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Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Net Loss Per Share

Net Loss Per Share

Note 16 – Net Loss Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2022:


		Three Months Ended
		March 31,
(in thousands, except per share data)		2022
Numerator
Net loss		$	(55,266)
Less: net loss attributable to redeemable noncontrolling interest			(40,867)
Net loss attributable to Class A common stockholders			(14,399)
Less: net loss attributable to participating securities			(151)
Net loss attributable to Class A common stockholders, basic and diluted		$	(14,248)

Denominator
Weighted average common stock outstanding			68,742
Less: weighted average unvested Earnout Shares outstanding			(719)
Weighted average common stock outstanding, basic and diluted			68,023

Net loss per share – basic and diluted		$	(0.21)

Prior to the consummation of the CRIS Business Combination, EVgo OpCo was wholly owned by EVgo Holdings. In connection with the CRIS Business Combination, EVgo Holdings contributed all of the equity interests in EVgo Holdco to EVgo OpCo in exchange for 195,800,000 EVgo OpCo Units, the Company contributed all of its assets and 195,800,000 shares of Class B common stock to Thunder Sub, Thunder Sub transferred 195,800,000 shares of Class B common stock and the right to enter into the Tax Receivable Agreement to EVgo Holdings, and Thunder Sub contributed all of its remaining assets to EVgo OpCo in exchange for EVgo OpCo Units equal to the number of shares of Class A common stock outstanding. The shares of Class B common stock owned by EVgo Holdings have been evaluated and are excluded from net income per share calculations as they do not participate in earnings or loss of the Company. Therefore, retrospective application of the conversion of these ownership interests into shares of Class B common stock would not result in an appropriate or meaningful presentation of earnings (loss) per common share (“EPS”). Therefore, the EPS information presented only relates to the periods subsequent to the consummation of the CRIS Business Combination on July 1, 2021 and has not been presented for the three months ended March 31, 2021.

The Company’s potentially dilutive securities consist of the Company’s Public Warrants, Private Placement Warrants, restricted stock units and unvested Earnout Shares. For the period in which EPS is presented, the following securities were excluded from the computation of diluted EPS since their impact would have been antidilutive as of March 31, 2022:


(in thousands)		March 31, 2022
Public Warrants		14,949
Private Placement Warrants		3,149
Restricted stock units		1,781
		19,879

Additionally, 718,750 unvested Earnout Shares (participating securities, as noted above) were excluded from the computation of diluted EPS since their vesting threshold (i.e., the $15.00 Triggering Event) had not yet been met as of March 31, 2022.