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Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue Recognition  
Revenue Recognition

Note 3 – Revenue Recognition

The table below presents a disaggregation of EVgo’s revenue for the three months ended March 31, 2023 and 2022:

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Three Months Ended

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March 31, 

(in thousands)

    

2023

    

2022

Charging revenue, retail

  

$

6,615

  

$

3,502

Charging revenue, commercial

​

 

1,715

​

 

709

Charging revenue, OEM

​

 

552

​

 

151

Regulatory credit sales

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1,215

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1,378

Network revenue, OEM

​

 

2,699

​

 

490

eXtend revenue

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​

10,292

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​

80

Ancillary revenue

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2,212

​

 

1,390

Total revenue

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$

25,300

​

$

7,700

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The following table provides information about contract assets and liabilities from contracts with customers as of March 31, 2023 and December 31, 2022:

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March 31, 

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December 31, 

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Change

(dollars in thousands)

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2023

    

2022

    

$

    

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%

Contract assets

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$

—

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$

2,861

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$

(2,861)

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​

(100)

%

Contract liabilities

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$

74,537

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$

57,790

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$

16,747

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​

29

%

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There were no contract assets as of March 31, 2023 compared to $2.9 million as of December 31, 2022 which was driven by the difference between the timing of when revenue is recognized from performance obligations satisfied in the current reporting period and when amounts are invoiced to the customer. Contract liabilities as of March 31, 2023 increased $16.7 million, or 29%, to $74.5 million compared to $57.8 million as of December 31, 2022 due to receipt of cash payments partially offset by the satisfaction of performance obligations.

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The following table provides the activity for the contract liabilities recognized during the three months ended March 31, 2023:

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(in thousands)

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Balance as of December 31, 2022

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$

57,790

Additions

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27,471

Recognized in revenue

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​

(10,654)

Marketing activities recognized on a net basis

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(70)

Balance as of March 31, 2023

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$

74,537

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Revenues for the three months ended March 31, 2023 and 2022 include the following:

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Three Months Ended

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March 31, 

(in thousands)

​

2023

    

2022

Amounts included in the beginning of period contract liability balance

​

$

4,000

​

$

1,202

Amounts associated with performance obligations satisfied in previous periods

​

$

25

​

$

5

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It is anticipated that deferred revenue as of March 31, 2023 will be recognized for the following periods ending December 31, as follows:

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(in thousands)

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2023

​

$

18,978

2024

​

 

10,636

2025

​

 

14,371

2026

​

 

7,164

​

​

$

51,149

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ASC 606 does not require disclosure of the transaction price to remaining performance obligations if the contract contains variable consideration allocated entirely to a wholly unsatisfied performance obligation. Under many customer contracts, each unit of product represents a separate performance obligation and therefore future volumes are wholly unsatisfied and thus disclosure of the transaction price allocated to a wholly unsatisfied performance obligations is not required. Under these contracts, variability arises as both volume and pricing are not known until the product is delivered. As of March 31, 2023 and December 31, 2022, there was $10.6 million and $8.7 million, respectively, in variable consideration for wholly unsatisfied performance obligations, which is included in deferred revenue on the condensed consolidated balance sheets.