Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the EVgo Fourth Quarter and Full Year 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Heather Davis, Vice President of Investor Relations. Please go ahead.

Good morning, and welcome to EVgo's fourth quarter and full year 2024 earnings call. My name is Heather Davis, and I'm 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 fourth quarter financial results and our outlook for 2025 followed by a Q&A session. Today's call is being webcast and can be accessed on the Investor section of our website at investors.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. 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's 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 Investor section of our website. These forward-looking statements apply as of today and we undertake no obligation to update these statements after the call. Also please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including a reconciliation to the corresponding GAAP measures, can be found in the earnings materials available on the Investor section of our website. With the anticipated growth in dedicated stalls or stalls for commercial partners such as autonomous vehicles that are not open to the public, we have now broken out our stall counts into three categories: Public, Dedicated, and eXtend. Throughput shown and discussed today is for our Public Network only. The revenue for Dedicated sites has been reclassed from charging revenue commercial to ancillary revenue this quarter, and the associated costs have been reclassed from charging network cost of sales to other cost of sales. We provided a quarterly update for these changes for 2023 and 2024 in the appendix of our investor presentation, so you may update your models appropriately for the impacted periods. With that, I'll turn the call over to Badar Khan, EVgo's CEO.

EVgo had yet another strong and record quarter. Customer consumption on our network continues to rise with average daily throughput per public stalls rising by 37% versus the same quarter last year and up more than five-fold in three years. Utilization on our network reached what we believe is an industry leading 24%, up 5% from a year ago and now already within the range of our recently updated and therefore still conservative long-term forecast. Full year revenues from our core charging business more than doubled year-over-year and Q4 represented the ninth sequential quarter of double-digit growth. Full year revenue grew 60% year-over-year, a near 12-fold growth in just three years. We added a record 480 new operational stalls in the fourth quarter, including Dedicated and eXtend stalls, which made it a record year with over 1,200 new stalls added in the year and now have over 4,000 operational stalls. And as you all know, after an 18-month process, we finally closed on a $1.25 billion loan guarantee with the Department of Energy Loan Programs Office that fully finances our ability to more than triple our installed base over the next five years throughout the United States. We received our first advance in January for approximately $75 million, leaving us with approximately $200 million in cash in January. EVgo has not yet scheduled our next quarterly advance. Taking a step back, we know that new sales of battery electric vehicles in the US have grown considerably over the past several years. However, we are falling behind other markets and, in particular, China, which is currently winning in an unmistakable race towards electrifying transportation globally. China already outsells the US in automotive sales globally as a result of extensive and prolonged state sponsorship of its EV industry. US automakers say their…

Thank you, Badar. EVgo delivered another excellent year in 2024. Our operation team mobilized and operationalized many sites in the fourth quarter, and we ended the year with 4,080 operational stalls, a 37% increase over 2023. As Badar mentioned, we continue to add new customer accounts throughout the year and ended 2024 with over 1.3 million customer accounts. Total throughput on the public network for 2024 was 277 gigawatt hours, a 116% increase compared to last year. Revenue for 2024 was $257 million, which represents a 60% year-over-year increase. This growth was primarily driven by charging network revenues. Total charging network revenues of $155.7 million grew from $74.2 million in 2024, exhibiting 110% year-over-year increase, with retail, commercial and OEM charging revenue each individually at least doubling over the prior year. eXtend revenues of $86.6 million increased from $72.4 million in the prior year, delivering growth of 20%. Both charging network gross margin and adjusted EBITDA margin significantly improved in 2024, demonstrating the operating leverage in our business model. EVgo's public network throughput growth continues to outpace EV VIO growth, driven by multiple factors. Since 2021, our public throughput has grown almost 1,000% compared to EV VIO growth of over 200%. In the fourth quarter, network utilization increased to 24%, up from 19% a year ago. Diving into detail a bit more, 65% of our stalls had utilization greater than 15%, 53% of our stalls had utilization greater than 20%, and 32% of our stalls had utilization greater than 30%. Each of these utilization categories grew throughout the year with the distribution of the entire utilization curve of the whole portfolio shifting to the right. In the fourth quarter, the average daily throughput for the owned and operated public network was 269 kilowatt hours compared to 197 last year. Looking…

[Operator Instructions] Our first question will come from the line of Bill Peterson with JPMorgan. Please go ahead.

Yeah. Hi, good morning, and thanks for taking the questions. And also nice result in 2024 when looking back at your guidance from last year coming in at the high end on both revenues and adjusted EBITDA, so nice execution. My first question is on the loan and the status of the loan. Perhaps you can shed some light on when you expect the second drawdown to occur. Is there any conditions that must be fulfilled? I mean, how are discussions happening with the administration? What avenues do you have to counter any attempts to claw back the loan or with this loan apparently being delayed? Just kind of wondering what you have there. And then, really, in the worst case scenario, you talked about some financing options, but I assume those are near term. But can you shed some more light on your non-dilutive financing options with or without the loan? For example, I'm assuming maybe project financing with some debt or equity partners, but what does the appetite look like for such options today?

Sure. Hey, Bill. So, look, we have a very productive relationship with the LPO team. As we've said here on this call and before, we see charging infrastructure is actually key to the long-term competitiveness of the US auto industry as it competes against China. And as you know, and I think as everyone knows, this is not a conditional commitment, but a legally binding contract that we're spending two months on, and adds a thousand jobs. All government funding is under review that I think everybody knows that. But we believe that they see what we see and what you're looking at today. These assets have very strong performance. The loan is a good deal for the US government. It's been carefully structured to provide protection to the government and also flexibility for us. And so, our confidence in the loan really hasn't changed. We received our first quarterly advance in January, and it's obviously too early for the next quarter, which would be in Q2. As we said in December and as we're saying today, we become EBITDA breakeven this year and levered free cash flow positive in 2026. Meaning, if we hadn't financed this growth with the DOE loan, there are likely many others that really would have. And so, Paul, do you want to just comment on the...

Sure.

We are also -- we've been talking about additional non-dilutive financing all year last year. At the beginning of this time last year, it was as an option as an alternative to the DOE loan. Of course, it's now we consider as complementary to the DOE loan for additional financing, but do you want to maybe just talk about...

Sure. Yeah. So, just as Badar mentioned, we're looking at complementary financing to sit alongside the DOE loan. First of all, any projects that the stalls can't go into the DOE loan because they're not public, but also, we just think it's good practice to have alternative sources of funding available. Lots of businesses do that, and I think that's a good thing for EVgo to pursue. So, we have been talking with various, institutions, banks, and what they like about our model is the steady and predictable cash flows. They've seen our unit economics. They've seen everything that we've shown in the past. And so, we're looking at structures that are somewhat similar to the DOE loan, of course, not at the same length of term, but project financing to straight debts or some sort of a hybrid. We are sure that we want to pursue non-dilutive funding as well. So -- but like I said, the reception from the banks has been extremely positive. They like the proven developer. As you mentioned, Bill, execution, they can see the execution happening, and they can see the cash flows as well. So, confident we're going to be able to execute on an on a complementary source of financing this year.

Yeah, thanks, Badar and Paul, for that. And then, my second question, I'd like to kind of unpack a little bit about the full year guide again in the context that last year proved to be conservative. So, I guess, what can drive the outcomes to the negative or positive end? And does any of this depend on DOE loan deployments? Or perhaps you can shed some more light or quantify how much G&A increase per stall is going up, maybe potentially offset by factors like utilization, charging rate and network throughput? And how should we think about those factors as part of the guidance? Should we use for the fourth quarter as kind of a guidepost, or are you assuming any improvement relative to the exit rates in 2024?

Yeah. Bill, let me -- let Paul ask -- let me just ask Paul to respond to that, but just one thing I will say in response to that question upfront, I did say in my script that we expect less than 10% of our revenue to come from new sales of electric vehicles in 2025, which is simply a reflection -- and that'll reduce over time, it's a reflection that this is a business model that's dependent upon total VIO rather than annual EV sales. I mean, Paul, you can provide some color on...

Sure. So, just a bit more background on the guidance. So, we said revenue of $340 million to $380 million. We said two-thirds of that is charging revenue. And so, the range we put around that really does reflect some variability, not much, but plus or minus 5% on throughput. Plus there is some risk around LCFS pricing as well. The other third of revenue is the non-charging revenue. And that range is due to some timing, just timing differences on contracts, the timing of when we get contracts signed, permitting, logistics, and then some NEVI risk as well. We've also said G&A, we expect will increase modestly from our Q4 run rate, which reflects our investments in technology plus some inflation. We said our adjusted EBITDA range is minus $5 million to $10 million positive. So, with all of that above, you can -- and looking at our 2024 results, you should be able to derive what our adjusted gross margin would be using the midpoint of all of that -- of those ranges. And you'll see that our adjusted gross margin percentage for both the charging business and the non-charging business is increasing as well.

Yeah, thanks for sharing those insights, and nice job on the execution in 2024.

Thanks, Bill.

Thanks, Bill.

Our next question comes from the line of Chris Dendrinos with RBC Capital Markets. Please go ahead.

Yeah, thank you, and good morning. And echoing Bill's comments on the good year last year. Maybe just to start out and following up on the prior question as it relates to Trump executive orders, and I guess the question is, if there is like a funding halt this year or next year or something like that, how would you all respond? Would you curtail activity? Or would you look -- I guess, you mentioned backfilling with some other opportunities for maybe debt funding. So, would that be the option to, I guess, continue the growth cadence that you're on right now?

Chris, are you talking about the executive orders and their impact on electric vehicle sales? Is that what you're...

Just on -- if, say, like, the DOE loan was paused and they went -- I guess, took you all to court to try to fight it and not fund it?

Right. Okay. So, yeah, look, we -- as we said before on the last question -- on Bill's question, we feel very confident in the loan. It's perform -- the loan assets themselves are performing very strongly. It's really a good -- it's a good deal for the US government with a lot of protections for the government, so we feel pretty good about it. In terms of funding and cash flow, I mean, we have very strong cash balance. We're starting the year with about $200 million, and so we feel very good about that. Paul, do you have any other comments...

Yeah. So, that's right. So, as we mentioned, we've got around $200 million of cash, including the drawdown we took in January. And when you step back and look at our model, primary uses of our cash are the cash from operations and then for CapEx. So, since we're going to be EBITDA breakeven in 2025, that implies that our operating cash flow is close to breakeven as well. You saw in '24, our cash from operations, we used $9 million, which was a significant improvement over 2023. So, you can cast that forward and say that's more or less breakeven as well in '25. So that leaves CapEx as kind of the swing factor. So, our net CapEx is expected to be $160 million to $180 million, which includes buildouts not only for the 2025 stalls, but also for 2026 vintage as well. And we have the option, of course, to either speed up or slow down the deployment of those stalls if we choose depending on funding or for any other reason. And just to reiterate, we are pursuing complementary non-dilutive financing and confident we'll be able to put something in place this year.

Got it. Okay. And then, maybe as a follow-up, you highlighted some opportunities on the AV charging station side, those private stalls. Can you maybe, I guess, talk about the strategy there and how does that compare with the public network stations? Thanks.

Yeah, absolutely. Yeah. Look, so, we've been building and operating these dedicated sites, dedicated hubs for autonomous vehicle fleet partners, actually for a number of years. Last year, we more than doubled the number of stalls that are in -- that are operational, these dedicated stalls from -- to 110, and that's why we actually separated it out from the public network. We -- these are -- we received a fixed dollar amount for the -- on a monthly basis for the stalls where the electricity is pass-through. And so, we consider -- it's a different revenue model. In terms of relative attractiveness, margins for this business are a little less, a little lower than our public owned and operated, quite a bit higher than the margins from our eXtend business. But, of course, they don't come with any utilization variability. And so, we actually quite like this segment. And I think as we said, last year -- at the end of last year, we actually think that this autonomous vehicle robotaxi space could grow quite a bit faster over the coming years than maybe we had thought previously, especially since the election. And so, we're quite excited by this. We estimate -- there's not a lot of data on this, but we estimate we have about a 20% share of dedicated hubs for autonomous vehicle partners today.

Got it. Thank you.

Our next question comes from the line of Douglas Dutton with Evercore ISI. Please go ahead.

Thank you. Hey, team. Thanks for having me on. I was just curious about how the strategy has maybe shifted on the prioritization of geographic growth over the next few years. I understand the commentary about tripling the number of stalls, but has this current administration's, we'll call it, more limited scope on electrification had you guys rethink which states or markets to focus on, maybe those where EV density is already at critical mass?

Yeah. Look, let me just comment a little bit on the impact on electric vehicle sales. As I said in my remarks, our business is driven by the difference between the supply of DC fast charging and demand in terms of overall VIO, not annual sales. And that supply has exceeded demand for years. It's why we've seen a four-fold increase in utilization over the last three years. And so, that's really what's driving the economics in our business. As demand grows, we benefit with better utilization. If demand slows, what we have already seen is the supply of fast charging across the industry seems to slow, and therefore, we benefit because we've got that supply exceeds demand. If charging supply grows, in other words, if other companies -- charging companies are building out charging infrastructure, we know that stimulates demand. This is not a zero-sum game, and we also benefit. We actually think we benefit because we've got better located stalls, and we are singularly focused on usage unlike many other charging companies. And so, this is actually a pretty resilient business model. In terms of your specific question around geographic expansion, we are increasing the share of our store growth and network expansion outside California. That's been a trend that's been underway for a number of years. In the fourth quarter of last year, we saw usage inflect for the first time where the rest of the United States is now greater than California. And we're seeing very strong utilization in many of these non-California markets, and that's really we're following demand. We're going to build -- our network plan is designed to follow demand, and that's really what we're doing.

Awesome. That makes a lot of sense. Thank you, team.

Our next question comes from the line of Gabe Daoud with TD Cowen. Please go ahead.

Thanks. Hey, good morning, everybody. I was hoping we can maybe focus on CapEx just for a minute. And, has there been any sensitivities or studies that you guys have done with respect to potential tariffs and how that impacts your personal CapEx figure over time?

Okay. We really have sort of minimal impact from these tariffs -- direct impact from these tariffs. We don't source our chargers from China. I think as you know, we -- our supply chain is really not impacted by Canada or Mexico tariffs. Our hardware vendors have operations in the United States for BABA compliant shipments and if things continue to change for whatever reason, we can ramp up that production if we need it. In the reality, we really have a lot of options in our supply chain and we are in discussions with our supply chain in different geographies pretty much all the time. And so, at this point, with respect to what's been announced, we really don't have much impact in our direct business -- in terms of our charging infrastructure. And in terms of indirect impact on EV demand, as I said already, our business is a resilient business model where our economics and our utilization is driven by the delta between supply of EV versus -- demand of EV versus supply of charging infrastructure, and that's been an imbalance for years and will continue to be. And that's really what's driving our growth.

Thanks, Badar. That's helpful. And then, I guess, just as a follow-up, on the demand charge side, could you maybe give us an update on where you stand with some utilities and some jurisdictions on extending or instituting demand charge holidays? And do you think there's maybe a risk over time as there's obviously significant expected load growth in the US for the first time maybe ever on AI data centers, et cetera? But maybe how does that potentially impact, like, demand charges and demand charge holidays? Thanks, guys.

Yeah. We've got demand charge reductions or holidays across the vast majority of our kilowatt hours today. And as utilization and throughput per stall on a per site basis continues to grow, clearly the impact of demand charges just becomes smaller, frankly, over time. And so it's one of the reasons where we're seeing operating leverage in gross margin. And as throughput per stall continues to grow, as you've seen throughput per stall has grown five-fold, throughput per stall over our network over the last three years, the impact of demand charges just become smaller and smaller over time.

Got it. Makes sense. Thank you.

Our next question comes from the line of Patrick Ouellette with Stifel. Please go ahead.

Hey. It's Pat on for Stephen Gengaro. Thanks for taking the questions. Would you be able to give us details on how you think of utilization evolving in 2025 based on your guidance? And longer-term, is there sort of a sweet spot of utilization across the network that you're targeting, understanding that if utilization gets up to, I imagine, in the 70%-plus range, then drivers would be waiting to charge at your stations?

Yeah. Look, let me -- I'll ask Paul just to comment on 2025, but, I mean, just at a very high level, we're at 24% utilization. We just updated our long-term target just at the end of last year from our previous target, and we're already at that to 23% to 26%. So, we're already in that range. As you saw in one of the slides, two-third -- roughly two-thirds of our charging stalls are already over 15%. Almost a third are already over 30%. And so, we might find ourselves over the course of this year updating that long-term target again. In terms of taking a step back, we have the scale and the sophistication today to deploy pricing and customer marketing because we have the scale to be -- and the sophistication to do this, to be able to go from not just building charging stations and hoping people show up to actually influencing and shaping who is charging when, and, at some point, where. Right now, there's not enough density of these charging stations. There's enormous white space. And that's pretty that -- and we're doing that to allow us to see increases in charging without congestion. And so, we think we're quite sophisticated there. And, over course of this year, we may find ourselves updating utilization again. But as a reminder, throughput per stall is both utilization and charge rate. We have a charge rate tailwind because of faster batteries in the cars, and our network is getting faster and faster every month as we deploy 350 kilowatt chargers. Those two things are what drives the volume in our -- price times volume formula. But, Paul, do you want to comment on 2025?

So, yeah, without repeating too much of what you just said, Badar, but if you look at our utilization from our -- from the slide that we showed in our unit economics, we went from 19% in 2023 -- the end of 2023 or Q4, to 24%. So, 5 point increase in one year. As Badar mentioned, our guidance of 23% to 26%, we're already in the range now. So, when you're modeling for 2025, I'd encourage you to put utilization at the highest end of the range. And as you mentioned, we may revisit that in -- later on this year as we get more information about the performance of our stalls. And then, charge rates, similarly, increasing from 43 kilowatts to 47 kilowatts, in Q4 '24. So, up for -- we continue to see that increasing as newer vehicles with faster charge speeds hit the market. And we deploy more 305 kilowatt chargers out there too, which are able to accommodate that. So, we see a big increase there or an increase there throughout 2025. As Badar mentioned, in terms of -- it's not just utilization, it's one thing that we're learning as well. The time of day is just as -- almost just as important in terms of how we manage utilization. So, we're finding, in some cases, we have chargers deployed where they're being utilized at 15% utilization at 3 o'clock in the morning, which is incredible to see. But, how we influence when those chargers are being used through pricing signals and other means, other marketing is going to be important for us to manage utilization going forward.

All right. Great. That's very helpful. Just to follow-up, I know in the past you said non-Tesla vehicles make up the majority of the throughput on the network, but just curious if you've seen any uptick in Tesla vehicles charging on the network, especially since it opened its network to the other OEMs?

Yeah. I mean, look, so Tesla vehicles generally, as you know, as we've said before, don't charge -- haven't historically charged our network. With the introduction of the NACS cable, [Stephen] (ph), we are really excited to be able to start charging and attracting Tesla vehicles on our network without an adapter, with a native connector, and that represents another source of increase in throughput on our network, without any impact on -- without any increase in EV VIO. Our first site with NACS cables are now deployed. It's a pilot site. So, it's too early for me to comment on the data. I will say I'm excited that we've got the NACS cable deployed, and we're seeing -- clearly, we're seeing Tesla vehicles charge on our network at higher rates than we've ever seen before, but it's too early to be able to project that out across the rest of our network. And we will be looking to increase the deployment of these NACS cables throughout the course of this year.

Great. Thanks a bunch. I'll turn it back.

Our next question comes from the line of William Grippin with UBS. Please go ahead.

Hi, William.

Thank you. Good morning, everybody. My first question here was just based on the skid-based hardware that you've talked about deploying here in 2025. I don't think you gave the number, but to what extent could that drive some cost reductions for 2025 vintage CapEx? And could that potentially offset the loss of 30C tax credits should that actually happen?

Yeah. I mean, look, the -- I mean, let's just quickly just take a step back on the 30C tax credits. These are -- this is, I think, less than 0.5% of the total cost of the IRA. The 30C, it's their technology neutral. They're bipartisan supported, because they are incentives for all kinds of charging infrastructure, not just electric vehicles. And these federal incentives, they represent about 10% of our gross CapEx per stall. And so, that's why I keep saying our business is really not reliant on federal incentives. The charger CapEx reduction program that we have in place through the MOU -- through the signed agreement now with Delta is looking at a 30% improvement in gross CapEx per stall. We've seen a 9% improvement in 2024 versus what we were expecting for 2024. We see a modest improvement next year in the overall average gross CapEx per stall, which includes the impact of the higher percentage of prefab skids that we've got going on as well as other efforts around equipment, site design, construction processes. We -- the only reason why it's an average, it's a modest improvement, is because we're introducing flagship stalls this year. As a reminder, we're deploying about 400 flagship stalls over the next few years through our GM relationship. They come with a higher price. They obviously come with a significantly higher offset to make it an economically attractive deal for us. But in other words, absent that or normalizing for that, we're continuing to see incremental improvements in gross CapEx per stall before our next generation of charging equipment, which will take us to a 30% improvement.

Got it. And then, just wanted to follow-up here on the pilot side with the NACS connector. I know you said it was early, but could you speak to what maybe some of the early observations have been here in terms of charging behavior and maybe mix of vehicles?

Well, it's really too early. We've got more Tesla vehicles charging, clearly, and so, we're excited by that. We've done very little marketing or no marketing, frankly, on those Tesla sites. And so, until we've done that, it's hard for us to be able to say, okay, now this is something that's -- that you can take -- that we can take as a data point to inform our deployment over the course of the rest of this year. We're thrilled that we...

All right. Appreciate the time.

Yeah. Go ahead.

Our final question will come from the line of Chris Pierce with Needham. Please go ahead.

Hey. Not to belabor the Tesla NACS point, but is that something you plan to accelerate this year, given prior expectations, given sort of public sentiment towards leadership there or, again, too early to kind of make any statements?

Chris, I think you -- so in terms of the deployment of NACS connectors, yeah, we are -- as a company, we charge all electric vehicles. That's been our policy and our philosophy and our strategy. We -- in our charging lab out in California, we are bringing in and testing all electric vehicles, including Tesla vehicles. We're excited about the standardization of cables. I think it actually simplifies the customer experience. And so, we're excited about deploying NACS cables. I've been talking about it all year last year where we've got the first site now with the NACS cable as a pilot. We expect to be able to deploy those NACS cables throughout our network either through retrofit -- I think starting probably with retrofit and then into new stalls probably late this year or next year. And as I said, it allows us to grow throughput without any increase in VIO. It's another one of the reasons why this business model and our company in particular is so resilient.

Okay. And then, you sort of hit on a direction of the business regardless of what happens on EV adoption or competition on the charging side of the world. So, when you see someone like Ionna move from beta to national release and talking about putting a thousand fast-charging stalls out there this year, what are your kind of -- like, at a high level, how do you think about that and how do you think about it kind of -- I just kind of want to get your thoughts on that from a competition perspective?

Yeah. I mean, this is -- I mean, I think we've been saying for a while, this is not a zero-sum game business, unlike many other sectors of the economy. As charging companies deploy charging infrastructure, demand increases. We know that. We know that -- one of the reasons -- there's two reasons why customers are still on the fence on whether to switch over to electric vehicles. One is the upfront price despite TCO being lower. And the second is charging infrastructure. We know people are worried about range anxiety. And so, as people are deploying charging infrastructure, it just stimulates demand, which is good for us. With respect to Ionna, you're right. It's been almost a couple of years since Ionna was announced, and I'm glad to see that they've got a handful of sites now finally operational. We obviously look at those sites, and our perspective -- we've got, as you know, very sophisticated network plan and site selection algorithms. It doesn't appear to us that those sites are sites that that we would look at in terms of maximizing utilization. And -- but, again, many of these charging companies have goals other than utilization. Once, chasing NEVI awards, for instance, are clearly not focused on utilization because there's not a lot of growth of utilization on highways. And Ionna may indeed have other goals beyond utilization for the network. Either way, for us, increasing charging supply results increase in demand. And because we've got well located sites, we think we're getting a disproportionate share of kilowatt hours.

Okay. Thanks for the detail, and good luck.

And that will conclude our question-and-answer session. And I'll now turn the call back over to Badar Khan for closing remarks.

Great. Well, thank you, everyone. We had yet another record quarter, finishing off a record year. The charging infrastructure we're building is a key ingredient to the long-term competitiveness and sustainability of the US automotive industry, and that's one of the reasons why what we do is so important. Unlike others in the charging space, we have a resilient business model that is set to deliver another year of strong growth and reaching EBITDA breakeven. And I look forward to providing updates on our progress on this and our priorities at our earnings calls throughout the year. Thanks very much, everybody.

That will conclude today's call. Thank you all for joining. You may now disconnect.