。

That could be a big source of upside. And for the new stations at some point in 2026, perhaps around the middle of the year, new charging stations from the get-go, not just retrofit will include the NACS cables. But you're going to have to wait until our guidance for 2026 before we reveal that. As always, Craig, I think as you've seen, we're going to be pretty thoughtful and pretty analytical about all this.

這可能是一個巨大的上漲空間。對於 2026 年某個時候（可能在年中左右）新建的充電站，從一開始就將配備 NACS 電纜，而不僅僅是進行改造。但您需要等到我們發布 2026 年的指導意見時才能知道。克雷格，我想正如你所看到的，我們會一如既往地認真思考並進行深入分析。

Understood. That definitely makes sense. So, my next question is about dynamic pricing. In your past couple of calls, you'd shared some real points of success where that's actually driven much better utilization for the network and the overnight. Can you maybe share some more detail with us on where you stand with dynamic pricing, the peak-to-trough variance in rates, the geographic success?

明白了。這確實很有道理。那麼，我的下一個問題是關於動態定價的。在您之前的幾次通話中，您分享了一些真正成功的案例，這些案例實際上大大提高了網路和夜間營運的使用率。您能否詳細介紹一下您在動態定價方面的立場、價格的峰谷波動以及地理分佈方面的成功情況？

What should we be looking at to understand this business and what it could mean for EVgo over the next number of quarters?

為了了解這家公司及其在未來幾季對 EVgo 的影響，我們應該關注哪些方面？

It's super exciting, Craig. We've got first -- I will call it a sort of a first version or 1.0, if you will, of dynamic pricing across our entire network. We rolled that out, I want to say, throughout 2024, maybe late 2024, I should say. And we have it across all geographies, across all charging stations. There is some -- there are some limitations around the number of combinations of prices and the frequency of change, which will come through our next version -- our next iteration of dynamic pricing.

太令人興奮了，克雷格。我們率先在整個網路中實現了動態定價——我姑且稱之為第一個版本或 1.0 版吧。我想說，我們計劃在 2024 年全年，或許是 2024 年底推出這項計畫。我們已在所有地區、所有充電站實現了這個目標。價格組合的數量和變化的頻率存在一些限制，這將在我們的下一個版本中解決——動態定價的下一個迭代版本。

We were expecting that to be in the fourth quarter of this year, Craig, but we've got such a large fourth quarter build-out. I think as you will have heard from Paul, we've got about 350 to 400 stores that we'll be deploying. This is public and the dedicated stores. So, the owned and operated network in the fourth quarter and the eXtend stores on top of that, we felt that it was more sensible to get -- not to try and take on too many things.

克雷格，我們原本預計在今年第四季完成，但我們第四季的建設工作量非常大。我想你們應該已經從保羅那裡聽到了，我們將部署大約 350 到 400 家門市。這是公共區域和專用商店。因此，考慮到第四季度的自有和營運網路以及 eXtend 門市，我們認為與其試圖承擔太多事情，不如專注於自身發展。

So, the next iteration of our dynamic pricing will get rolled out in the first -- at the end of the first quarter of next year. In terms of what the impact is, I mean, you can see our revenue per kilowatt hour is pretty flat. We're growing throughput per store. We're obviously very happy about that. We see double-digit utilization in the overnight hours which I think is pretty extraordinary.

因此，我們的動態定價的下一個版本將於明年第一季末推出。至於影響方面，我的意思是，你可以看到我們每千瓦時的收入相當穩定。我們正在提高單店吞吐量。我們對此當然非常高興。我們看到夜間利用率達到了兩位數，我認為這非常了不起。

We're talking about 3:00 in the morning. A lot of that is all through dynamic pricing and our approach to the way that we communicate with our customers, so shifting usage from peak times to off-peak or overnight hours. And these are all the kind of things that we're deploying that results in growing throughput per store, growing utilization while minimizing wait times or queuing times and providing opportunities for customers to charge at rates that are appropriate for them.

現在是凌晨3點。這一切都得益於動態定價以及我們與客戶的溝通方式，例如將使用高峰時段轉移到非尖峰時段或夜間。我們正在部署的這些措施，旨在提高每家門市的吞吐量，提高利用率，同時最大限度地減少等待時間或排隊時間，並為客戶提供以適合他們的費率收費的機會。

If I could sneak in a third one. The autonomous vehicle fleet out there is growing, right? There's many more cities where we're seeing adoption and vehicles training, new vehicles in commercial operation, but many cities training. And I'm going to guess that some of these leading companies are using the EVgo the EVgo network or at least their own proprietary stations built and managed by EVgo.

如果我能偷偷塞進去第三個就好了。自動駕駛汽車的數量正在不斷增長，對吧？我們看到很多城市都在進行車輛引進和培訓，新車輛投入商業運營，但很多城市都在進行培訓。我猜測其中一些領先的公司正在使用 EVgo 的 EVgo 網絡，或者至少使用由 EVgo 建造和管理的他們自己的專有充電站。

How does revenue recognition work for you on these things? When they're in training, are they actually generating revenue already on the EVgo network? Are they already customers? Or do we see site commissioning when they go commercial? And how do we think about fleet growth correlating to demand growth for EV? Is this something that should be sort of 1:1?

在這些情況下，你們是如何確認收入的？當他們還在接受培訓時，他們是否已經在 EVgo 網路上創造了收入？他們已經是我們的客戶了嗎？或者我們會在它們商業化運作時看到網站調試過程嗎？我們如何看待車隊成長與電動車需求成長之間的相關性？這應該是1:1的比例嗎？

Or is this something that happens sort of in increments or steps? Any color there for us to understand the -- how these businesses are interconnected?

或者說，這件事是逐步發生的？這裡有沒有什麼顏色可以幫助我們理解這些企業之間的相互連結？

Yes. Look, the both of that point and the autonomous vehicles are the two big sources of upside for the company over the coming years. And we completely agree with you that we see that autonomous vehicles is a potentially very significant and very interesting source of upside. I do see the space growing potentially very quickly. These are all electric vehicles, and they'll all be needing to be charged at fast charging sites, not slow charging.

是的。你看，這一點和自動駕駛汽車是該公司未來幾年兩大成長點。我們完全同意您的觀點，我們認為自動駕駛汽車是一個極具潛力且非常有趣的成長點。我認為這個領域有可能會發展得非常迅速。這些都是電動車，它們都需要在快充站充電，而不是慢充站。

And yes, we are working with all the leading players in the EV space -- in the AV space in terms of building dedicated sites for these AV partners. Today, the way that we are contracting with them, we've got effectively a monthly rent, so dollars per store per month from when the store is operational, whether anything is charging there or not. And that's the nature of the contracts today.

是的，我們正在與電動車領域的所有領先企業合作——在自動駕駛汽車領域，我們正在為這些自動駕駛汽車合作夥伴建立專用網站。今天，我們與他們的合約方式是，實際上我們每月支付租金，也就是從商店開始營業時起，每個商店每月支付幾美元，無論商店是否收費。這就是當今合約的本質。

These are -- we're in the foothills, in fact in my mind, in this industry. And so, the structure of these contracts may very well evolve or very likely to evolve over the coming years. But that's the way that we're contracted. In terms of revenue recognition, it's -- these are long-term contracts. And so there's typically a gain on sale with this long-term revenue stream that's recognized when the store goes live or around when the store goes live. Anything else, Paul, in terms of revenue recognition that is important here?

在我看來，我們在這個產業還處於起步階段。因此，這些合約的結構很可能會在未來幾年內發生變化。但合約就是這麼規定的。就收入確認而言，這些都是長期合約。因此，這種長期收入流通常會在商店上線時或商店上線前後獲得銷售收益。保羅，關於收入確認方面，還有其他需要注意的地方嗎？

No, that's good. That's pretty much how it works. They are long-term contracts with basically a fixed fee, a fixed monthly fee. That's the cash flow that we receive. But because they are long-term contract or some of them are, I shouldn't say they all are, but some of them are long-term contracts under accounting, it's considered to be a deemed sale, so sale lease accounting.

不，那很好。大致就是這樣。這些都是長期合同，基本上是固定費用，每月固定費用。這就是我們收到的現金流。但由於它們是長期合同，或者其中一些是長期合同（我不應該說它們都是長期合同，但其中一些是長期合同），根據會計處理，這被視為視同銷售，因此屬於銷售租賃會計處理。

So with some of them with the longer-term contracts, we do recognize a gain on sale of the construction costs. So there's a markup to what we think is fair market value for this site and then that gain is recognized when the site goes live when the customer -- the client takes over -- the partner takes over the site. And then after that, it is basically the operating cash flows for maintaining the site that we receive.

因此，對於其中一些簽訂了長期合約的項目，我們確實確認了出售建築成本的收益。因此，我們會在我們認為網站的公平市場價值基礎上加價，然後在網站上線、客戶（委託人）接管或合作夥伴接管網站時，確認這部分收益。之後，我們收到的基本上就是維持網站運作所需的現金流。

When we have that gain on sale, we're bringing forward some of the economic value. And so that creates a receivable. So then when we receive the money in, we draw down that receivable over time over the life of the contract. So it's a bit tricky. I know we said last time, we'll do a webinar or teach-in on how it all works, we'll just sort of provide annual guidance as to where we think in total those will come.

當我們出售這些收益時，我們就提前釋放了部分經濟價值。這樣就產生了一筆應收帳款。所以，當我們收到款項時，我們會在合約有效期間內分期償還這筆應收帳款。所以這有點棘手。我知道我們上次說過，我們會舉辦網路研討會或培訓課程，講解這一切是如何運作的，我們也會每年提供一些指導，說明我們認為這些資金最終會投入到哪些方面。

Excellent. Well, you've confirmed for me that it's an exciting business, and I think that's what investors really mean. So congratulations on the progress across the board.

出色的。嗯，你讓我確信這是一個令人興奮的行業，我想這正是投資者真正想要的。祝賀你們在各方面都取得了進展。

Brett Castelli, Morningstar.

Brett Castelli，晨星公司。

Just sticking with autonomy, I wanted to come back to this contract closeout here that you talked about and really understand more medium and long term. Does that at all impact sort of the prior range of expectations you gave us in terms of stalls and build-out for that particular part of the network?

就自主性而言，我想回到你剛才提到的合約收尾問題，真正了解中長期情況。這是否會對您之前就該特定網路部分的攤位和建設方面給出的預期範圍產生任何影響？

No, it does not. So the range that we provided last quarter on the last quarterly earnings call for public and dedicated build targets remain valid, remain the same as they are. As Bill asked upfront, next year, we were looking at 1,350 to 1,500 public and dedicated. The majority of that is public. We have not yet broken out how many are public versus dedicated.

不，並非如此。因此，我們在上個季度財報電話會議上提供的公共和專用建設目標範圍仍然有效，與之前相同。正如比爾事先所問，明年我們預計會有 1350 至 1500 個公共和專用停車位。大部分都是公開的。我們尚未細分出公立學校和專用學校的數量。

Dedicated are these stores for autonomous vehicle partners. As Craig said, I think that remains a very, very exciting and very interesting source of upside. We just need to make sure that the -- if we are doing a significantly more dedicated stores that they are meeting our return expectations. The economics are attractive for us.

這些門市專供自動駕駛汽車合作夥伴使用。正如克雷格所說，我認為這仍然是一個非常、非常令人興奮和非常有趣的成長潛力來源。我們只需要確保——如果我們開設更多專門的門市，它們能夠達到我們的預期回報。經濟效益對我們來說很有吸引力。

We can see very strong and very attractive economics for our public network. And so, the contract close out, there's really one company that was going to get in the robotaxi space in a pretty big way that do exit, but there are many others that are building out these businesses and we're working with them all.

我們可以看到，我們的公共網路具有非常強勁且極具吸引力的經濟效益。因此，隨著合約的結束，原本打算大規模進入無人駕駛計程車領域的公司實際上已經退出，但還有許多其他公司正在發展這些業務，我們正在與他們所有人合作。

Okay. And then I just wanted to ask on the charging network gross margin. We've seen more muted margin expansion within that line item here in 2025. Can you remind me for the drivers behind that? And then how we should think about margin expansion within that line item in 2026?

好的。然後，我還想問問充電網路的毛利率。我們看到，2025 年該專案利潤率的成長較為溫和。你能提醒我幕後司機是誰嗎？那麼，我們該如何考慮2026年該專案利潤率的擴張呢？

Yes. So, maybe I'll just start and then, Paul, I can ask you just to sort of provide further details. We are seeing charging network gross margin expand, Brett, year-over-year. There is seasonality. So Q3 is seasonally the lowest margin percent typically quarter over the course of the year because we got the higher summer tariffs. We saw that last year. You see that this year. This year is higher than last year year-over-year.

是的。所以，也許我先開始，然後保羅，我可以請你提供更多細節。布雷特，我們看到充電網路毛利率逐年擴大。存在季節性。因此，第三季度通常是一年中利潤率最低的季度，因為我們面臨較高的夏季關稅。我們去年就看到了這一點。今年你就能看到這一點。今年的年增幅高於去年。

And the operating leverage, we've got two sources of operating leverage, one in the G&A, which we talked about earlier and then operating leverage within the charging network cost of sales where about 30% of that is fixed. And so as usage per store grows, that margin just expands. And that certainly we fully expect to see continue over the next several years. But Paul, any other color or any other detail that might be helpful in the near term?

至於經營槓桿，我們有兩個經營槓桿來源，一個是 G&A，我們之前已經討論過，另一個是充電網路銷售成本中的經營槓桿，其中約 30% 是固定成本。因此，隨著每家店的使用量增加，利潤率也會隨之擴大。我們完全有理由相信，這種情況在未來幾年內還會持續下去。但是保羅，還有其他顏色或其他細節可能在短期內有幫助嗎？

Sure. Yes. So, when we look over year-over-year and say, I'll talk about Q1 '24 first. So, in that quarter, we did have a large amount of breakage revenue, which has got 100% margin. So that's customer credits. When they expire, we recognize that as revenue and as margin, and that increased Q1 '24. If you took that out and then just looked at '24 by quarter versus '25 by quarter, it generally shows an increase, a couple of percentage point increase quarter-over-quarter.

當然。是的。所以，當我們回顧上一年的情況時，我會先談談 2024 年第一季。所以，在那一季度，我們確實獲得了大量的破損收入，毛利率達到了 100%。這就是客戶積分。當這些債券到期時，我們會將其確認為收入和利潤，這在 2024 年第一季有所增加。如果把這個因素排除在外，只看 2024 年和 2025 年的季度數據，通常會顯示成長，季度環比成長幾個百分點。

And then if you look at where we are in Q3 '25, 35%, which is about 1% increase over '24. In '24, that increase from Q3 to Q4 was 6 percentage points. And in the prior year, it was about 5 percentage points. So, we would expect Q4 '25 to follow a similar pattern and be 6, 7 percentage points higher in Q3 this year. And we see that pattern moving -- continuing to move up steadily as we've shown in our -- as we get the operating leverage as we've shown in our unit economics as well.

然後，如果你看看我們在 2025 年第三季的情況，35%，比 2024 年成長了約 1%。2024 年，第三季到第四季，這增幅為 6 個百分點。而前一年，這一比例約為 5 個百分點。因此，我們預計 2025 年第四季將遵循類似的模式，比今年第三季高出 6 到 7 個百分點。我們看到這種模式正在發展——正如我們在單位經濟效益分析中所展示的那樣，隨著經營槓桿的提高，這種模式將繼續穩步上升。

So, when you correct for a couple of those things and look at the that quarter-over-quarter and think about the seasonality, I do think you see improvement.

所以，當你修正了其中幾個因素，並觀察季度環比數據，同時考慮季節性因素後，我認為你會看到改善。

Chris Pierce, Needham & Company.

克里斯·皮爾斯，尼德姆公司。

Just one question for me. If I look at last quarter, if we calculate ASP per kilowatt, there was a mid-double-digit increase and then it's kind of a high single-digit increase kind of moving down sequentially in the third quarter. I just want to understand how to think about the pricing levers you guys are pulling and how bill to pull kind of going back to Craig's question on dynamic pricing? Or is it that OEM revenue sort of distorted things in the second quarter and made things look a little more robust than they actually were. I just kind of want to get a sense of pricing across the buckets there and how to think about ASP per watt.

我只有一個問題。如果我看一下上個季度，如果我們計算每千瓦時的平均售價，會發現出現了兩位數的中段增長，然後在第三季度出現了個位數的高段增長，並開始逐季下降。我只是想了解你們是如何看待定價策略的，以及帳單是如何運作的，這有點像是回到了 Craig 關於動態定價的問題？或者說，第二季的 OEM 收入在某種程度上扭曲了數據，使情況看起來比實際情況要好一些。我只是想了解各個檔次的定價狀況，以及如何考慮每瓦的平均售價。

Yes. Paul, do you want to take that?

是的。保羅，你想拿嗎？

Yes. So when I look at the pricing charging revenue overall, I see Q2 versus Q3 to be broadly flat, and I see, of course, the costs energy costs, in particular, increasing in Q3 as we talked about because of summer tariffs, the seasonality there. So we see a bit of a squeeze in the margin in Q3 as expected. But as I mentioned before, our pricing has been generally pretty steady, and our margins have been showing a general increase overall, which we expect to continue into Q4 and follow a similar pattern into '26 as well.

是的。因此，當我查看整體定價收費收入時，我發現第二季度與第三季度基本持平，當然，正如我們之前討論過的，由於夏季關稅和季節性因素，第三季度的能源成本有所增加。因此，正如預期的那樣，我們看到第三季利潤率有所下降。但正如我之前提到的，我們的定價總體上相當穩定，利潤率總體上也呈現普遍增長的趨勢，我們預計這一趨勢將持續到第四季度，並延續到 2026 年。

There is some mix effect when we look at pricing, we have to think about where the volume of energy is coming from and being dispensed to. But it's been broadly flat across the portfolio in the quarter.

在考慮定價時，需要考慮一些綜合因素，我們必須考慮能源的來源和分配方向。但本季整個投資組合的表現整體穩定。

There are no further questions at this time. I will now turn the call back over to Badar Khan for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給巴達爾·汗，請他作總結發言。

Great. Well, look, thank you, everybody. We had another solid quarter of great operational performance and hitting strategic milestones. We can clearly see that we're nearing the inflection to adjusted EBITDA breakeven. And with the operating leverage that we have, we can see accelerated EBITDA growth coming soon. And I look forward to sharing that progress with you on the next call. Thanks, everybody.

偉大的。好了，謝謝大家。我們又迎來了一個營運業績穩健成長並達成策略里程碑的季度。我們可以清楚地看到，我們即將達到調整後 EBITDA 損益平衡點。憑藉我們現有的經營槓桿，我們可以預見 EBITDA 將很快實現加速成長。我期待在下次通話中與您分享這些進展。謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。