EVGOWHIGH SIGNALFINANCIAL10-K

EVGOW shows explosive revenue growth of 146% alongside dramatic balance sheet expansion, but with substantially increased liabilities outpacing asset growth.

The company demonstrates strong operational momentum with revenue more than doubling and gross profit increasing 175%, suggesting successful business execution. However, the 61% surge in total liabilities far exceeds the 20% asset growth, creating potential leverage concerns that investors should monitor closely.

Comparing 2026-03-09 vs 2025-03-06View on EDGAR →
FINANCIAL ANALYSIS

EVGOW experienced exceptional top-line growth with revenue jumping 146% to $54.6M and gross profit soaring 175% to $80.8M, indicating strong operational scaling. The balance sheet expanded significantly with total assets growing 20% to $964.8M and cash increasing 29% to $151.0M, but total liabilities surged 61% to $578.9M, creating a concerning imbalance. While the deficit in stockholders' equity improved from -$256.1M to -$116.9M, the disproportionate liability growth relative to asset expansion suggests potential financial strain despite the impressive revenue performance.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
+215%
$11.1M→$34.9M

Receivables surged 215% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Gross Profit
P&L
+175.1%
$29.4M→$80.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Revenue
P&L
+145.7%
$22.2M→$54.6M

Strong top-line growth of 145.7% — accelerating demand or successful expansion into new markets.

Total Liabilities
Balance Sheet
+60.8%
$360.0M→$578.9M

Liabilities grew 60.8% — significant increase in debt or obligations, assess impact on financial flexibility.

Stockholders Equity
Balance Sheet
+54.4%
-$256.1M→-$116.9M

Equity base grew 54.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Assets
Balance Sheet
+44.4%
$205.4M→$296.5M

Current assets grew 44.4% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+28.8%
$117.3M→$151.0M

Cash grew 28.8% — improving liquidity position supports investment and shareholder returns.

Capital Expenditure
Cash Flow
+23.1%
$94.8M→$116.7M

Capex increased 23.1% — ongoing investment in capacity or infrastructure for future growth.

Current Liabilities
Balance Sheet
+21.5%
$111.4M→$135.3M

Current liabilities rose 21.5% — increased short-term obligations, watch current ratio.

Total Assets
Balance Sheet
+20%
$803.8M→$964.8M

Asset base grew 20% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-09
PRIOR — 2025-03-06
ADDED
As of February 20, 2026, the Registrant had 140,283,533 shares of Class A common stock and 172,800,000 shares of Class B common stock outstanding.
We have also used several other terms in this Report, the consolidated financial statements and accompanying notes included herein, many of which are defined below and certain of which are defined throughout this Annual Report and, unless expressly indicated or the context indicates otherwise, have the following meanings when used in this Annual Report : 30C income tax credits means the alternative fuel refueling property credit under Section 30C of the Internal Revenue Code.
A R Nomination Agreement means the amended and restated nomination agreement entered into on March 24, 2022, by and between us and EVgo Holdings, amending and restating the Nomination Agreement.
ATM Program means the program by which the Company may sell up to $200 million of shares of Class A common stock in at the market transactions at prevailing market prices.
Business Combination Agreement means that business combination agreement entered into on January 21, 2021 by and among CRIS, Thunder Sub and the EVgo Parties.
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REMOVED
As of February 21, 2025, the Registrant had 133,523,073 shares of Class A common stock and 172,800,000 shares of Class B common stock outstanding.
We have also used several other terms in this Report, the consolidated financial statements and accompanying notes included herein, most of which are defined below and, unless expressly indicated or the context indicates otherwise, have the following meanings when used in this Annual Report: A R Nomination Agreement means the amended and restated nomination agreement entered into on March 24, 2022, by and between us and EVgo Holdings, amending and restating the Nomination Agreement.
Business Combination Agreement means that business combination agreement entered into on January 21, 2021 by and among CRIS, Thunder Sub and the EVgo Parties, as may be amended from time to time.
CERCLA means the Comprehensive Environmental Response, Compensation and Liability Act.
Clear Miles Standard means the California Clear Miles Standard and Incentive Program.
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