EVgo Inc (EVGO) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the EVgo Q1 2026 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Heather Davis, Head of Investor Relations. Please go ahead.

各位好，感謝您撥冗等候。歡迎參加 EVgo 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者——投資人關係主管 Heather Davis。請開始。

Good morning, and welcome to EVgo's first quarter 2026 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 Keefer Lehner, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's first quarter 2026 financial results and our outlook for the year, followed by a Q&A session.

各位早安，歡迎參加 EVgo 2026 年第一季財報電話會議。我叫 Heather Davis，現任 EVgo 投資人關係副總裁。今天與我一同出席的有 EVgo 執行長 Badar Khan，以及 EVgo 財務長 Keefer Lehner。今天我們將討論 EVgo 2026 年第一季財務結果與今年展望，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 there, along with the company's earnings release and investor presentation after the conclusion of this call.

今天的電話會議將以網路直播方式進行，可於我們網站 investors.evgo.com 的「投資人」專區收看。會議結束後，通話內容將在該處存檔並提供回放，並同時提供公司新聞稿與投資人簡報。

During the call, management will be making forward-looking statements that are subject to risks and uncertainties, including expectations about future performance. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including in the Risk Factors section of our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

在本次會議中，管理團隊將發表前瞻性陳述，該等陳述受風險與不確定性影響，包括對未來表現的預期。可能導致實際結果與我們預期出現重大差異的因素，已在我們向 SEC 提交的文件中詳述，包括最近一期 Form 10-K 年報及 Form 10-Q 季報中的「風險因素」章節。

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. Also, please note that we will be referring to certain non-GAAP financial measures on this call.

公司向 SEC 提交的文件可於我們網站「投資人」專區查閱。這些前瞻性陳述以今日為準，我們不承擔在本次會議後更新該等陳述的義務。另外請注意，我們在本次會議中將引用若干非 GAAP 財務衡量指標。

Information about these non-GAAP measures, including definitions and applicable reconciliations to the corresponding GAAP measures can be found in the earnings materials available on the Investors section of our website. With that, I'll turn the call over to Badar Khan, EVgo's CEO.

關於這些非 GAAP 指標的資訊（包括定義以及與相對應 GAAP 指標的調節表），可在我們網站「投資人」專區提供的財報資料中查閱。接下來我把電話交給 EVgo 執行長 Badar Khan。

Thank you, Heather. EVgo's first quarter was in line with our expectations. We delivered solid results, headlined by record first quarter revenues of $110 million, a 45% year-over-year increase. Increased revenues were largely driven by the continued growth of our operating network, eXtend and two new contracts at dedicated AV hubs locations. Throughput on our public network increased to 91 gigawatt hours in the quarter.

謝謝你，Heather。EVgo 第一季表現符合我們的預期。我們交出穩健成果，亮點是第一季營收創下新高達 1.10 億美元，年增 45%。營收成長主要來自我們營運網路持續擴張、eXtend，以及在專用 AV 樞紐（hubs）地點新增的兩份合約。本季我們公共網路的充電量（throughput）提升至 91 吉瓦時。

Stores in operation across the EVgo network were 5,280 with over 200 new stores added in Q1. Adjusted EBITDA was negative $7 million in the quarter as we continue to invest in the long-term growth of the business by expanding our operations and deployment teams and our next-generation charging architecture. We ended the quarter with a healthy balance sheet with $150 million in cash.

EVgo 網路中投入營運的站點（stores）為 5,280 座，第一季新增超過 200 座站點。本季調整後 EBITDA 為負 700 萬美元，因我們持續投資於業務的長期成長，包括擴充營運與部署團隊，以及下一代充電架構。本季結束時，我們資產負債表維持健康，現金為 1.50 億美元。

We continue to make great progress on our next-generation charging architecture that we expect to start rolling out to the field by the end of the year. This will not only deliver improved reliability and an enhanced customer experience, but is also expected to lower CapEx per store and will further underpin our long-term unit economics that we believe will result in recurring adjusted EBITDA generation at the $0.5 billion level by 2030.

我們在下一代充電架構方面持續取得重大進展，預期將於年底前開始在現場逐步導入。此舉不僅可提升可靠度並改善客戶體驗，也預期可降低每座站點的資本支出（CapEx），並進一步支撐我們的長期單位經濟效益；我們相信這將使我們在 2030 年前達到約 5 億美元水準的經常性調整後 EBITDA 產生能力。

We've achieved some noteworthy milestones on the next-gen architecture, including completion of the first system build of the power cabinet and dispenser, successful vehicle charging with EVgo developed controllers and firmware and the start of long-term reliability testing.

我們在下一代架構上達成若干重要里程碑，包括完成電力機櫃（power cabinet）與充電樁（dispenser）的第一套系統組裝、使用 EVgo 自行開發的控制器與韌體成功為車輛充電，以及開始進行長期可靠度測試。

EVgo has excellent partnerships with rideshare companies who we believe partner with us in part because of our enormous scale advantage versus the dozens of smaller operators and because of the value their drivers get on the EVgo network.

EVgo 與共乘平台公司建立了極佳的合作關係；我們認為他們之所以與我們合作，部分原因在於相較於數十家規模較小的營運商，我們具備龐大的規模優勢，以及其駕駛在 EVgo 網路上獲得的價值。

Rideshare drivers are already around one fourth of our network throughput and we continue to deepen our partnership with Uber, where we are working towards finalization of an agreement where they guarantee a minimum level of utilization that incentivizes us to build more and larger charging stations in key urban metros.

共乘駕駛目前已約占我們網路充電量的四分之一；我們也持續深化與 Uber 的合作，正推進並力求完成一項協議，內容為 Uber 保證最低使用量，以激勵我們在關鍵都會區建置更多且更大型的充電站。

This would not only meet rising demand from the segment, but further accelerate the electrification of rideshare. We have excellent relationships with our site host partners from grocery stores to retail stores. And this quarter, we had a record number of new stores signed under long-term leases, around 3 times the same quarter last year, most of which will come online 9 to 12 months after signing.

這不僅能滿足該族群日益上升的需求，也將進一步加速共乘電動化。我們與場地主（site host）合作夥伴維持極佳關係，涵蓋雜貨店到零售商店等各類型。本季我們在長期租約下簽署的新站點數量創下新高，約為去年同期的 3 倍；其中多數將在簽約後 9 至 12 個月上線。

This level of site lease signings is an indication of the value our site partners believe EVgo brings and their confidence in our ability to deliver fast-charging stores as we continue ramping up store deployments. We have over 100 stores operational with NACS connectors and continue to target having over 500 NAC stores available across the network by the end of the year at approximately 15% of our sites.

如此規模的場地租約簽署，顯示場地主夥伴認可 EVgo 所帶來的價值，並對我們在持續提升站點部署速度的同時，交付快速充電站點的能力具備信心。我們已有超過 100 座站點配備 NACS 連接器並投入營運，並持續以年底前在全網提供超過 500 座 NACS 站點為目標，約占我們站點的 15%。

Strategically, by deploying NACS connectors across our network, we are effectively more than doubling our addressable market where drivers with cars with NACS inlets can charge without an adapter. And importantly, we've agreed an amendment to our loan with the DOE Office of Energy Dominance Financing with the current administration, which we believe increases certainty and reduces complexity of go-forward draws and further enhances our already strong liquidity profile.

在策略上，於全網部署 NACS 連接器，等同於將我們可服務市場有效擴大一倍以上，因為配備 NACS 充電口的車主可在無需轉接頭的情況下充電。同時也很重要的是，我們已與 DOE（美國能源部）能源主導融資辦公室（Office of Energy Dominance Financing）在現任政府下就貸款達成修訂；我們認為此舉提高了未來提領（draws）的確定性並降低複雜度，並進一步強化我們原本就相當穩健的流動性狀況。

DOE's loan program has historically been designed as a bridge to commercial finance ability. In the case of EVgo, this is exactly what happened. Less than a year after closing the DOE loan, we closed our commercial bank financing of up to $300 million. The combination of the amended DOE loan and commercial bank facility gives EVgo the capital it needs to deliver on our previously communicated build targets.

DOE 的貸款計畫歷來設計目的，是作為銜接至商業融資能力的橋樑。就 EVgo 而言，情況正是如此。在完成 DOE 貸款交割後不到一年，我們即完成最高 3 億美元的商業銀行融資。修訂後的 DOE 貸款與商業銀行融資額度相結合，為 EVgo 提供所需資金，以達成我們先前對外溝通的建置目標。

EVgo successfully drew under the loan 3 times in 2025 and this amendment is a reflection of two things: first, the success we've had in securing additional private market funding and acknowledgment that debt -- additional debt capital is available to EVgo in the commercial markets.

EVgo 在 2025 年已成功依該貸款提領 3 次；本次修訂反映兩點：第一，我們在取得更多民間市場資金方面的成果，以及市場對 EVgo 在商業市場可取得債務——額外債務資本的認可。

And secondly, it reflects the current administration's view of the importance of this essential infrastructure build-out across the U.S. Our fast-charging infrastructure is performing well and better than originally modeled when the loan was underwritten. Much of the loan remains the same and I'll highlight a few key updates.

第二，這也反映現任政府認為在全美推動此一關鍵基礎建設擴建的重要性。我們的快速充電基礎設施表現良好，且優於該貸款承作（underwritten）時的原始模型假設。貸款多數條款維持不變，我將重點說明幾項主要更新。

The size of the loan has been updated to $750 million, which includes $625 million in borrowings and up to $125 million in capitalized interest. EVgo can draw up to 80% of total eligible project costs. However, because the loan is currently overcollateralized, we can draw up to 95% of eligible project costs on an incremental basis until total leverage hits the 65% loan-to-value ratio.

貸款規模已更新為 7.50 億美元，其中包括 6.25 億美元可借款額度，以及最高 1.25 億美元的資本化利息。EVgo 可提領最高達合格專案成本（eligible project costs）的 80%。然而，由於目前該貸款屬於超額擔保（overcollateralized），在總槓桿達到 65% 貸款價值比（loan-to-value ratio）之前，我們可在增量基礎上提領最高達合格專案成本的 95%。

A redundant construction risk-related reserve account of $35 million is eliminated because debt funding occurs after store completion, which reduces restricted cash for EVgo, further improving our liquidity profile. On May 1, EVgo received our next advance of $81 million, bringing our cash balance on May 1 to $223 million.

一項與施工風險相關、金額 3,500 萬美元的重複性準備金帳戶已被取消，因為債務資金是在站點完工後才撥付，這可降低 EVgo 的受限現金，進一步改善我們的流動性狀況。5 月 1 日，EVgo 收到下一筆 8,100 萬美元的撥款，使我們在 5 月 1 日的現金餘額達到 2.23 億美元。

Other key terms remain the same as the original agreement. The availability period remains five years with a term of 17 years. The interest rate on the loan remains very attractive at treasury plus approximately 1.2% and we're able to request advances quarterly. We already have the strongest balance sheet we've had in many years and these changes result in even more free cash available to be reinvested into the business. EVgo has ample liquidity with the DOE loan and our commercial facility.

其他主要條款與原始協議相同。可用期間（availability period）仍為 5 年，期限（term）為 17 年。貸款利率仍相當具吸引力，為美國公債利率（treasury）加約 1.2%，且我們可按季申請撥款。我們已擁有多年來最強健的資產負債表，而這些變更使可自由運用的現金進一步增加，可再投入於業務。在 DOE 貸款與我們的商業融資額度支持下，EVgo 具備充足流動性。

And as of May 1, we currently have up to $640 million available principal capacity on our two credit facilities, inclusive of the incremental availability. Between the DOE loan and our commercial credit facility and reinvestment of profits, we expect to have 12,500 to 13,900 EVgo public sold by the end of 2029, which is unchanged from our previously stated build targets.

截至5月1日，包含新增可用額度在內，我們目前在兩項信貸額度下可動用的本金容量最高達6.40億美元。透過DOE貸款、我們的商業信貸額度以及利潤再投資，我們預期到2029年底將擁有12,500至13,900個EVgo對外公開銷售的充電樁（stalls），此目標與我們先前所述的建置目標一致，未有變更。

Given the strong recurring and high-margin cash flows being generated from our charging infrastructure, we believe and the market has acknowledged that this is an infrastructure asset class that should be levered. We will continue to explore other nondilutive financing, all while maintaining a healthy balance sheet to reduce our cost of capital to even lower levels or allow us to grow faster or both.

鑑於我們充電基礎設施所產生的強勁、可重複且高毛利的現金流，我們相信且市場也已認可，這是一個應該運用槓桿的基礎設施資產類別。我們將持續探索其他不稀釋股權的融資方式，同時維持健康的資產負債表，以進一步降低資本成本，或讓我們成長更快，或兩者兼具。

We believe the long-term growth outlook for EVgo remains very attractive. Projections for 2030 EV VIO are near $16 million, representing a 20% CAGR. Recent volatility in the oil market makes the ongoing TCO for EVs even more compelling for American drivers.

我們認為EVgo的長期成長前景仍然非常具吸引力。對2030年EV VIO的預測接近1,600萬美元，代表20%的年複合成長率（CAGR）。近期油市波動使得電動車的持續總持有成本（TCO）對美國駕駛而言更具吸引力。

Sales of new EVs in Q1 are rebounding from the Q4 lows and are expected to accelerate throughout the year, adding to VIO. The market for used EVs has been very strong, and we can see that over the past few quarters, quarterly sales of used EVs has approached the 100,000 units level with Q1 just under half the level of new BEV sales.

第一季新電動車銷售正從第四季低點回升，並預期全年將加速成長，進一步推升VIO。二手電動車市場表現非常強勁；我們看到過去幾季二手電動車的季度銷量已接近10萬輛水準，而第一季的二手電動車銷量略低於新BEV銷量的一半。

Q1 used EV sales have more than doubled versus three years ago and are projected to continue to accelerate going forward. Drivers of used EVs are often customers of public charging networks. This is because used car buyers are more likely to live in multifamily housing and multifamily residents tend to charge more frequently on public networks.

第一季二手電動車銷量較三年前已增加逾一倍，並預期未來將持續加速。二手電動車駕駛往往是公共充電網路的客戶。這是因為二手車買家更可能居住於多戶住宅，而多戶住宅住戶通常更常在公共網路上充電。

As a result, we expect to see the serviceable addressable market for public fast charging to increase faster than overall VIO growth, with growth in public fast charging remaining more resilient compared to growth in the overall EV market. Prices for used EVs have nearly reached parity with their ICE counterparts, given the surge in EV leases following the passage of the IRA.

因此，我們預期公共快速充電的可服務可觸及市場（SAM）將以快於整體VIO成長的速度擴大，且相較於整體電動車市場成長，公共快充的成長將更具韌性。由於《IRA》通過後電動車租賃激增，二手電動車價格幾乎已與同級燃油車（ICE）達到平價。

Approximately 1.5 million leases are expected to expire between 2026 and 2028, resulting in a significant number of these cars switching hands from their original owner to an owner that is more likely to utilize public fast charging.

預計在2026年至2028年間約有150萬份租賃合約到期，將導致大量車輛從原車主轉手至更可能使用公共快速充電的新車主。

As a reference, there's no reason why the battery electric vehicle market over time will not resemble the broader automotive market, where the vast majority of all cars on the road are used. This is a significant tailwind for the business as it was not long ago that a secondary market for EVs did not exist.

作為參考，長期而言，純電動車市場沒有理由不會類似更廣泛的汽車市場——道路上絕大多數車輛都是二手車。這對業務而言是一項重要的順風，因為不久之前電動車的二級市場尚不存在。

So not only do we see enormous growth in overall BEV/VIO, but we expect that the average car will be charging more, both of which result in a favorable long-term outlook for EVgo. Now I'll turn it over to Keefer to share more details on the quarter and EVgo's 2026 outlook.

因此，我們不僅看到整體BEV/VIO的巨大成長，也預期平均每輛車的充電頻率會更高；兩者都使EVgo的長期前景更為有利。接下來我把時間交給Keefer，分享本季更多細節以及EVgo對2026年的展望。

Thank you, Badar. We ended Q1 with 5,280 stalls in operation, a more than 3 times increase compared to the end of 2021. We added 200 new total stalls to the network in Q1 2026, including 100 new public EVgo-owned stalls. Our customer base continues to grow, and we look forward to welcoming more native NACS drivers to our network as we deploy more sites in 2026 with NACS connectors.

謝謝你，Badar。我們在第一季結束時有5,280個充電樁（stalls）投入營運，較2021年底增加超過3倍。我們在2026年第一季為網路新增200個充電樁（stalls），其中包含100個新的、由EVgo自有的公共充電樁。我們的客戶基礎持續成長；隨著我們在2026年部署更多配備NACS連接器的站點，我們也期待迎接更多原生NACS車主加入我們的網路。

Total energy dispensed on EVgo's network was 373 gigawatt hours for the trailing 12 months, a 21% increase from the TTM period ended Q1 2025. Charging gross margin was 39% over the last 12 months, expanding by 2 percentage points over the prior year's TTM.

過去12個月（TTM）EVgo網路的總供電量為373吉瓦時，較截至2025年第一季的TTM期間增加21%。過去12個月的充電毛利率為39%，較前一年度的TTM擴大2個百分點。

Adjusted EBITDA margin improved to 3% on a trailing 12-month basis as we get closer to the operational inflection point where charging network gross profit alone is expected to cover all of our G&A costs. Our throughput on the public network during the first quarter was 91 gigawatt hours, a 10% increase compared to last year. Throughput per stall per day was 257 kilowatt hours in the quarter.

在過去12個月基礎上，調整後EBITDA利潤率改善至3%，因為我們正接近營運拐點——屆時僅充電網路的毛利預期即可覆蓋我們全部的管理費用（G&A）。第一季公共網路的吞吐量為91吉瓦時，較去年增加10%。本季每個充電樁每日吞吐量為257千瓦時。

Q1 2026 throughput was impacted by the ongoing maturation of the record high number of new stalls deployed in Q4 2025, as we elected to select sites with slightly lower throughput potential in order to capture a higher amount of state grant funding as expected lifetime economics were attractive.

2026年第一季吞吐量受到影響，原因包括：2025年第四季部署的創紀錄數量新充電樁仍在持續成熟期；此外，為了取得更高額的州政府補助資金，我們選擇了吞吐潛力略低的站點，但其預期全生命週期經濟性仍具吸引力。

It was also driven by lower usage of our legacy equipment, several severe winter storms as well as seasonally lower vehicle miles travelled. Revenue for Q1 2026 was $110 million, which represents a 45% year-over-year increase with growth across all three revenue categories.

此外，吞吐量也受到我們既有（legacy）設備使用率較低、數場嚴重冬季風暴，以及季節性行駛里程較低的影響。2026年第一季營收為1.10億美元，年增45%，三大營收類別皆呈現成長。

Total charging network revenue was $56 million, an 18% increase versus prior year, driven primarily by a larger operating network, representing our 17th consecutive quarter of double-digit year-over-year charging revenue growth. eXtend revenue was $33 million, delivering growth of 41% over the same period in 2025, driven by an increase in construction revenues and equipment sales.

充電網路總營收為5,600萬美元，較去年同期增加18%，主要由更大的營運網路所帶動，這也是我們連續第17季充電營收年增達雙位數。eXtend營收為3,300萬美元，較2025年同期成長41%，主要受建置營收與設備銷售增加所帶動。

And AV and ancillary revenue was $21 million, up over 300%, driven by gain on sales for two dedicated AV hub’s locations. It's important to note that almost half of the anticipated 2026 AV ancillary revenue was recognized in the first quarter. Charging network gross profit was $20 million, a 15% increase compared to the prior year. Charging network gross margin was 36%, a percentage point lower than last year.

而AV與其他附屬（ancillary）營收為2,100萬美元，成長超過300%，主要來自兩處專用AV hub地點的出售收益。需要注意的是，預期2026年AV附屬營收中將近一半已在第一季認列。充電網路毛利為2,000萬美元，較去年同期增加15%。充電網路毛利率為36%，較去年低1個百分點。

First quarter adjusted gross profit was $30 million, up 17% against the prior year. Adjusted gross margin was 27% in Q1, a decrease of 660 basis points over the same period in 2025, driven primarily by higher non-charging revenue contribution. Adjusted G&A for the quarter was $37 million, an increase of 19% compared to prior year as we are investing in network scale and accelerating cell deployment.

第一季調整後毛利為3,000萬美元，較去年同期增加17%。第一季調整後毛利率為27%，較2025年同期下降660個基點，主要因非充電營收占比提高所致。本季調整後管理費用（G&A）為3,700萬美元，較去年同期增加19%，因我們正投資於網路規模並加速充電樁部署。

As a percentage of revenue, the first quarter of 2026 was 34% compared to 42% in the first quarter of 2025. The above resulted in an adjusted EBITDA loss of $7 million in the first quarter of 2026. Turning to our outlook and guidance for 2026.

以營收百分比計，2026年第一季為34%，而2025年第一季為42%。上述因素導致2026年第一季調整後EBITDA虧損700萬美元。接下來談我們對2026年的展望與指引。

Our new stall guidance remains unchanged from the last quarter with 1,400 to 1,650 new stalls expected to be added over the year, including 350 to 400 eXtend stalls, approximately 100 of which were deployed in Q1. The growth in public stalls deployed is expected to be around 70% year-over-year and the vast majority of the 2026 public build plan is expected to be deployed in the back half of the year with a significant weighting towards Q4.

我們對新增充電樁的指引與上季一致，預期全年新增1,400至1,650個充電樁，其中包含350至400個eXtend充電樁，約100個已於第一季部署。預期公共充電樁部署量年增約70%；且2026年公共建置計畫的絕大部分預期將在下半年部署，並明顯集中於第四季。

We are reaffirming our recently provided 2026 total revenue and adjusted EBITDA guidance of $410 million to $470 million and negative $20 million to positive $20 million, respectively. Charging network revenue should be around 70% of 2026 total revenue. Charging revenue is expected to increase each quarter sequentially and on a year-over-year basis.

我們重申先前提供的2026年全年營收與調整後EBITDA指引，分別為4.10億至4.70億美元，以及負2,000萬至正2,000萬美元。充電網路營收應約占2026年總營收的70%。充電營收預期將在每一季按季增加，並在年比基礎上成長。

At the midpoint, charging network revenue are expected to be up 40%. eXtend revenue for 2026 is expected to be $80 million to $90 million. AV and ancillary revenues are anticipated to be $40 million to $50 million for full year 2026 with just under half that amount realized in Q1.

在中位數情境下，充電網路營收預期將成長40%。2026年 eXtend 營收預期為8,000萬至9,000萬美元。2026年全年AV及其他附屬營收預期為4,000萬至5,000萬美元，其中略低於一半將在第一季實現。

Adjusted G&A for the year is still anticipated to be $150 million to $155 million as we continue to invest in our scale and deployment of new chargers. Q1 and Q4 are expected to be the strongest quarters for the non-charging business, eXtend and AV and ancillary, representing approximately 75% of our non-charging revenues.

全年調整後G&A仍預期為1.5億至1.55億美元，因為我們持續投資於規模擴張與新充電樁的部署。第一季與第四季預期將是非充電業務（eXtend以及AV與附屬業務）最強的季度，合計約占我們非充電營收的75%。

As a result, we expect Q2 to be our softest quarter of the year with revenue and margins leading to an estimated Q2 revenue of $75 million to $85 million and an adjusted EBITDA loss of $12.5 million to $7.5 million. We expect modest sequential improvement into Q3. Q4 is expected to be our strongest quarter of the year by a wide margin. We should drive improved incremental margins and sustainable profitability on a go-forward basis.

因此，我們預期第二季將是全年最疲弱的一季，營收與毛利率表現將使第二季營收估計為7,500萬至8,500萬美元，調整後EBITDA虧損為1,250萬至750萬美元。我們預期第三季將出現溫和的季比改善。第四季預期將以顯著幅度成為全年最強的一季。未來我們應能推動更佳的增量毛利率並在往後實現可持續的獲利能力。

With that, we will open the call to Q&A.

接下來，我們將開放問答環節。

(Operator Instructions)

（接線員指示）

Christopher Dendrinos, RBC Capital Markets.

Christopher Dendrinos，RBC資本市場。

Yeah. Good morning. Thank you. Maybe to start out here and I'm just kind of looking at the charging network performance and two things stand out. I think you kind of talked through a little bit of the dynamics around the lower throughput this quarter but maybe talk to the cadence of that increase going through the rest of the year?

是的。早安。謝謝。我想先從充電網路的表現談起，我注意到兩點特別突出。我想你們已稍微說明了本季吞吐量較低背後的一些動態，但能否談談今年剩餘時間吞吐量提升的節奏？

And then separately, just on the margin performance in that segment as well. Are you seeing some of the, I guess, call it, leverage or operational leverage points that you're kind of expecting to see in the longer-term outlook?

另外，關於該部門的毛利率表現。你們是否開始看到一些你們在長期展望中所預期的槓桿效應或營運槓桿的發揮？

Hey, Chris. Let me just touch on the first point and just kind of reemphasize for the quarter, daily throughput per stall, it's about 3.5% lower than last year. And that's really driven by three or four things, none of which really are long-term issues.

嗨，Chris。我先回應第一點，並再次強調本季每個車位的每日吞吐量約比去年低3.5%。這主要由三到四個因素所致，而這些都不是長期問題。

As we said on the last earnings call, we did have more severe winter storms this quarter than we saw in the same quarter last year. We also had a record number of stores deployed in Q4 that they always take -- new branding stores usually take three to six months to ramp up. So that's a little higher impact this quarter than prior quarters just because of the record deployment we had in Q4.

如同我們在上次財報電話會議所說，本季我們遭遇的冬季風暴比去年同期更為嚴重。此外，我們在第四季部署了創紀錄數量的站點，而新品牌站點通常需要三到六個月的爬坡期。因此，由於第四季部署量創新高，本季的影響相較以往季度更大一些。

And we also mentioned a couple of times last year that many of these Q4 deployments in 2025 came with much higher CapEx offsets which is obviously great from a returns perspective, but they also come with lower productivity in throughput for the first year or two.

我們去年也提過幾次，2025年第四季的許多部署伴隨更高的資本支出（CapEx）抵減，這從報酬角度來看當然很好，但也會使前一到兩年的吞吐量生產力較低。

So that's really what we're seeing. One additional thing that we're calling out here is that we are seeing lower throughput from our legacy 50 and 100-kilowatt store, especially as we're actually putting in a whole bunch of faster 350 across the network. I think the good news is that today, in Q1, about 65 -- almost 65% of our throughput is already 350-kilowatt machines.

所以這就是我們目前看到的情況。另外我們要特別指出的是，隨著我們在全網大量導入更快的350kW設備，我們也看到既有的50kW與100kW站點吞吐量較低。好消息是，目前在第一季，我們約65%——接近65%的吞吐量已來自350kW設備。

That's up from kind of low 20% range three years ago and it will be in the 95% range by 2030. So in the long term, the performance of the kind of sub-350 just becomes immaterial. So I'd say none of these factors really are issues in the long term.

這一比例較三年前約20%出頭大幅提升，並將在2030年前後達到約95%。因此長期而言，低於350kW的設備表現將變得無關緊要。所以我會說，這些因素在長期都不是問題。

For the full year, we do expect daily throughput per store to grow versus last year at the bottom end of guidance in the kind of mid-single digit percentage range to high teens in percentage range growth over '25, top end of guidance, that hasn't changed since the last quarter.

就全年而言，我們仍預期每店每日吞吐量將較去年成長：在指引下緣，約為中個位數百分比的成長；在指引上緣，較2025年成長可達高十幾個百分比；這點自上季以來沒有改變。

Keefer, do you want to just address the market?

Keefer，你要不要補充一下關於毛利率的部分？

Yeah, to follow up on the second part of your question. We did experience slightly lower charging network gross margin in Q1. It was down 1 percentage point on a year-over-year basis. We did have higher ASP in Q1. It came in right around $0.61 on a fully loaded basis, which was offset by increased energy costs and solid payment costs given some of the noise that we experienced in the quarter.

好的，接續你問題的第二部分。我們在第一季確實經歷了充電網路毛利率略為下降。以年對年來看下降了1個百分點。第一季我們的ASP較高。在完全成本（fully loaded）基礎下約為0.61美元，但被能源成本上升以及本季出現一些雜訊所導致的支付成本偏高所抵銷。

We don't see that as kind of a structural or long-term shift in the cost structure. Last quarter, we did provide long-term outlook of a 50% to 60% CAGR for gross network -- or gross margin at the charging network level and we wouldn't really expect that to be changing as we look out to the future.

我們不認為這代表成本結構出現結構性或長期性的轉變。上季我們提供的長期展望是：在充電網路層級的毛利率將以50%至60%的CAGR成長；展望未來，我們不預期這會有所改變。

Got it. Thank you. And then maybe just as a follow-up, on the NACS deployment, I think previously you kind of spoke to slightly lower charging rates on that segment of the market initially. Are you still kind of seeing that? Or is adoption on the NACS portion of the network increasing?

了解。謝謝。接著追問一下，關於NACS的部署，我記得你們先前提到該市場區隔在初期的充電費率可能略低。你們現在仍看到這種情況嗎？或者NACS在網路中的採用率正在提升？

Yeah, Chris. It's -- we are just taking a very quick step back with NACS. We're really very excited about deploying NACS stores across the network because effectively, we double our addressable market for people choosing to charge their vehicles without an adapter, which is the majority of people. I said last quarter that we deployed NACS like a little pilot 100 stores in kind of the fall of last year.

是的，Chris。關於NACS，我先快速退一步說明。我們對在全網部署NACS站點感到非常興奮，因為這等於讓不需轉接頭就能選擇為車輛充電的人之可服務市場規模加倍，而這類人占大多數。我上季提到，我們在去年秋天以試點方式部署了約100個NACS站點。

And since then, we've seen throughput on those NACS stores rise. That's continued to rise since we talked about this last quarter. So we still remain very excited about the deployment of NACS stores. They are still below the level of throughput that we see in our CCS stores.

自那之後，我們看到這些NACS站點的吞吐量上升。自上季我們談到此事以來，吞吐量仍持續上升。因此我們對NACS站點的部署依然非常興奮。不過，它們的吞吐量仍低於我們在CCS站點所看到的水準。

As I said last time and saying again this time, it does take customers who have not been used to charging in our network to become familiar with our network and to charge if they've got these NACS cables. Tesla drivers continue to charge at a higher rate every month. So we're very excited. And so we're very much intending to continue with the rollout of these NACS cables.

如同我上次所說、這次再重申一次，過去不習慣在我們網路充電的客戶，需要時間熟悉我們的網路，並在配備NACS線纜後開始充電。Tesla車主每個月的充電頻率仍在提高。所以我們非常期待。因此，我們非常打算持續推進這些NACS線纜的鋪設。

We'll look to do about 400 more to get to around 500. That will be about 15% of our sites. That will be pretty broadly spread between Q2, Q3 and Q4. We do expect that within maybe two or three years for all of our sites to have both NACS and CCS cables. And that's the point where I'd look at the addressable market having doubled. So hopefully, that answers that question.

我們預計再做約400個，使總數達到約500個。這將約占我們站點的15%。這些部署將在第二季、第三季與第四季之間相當平均地分布。我們確實預期在大約兩到三年內，我們所有站點都將同時具備NACS與CCS線纜。屆時我會認為可服務市場規模已加倍。希望這回答了你的問題。

Yeah. Thank you very much.

是的。非常感謝。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Hey, guys. This is [Anadan] for Andres. Congrats on the quarter. So I wanted to touch on a little bit of the AV charging. So with Uber partnering with a variety of OEMs for EVs and we noticed you were named as a partner as well, we were wondering maybe if you could give us some granularity on what you expect from charging demand for yourselves on this front from the AVs?

嗨，各位。我是代表 Andres 的 [Anadan]。恭喜本季表現。我想稍微談一下自動駕駛（AV）充電的部分。Uber 與多家 OEM 在電動車方面合作，我們也注意到你們同樣被列為合作夥伴之一；想請你們更細緻地說明一下，針對 AV 這一端，你們預期自身的充電需求會是什麼樣的情況？

Yeah. I think that the sort of autonomous vehicle space, I remain of the view that it is a very interesting and potentially very significant source of upside to the forecast that we have put out previously. I think that the AV space grows as pretty many people are expecting. We've been operating dedicated sites for autonomous vehicle partners for a number of years.

是的。我認為自動駕駛車這個領域，我仍然覺得它非常有趣，而且可能會成為我們先前發布的預測中一個非常重要的上行來源。我認為 AV 領域會如同許多人所預期的那樣成長。我們已經為自動駕駛車合作夥伴營運專用站點好幾年了。

We talked about it in the last quarter, last call. We have separated out the number of dedicated hubs and stores that are dedicated hubs for AV partners for over a year now. We expect that we'll add another 50 to 75 stalls. We did get a little gain on sale from some of the stores that were in operation in the last quarter in Q1.

我們在上一季、上一次電話會議也談過。我們已經把專用樞紐（hub）以及為 AV 合作夥伴設置的專用樞紐與門市數量，分開揭露超過一年了。我們預期會再新增 50 到 75 個充電車位（stalls）。我們也確實從上一季仍在營運的一些門市於第一季（Q1）出售中取得了一點出售收益。

I will say it's still -- we're still in the infancy of the potentially huge market opportunity. We're evaluating the best contract structures. As you know, the contract structures that we have today are really long-term contracted cash flow, which represents kind of good margin with not a lot of risk for us. And so as this grows, we'll be looking at different contract structures that make sense for both ourselves and the AV partners or maybe also continue with what we have today.

我想說的是，目前仍然——我們仍處在這個潛在巨大市場機會的早期階段。我們正在評估最佳的合約架構。如你所知，我們目前的合約架構基本上是長期合約式的現金流，對我們而言代表不錯的利潤率且風險不高。因此隨著這個市場成長，我們會尋找對我們與 AV 合作夥伴都合理的不同合約架構，或也可能延續我們目前的做法。

I do expect that over the long term or midterm or long term, just as we've seen with rideshare, where really I think EVgo has become the partner of choice for rideshare companies, I do expect that there's really no reason why we wouldn't become the partner of choice for AV companies, just given our scale, the balance sheet, our emphasis on reliability and so on.

我確實預期在中長期或長期，就像我們在共享乘車（rideshare）看到的情況一樣——我認為 EVgo 已成為共享乘車公司的首選合作夥伴——我也預期我們沒有理由不會成為 AV 公司的首選合作夥伴，考量到我們的規模、資產負債表、對可靠性的重視等等。

Got you. I appreciate the detail. And maybe as a quick follow-up, with respect to the DOE loan amendment, you talked about this for quite a bit on the call. You guys eliminated the cash trap, received an $81 million draw on May 1. Maybe can you walk us through how that amendment changes your practical liquidity, maybe the timing of your draws and ability to fund the accelerated owned and operated build-out?

了解。謝謝你提供這些細節。再快速追問一下，關於 DOE 貸款修訂案，你們在電話會議上談了不少。你們取消了現金陷阱（cash trap），並在 5 月 1 日提取了 8,100 萬美元。能否帶我們了解一下，這項修訂如何改變你們實務上的流動性、提取（draw）的時點，以及資助加速自有自營（owned and operated）擴建的能力？

Yeah. Look, [Anand], just a comment here. I'm really pleased with where we are with this loan with the DOE. If you compare us to where we were a year ago, so today versus last year, this time last year, it's really just quite a change. A year ago, we had $170 million of cash on the balance sheet as of Q1 and we had $1 billion loan with the prior administration that was largely undrawn.

好的。聽著，[Anand]，我先補充一下。我對我們目前與 DOE 的這筆貸款進展非常滿意。如果把我們現在跟一年前相比，也就是今天對比去年此時，變化真的很大。一年前，我們在第一季時資產負債表上有 1.7 億美元現金，同時有一筆前一屆政府核准的 10 億美元貸款，但大多尚未動用。

And I would get questions on these calls about whether the current administration supported it, even though the performance was very strong. A year later, we have an agreement that's signed with the current administration. We continue to have a great productive collaborative relationship. It's now been drawn on 4 times.

我在這些電話會議上常被問到，即使營運表現很強，現任政府是否支持這筆貸款。一年後，我們已與現任政府簽署協議。我們持續維持良好、具生產力且合作順暢的關係。而且目前已經提取了 4 次。

The principal is reduced by $425 million, but we've -- since last year, we've also got a commercial bank facility for up to $300 million. I think more importantly, we've demonstrated the bankability of the company with this continuous inbounds from people interested in financing the business.

本金已減少 4.25 億美元，但自去年以來，我們也取得一項最高 3 億美元的商業銀行融資額度。我認為更重要的是，我們已透過持續收到對融資本業有興趣的各方主動接洽，證明了公司的可融資性（bankability）。

I think because it's a new asset class and maybe also because we're probably the only ones in the asset class that's actually financeable, today, as of May , we have $223 million in cash, including the $81 million that we received last week with up to $640 million of remaining capacity between these first two facilities.

我想因為這是一個新的資產類別，也可能因為我們大概是這個資產類別中唯一真正具備可融資性的公司；截至 5 月，我們的現金為 2.23 億美元（包含上週收到的 8,100 萬美元），而在前述兩項融資工具之間，尚有最高 6.4 億美元的剩餘可用額度。

That means we have enormous runway to continue to build out this infrastructure really to a point where we're generating adjusted EBITDA in the hundreds of millions. And I think as you say, in the short term, some of these amended terms will result in better liquidity to really an already very strong liquidity profile. So I'm really quite thrilled with where we are today.

這代表我們有非常充足的跑道（runway）可以持續擴建這些基礎設施，真正推進到我們能產生數億美元等級的調整後 EBITDA。而且如你所說，短期內，這些修訂條款會帶來更好的流動性，讓本來就非常強勁的流動性狀況更上一層樓。所以我對我們目前的狀態感到非常振奮。

In terms of your question around -- in terms of deploying capital, we just received $81 million from the DOE. We've got a very strong balance sheet today. We will be disciplined in our approach to capital allocation with the timing of advances just driven by balance sheet needs, which you can see is quite strong. I think one of the great attributes of this loan is that there's no time limit on when we request advances other than the five-year availability period.

至於你問到的——關於資本部署（deploying capital），我們剛從 DOE 收到 8,100 萬美元。我們目前的資產負債表非常強健。我們會在資本配置上保持紀律，提取款項的時點將以資產負債表需求為驅動，而你也看得到我們的狀況相當強。我認為這筆貸款的一個很棒的特點是，除了五年的可用期間之外，我們在何時提出提取申請並沒有時間限制。

So between that, the commercial bank facility, the fact that we're able to advance at a higher rate and if you translate -- if you kind of work out that math, it's about another $20,000 per stall that we're able to advance versus what we had before. We -- there's really no concerns that we have at all about financing the build program we previously discussed or near-term liquidity.

因此，結合商業銀行融資額度、我們能以更高的比例提取資金，以及如果你把——如果你把數學算一下，大約等於每個充電車位（stall）相較於以前可多提取約 2 萬美元。我們——對於為先前討論過的建置計畫提供資金或近期流動性，完全沒有任何疑慮。

Gotcha. Thanks again for all the color, Badar. Great to see the progress. I'll pass it on.

了解。再次感謝你提供這麼多補充資訊，Badar。很高興看到進展。我把問題交回去。

Thanks, Don.

謝謝你，Don。

(Operator Instructions)

（接線員指示）

Chris Pierce, Needham & Company LLC.

Chris Pierce，Needham & Company LLC。

Hey. Good morning, everyone. Badar, I just want to get a sense, you highlighted the EVs in the deck and you spoke about it on the call a little bit. Is there something specific you need to do to market towards these people? And/or is this sort of just a sweet spot of customers that are potentially going to be using the network?

嗨。各位早安。Badar，我想了解一下，你在簡報資料（deck）中強調了電動車（EV），也在電話會議上稍微提到。你們是否需要做一些特定的事情來向這些人行銷？以及／或者，這是否只是剛好是一群可能會使用你們網路的甜蜜點客群？

And have you seen anything? Or is it too early to sort of see a ramp in new customers from these new EV owners that are buying used EVs?

另外你們有看到任何跡象嗎？還是說現在要看到這些購買二手電動車的新車主帶來的新客戶成長（ramp），仍然太早？

Yeah. Look, I think that there's a few things in here in terms of marketing to these customers. We -- I think, as you know, we have more -- the same or more charging sessions on our network than everybody else in the industry combined with the exception of Tesla and Electrify America. And the reason for that is that we've really spent a lot of time building a very productive customer engagement sort of platform.

是的。我想這裡面有幾個面向，關於如何向這些客戶行銷。我們——我想如你所知，除了 Tesla 與 Electrify America 之外，我們網路上的充電次數（charging sessions）與產業內其他所有業者加總相比是相同或更多。原因在於，我們確實投入大量時間打造一個非常有效的客戶互動平台。

We've got the ability to identify drivers of electric -- battery electric vehicles. We know how to reach out to them. I've mentioned before in previous calls that we've been deploying AI agents that are increasing our level of sophistication in how we reach out to customers and that's why we've got such phenomenal engagement and demand on our network versus pretty much everybody -- almost everybody else in the space.

我們有能力辨識電動——純電動車（BEV）的駕駛。我們知道如何觸及他們。我在先前的電話會議也提過，我們一直在部署 AI 代理（AI agents），提升我們觸達客戶方式的成熟度與精細度；這也是為什麼相較於幾乎所有——幾乎其他所有同業，我們在網路上的互動與需求表現如此出色。

In terms of used electric vehicle drivers versus new EV drivers, there's no distinction. We will deploy the same methodology that's delivered such great success for us for used EV drivers as new EV drivers. I think what's really interesting that we just -- that we're really pointing out here is that for us, it's not just about the growth in battery electric vehicles, used VIO that drives the business.

至於二手電動車駕駛與新電動車駕駛之間，並沒有差別。我們會用同樣的方法論，將過去對新電動車駕駛帶來巨大成功的做法，套用到二手電動車駕駛身上。我認為我們在這裡真正想指出、也就是我們要強調的是：對我們而言，推動業務的不只是純電動車的成長，還有二手車在用車輛數（used VIO）的成長。

It is expected to grow. It has grown fourfold. It will likely grow another two and a half to threefold over the next five years. I do think these 2030 forecasts swing like a pendulum. They were -- the 2030 forecast was 30 million vehicles three years ago.

預期將會成長。已經成長了四倍。未來五年內很可能還會再成長 2.5 倍到 3 倍。我確實認為這些 2030 年的預測會像鐘擺一樣來回擺動。三年前——2030 年的預測是 3,000 萬輛車。

Today, it's 15 million or 16 million. But what's important for us is how many of those vehicles are charging in public fast charging. Rideshare electrifying means they'll charge more at public fast charging, charge rates mean they'll charge more at public fast charging. And as vehicles go from new to used, they'll charge more at public fast charging.

今天是 1,500 萬或 1,600 萬。但對我們而言重要的是，其中有多少車是在公共直流快充（public fast charging）進行充電。共乘（rideshare）電動化意味著它們會更多在公共快充充電；充電頻率提高也意味著它們會更多在公共快充充電。而且當車輛從新車變成二手車時，它們也會更多在公共快充充電。

What we're seeing is that used vehicle -- used EV owners tend to live in multifamily housing. And from our own data, we can see that drivers who live in multifamily housing charge 1.5 times more than drivers who live in single-family housing. And so I'm really quite excited by this.

我們看到的是，二手車——二手電動車（EV）車主往往住在多戶住宅。從我們自己的數據來看，住在多戶住宅的駕駛，其充電次數是住在獨棟住宅駕駛的 1.5 倍。因此我對此真的相當興奮。

There's probably around 1 million used EVs out of the roughly 6 million today with all of these leases rolling off post the IRA, we're looking at maybe up to about 3 million used EVs out of total EV VIO three years from now, which is probably 25%, 30%.

在目前約 600 萬輛電動車中，二手 EV 可能大約有 100 萬輛；隨著 IRA 之後這些租賃合約陸續到期，我們預估三年後，在總 EV 保有量（VIO）中，二手 EV 可能會增加到約 300 萬輛，約占 25% 到 30%。

And so if you look at the market, there's no reason why the EV market won't resemble the broader market where the vast majority of cars are used. And so I think that represents just another tailwind that I think it's worth bringing out when we think about our long-term growth prospects.

因此如果你看整個市場，沒有理由 EV 市場不會像更廣泛的汽車市場一樣——其中絕大多數車都是二手車。所以我認為，當我們思考長期成長前景時，這也代表另一股值得提出的順風（tailwind）。

Okay. Perfect. And just one. I mean, I think complexity is the wrong word, but if you look at the model, you've got the core charging business, then you've had the eXtend business, which was sort of in the end sort of kind of -- we're in the later innings of that rolling off so investors can focus on the charging model. If we think about the AV line and the ancillary line, is there a way to kind of know what that's going to look like?

好的。完美。再問一個。我的意思是，我覺得「複雜」可能不是正確的詞，但如果你看這個模型，你有核心充電業務，然後你有 eXtend 業務——某種程度上到最後——我們正處於它逐步退場的後段，讓投資人可以把焦點放在充電模型上。如果我們考慮 AV 線以及附屬（ancillary）線，有沒有辦法大致了解那會長什麼樣子？

Could that be a construction business similar to extend and then you have gain on sale when you flip it back to the end user? Or should we think of that? I just want to understand, as AV grows, will we get to a point where that sort of becomes a new extend and you've got to sort of guide in different pieces? Or when can charging revenue be just the story or a little cleaner for new investors looking at the model?

它會不會像 extend 一樣是一個施工（construction）業務，然後在你轉售（flip）回終端用戶時認列銷售收益（gain on sale）？或者我們應該怎麼看？我只是想理解，隨著 AV 成長，我們會不會走到某個階段，它某種程度上變成新的 extend，然後你必須把不同部分分開做指引（guide）？或者什麼時候，對於看這個模型的新投資人而言，充電營收可以成為主要敘事，或至少更乾淨一些？

Yeah. Well, look, if I just take that apart, you're right, the eXtend business has been a very valuable source of revenue for the last couple of years and will be for this year, too, and for a portion of 2027. But at some point, in 2027, the eXtend -- the majority of the revenue from eXtend will sort of drop off. It will become O&M, which will be quite a bit smaller charging revenue, I think you just said that we've had the 17th consecutive quarter of year-over-year growth.

是的。嗯，你看，如果我把它拆開來說，你說得對，eXtend 業務在過去幾年一直是非常有價值的營收來源，今年也會是如此，而且 2027 年的一部分期間也會。但在 2027 年的某個時間點，eXtend 的——大部分營收會逐步下滑。它會轉為營運與維護（O&M），規模會小得多；至於充電營收，我想你剛才提到我們已經連續第 17 個季度實現年對年成長。

So we will continue to see the charging revenue, the charging network just continue to grow quarter-over-quarter over the next several years. I think this AV piece is really interesting because as you know, Chris, and I think many people have commented, there's a significant amount of capital that needs to get deployed to build out this autonomous vehicle opportunity from the vehicles themselves, the technology in the sort of autonomous vehicle technology whether it's LiDAR or elsewhere for rideshare will be the capital required for the technology stack as well as fleet operations, capital required for charging.

因此未來幾年，我們將持續看到充電營收、充電網路在接下來數年持續逐季成長。我認為這個 AV 部分非常有趣，因為如你所知，Chris，而且我想很多人也評論過，要打造這個自動駕駛車機會，需要部署大量資本：從車輛本身、到自動駕駛技術（無論是 LiDAR 或其他），用於共乘的技術堆疊（technology stack）所需資本，以及車隊營運所需資本，還有充電所需資本。

Our perspective is that that's a ton of capital required to get deployed. We have the capital available for a piece of that, which is the charging infrastructure. And we're quite excited about it because we're such a large player doing this sort of charging infrastructure.

我們的觀點是，這需要部署非常大量的資本。我們有資本可以投入其中的一部分，也就是充電基礎設施。而我們對此相當興奮，因為我們是在這類充電基礎設施領域的非常大型玩家。

We -- the contracts that we signed to date are these long-term contracts that have contracted cash flow. So we've got -- we're generating $1 per stall per month, if you will. And that doesn't have to be the contract structure for this space going forward. So we're quite excited by it because these are likely to be very heavily utilized vehicles that will have very strong demand in our network.

我們——截至目前簽署的合約都是這些具有合約化現金流的長期合約。所以我們——如果你願意這麼說，我們每個車位（stall）每月產生 1 美元。而這不一定會是未來這個領域的合約結構。因此我們對此相當興奮，因為這些車輛很可能會被高度使用，並在我們的網路中帶來非常強勁的需求。

I think that I would be open to exposure to utilization and throughput from this space. So it may look like a -- look a little more like our regular charging business as opposed to, as you're saying, a construction business like eXtend. We're in the early innings of this.

我認為我會願意承擔來自這個領域的使用率（utilization）與吞吐量（throughput）曝險。所以它看起來可能會——更像我們一般的充電業務，而不是如你所說、像 eXtend 那樣的施工業務。我們還在非常早期階段。

As you can see, we've built a very strong competitive advantage with rideshare where we're really the kind of partner of choice for rideshare companies. I see no reason why we wouldn't be a partner of choice for the AV companies, many of whom we've been working with for years already.

如你所見，我們在共乘領域建立了非常強的競爭優勢，我們確實是共乘公司的首選合作夥伴。我看不出有任何理由，我們不會成為 AV 公司的首選合作夥伴，其中許多公司我們其實已經合作多年。

Okay. Thank you, and good luck.

好的。謝謝，祝你們好運。

Yeah. And I would now like to turn the conference back to Badar Khan for closing remarks.

好的。接下來我想把電話會議交回給 Badar Khan 做結語。

Great. Well, thank you, everyone. EVgo had yet another strong and record quarter. We're expecting 2026 to be an inflection year with around 70% growth in new public stores added, supported by strong site post and rideshare partnerships.

太好了。嗯，謝謝各位。EVgo 又交出一個強勁且創紀錄的季度。我們預期 2026 年將是拐點之年，新增公共站點約有 70% 的成長，並由強勁的站點佈建（site post）與共乘合作夥伴關係所支撐。

We continue to see a very strong long-term growth outlook and we're pleased to have reached an amended agreement with the DOE, allowing us to scale the company to that $0.5 billion or more in adjusted EBITDA by 2030. I look forward to sharing our progress with you on our future calls. Thanks very much, everyone.

我們持續看到非常強勁的長期成長展望，也很高興已與 DOE 達成修訂協議，使我們能夠擴大公司規模，並在 2030 年前達到 5 億美元或以上的調整後 EBITDA。我期待在未來的電話會議中與各位分享我們的進展。非常感謝各位。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以斷線。