Risk Factors Update Summary

• EVgo must install a substantial number of chargers under agreements with Pilot Company and GM. Failure may result in significant liquidated damages.
• Added "arbitration" to risk factors. Failure to resolve disputes could lead to significant expenses.
• EVgo committed to purchasing 1,100 chargers under Delta Charger Supply Agreement, requiring immediate payment.
• EVgo's business is subject to risks related to the availability of electricity, utility rate changes, and renewable energy certificate purchases.
• Number of patents increased from 16 to 23, with 10 additional patent applications pending.
• Added risks related to privacy laws and regulations, including CCPA and CPRA, affecting compliance costs.
• EVgo's reliance on a limited number of vendors for over 76.9% of total charging equipment poses risks.
• EVgo faces risks associated with cybersecurity threats, including malware, hacking, and potential service interruptions.
• EVgo's revenue growth is dependent on the successful development and maintenance of relationships with OEMs and fleet operators.
• Increased focus on industry standards shift towards NACS charging standard could impact operations.
• Material weakness in internal control over financial reporting identified, impacting financial operations.
• EVgo's revenue heavily depends on the sale of regulatory credits, subject to market fluctuations.
• Potential undisclosed defects in hardware or software could harm EVgo's reputation and market acceptance.
• Increased inflationary pressures may raise costs for EVgo's charging equipment and operations.