EVgo Inc.

Previous wording

The following discussion and analysis provide information that we believe is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025 included elsewhere in this Quarterly Report and the audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2025 and 2024 contained in the Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve numerous risks, uncertainties, and assumptions that could cause our actual results to differ materially from our expectations due to a number of factors, including those discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report.

Current wording

The following discussion and analysis provide information that we believe is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025 included elsewhere in this Quarterly Report and the audited consolidated financial statements and related notes thereto as of and for the years ended December 31, 2025 and 2024 contained in the Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve numerous risks, uncertainties, and assumptions that could cause our actual results to differ materially from our expectations due to a number of factors, including those discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report.

Previous wording

•Network Revenue, OEM: This revenue stream represents revenue related to contracts that have significant charger infrastructure build programs, which represent set-up costs under ASC 606. Proceeds from these contracts are allocated to performance obligations including branding, memberships, reservations and the expiration of unused charging credits. Revenues from branding are recognized over time as the services are performed and measurement is recognized straight-line over the performance period. For memberships and reservations, revenue is recognized over time and measured over the period on a straightline basis as performance obligations are met. Any unused charging credits are recognized as breakage using the proportional method or, for programs where there is not enough information to determine the pattern of rights exercised by the customer, the remote method.

Current wording

•Network Revenue, OEM: This revenue stream represents revenue related to contracts that have significant charger infrastructure build programs, which represent set-up costs under ASC 606. Proceeds from these contracts are allocated to performance obligations including branding, memberships, reservations and the expiration of unused charging credits. Revenues from branding are recognized over time as the services are performed and measurement is recognized straight-line over the performance period. For memberships and reservations, revenue is recognized over time and measured over the period on a straight-line basis as performance obligations are met. Any unused charging credits are recognized as breakage using the proportional method or, for programs where there is not enough information to determine the pattern of rights exercised by the customer, the remote method.

Previous wording

eXtend Revenue. eXtend revenue for the three months ended March 31, 2026 increased $9.7 million, or 41%, to $33.2 million compared to $23.5 million for the three months ended March 31, 2025. The increase was primarily due to a $6.1 million increase in construction revenue due to higher construction projects in process or completed, a $3.1 million increase due to hardware sales, and a $0.3 million increase in operating and maintenance revenue.

Current wording

eXtend Revenue. eXtend revenue for the three months ended June 30, 2026 decreased $19.4 million, or 52%, to $18.0 million compared to $37.4 million for the three months ended June 30, 2025. The decrease was primarily due to a $17.5 million decrease in equipment sales, reflecting lower equipment needs relative to the prior period, a $2.2 million decrease in construction revenue due to lower construction projects in process or completed, partially offset by a $0.7 million increase in operating and maintenance revenue.

Previous wording

Charging Network. Charging network cost of sales for the three months ended March 31, 2026 increased $6.0 million, or 20%, to $35.6 million compared to $29.6 million for the three months ended March 31, 2025. The increase in charging network cost was primarily due to a $3.5 million increase in non-energy costs resulting primarily from increased maintenance activities and rent and related expenses due to the growth of our network and a $2.5 million increase in energy costs, driven primarily by higher throughput.

Current wording

Charging Network. Charging network cost of sales for the three months ended June 30, 2026 increased $6.7 million, or 21%, to $39.2 million compared to $32.5 million for the three months ended June 30, 2025. The increase in charging network cost of sales was primarily due to a $3.5 million increase in non-energy costs resulting primarily from increased maintenance activities and rent and related expenses due to the growth of our network and a $3.2 million increase in energy costs, driven primarily by higher throughput.

Previous wording

Other. Other cost of sales for the three months ended March 31, 2026 increased $24.0 million, or 118%, to $44.4 million compared to $20.4 million for the three months ended March 31, 2025. The increase in other cost of sales was primarily due to a $12.9 million increase in cost of sales related to revenue recognized from a sales-type lease arrangement with a dedicated fleet customer and an $11.0 million increase to support our eXtend revenue.

Current wording

Other. Other cost of sales for the three months ended June 30, 2026 decreased $20.0 million, or 54%, to $17.2 million compared to $37.2 million for the three months ended June 30, 2025. The decrease in other cost of sales was primarily due to a $17.1 million decrease in costs to support our eXtend revenue and a $2.7 million decrease in costs of sales related to revenue recognized from a sales-type lease arrangement with dedicated fleet customers.

Previous wording

Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the three months ended March 31, 2026 increased $0.6 million, or 4%, to $16.6 million compared to $16.0 million for the three months ended March 31, 2025 due to the growth of our charging network.

Current wording

Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the three months ended June 30, 2026 increased $4.5 million, or 31%, to $18.8 million compared to $14.3 million for the three months ended June 30, 2025 due to the growth of our charging network.

Previous wording

Gross profit for the three months ended March 31, 2026 increased $3.6 million to $13.0 million, compared to $9.3 million for the three months ended March 31, 2025. Gross margin for the three months ended March 31, 2026 and 2025 was 11.8% and 12.4%, respectively.

Current wording

Gross profit for the three months ended June 30, 2026 decreased $6.6 million to $7.3 million, compared to $13.9 million for the three months ended June 30, 2025. Gross margin for the three months ended June 30, 2026 and 2025 was 8.9% and 14.2%, respectively.

Previous wording

Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the three months ended March 31, 2026 decreased $0.8 million, or 19%, to $3.3 million compared to $4.1 million for the three months ended

Current wording

Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the three months ended June 30, 2026 decreased $1.0 million, or 24%, to $3.1 million compared to $4.1 million for the three months ended June 30, 2025. The decrease was primarily due to $0.7 million in decrease in amortization related to intangible assets and a $0.4 million decrease in amortization related to software.

Previous wording

During the three months ended March 31, 2026, we had an operating loss of $36.3 million, an improvement of $2.9 million, or 9%, compared to $33.4 million for the three months ended March 31, 2025. Operating margin for the three months ended March 31, 2026 was negative 33.2% compared to negative 44.4% for the three months ended March 31, 2025 primarily due to improved leveraging of operating expenses and to a lesser extent, a decrease in depreciation, amortization and accretion.

Current wording

During the three months ended June 30, 2026, we had an operating loss of $40.1 million, an increase of $9.3 million, or 30%, compared to $30.8 million for the three months ended June 30, 2025. Operating margin for the three months ended June 30, 2026 was negative 48.6% compared to negative 31.4% for the three months ended June 30, 2025 primarily due to reduced gross margin and reduced leveraging of operating expenses.

Previous wording

Interest expense for the three months ended March 31, 2026 increased $2.5 million, or 474%, to $3.0 million compared to $0.5 million for the three months ended March 31, 2025. The increase was due to higher interest expense incurred related to the DOE Loan and Credit Agreement, which is presented net of amounts capitalized to property and equipment, due to higher debt balances on both the DOE Loan and Credit Agreement.

Current wording

Interest expense for the three months ended June 30, 2026 increased $7.2 million, or 797%, to $8.2 million compared to $0.9 million for the three months ended June 30, 2025. The increase was due to higher interest expense incurred related to the DOE Loan and Credit Agreement, which is presented net of amounts capitalized to property and equipment, due to higher debt balances on both the DOE Loan and Credit Agreement.

Previous wording

Interest income for the three months ended March 31, 2026 decreased $0.3 million or 19% to $1.4 million compared to $1.7 million for the three months ended March 31, 2025. The decrease was a primarily result of lower interest rates on and, to a lesser extent, lower account balances held in our interest-bearing accounts, compared to the same prior-year period.

Current wording

Interest income for the three months ended June 30, 2026 decreased $0.3 million, or 17% to $1.4 million compared to $1.7 million for the three months ended June 30, 2025. The decrease was primarily due to lower interest rates during the three months ended June 30, 2026 compared to the same prior-year period.

Previous wording

Other income (expense), net, for the three months ended March 31, 2026 and 2025 was de minimis.

Current wording

Other income, net, for the three months ended June 30, 2026 and 2025 was de minimis.

Previous wording

For the three months ended March 31, 2026, there was a $1.0 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $6.1 million gain for the three months ended March 31, 2025. The change between periods was primarily due to a decrease in the fair value of the warrant and earnout liabilities during the three months ended March 31, 2026 compared to the same prior-year period. See “Part I, Item 1: Financial Statements — Note 11 — Fair Value Measurements” for more information.

Current wording

For the three months ended June 30, 2026, there was a $0.3 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $0.2 million gain for the three months ended June 30, 2025. The change between periods was primarily due to a decrease in the fair value of the warrant and earnout liabilities during the three months ended June 30, 2026 compared to the same prior-year period. The Public Warrants and the Private Placement Warrants expired July 1, 2026. See “Part I, Item 1: Financial Statements — Note 11 — Fair Value Measurements” for more information.

Previous wording

For the three months ended March 31, 2026 and 2025, our income tax expense was de minimis. As of March 31, 2026 and 2025, we maintained a full valuation allowance on our net deferred tax assets.

Current wording

For the three months ended June 30, 2026 and 2025, our income tax (benefit) expense was de minimis. As of June 30, 2026 and 2025, we maintained a full valuation allowance on our net deferred tax assets.

Previous wording

Total revenue for the three months ended March 31, 2026 increased $34.2 million, or 45%, to $109.5 million compared to $75.3 million for the three months ended March 31, 2025. As further discussed below, the increase in revenue was primarily due to a $15.9 million increase in AV and ancillary revenue, a $9.7 million increase in eXtend revenue and an $8.6 million increase in charging network revenue.

Current wording

Total revenue for the six months ended June 30, 2026 increased $18.9 million, or 11%, to $192.2 million compared to $173.3 million for the six months ended June 30, 2025. As further discussed below, the increase in revenue was primarily due to a $18.2 million increase in charging network revenue and a $10.3 million increase in AV and ancillary revenue, partially offset by a $9.7 million decrease in eXtend revenue.

Previous wording

Total Charging Network. Total charging network, for the three months ended March 31, 2026 increased $8.6 million, or 18%, to $55.7 million compared to $47.1 million for the three months ended March 31, 2025. Period-over-period growth was primarily due to a $3.8 million increase in network revenue, OEM, due to increased marketing revenue, and to a lesser extent, increased breakage revenue, and a $3.8 million increase in retail charging revenue, due to an overall increase in throughput volume from a greater number of customers, and to a lesser extent, increases in pricing, and a $1.0 million increase in commercial charging revenue, due to an overall increase in throughput volume from a greater number of public fleet customers.

Current wording

Total Charging Network. Total charging network increased $18.2 million, or 18%, to $117.1 million for the six months ended June 30, 2026 compared to $98.9 million for the six months ended June 30, 2025. Period-over-period growth was primarily due to a $8.8 million increase in retail charging revenue due to an overall increase in throughput volume from a greater number of customers, and to a lesser extent, increases in pricing, a $8.4 million increase in network revenue, OEM due to increased marketing revenue, and to a lesser extent, increased breakage revenue, and a $3.3 million increase in commercial charging revenue due to an overall increase in throughput volume from a greater number of public fleet customers, partially offset by a $5.0 million decrease in charging revenue, OEM due to a reduction in customers, as certain OEM agreements expire.

Previous wording

AV and Ancillary Revenue. AV and ancillary revenue for the three months ended March 31, 2026 increased $15.9 million, or 339%, to $20.6 million compared to $4.7 million for the three months ended March 31, 2025. The increase was primarily due to $17.2 million of revenue recognized from sales-type lease arrangements with a dedicated fleet customer during the three months ended March 31, 2026, partially offset by a $1.0 million decrease in operating lease revenue.

Current wording

AV and ancillary Revenue. AV and ancillary revenue for the six months ended June 30, 2026 increased $10.3 million, or 76%, to $23.8 million compared to $13.5 million for the six months ended June 30, 2025.The increase was primarily due to a $11.9 million increase in revenue recognized from sales-type lease arrangements with dedicated fleet customers, partially offset by a $1.0 million decrease in operating lease revenue.

Previous wording

General and Administrative Expenses. General and administrative expenses for the three months ended March 31, 2026 increased $7.4 million, or 19%, to $46.0 million compared to $38.6 million for the three months ended March 31, 2025. The increase was primarily driven by a $2.8 million increase in impairment expense, a $2.2 million increase in payroll costs due to an increase in headcount, a $1.1 million increase in software costs, a $0.5 million increase in HR expenses related to our annual company-wide conference, and a $0.4 million increase in bad debt expense.

Current wording

General and Administrative Expenses. General and administrative expenses for the six months ended June 30, 2026 increased $11.1 million, or 14%, to $90.4 million compared to $79.2 million for the six months ended June 30, 2025. The increase was primarily driven by a $2.0 million increase in software costs, a $1.6 million increase in payroll costs due to an increase in headcount, a $1.4 million increase in project expenses, a $1.3 million increase in impairment expense, a $1.3 million increase in bad debt expense, and a $0.9 million increase in marketing and advertising expense.

Previous wording

March 31, 2025. The decrease was primarily due to $0.8 million in decreased amortization related to intangible assets, a $0.3 million decrease in amortization related to software, and a $0.2 million decrease in accretion.

Current wording

Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the six months ended June 30, 2026 decreased $1.8 million, or 22%, to $6.4 million compared to $8.2 million for the six months ended June 30, 2025. The decrease was primarily due to a $1.5 million decrease in amortization related to intangible assets, a $0.7 million decrease in amortization related to software, and a $0.2 million increase in accretion.

Previous wording

Comprehensive loss attributable to Class A common stockholders for the three months ended March 31, 2026 was $16.4 million, compared to $11.4 million for the three months ended March 31, 2025. The increase was primarily driven by a $5.7 million increase in net loss attributable to redeemable noncontrolling interest, a $2.9 million increase in operating loss and a $2.5 million increase in interest expense, partially offset by a $5.1 million increase in the gain from the change in the fair values of the warrant and earnout liabilities.

Current wording

Net loss attributable to Class A common stockholders for the six months ended June 30, 2026 was $37.2 million, compared to $24.4 million for the six months ended June 30, 2025. The increase was primarily driven by a $12.3 million increase in operating loss, a $9.7 million increase in interest expense and a $5.0 million increase in gain from changes in the fair value of warrant and earnout liabilities, partially offset by a $14.4 million increase in net loss attributable to redeemable noncontrolling interest.

Previous wording

We have a history of operating losses and negative operating cash flows. As of March 31, 2026, we had $150.0 million of cash, cash equivalents and restricted cash and working capital of $123.6 million. As of December 31, 2025, we had $210.7 million of cash, cash equivalents and restricted cash and working capital of $161.2 million. Our net cash outflow for the three months ended March 31, 2026 was $60.7 million. We believe our cash, cash equivalents, and restricted cash on hand as of March 31, 2026 are sufficient to meet our current working capital and capital expenditure requirements for a period of at least twelve months from the filing date of this Quarterly Report.

Current wording

We have a history of operating losses and negative operating cash flows. As of June 30, 2026, we had $197.7 million of cash, cash equivalents and restricted cash and working capital of $148.1 million. As of December 31, 2025, we had $210.7 million of cash, cash equivalents and restricted cash and working capital of $161.2 million. Our net cash outflow for the three and six months ended June 30, 2026 was $13.1 million. We believe our cash, cash equivalents, and restricted cash on hand as of June 30, 2026 are sufficient to meet our current working capital and capital expenditure requirements for a period of at least twelve months from the filing date of this Quarterly Report.

Previous wording

On December 12, 2024, Swift Borrower entered into the Guarantee Agreement with the DOE as guarantor. See Part I, Item 1,“Financial Statements — Note 8 — Long-Term Debt” for additional information. The DOE Loan is structured as a senior secured loan facility of up to $1.248 billion, consisting of $1.05 billion of principal and up to $193 million of capitalized interest. The DOE Loan provides that Swift Borrower may draw on the DOE Loan, each such draw, an Advance, at any time during the Availability Period. Advances under the DOE Loan are subject to the satisfaction of customary conditions, including certification of compliance with the loan documents and specified legal requirements and the ongoing accuracy of representations and warranties.

Current wording

On December 12, 2024, Swift Borrower entered into the Guarantee Agreement with the DOE as guarantor, which was amended by the Amendment on April 29, 2026. See Part I, Item 1,“Financial Statements — Note 8 — Long-Term Debt” for additional information. The DOE Loan is structured as a senior secured loan facility of up to $750 million, consisting of $625 million in borrowings and up to $125 million in capitalized interest. The DOE Loan provides that Swift Borrower may draw on the DOE Loan, each such draw, an Advance, at any time during the Availability Period. Advances under the DOE Loan are subject to the satisfaction of customary conditions, including certification of compliance with the loan documents and specified legal requirements and the ongoing accuracy of representations and warranties.

Previous wording

All proceeds from the DOE Loan will be used to reimburse us for up to 80% of certain costs associated with the construction, installation and deployment of approximately 7,500 new DC Stalls nationwide. At the closing of the DOE Loan, we contributed 1,594 DC Stalls from our existing public network to Swift Borrower as collateral and we may be required to contribute additional DC Stalls or cash to Swift Borrower from time to time. We, through our subsidiary, EVgo Services, will provide charge point operator services to Swift Borrower for the duration of the DOE Loan. Cash received from revenues generated from the contributed DC Stalls is restricted to ensure that we have sufficient funds to keep the contributed stations operational and make our required debt service and fee payments.

Current wording

All proceeds from the DOE Loan will be used to reimburse us for an amount equal to 80% of the aggregate of all Eligible Project Costs (as such term is defined in the Amendment) of assets held by Swift Borrower (subject to certain regulatory and contractual requirements), subject to the overall project leverage ratio cap of 65% being reached, after which Swift Borrower will borrow and reimburse Sponsor at the 65% ratio until the end of the Availability Period. At the closing of the DOE Loan, we contributed 1,594 DC Stalls from our existing public network to Swift Borrower as collateral and we may be required to contribute additional DC Stalls or cash to Swift Borrower from time to time. We, through our subsidiary, EVgo Services, will provide charge point operator services to Swift Borrower for the duration of the DOE Loan. Cash received from revenues generated from the contributed DC Stalls is restricted to ensure that we have sufficient funds to keep the contributed stations operational and make our required debt service and fee payments.

Previous wording

As of March 31, 2026, the outstanding balance under the DOE Loan was $142.6 million, which includes $7.5 million in paid-in-kind interest. As of March 31, 2026, Swift Borrower had $919.3 million of principal available to borrow under the DOE Loan, subject to the satisfaction of conditions contained in the Guarantee Agreement. The weighted average interest rate on the outstanding amounts under the DOE Loan as of March 31, 2026 was 5.62%.

Current wording

As of June 30, 2026, the outstanding balance under the DOE Loan was $226.1 million, which includes $10.3 million in paid-in-kind interest. As of June 30, 2026, Swift Borrower had $409.0 million of principal available to borrow under the DOE Loan, subject to the satisfaction of conditions contained in the Guarantee Agreement. The weighted average interest rate on the outstanding amounts under the DOE Loan as of June 30, 2026 was 5.63%.

Previous wording

All proceeds from the Credit Agreement will be used to reimburse EVgo Services for up to 60% of certain costs associated with the construction, installation and deployment of the stalls contributed to Voyager Borrower by EVgo Services pursuant to the terms of the Credit Agreement and pay for certain transaction costs. The Loans are expected to support more than 1,900 stalls nationwide, including the buildout of more than 1,500 new stalls and 400 stalls that EVgo Services contributed from its existing public network to Voyager Borrower as collateral in connection with the initial borrowing. Under the terms of the Credit Agreement, EVgo Services may contribute additional stalls or cash to Voyager Borrower from time to time during the Voyager Availability Period. EVgo Services will provide charge point operator services to Voyager Borrower in connection with the project for the duration of the Credit Agreement.

Current wording

Services pursuant to the terms of the Credit Agreement and pay for certain transaction costs. The Loans are expected to support more than 1,900 stalls nationwide, including the buildout of more than 1,500 new stalls and 400 stalls that EVgo Services contributed from its existing public network to Voyager Borrower as collateral in connection with the initial borrowing. Under the terms of the Credit Agreement, EVgo Services may contribute additional stalls or cash to Voyager Borrower from time to time during the Voyager Availability Period. EVgo Services will provide charge point operator services to Voyager Borrower in connection with the project for the duration of the Credit Agreement.

Previous wording

As of March 31, 2026, the outstanding balance under the Loan was $69.0 million. As of March 31, 2026, Voyager Borrower had $155.8 million of principal remaining available to borrow under the Commitments, subject to the satisfaction of customary conditions. The weighted average interest rate on the outstanding amounts under the Credit Agreement as of March 31, 2026 was 6.95%.

Current wording

As of June 30, 2026, the outstanding balance under the Loan was $71.1 million. As of June 30, 2026, Voyager Borrower had $153.4 million of principal remaining available to borrow under the Commitments, subject to the satisfaction of customary conditions. The weighted average interest rate on the outstanding amounts under the Credit Agreement as of June 30, 2026 was 6.98%.

Previous wording

The Company has historically benefitted from the availability of 30C income tax credits, which effectively subsidizes the cost of placing our charging stations in service. The IRA revised the 30C income tax credits to extend the credit until December 31, 2032, introduce the concept of transferability of such tax credits, expand the credit such that it is capped at $100,000 per item and increase eligibility requirements to require installation of EV charging stations in certain census tracts along with meeting prevailing wage and apprenticeship requirements, among other changes. The OBBBA accelerated the phase-out of IRA credits and 30C income tax credits are now scheduled to expire on June 30, 2026 for any property placed in service after that date. The Company transferred did not transfer any 30C income tax credits during the three months ended March 31, 2026.

Current wording

The Company has historically benefitted from the availability of 30C income tax credits, which effectively subsidizes the cost of placing our charging stations in service. The IRA revised the 30C income tax credits to extend the credit until December 31, 2032, introduce the concept of transferability of such tax credits, expand the credit such that it is capped at $100,000 per item and increase eligibility requirements to require installation of EV charging stations in certain census tracts along with meeting prevailing wage and apprenticeship requirements, among other changes. The OBBBA accelerated the phase-out of IRA credits and 30C income tax credits are now scheduled to expire on June 30, 2026 for any property placed in service after that date. The Company did not transfer any 30C income tax credits during the three or six months ended June 30, 2026.

Previous wording

Cash used in operating activities for the three months ended March 31, 2026 was $35.4 million compared to cash used in operating activities of $10.2 million for the three months ended March 31, 2025. This increase in cash used in operating activities of $25.1 million was primarily due to a change in net cash outflows of $17.4 million resulting from changes in our operating assets and liabilities and an increase in our net loss of $10.8 million, partially offset by a change in non-cash charges of $3.1 million.

Current wording

Cash used in operating activities for the six months ended June 30, 2026 was $41.9 million compared to cash provided by operating activities of $3.8 million for the six months ended June 30, 2025. This increase in cash (used in) provided by operating activities of $45.7 million was primarily due to an increase in our net loss of $27.3 million and a change in net cash outflows of $31.0 million resulting from changes in our operating assets and liabilities, partially offset by a change in non-cash charges of $12.5 million.

Previous wording

The main drivers of the changes in operating assets and liabilities for the three months ended March 31, 2026 were a $5.4 million increase in accounts payable and a $4.3 million decrease in accounts receivable, due to collections from customers outpacing new billings. These changes were offset by a $15.1 million decrease in accrued liabilities, a $9.0 million decrease in deferred revenue from increased amortization of revenue, and a $8.3 million increase in prepaids and other current assets and other assets.

Current wording

The main drivers of the changes in operating assets and liabilities for the six months ended June 30, 2026 were a $15.8 million increase in deferred revenue from decreased amortization of revenue, a $7.4 million decrease in accounts receivable due to collections from customers outpacing new billings and a $6.8 million increase in accrued liabilities.

Previous wording

Cash used in investing activities for the three months ended March 31, 2026 was $30.6 million, compared to $15.0 million for the three months ended March 31, 2025. The decrease was primarily driven by an increase in capital expenditures compared to the prior year.

Current wording

Cash used in investing activities for the six months ended June 30, 2026 was $64.3 million, compared to $41.2 million for the six months ended June 30, 2025. The increase was primarily driven by an increase in capital expenditures compared to the prior year.

Previous wording

Cash provided by financing activities for the three months ended March 31, 2026 was $5.2 million compared to $75.3 million for the three months ended March 31, 2025. The decrease was driven primarily by a $71.9 million change in proceeds from long-term debt, partially offset by a $1.3 million increase in proceeds from capital-build funding and a $1.2 million increase in in payments of deferred debt issuance costs compared to the same prior-year period.

Current wording

Cash provided by financing activities for the six months ended June 30, 2026 was $93.1 million compared to $100.2 million for the six months ended June 30, 2025. The decrease was driven primarily by a $7.6 million change in proceeds from long-term debt, partially offset by a $2.1 million decrease in payments of deferred debt issuance costs compared to the same prior-year period.

Previous wording

Our working capital as of March 31, 2026 was $123.6 million, compared to $161.2 million as of December 31, 2025. The decrease was driven primarily by a $62.8 million decrease in cash and cash equivalents and restricted cash, current, partially offset by a $20.0 million decrease in accrued liabilities.

Current wording

Our working capital as of June 30, 2026 was $148.1 million, compared to $161.2 million as of December 31, 2025. The decrease was driven primarily by a $17.0 million decrease in cash and cash equivalents and restricted cash, current and a $9.3 million decrease in accounts receivable, net, partially offset by a $10.7 million decrease in accrued liabilities and a $9.2 million decrease in deferred revenue, current.

Previous wording

As a lessor, we enter into agreements to lease charging equipment, charging stations and other technical installations to third parties. At the inception of a lease contract, we determine whether it is an operating, sales-type or direct financing lease. The leases generally provide for fixed monthly payments and sometimes include provisions for contingent variable rent. Fixed payments received under lease agreements for lease components of operating leases are recognized on a straight-line basis over the lease term and are reported in AV and ancillary revenue in the condensed consolidated statements of comprehensive loss.

Current wording

As a lessor, we enter into agreements to lease charging equipment, charging stations and other technical installations to third parties. At the inception of a lease contract, we determine whether it is an operating, sales-type or direct financing lease. The leases generally provide for fixed monthly payments and sometimes include provisions for contingent variable rent. Fixed payments received under lease agreements for lease components of operating leases are recognized on a straight-line basis over the lease term and are reported in AV and ancillary revenue in the condensed consolidated statements of operations.

Previous wording

Income (loss) on sales associated with sales-type leases are recognized when control of the underlying asset is transferred to the lessee (“commencement date”) and collection of the lease payments is considered probable. The income (loss) on sale is calculated as (1) the fair value of the underlying asset (or the sum of the lease receivables and any prepaid lease payments by lessee, if lower) (“sales price”); minus (2) the carrying amount of the underlying asset net of any unguaranteed residual asset; minus (3) any deferred initial direct costs of the lessor (2 and 3 are collectively referred to as the “cost of sales”). The sales price is reported in AV and ancillary revenue and the cost of sales is reported in other cost of sales in the condensed consolidated statements of comprehensive loss.

Current wording

Income (loss) on sales associated with sales-type leases are recognized when control of the underlying asset is transferred to the lessee (“commencement date”) and collection of the lease payments is considered probable. The income (loss) on sale is calculated as (1) the fair value of the underlying asset (or the sum of the lease receivables and any prepaid lease payments by lessee, if lower) (“sales price”); minus (2) the carrying amount of the underlying asset net of any unguaranteed residual asset; minus (3) any deferred initial direct costs of the lessor (2 and 3 are collectively referred to as the “cost of sales”). The sales price is reported in AV and ancillary revenue and the cost of sales is reported in other cost of sales in the condensed consolidated statements of operations.

Previous wording

For a discussion of our recently adopted accounting pronouncements, see Part I, Item 1,“Financial Statements — Note 2 — Summary of Significant Accounting Policies” as of March 31, 2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025.

Current wording

For a discussion of our recently adopted accounting pronouncements, see Part I, Item 1,“Financial Statements — Note 2 — Summary of Significant Accounting Policies” as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025.