EVGO

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 8:00 a.m. ET Vice President of Investor Relations - Heather Davis Chief Executive Officer - Badar Khan Chief Financial Officer - Keefer Lehner Operator: Good day, and thank you for standing by. Welcome to the EVgo Second Quarter 2026 Earnings Call. [Operator Instructions] Please be advised, today's conference is being recorded. I would now like to hand the conference over to your speaker today, Heather Davis, Vice President of Investor Relations. Please go ahead. Heather Davis: Good morning, and welcome to EVgo's Second Quarter 2026 Earnings Call. My name is Heather Davis, and I am the Vice President of Investor Relations at EVgo. Joining me on today's call are Badar Khan, EVgo's Chief Executive Officer; and Keefer Lehner, EVgo's Chief Financial Officer. Today, we will be discussing EVgo's second quarter 2026 financial results and our outlook for the year, followed by a Q&A session. Today's call is being webcast and can be accessed on the Investors section of our website at investors.evgo.com. The call will be archived and available there, along with the company's earnings release and investor presentation after the conclusion of this call. During the call, management will be making forward-looking statements that are subject to risks and uncertainties, including expectations about future performance. Factors that could cause actual results to differ materially from our expectations are detailed in our SEC filings, including in the Risk Factors section of our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company's SEC filings are available on the Investors section of our website. These forward-looking statements apply as of today, and we undertake no obligation to update these statements after the call. Also, please note that we will be referring to certain non-GAAP financial measures on this call. Information about these non-GAAP measures, including definitions and applicable reconciliations to the corresponding GAAP measures can be found in the earnings materials available on the Investors section of our website. With that, I'll turn the call over to Badar Khan, EVgo's CEO. Badar Khan: Thank you, Heather. EVgo delivered solid results for the second quarter, in line with our expectations, while continuing to build a durable nationwide infrastructure network. We have a proven track record of growth in both operational stores and revenue. Since 2021, the year we went public, our operational stores are expected to increase nearly fourfold by the end of 2026. We've delivered consistent growth year in and year out. Total revenue is expected to increase even faster at 19x by the end of 2026. Revenue growth is driven by a combination of store additions, increasing daily throughput per store and our non-charging revenue tied to extend and autonomous vehicles lines of business. What's really impressive is through 2025, our revenue compound annual growth rate has exceeded 100%, putting us in the top 1% of U.S. public company revenue growth rate and around 3x higher than our public charging peers. We are thrilled to announce that EVgo and Tesla have entered into an agreement to deploy EVgo branded superchargers. Through this agreement, EVgo will own these EVgo branded superchargers, select their location and set pricing, while Tesla builds and operates the chargers under a long-term arrangement. We expect to deploy EVgo superchargers in dozens of cities across the U.S. starting this year. Together with the NACS connectors we're rolling out across our existing network, this more than doubles our addressable market by reaching both Tesla and non-Tesla NACS drivers. This enables EVgo to accelerate our deployment of NACS connectors with the goal of all 2023 vintage and newer sites having a NACS connector within the next 2 years. These V4 superchargers are 500 kilowatts and equipped with Tesla's Magic Dock technology, enabling effortless charging for all EV drivers, serving both NACS and CCS vehicles with no adapter needed. Consistent with our existing strategy, these sites from the EVgo network will be located near the retail shops, restaurants and everyday destinations where drivers already spend time with up to 20 stalls per site and longer cables, so every driver can easily plug in regardless of in location on the vehicle. EVgo Supercharger locations will be available in Tesla's NAV and Trip planner and all EVgo stations with NACS connectors will also be available in the Tesla NAV once the driver enables third-party stations. Importantly, we expect to deploy these assets with little to no incremental growth G&A, at a gross capital cost per stall broadly equivalent to our current bills, and we expect to finance these stores through existing EVgo financing sources. Buying these V4 superchargers from Tesla also diversifies our supply chain toward more U.S. made chargers. In addition to EVgo superchargers, we continue to make progress on our next-generation charging architecture being developed at EVgo's innovation lab with the first units expected to be installed by the end of the year. EVgo is among the top 3 largest fast charging operators in the country, along with Tesla and Electrify America and is around 14x larger than the average of the rest of the industry. We built our network at great sites near amenities that EV drivers are looking for. We believe our real estate relationships and site selection process, together with our rideshare partnerships with leading companies like Uber and Lyft are key sources of competitive advantage for EVgo. Our focus on customer experience includes faster charging with almost 70% of our stores being 350-kilowatt compared to only 23% for the rest of the industry. The combination of industry-leading scale and partnerships and best-in-class customer engagement and experience supported by our next-generation charging architecture is what drives fivefold higher utilization at our sites versus the rest of the industry. With almost 5,400 stores, including 4,000 EVgo owned and operated, EVgo is the third largest public fast charging network in the U.S. We have over a 15-year track record, identifying and deploying over 1,200 utility connected sites at optimal urban and suburban locations across the U.S. Our sites -- our existing sites have approximately 600 megawatts of connected power capacity, including approximately 45% unutilized capacity at current utilization levels. Over the next 5 years, our installed base is expected to quadruple to over 2 gigawatts of utility connected capacity with approximately 1 gigawatt of potential usage expansion. We are beginning to evaluate whether there are complementary revenue streams available to us to monetize this excess capacity, whether that is utilized as demand response, battery energy storage systems or capacity for a distributed edge AI inference network. Our network strategy has always been to locate sites in urban and suburban locations close to where drivers go about their lives and therefore, by definition, in close proximity to energy demand, which is potentially very attractive. EV vehicles in operation have grown at a 40% CAGR since 2021 and are expected to grow another 17% annually through 2030 to reach nearly 13 million by the end of 2030 according to S&P's latest forecast from June 2026. Our total VIO is expected to be lower than previous forecasts, still represents a car park that is expected to more than double over the next 4.5 years with an underlying growth rate that remains highly supportive of our business model and one that is highly attractive even when compared to other high-growth sectors. EV market appears to be stabilizing after the loss of federal incentives at the end of Q3 '25, with higher gas prices, pinching American lots and global instability since the start of the Iran war, there is positive momentum in EV sales with Q2 new sales volumes 247,000, up 15% from Q1. About a dozen states are offering EV incentives to consumers to spur EV adoption. Most notably, California has recently announced consumer incentives, rideshare incentives and charging incentives for rideshare drivers. Consumer incentives aim to backfill the expired federal tax credit and will have a total budget of $270 million, including $3,500 for new EVs and $1,750 for used vehicles. Rideshare drivers, the California incentives expected to go live in Q3 are even stronger with incentives of $20,000 for new EVs and $14,000 for used EVs for income qualifying drivers. The used market remains a bright spot for EV sales with both new drivers trying out fully electric cars at cheaper price points and for EVgo because used vehicle owners are less likely to have charging at home and more reliant on public fast charging with over 1.5 million vehicles coming off lease between 2026 to 2028, this used vehicle supply not only helps meet consumer demand, but also provides a significant tailwind for EVgo. With our updated view of the underlying market, we're showing what an illustrative owned and operated EVgo network could look like by 2028 and by 2030. Despite near-term market noise, we continue to expect EVgo to be generating recurring adjusted EBITDA of approximately $0.5 billion by 2030. The economics of our business are driven by 3 things: number of stalls in operation, daily throughput per stall and operating leverage. These 3 factors combined to deliver compelling unit economics and returns. With the financing we have in place, we are increasing store growth from the net 500 to 600 average level, that's net of removals over the past 3 years to around 700 to 900 in 2026 to 4,000 to 5,000 by 2030. This result in a network that is around 4x larger than the end of last year by 2030. Daily throughput per store has already grown nearly fivefold between 2022 and 2025, driven by the growth of electric vehicles on the road together with EVgo's meaningfully higher utilization than almost all our peers and with a store underwriting process that we continually review and update. We are particularly excited about our latest 2026 vintage and especially 2027 vintage, which we are expecting to be our best ever focused on key metros with top-tier site locations and site post partnerships. Over the next 5 years, we're conservatively expecting a smaller increase in daily throughput per store that we've experienced over the past 3 years. Underscoring our confidence in this illustrative forecast is the fact that our mature 350-kilowatt stores are already delivering daily throughput per store at the mid-350 level, which is what we assume by 2028. Today, almost 70% of our throughput comes from these stores. And by 2030, it will be over 95%. Operating leverage exists in 2 places, and we can see the track record very clearly in our actual results. We have operating leverage in charging gross margin, where 25% to 30% of charging cost of sales is fixed like site rent, resulting in higher gross margin as throughput rises. We've seen charging gross margin rise from near 15% to nearly 40% last year and is projected to be around 50% by 2030 as throughput per store rises. And we have significant operating leverage in adjusted G&A, where around 2/3 of G&A is largely fixed overhead and the cost of growing the network. As you can see, adjusted G&A has only grown by around $35 million in 3 years, whereas charging revenue has grown 5x as much. In fact, the charging network, excluding fixed overhead and growth G&A has been profitable since late 2023 and just becomes more and more profitable over time. Going out to 2030, adjusted G&A barely doubles over 2025, resulting in $0.5 billion in charging gross profit dropping straight to the bottom line. By 2028, EVgo has the potential to be generating triple-digit millions of adjusted EBITDA with EBITDA margins in the mid-teens. And by 2030, this grows to the low to mid-30% range. As you can see, all of this is without any contribution from our non-charging businesses, including AV that has historically generated meaningful additional gross profit and for which we are not yet providing an illustrative forecast. To summarize the story, EVgo has spent the past 15 years building a business model and a competitive moat that is hard to replicate and benefits from a number of growing megatrends and tailwinds that have already translated into strong financial results and will deliver even stronger results over the coming years. EVgo operates a highly differentiated industry-leading charging platform that has meaningfully higher utilization than almost every one of our peers. This is not only driven by our proprietary site selection capabilities, but also best-in-class customer experience and customer engagement to a large and growing customer base, combined with leading partnerships across the broader industry. Our ability to attract nondilutive financing to accelerate our growth further separates us from our peers. Our focus on building and operating our network, especially in the high-density urban centers where drivers need fast charging the most results in a business model with strong and growing unit economics underpinned by equally compelling operating leverage. All of this benefits from a compelling macro backdrop that will propel the business for many years to come. Vehicles in operation are expected to more than double by 2030. The share of public fast charging continues to rise due to the electrification of rideshare, more affordable vehicles and faster charge rates. Standardized cables will double EVgo's addressable market over time. And of course, the rise of fully electric autonomous vehicles that will need to charge at fast charging locations will just add to the growth we expect to see on our network. This is a capital-efficient, accretive growth model that positions EVgo to compound intrinsic value as we continue to scale our network. Taken together, our differentiated approach, the accelerating demand environment and the strong returns of new investments give us deep confidence in the long-term value creation opportunity ahead. Beyond the core charging business, there is considerable upside in EVgo that we are beginning to evaluate and are likely to generate material additional EBITDA by 2030. We already generate revenues and margins from serving autonomous vehicle partners, which we have been doing for 5 years. While this is a small part of EVgo today, the AV market is poised for tremendous growth, and we believe our track record, partnerships and competitive strengths position us well to deliver meaningful upside over the medium and long term. The U.S. charging landscape is littered with companies that are not performing well. However, there are some with attractive site locations and high-quality assets that are failing to attract customers or lack the ability to scale. As a result, there will likely be compelling inorganic opportunities for EVgo in the future as the only pure-play U.S. charging company that has successfully attracted non-diluting financing at scale. EVgo has the potential to generate $0.5 billion in adjusted EBITDA in the next 5 years. And given that, we are now planning to start exploring adjacencies on top of our core charging business. Today, we provide charging infrastructure for passenger vehicles, but we can see various segments, both within passenger vehicles and beyond with needs that we may be able to serve over time given our relationships and expertise. Similarly, today, EVgo is a U.S. only business. Over the next 5 years, we may choose to expand geographically. And finally, EVgo has an impressive track record building distributed connection capacity at over 1,200 urban and suburban locations in close proximity to both EV drivers and energy demand more broadly. That utility connection capacity will broadly quadruple over the next 5 years, and there may be opportunities to monetize any excess capacity to serve the market more broadly beyond charging infrastructure like edge AI compute capacity, battery energy storage systems or other potential opportunities. Over the course of this year, we have formed a small but dedicated corporate development team to begin evaluating these opportunities, and I look forward to providing more details over the coming quarters. EVgo offers differentiated growth at an attractive valuation. Based on 5-year consensus estimates, we're growing EBITDA faster than every comparable industry we benchmark against by a wide margin. And yet we trade at a fraction of the multiple those industries command. That's not a small gap. That's the kind of setup that often gets re-rated once the market catches up to the growth curve. And why do we benchmark against digital infrastructure, renewable energy, waste management, fuel distribution, energy infrastructure and utility because structurally, these are all businesses where you spend the capital once, you build the towers, the pipelines, the substations, the roofs and then you monetize that fixed asset base over a long horizon with high incremental margins as utilization climbs. They're essential service networks with highly visible demand and meaningful barriers to entry once they're built out. That's exactly our model with our public fast charging network. We're building infrastructure America needs and every dollar of CapEx we've already put in the ground gets more profitable as utilization scales and that shows up on the right side of the slide. Within our own EV charging category, our EBITDA margins are projected to be among the best in the peer group. So, it's not just that we're growing faster than the broader infrastructure peers that are trading at many times our multiple. Within our own competitive set, we're also one of the most profitable operators with a superior business model. Put those 2 things together, infrastructure grade growth at a fraction of the infrastructure grade multiple with margins that are expected to lead our direct peer set and you get why we think EVgo is mispriced today. Now I'll turn it over to Keefer to share financial details for the second quarter and EVgo's 2026 outlook. Keefer Lehner: Thank you, Badar. As mentioned, EVgo has 2 debt facilities to draw upon to finance our infrastructure build-out, and we have over $630 million available capacity on our DOE and commercial bank facilities, both at attractive financing rates. Combined with our cash, cash equivalents and restricted cash as of June 30, EVgo has approximately $835 million in available liquidity. We ended Q2 with 5,380 stalls in operation, an approximate 3x increase compared to the end of 2021. We added 280 total new stalls to the network in Q2 2026, including 120 new public EVgo-owned stalls. We also continued our renew program, decommissioning and removing 175 legacy chargers from the network in the second quarter. Our customer base continues to grow and is now over 1.8 million strong, and we look forward to welcoming more native NACS drivers to our app and network on the back of the announcement to deploy EVgo superchargers. We have 240 NACS stalls today across approximately 100 sites, and we plan to deploy even more through the year at our 350-kilowatt sites and our new EVgo supercharger sites. Total energy dispensed on EVgo's network was 384 gigawatt hours for the trailing 12 months, a 16% increase from the TTM period ended Q2 2025. Charging gross margin was 39% over the last 12 months, expanding by 2 percentage points over the prior year's TTM. Adjusted EBITDA margin was flat on a trailing 12-month basis. Our throughput on the public network during the second quarter was 99 gigawatt hours, a 13% increase compared to last year and a 9% increase sequentially. Daily throughput per stall was 2% lower year-over-year, but 7% higher sequentially, though softer than originally expected as we entered 2026. Sequentially, we grew daily throughput per stall, partially offset by ongoing softness in our lower power legacy equipment and lower contribution from OEM charging credit programs that are winding down through the end of 2026. Revenue for Q2 2026 was $83 million, which represents a 16% year-over-year decrease driven entirely by our non-charging business. In our core charging business, charging network revenue was $61 million, a 19% increase versus the prior year, driven primarily by a larger operating network with a 13% increase in the public network and modestly increased charging revenue per kilowatt hour, representing our 18th consecutive quarter of double-digit year-over-year charging revenue growth. Throughput and charging revenue per kilowatt hour drove approximately 75% and 25% of the year-over-year revenue growth, respectively. eXtend revenue was $18 million, down $19 million from the same period in 2025, driven by lower equipment sales and construction revenue. A reminder that eXtend will continue to largely trend lower over the next 6 quarters and by 2028 will be a $5 million to $10 million per year revenue business. AV ancillary revenue was $3 million, down $6 million versus the prior year. There were no new deployments in Q2, and this revenue line remains episodic as it's driven by deployment timing of long-duration projects with our AV partners. With that said, we do expect 2 additional projects to go operational in 2026. Charging network gross profit was $22 million, a 15% increase compared to the prior year of Q2. Charging network gross margin was 36% versus 37% last year, with slightly higher energy costs and non-energy costs compared to last year, driven by rent and maintenance. Second quarter adjusted gross profit was $26 million, down 7% versus the prior year, driven by lower contribution from eXtend and AV this year. Adjusted gross margin was 32% in Q2, nearly 3 percentage points higher over the same period in 2025 due to greater contribution from our higher-margin charging network activity. Adjusted G&A for the quarter was $37 million, an increase of 22% compared to the prior year, but a 1% decrease compared to Q1 2026 and in line with expectations as we are investing in network scale, accelerating cell deployment and latest generation architecture. The above resulted in an adjusted EBITDA loss of $10.6 million in the second quarter of 2026, in line with the guidance we provided. Turning to our outlook and guidance for 2026. As Badar discussed, we remain highly confident in and excited by the long-term opportunity of the owner-operator business for deploying fast charging in the United States. As shown, we are building a scalable and durable business that is generating solid gross margins today and expected to scale to very attractive EBITDA-generating business by 2030. For the full year 2026, we expect to add 1,350 to 1,625 new stalls of 950 to 1,175 new public and AV stalls and 400 to 450 eXtend stalls. We have the ability to see and respond quickly to performance trends in our stall deployments. Given the slower ramp in daily throughput per stall from our 2025 cohort and further reduced EV sales forecasted for 2026, we have adjusted our underwriting to ensure that capital is being allocated to what we believe will be the best sites from an economics and returns perspective. As a result, we have removed some stalls from our 2026 build program at no material cost. Our site pipeline today is as healthy as it's ever been, and the team is laser-focused on maximizing our opportunities to allocate capital at the highest quality locations. Stall builds in 2026 are heavily weighted to the fourth quarter, including the energization of EVgo superchargers with approximately 60% of the full year's build now anticipated in Q4. Given the pace of new stall lease signings since at least Q4 2025, which remain around 3x higher than the past, we expect 2027 new additions around 2.5 to 3x the number of new owned and operated stalls added in 2025. Turning to the income statement. EVgo anticipates total 2026 revenues in the $400 million to $430 million range. This top line view reflects up to 30% year-over-year growth in the charging business and encapsulates the impact of downward revised BIO forecasts, a slower ramp for our 2025 vintage stalls, 2026 cohorts sliding to later in the year than originally expected and slightly fewer overall stalls deployed. Daily throughput per stall is expected to grow through 2026, partially offset by customers rolling off low-margin OEM charging credit programs, the majority of whom are not converting to EVgo retail customers at the rates we originally projected, a transition that will largely be complete by year-end. Additionally, performance from our lower power legacy equipment continues to soften, but this fleet becomes an immaterial portion of the network within 2 years. Any upside from the deployment of EVgo superchargers and the placement of our EVgo NACS stalls on the Tesla navigation system that we expect will double our addressable market is likely to have a bigger impact from 2027 onwards rather than 2026. Total charging network revenue is still expected to be roughly 2/3 of full year revenue and deliver robust year-over-year growth. Regarding our non-charging revenue, we are increasing our guidance for 2026 eXtend revenues to be in the $90 million to $95 million range, with about 2/3 of the remaining revenue expected in Q4. AV and ancillary revenues are anticipated to be $40 million to $45 million. The fourth quarter is modeled to be the largest quarter of the year for AV revenues given the timing of 2 new AV sites being operationalized. Adjusted G&A is expected to be $148 million to $152 million for the year, a slight improvement in G&A from our prior guidance as we expect to incur lower growth costs given the slightly lower stall deployments, while still executing on our internally developed latest gen architecture. 2026 adjusted EBITDA is now anticipated to be a loss in the range of negative $25 million to negative $5 million. For Q3, we anticipate negative adjusted EBITDA and Q4 adjusted EBITDA is anticipated to be positive as we have a large number of stalls to be operationalized in the fourth quarter. I want to reiterate our excitement about both the near-term and the long-term opportunity for EVgo to organically expand our network, continually enhance the customer experience and drive shareholder value creation via the realization of the EBITDA potential of this business. With that, we will open the call to Q&A. Operator: [Operator Instructions] Our first question comes from Chris Dendrinos with RBC Capital Markets. Christopher Dendrinos: Maybe just start out, and there's a lot to unpack here, but maybe just speak a bit more on the Tesla integration strategy and that's pretty interesting that you all are kind of expanding, I guess, that partnership. So, maybe speak to how this kind of came about why sort of an own business model but not operate here? And then is there an opportunity to expand that beyond just the initial, I think, 35 superchargers? Badar Khan: Sure. Yes. I'm not sure I caught the very last part of that. But look, we are thrilled with this agreement with Tesla, really, Chris, for 3 reasons. First, it essentially doubles our addressable market. I've been saying for the better part of the last couple of years that the standardization of NACS cables allows us to reach customers that we really aren't reaching today. We've grown 19-fold over the last 5 years by serving less than half the market. And with this agreement deploying EVgo superchargers, we're able to reach Tesla drivers and the NACS drivers. Our goal is for all sites from 2023 vintage onwards to have a NACS cable within the next couple of years through retrofitting our existing sites together with the EVgo superchargers. Second reason I'm really excited why it's because we're able to use turnkey sites that have already been developed by Tesla and essentially generate revenue from those new deployments without incurring any material growth G&A. As you know, we're really ramping up our growth. Our growth in our own network is, what, 40% to 70% up this year versus last year. This year, we'll be incurring growth G&A for a 2.5 to threefold increase in new stores in 2027 versus 2025. And so, growth G&A has been a big part of our very near-term story. Of course, we're building a business for the long term here. But with these EVgo superchargers with Tesla, we're able to really grow revenue without any material G&A costs, which I think is very attractive. I think the third thing is that, look, this agreement demonstrates that EVgo and Tesla are actually aligned on our goal to accelerate EV adoption. Rather than just trying to maximize share of each other charging over one another, we're really actually just focused on growing EV adoption, which I think benefits everybody. So, we're really thrilled with the agreement. We're expecting to deploy, as you see from our long-term forecast here. We've updated these forecasts on this call, 10,000 to 12,000 fast charging stalls over the next 5 years, and we'd expect some proportion of that to be these EVgo superchargers. Christopher Dendrinos: Great. And maybe as a follow-up here, just sticking on the topic of NACS charging. And can you speak to some of the, I guess, call it, early deployment data with those NACS cables? And I think you previously spoke to was either a slower initial ramp rate or a bit lower charge rate versus the rest of the network right now? And how are those charging rates trending? I'm just trying to get a sense for, I guess, the decision to lean more heavily into the NACS network here. Badar Khan: For sure, Chris. I mean, look, I think as we said, there are -- there's more than half the market today are NACS drivers. And as we look into the future, we're not building a business here just quarter-to-quarter. We're building and developing a business to generate very material value creation long term. As we look into the future, pretty much most new models that are sold will have native NACS ports. So this is an important strategic objective for us. We've already got about 240 NACS stalls operational. We're expecting 500 this year and everything from 2023 vintage sites to have at least 1 NACS cable. But in terms of your specific question, throughput on our NACS stalls that we deployed since the last call has now more than doubled. We've got now double the number of Tesla drivers than we've ever had before, which is super exciting. These -- the usage on these stores are still -- well, they're below the usage that we see in our CCS stores, which is why I said all year that this NACS transition is a very important investment for us. Without this choice, we might see slightly higher throughput per store, but it's one that we think is a super important effect in the long term. And I think that the important thing here is that with this agreement with Tesla, we expect all of that to just motor up. We're deploying EVgo superchargers and importantly, the NACS stores that we have retrofit, the EVgo stores that are not superchargers that we've been retrofitting they will appear on the navigation for vehicles for Tesla drivers. We know from our experience that Tesla drivers tend to rely on their NAV a lot more than non-Tesla drivers. And so this is a really important unlock for us. And in terms of how we compare our utilization on the stall that we deployed in Q2 is about 3x higher than pretty much the average of everybody else other than, of course, Tesla. So, we're -- we just continue to reinforce the point that we've got great utilization on our network. And really this deal, I think, is a really great sort of source of momentum for the business. Operator: [Operator Instructions] Our next question comes from Andres Sheppard with Cantor. Unknown Analyst: This is Anand on for Andres. Congrats on the quarter. So, firstly, I wanted to touch on today's announcement of the Supercharger rollout, building a little bit off the last question, but more on the financial front. With Tesla building and operating the chargers, but EVgo owning them, can you walk us through maybe how that affects your CapEx, throughput, utilization or other aspects of your financials and unit economics? Badar Khan: For sure. Yes. Look, the gross CapEx per store is pretty much in line with our gross CapEx per store for our existing sites. The Tesla will own and will operate -- I'm sorry, we will own, Tesla will operate and maintain these stores. And those costs are also broadly in line. We would expect to see utilization and throughput on these stores to be broadly equivalent to our existing network. Indeed, I think that you could make the case that over time, because these stores are serving both the Magic Dock technology, both CCS and NACS that you might see an increase. We don't, of course, assume that our forecasts are always conservative. And so in every respect, the economics -- we set the pricing in line with all of the rest of our pricing programs. So, in many -- in every respect, the economics are really broadly the same with potentially some upside. And I think importantly, and I think I just want to reemphasize is with this agreement, the EVgo non-supercharger stores that will have NACS that sites that will have NACS cables will be appearing on the Tesla navigation. So that just expands our reach, provides more options for Tesla drivers to charge their vehicles. And as I said before, these sites of 350-kilowatt sites versus Tesla supercharger network is generally slower, and they're very conveniently located to where drivers live, work and go [ other actions ]. Unknown Analyst: Got it. Appreciate the color. And maybe as a follow-up, relatedly touching on that utilization you mentioned. I was wondering maybe are you seeing stronger utilization on your newer or more mature stalls? And maybe have there been any surprising trends based on geographies? And how should we maybe think about that in the future with the mix of retail versus AV and fleet/rideshare changing, especially in 4Q, as you mentioned in the call? Badar Khan: Yes. Look, I think that there's a really a ton of momentum in the business that we're seeing. We're just super excited by it. Of course, the deployment of the EVgo Supercharge is one. But I think a couple of other points I do want to make sure that we bring out, which is that the usage, the throughput per store per day that we see on our 350-kilowatt -- our mature 350-kilowatt machines, which is now the majority of our network and will be, in fact, 95-plus percent of the network by 2030 are already operating at the 2028 levels. We provided you with a long-term forecast here just to give you a sense of why we're so excited about the growth of the business. But we also gave you a midpoint, the 2028, just to give you a sense that going from where we are today to $0.5 billion in EBITDA recurring is entirely achievable if you just take it one step at a time. 15% of our network is now already generating 600 kilowatt hours per store per day. Our entire mature 350-kilowatt network is now averaging in the mid-350s, which is what we're projecting for 2028. So, we're really thrilled about where we are in terms of our throughput. Some of the equipment that's frankly holding us back will be pretty much gone. We've got about 500 low-power kind of 50-kilowatt machines, which we've said for many years, we've been on a program to renew. They all have gone, all of it upgraded by 2028. I think the second thing that I think I want to make sure we bring out is that with the nondilutive financing that we have in place, we're really scaling the business. And so we're in dialogue with site host partners to really scale up the business. And we announced a partnership with Brixmor a couple of days ago, which really reinforces just the quality of site host agreements, the scale and quality. We're signing up stores with new site hosts about 3x the level we were in 2025, which is why you get this enormous operationalization of new stores in this fourth quarter, but also 2.5 to threefold increase in new stores in 2027. So, it's a huge scale up, but with a great quality site hosts. If you aren't already familiar with Brixmor, we're talking about one of the, I think, the largest wholly owned grocery-anchored shopping center owner in the United States. These are brands like Kroger's, Publix, HEB, Whole Foods, Trader Joe's, these are great locations. We love the grocery store anchor because Americans, on average, go to grocery stores 2 to 3 times a week, and they typically spend 25 minutes, which is just a perfect fit with our superchargers. So, in terms of nuggets of insight, there's some really -- I think there's some really exciting momentum that we feel that we have in the business. Operator: [Operator Instructions] Our next question comes from Chris Pierce with Needham. Christopher Pierce: Keefer, could you go into a little more detail? I believe you talked about the 2025 cohort of installed sites. I'd just love to hear kind of what you were referencing. I think you said it wasn't performing in line with expectations. Keefer Lehner: Yes. So, what we mentioned was the '25 cohort has just been ramping a little bit slower than original prediction and compared to the '23 and '24 cohort, which those on average took roughly 12 months to reach maturity. With that said, the 2025 cohort is only 8.5 months in from a median age standpoint. So, it still has time to season and mature. I think most importantly here, to Badar's point, as you look ahead to '26, '27 and beyond, we're about as well positioned as we've ever been from a site pipeline quality standpoint. So, as we look forward to this year and the deployment in Q4 and into '27 and beyond, we're really excited about the future cohorts are coming here. Christopher Pierce: And are those 350-kilowatt sites, or is it something about the location or just the moment in time with EV adoption changes there? I guess I just kind of want to get a broader picture of that cohort. Badar Khan: Yes. First, as we talked about quite a bit last year and early part of this year, if you remember, a good portion of our 2025 cohort came with very high capital offsets. When you run the NPV on these things, a higher CapEx offset means you really don't need as strong throughput level. And so it's a little different from what we've been doing over the last several years. We've had very good offsets, but that's partly because we've had these OEM funding programs and a variety of other capital offset sources. Last year, we had a much higher level of state and utility incentives. And what we're, Keefer was just saying that we're finding is that the ramp of a bunch of that cohort is actually a little bit slower. We didn't need a particularly high ramp in throughput for the NPV to be fine. And so what we've done is we've kind of adjusted our underwriting so that we are focused on not just the long term, but also the near term -- and that's leading us to these phenomenal site hosts and scale that we're looking at over the next couple of years. Christopher Pierce: Got it. Perfect. And then if I look at the illustrative scenarios for 2028 and 2030 that you have out there now, I know you had a prior run rate scenario for 2029. I just -- it looks like it's a little steeper ramp to '29 and '30. I guess, if I'm reading that correctly, I just want to make sure I'm understanding what's changed or what you're trying to communicate that's different versus what you were communicating prior to the extent there is a difference. It's just -- I just want to make sure I'm on the same page basically. Badar Khan: Yes. The ramp -- so first of all, I think there's a few things that we're communicating. One is that all of the -- we call the mega trends and tailwinds are very much intact. So, we've had forecasts change for VIO. But even with the forecast for VIO that we have today, which is, as you know, 60% lower than the forecast 3 years ago, there's still a doubling of VIO. We're still seeing growth in the share of public fast charging of total charging that's driven by rideshare, by more affordable vehicles being driven by people who don't have charging at home, this enormous tailwind of used leases that are due to roll off 1.5 million vehicles. Again, that will attract people, we expect who will be charging at public fast charging at high rates. All of those factors are very much in place and help us to support the growth in throughput per store per day. You can see that throughput per store per day has grown almost fivefold in the last 3 years. We expect -- we're conservatively assuming a much slower rate of growth in throughput per store despite all of those tailwinds. And the operating leverage, I think, is proven. You can see that we've got great operating leverage in both gross margin and in G&A. And what we're saying is all of those things remain true. The difference between our last forecast and this forecast actually is very little. We're still generating a business that's generating about $0.5 billion in adjusted EBITDA. We've given you the 2028 number and the sandbites I've just provided on the call and just now to give you a sense of really how much of our network is already operating at the 2028 level. And so that's not really much of a stretch at this point. And the difference between our last forecast is a slight reduction in the throughput per stall per day. We were assuming 450 to 500 kilowatt hours per store per day. And here, we're conservatively assuming 425 to 475. Of course, the agreement we've just announced this morning where we expect to be able to open up more than half the market that hasn't been charging with EVgo should provide some considerable upside to this forecast already. And in terms of your ramp question, no, the ramp is in terms of new stores, if you kind of look back at it, it's pretty much the same. We've actually toned down the ramp in that '28 to 2030 period versus what we had said last year. But we're still talking about 4,000 to 5,000 new stores deployed by 2030. Operator: And I'm not showing any further questions at this time. I'd like to turn the call back over to Badar Khan, CEO, for any closing remarks. Badar Khan: Well, great. Thank you, everyone. Our agreement with Tesla to deploy EVgo superchargers that effectively doubles our addressable market, the nondilutive financing that we have in place to continue to scale the network, our industry-leading scale and strong utilization and the fact that our mature 350-kilowatt chargers are already performing at the levels we forecast by 2028, all give us tremendous confidence in our growth, and we believe represents a growth profile that is at a very attractive valuation for shareholders. Thank you for joining, and we'll see you all next quarter. Operator: Thank you. Ladies and gentlemen, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day. 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While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. EVgo (EVGO) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in EVgo Inc.? Here are five stocks we like better. EVgo’s Q2 revenue fell 16% to $83 million, as 19% growth in charging-network revenue was offset by declines in eXtend and autonomous-vehicle businesses. The company posted a $10.6 million adjusted EBITDA loss. EVgo expanded its NACS strategy through an agreement with Tesla to deploy EVgo-branded Superchargers in dozens of U.S. cities, with V4 chargers supporting up to 500-kilowatt speeds and both NACS and CCS vehicles. EVgo maintained its 2026 outlook for $400 million-$430 million in revenue and expects positive adjusted EBITDA in Q4. It plans to add 1,350-1,625 stalls this year, though about 60% of installations are scheduled for the fourth quarter. EVgo's 37% Revenue Growth: Forget the Car, Buy the Gas Station EVgo (NASDAQ:EVGO) reported second-quarter 2026 revenue of $83 million, down 16% from a year earlier, as growth in its core charging network was offset by declines in its eXtend and autonomous-vehicle-related businesses. The company posted an adjusted EBITDA loss of $10.6 million, in line with its prior guidance. Charging network revenue rose 19% year over year to $61 million, marking EVgo’s 18th consecutive quarter of double-digit annual growth in that segment. Chief Financial Officer Keefer Lehner said the increase was driven primarily by network expansion, including a 13% increase in the public network, along with a modest rise in charging revenue per kilowatt-hour. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control EV Charging Solutions: GM's Move Reflects Industry Challenges “Throughput and charging revenue per kWh drove approximately 75% and 25% of the year-over-year revenue growth, respectively,” Lehner said. The company’s public network dispensed 99 gigawatt-hours of energy during the quarter, up 13% from the prior year and 9% sequentially. Daily throughput per stall declined 2% year over year but increased 7% from the first quarter. Lehner attributed some of the pressure to softer performance from lower-power legacy chargers and the declining contribution from OEM charging-credit programs that are expected to wind down through the end of 2026. → 3 Drone Stocks That Should Soar After the Summer Slump The Squeeze Is On For EVGo, Rally To Follow EVgo announced an agreement with Tesla to deploy EVgo-branded Superchargers in dozens of U.S. cities beginning this year. Under the arrangement, EVgo will own the chargers, select locations and set pricing, while Tesla will build and operate the sites under a long-term agreement. Chief Executive Officer Badar Khan said the agreement is intended to expand the company’s reach to Tesla and other North American Charging Standard, or NACS, drivers. The planned V4 Superchargers will offer up to 500-kilowatt charging capability and Tesla’s Magic Dock technology, allowing both NACS and Combined Charging System vehicles to charge without an adapter. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Khan said EVgo expects the gross capital cost per Supercharger stall to be broadly equivalent to the company’s existing deployments and plans to use its existing financing sources. He added that the arrangement is expected to require little to no incremental growth-related general and administrative spending. EVgo had 240 NACS stalls operating across about 100 sites at the end of the quarter. The company plans to add more NACS connections at its 350-kilowatt sites and through the new Supercharger locations. Its goal is for all sites built in 2023 or later to have at least one NACS connector within two years. During the question-and-answer session, Khan said throughput at NACS stalls deployed since last fall had more than doubled, while the number of Tesla drivers using EVgo’s network had also doubled. However, he said utilization at those stalls remained below that of the company’s CCS stalls. EVgo expects its NACS-equipped locations to be available through Tesla’s navigation system, subject to drivers enabling third-party stations. EVgo ended the second quarter with 5,380 operational stalls, including roughly 4,000 company-owned and operated stalls. It added 280 total stalls during the period, including 120 new public EVgo-owned stalls, while removing 175 legacy chargers through its ReNew program. The company’s customer base exceeded 1.8 million. On a trailing 12-month basis, energy dispensed reached 384 gigawatt-hours, up 16% from the comparable prior-year period. Charging gross margin was 39% over the trailing 12 months, expanding two percentage points year over year. Second-quarter charging network gross profit increased 15% to $22 million, although charging network gross margin declined to 36% from 37% a year earlier. Lehner cited higher energy, rent and maintenance costs. Total adjusted gross profit fell 7% to $26 million because of lower contributions from eXtend and autonomous-vehicle ancillary revenue. eXtend revenue was $18 million, down $19 million year over year, reflecting lower equipment sales and construction revenue. Autonomous-vehicle ancillary revenue was $3 million, down $6 million from the prior-year period, with no new deployments during the quarter. Adjusted general and administrative expense rose 22% year over year to $37 million as EVgo invested in network growth and its next-generation charging architecture. Lehner said the company expects two additional autonomous-vehicle projects to enter operation in 2026. EVgo also expects its first units using its next-generation charging architecture, developed at its innovation lab, to be installed by year-end. EVgo expects to add 1,350 to 1,625 stalls in 2026, including 950 to 1,175 public and autonomous-vehicle stalls and 400 to 450 eXtend stalls. About 60% of the year’s planned build is expected to occur in the fourth quarter, including the energization of EVgo Supercharger sites. The company said it removed certain projects from its 2026 deployment plan without material cost after adjusting its underwriting standards in response to a slower-than-expected ramp in throughput from its 2025 cohort and reduced forecasts for U.S. EV sales. Lehner said the 2025 cohort has been ramping more slowly than the 2023 and 2024 cohorts but remains relatively early in its maturation cycle. For the full year, EVgo projected total revenue of $400 million to $430 million and adjusted EBITDA of negative $25 million to negative $5 million. It forecast eXtend revenue of $90 million to $95 million and autonomous-vehicle ancillary revenue of $40 million to $45 million. Adjusted G&A is expected to total $148 million to $152 million. The company expects negative adjusted EBITDA in the third quarter and positive adjusted EBITDA in the fourth quarter, when it anticipates a large number of new stalls will become operational. Khan reiterated EVgo’s expectation that it could generate approximately $500 million in recurring adjusted EBITDA by 2030. The company expects to expand annual stall additions to 4,000 to 5,000 by 2030, supported by its existing financing facilities and site-development pipeline. EVgo reported more than $630 million of available capacity under its Department of Energy and commercial bank debt facilities. Including cash equivalents and restricted cash, the company said it had approximately $835 million of available liquidity as of June 30. The company is also evaluating potential uses for excess power capacity at its network locations, including demand response, battery energy storage and distributed edge computing applications. Khan said EVgo formed a corporate development team during 2026 to assess those opportunities, as well as potential acquisitions and longer-term geographic expansion. EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel. The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "EVgo Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

For the quarter ended June 2026, EVgo Inc. (EVGO) reported revenue of $82.65 million, down 15.7% over the same period last year. EPS came in at -$0.15, compared to -$0.10 in the year-ago quarter. The reported revenue represents a surprise of +1.06% over the Zacks Consensus Estimate of $81.78 million. With the consensus EPS estimate being -$0.20, the EPS surprise was +25%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how EVgo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Network Throughput: 99 versus the two-analyst average estimate of 106. Total stalls in operation: 5,380 compared to the 5,453 average estimate based on two analysts. Stalls in operation - EVgo eXtend: 1,330 versus the two-analyst average estimate of 1,245. Stalls in operation - EVgo AV network: 120 versus 128 estimated by two analysts on average. Stalls in operation - EVgo Public Network: 3,930 compared to the 4,080 average estimate based on two analysts. Revenue- Total charging network: $61.42 million versus $61.06 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +18.5% change. Revenue- AV and ancillary: $3.21 million compared to the $7.95 million average estimate based on two analysts. The reported number represents a change of -63.6% year over year. Revenue- eXtend: $18.02 million versus the two-analyst average estimate of $13.66 million. The reported number represents a year-over-year change of -51.8%. View all Key Company Metrics for EVgo here>>> Shares of EVgo have returned -5% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EVgo Inc. (EVGO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Total Q2 Charging Network Revenues Increased 19% Year-Over-Year Charging network revenue totaled $61 million in the second quarter, an increase of 19% year-over-year, representing the 18th consecutive quarter of double-digit year-over-year charging revenue growth. Network throughput reached 99 gigawatt-hours (“GWh”) in the second quarter, an increase of 13% year-over-year. Ended the second quarter with 5,380 stalls in operation, an increase of 24% year-over-year. Signed agreement with Tesla to deploy EVgo Superchargers LOS ANGELES, Aug. 05, 2026 (GLOBE NEWSWIRE) -- EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs), announced results for the second quarter ended June 30, 2026. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights. "EVgo delivered another quarter of solid execution, with 19% charging network revenue growth and continued expansion of our nationwide fast-charging platform," said Badar Khan, CEO of EVgo. "Our recently announced agreement with Tesla underscores the strength of our strategy and our commitment to providing widespread charging infrastructure to the growing EV driver population. Our confidence in EVgo’s long-term opportunity has never been stronger thanks to the scale of our network, our differentiated business model and strong utilization and non-dilutive financing sources. As a result, EVgo represents a uniquely differentiated growth profile at an attractive valuation for shareholders." Business Highlights EVgo Superchargers: EVgo and Tesla signed an agreement to deploy EVgo-owned and branded V4 Superchargers starting in 2026. Each site is expected to have up to 20 stalls located near everyday destinations like retail shops and restaurants. EVgo Superchargers will appear on the in-car Tesla navigation and Tesla Trip Planner. Stall Development: Ended the second quarter with 5,380 stalls in operation. EVgo added 280 new DC fast charging stalls during the quarter offset by 175 removals of legacy equipment under the Company's Renew program. Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 276 kilowatt hours per day in the second quarter of 2026, compared to 281 kilowatt hours per day in the second quarter of 2025. Customer Accounts: Added over 99,000 new customer accounts in the second quarter, with over 1.8 million total customer accounts at the end of the quarter. J3400 (NACS) Connectors: 240 NACS connectors in operation as of July 31, 2026. EVgo Next Generation Charging Architecture: Finalized the design of the Company's next generation charging equipment and testing underway with demonstrated high current charging on multiple vehicle models. ___________________________________________________________ 1   Non-GAAP measure.  See Appendix for reconciliation. ___________________________________________________________ 1   Non-GAAP measure.  See Appendix for reconciliation. ___________________________________________________________1 Stalls at publicly available charging stations that we own and operate on our network.2 Stalls at charging stations that we own and operate on our network that are only available to AV fleet customers. 3 Stalls at eXtend are EV charging stations built via partnerships for use by their customers with assets serviced through, and often cobranded with, our national network. 2026 Guidance EVgo is updating full year 2026 guidance as follows: •         Total new stalls of 1,350 - 1,625•         Total revenue of $400 – $430 million•         Adjusted EBITDA* of $(25) million – $(5) million The Company expects Q1 and Q4 2026 to be the strongest quarters of the year for non-charging revenue. __________________________________________________________ * A reconciliation of projected Adjusted EBITDA (non-GAAP) to net loss, the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release. Webcast Information A live audio webcast for EVgo’s second quarter 2026 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com. This press release, along with other investor materials that will be used or referred to during the webcast, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site. About EVgo EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,200 fast charging stations across 47 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo’s future financial and operating performance, including full year 2026 guidance ranges and potential drivers thereof; EVgo’s future profitability and priorities; EVgo’s long-term value creation opportunities and addressable market, including pace of deployment, scaling of NACS connectors, enhancements to the customer experience, and key agreements and partnerships, including with Tesla; EVgo’s development of next generation charging architecture and deployment of Tesla Superchargers; EVgo’s progress on its network buildout; EVgo's financing facilities, including its commercial bank facility and debt financing from the U.S. Department of Energy; and the growth of the autonomous vehicle and rideshare markets. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes adversely affecting EVgo’s business; EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo’s reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the “DOE Loan”) and its credit facility and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo’s ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, evolving tariff or other changes in trade policy and geopolitical events such as global conflict in Ukraine and tensions in the Middle East region. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. ___________________________________________________________* Percentage greater than 999% or not meaningful. Use of Non-GAAP Financial Measures To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results. EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business. For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures.” Definitions of Non-GAAP Financial Measures This release includes the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin,” “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Capital Expenditures, Net of Capital Offsets.” With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that are complete under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM’s customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo’s performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP. EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest expense, (v) interest income, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph. Reconciliations of Non-GAAP Financial Measures The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure: ___________________________________________________________1 For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.* Percentage greater than 999% or not meaningful. The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures: The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures: The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures: ___________________________________________________________ 1For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.* Percentage greater than 999% or not meaningful. The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure: For investors: [email protected] For media: [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes historical revenue growth to a combination of store additions, increasing daily throughput per store, and non-charging revenue lines like autonomous vehicles. The new agreement to deploy EVgo-branded Tesla V4 superchargers is designed to double the addressable market by reaching both Tesla and non-Tesla NACS drivers without adapters. Strategic positioning focuses on high-density urban and suburban locations near retail amenities, which management believes drives utilization rates five times higher than the industry average. Operational leverage is being realized through fixed-cost structures in both charging gross margins and G&A, where revenue is growing significantly faster than overhead costs. Management highlighted that mature 350-kilowatt stores are already delivering daily throughput at levels assumed for the 2028 forecast, validating the underlying unit economics. The company is beginning to evaluate monetization of its 600 megawatts of connected power capacity for adjacencies like demand response, battery storage, and edge AI inference networks. EVgo expects to generate approximately $0.5 billion in recurring adjusted EBITDA by 2030, driven by an annual deployment rate of 4,000-5,000 new stalls by 2030. Guidance for 2026 assumes a heavy weighting toward the fourth quarter, with approximately 60% of the full year's build anticipated in Q4. The company projects a 2.5 to 3x increase in new owned and operated stall additions in 2027 compared to 2025 levels, supported by a 3x increase in lease signings. Future throughput assumptions have been conservatively adjusted to 425-475 kilowatt hours per store per day, down from previous estimates of 450-500, to account for market noise. Management anticipates the used EV market will provide a significant tailwind between 2026 and 2028 as 1.5 million vehicles come off lease, increasing reliance on public fast charging. Management noted a slower ramp in daily throughput for the 2025 stall cohort, leading to adjusted underwriting criteria to prioritize higher-return sites. The non-charging eXtend business is projected to trend lower over the next six quarters, stabilizing as a $5 million to $10 million annual revenue business by 2028. Lower-than-expected conversion rates of customers rolling off OEM charging credit programs into retail customers impacted near-term throughput growth. The company removed some stalls from the 2026 build program to optimize capital allocation toward top-tier metro locations and site host partnerships. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. EVgo will own the assets while Tesla operates and maintains them, allowing EVgo to scale revenue without incurring material growth G&A. The partnership ensures EVgo sites appear in Tesla's navigation and trip planner, which is critical as Tesla drivers rely heavily on in-vehicle NAV. Gross CapEx per stall for these units is broadly equivalent to EVgo's current internal builds. Throughput on existing NACS stalls has more than doubled since the previous quarter, though it currently remains below CCS store usage. Management views the NACS transition as a long-term strategic investment rather than a near-term throughput play, as most new EV models will feature native NACS ports. Utilization on Q2-deployed stalls is reportedly 3x higher than the average of non-Tesla peers. The 2025 cohort had higher capital offsets (state/utility incentives) which lowered the throughput threshold needed for NPV, but the actual ramp has been slower than predicted. In response, management has tightened underwriting to focus on near-term throughput potential and high-quality grocery-anchored site hosts like Brixmor. The median age of the 2025 cohort is only 8.5 months, suggesting they have not yet reached full maturity.

What a brutal six months it’s been for EVgo. The stock has dropped 52.8% and now trades at $1.44, rattling many shareholders. This may have investors wondering how to approach the situation. Is now the time to buy EVgo, or should you be careful about including it in your portfolio? Get the full stock story straight from our expert analysts, it’s free. Even though the stock has become cheaper, we’re passing on EVgo for now. Here are three reasons why there are better opportunities than EVGO, plus one stock we’d rather own. Operating margin is a key measure of profitability. Think of it as net income - the bottom line - excluding the impact of taxes and interest on debt, which are less connected to business fundamentals. EVgo’s high expenses have contributed to an average operating margin of negative 66.6% over the last five years. Unprofitable industrials companies require extra attention because they could get caught swimming naked when the tide goes out. It’s hard to trust that the business can endure a full cycle. Free cash flow isn’t a prominently featured metric in company financials and earnings releases, but we think it’s telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. EVgo’s demanding reinvestments have drained its resources over the last five years, putting it in a pinch and limiting its ability to return capital to investors. Its free cash flow margin averaged negative 83.8%, meaning it lit $83.79 of cash on fire for every $100 in revenue. As long-term investors, the risk we care about most is the permanent loss of capital, which can happen when a company goes bankrupt or raises money from a disadvantaged position. This is separate from short-term stock price volatility, something we are much less bothered by. EVgo burned through $165.1 million of cash over the last year. With $137.7 million of cash on its balance sheet, the company has around 10 months of runway left (assuming its $98.52 million of debt isn’t due right away). Unless the EVgo’s fundamentals change quickly, it might find itself in a position where it must raise capital from investors to continue operating. Whether that would be favorable is unclear because dilution is a headwind for shareholder returns. We remain cautious of EVgo until it generates consistent free cash flow or any of its announced financing plans materialize on its balance sheet. EVgo isn’t a terrible business, but it doesn’t pass our quality test. After the recent drawdown, the stock trades at 8.8× forward EV-to-EBITDA (or $1.44 per share). This valuation is reasonable, but the company’s shakier fundamentals present too much downside risk. We’re pretty confident there are more exciting stocks to buy at the moment. We’d suggest looking at one of Charlie Munger’s all-time favorite businesses. ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren’t just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week’s Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Gentex (GNTX) came out with quarterly earnings of $0.58 per share, beating the Zacks Consensus Estimate of $0.5 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +16.00%. A quarter ago, it was expected that this maker of automatic-dimming rearview mirrors and other products would post earnings of $0.44 per share when it actually produced earnings of $0.48, delivering a surprise of +9.09%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Gentex, which belongs to the Zacks Automotive - Original Equipment industry, posted revenues of $651.3 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.64%. This compares to year-ago revenues of $657.86 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Gentex shares have added about 2.3% since the beginning of the year versus the S&P 500's gain of 8.2%. While Gentex has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Gentex was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.50 on $668.26 million in revenues for the coming quarter and $1.97 on $2.68 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Original Equipment is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, EVgo Inc. (EVGO), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This company is expected to post quarterly loss of $0.20 per share in its upcoming report, which represents a year-over-year change of -100%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. EVgo Inc.'s revenues are expected to be $81.78 million, down 16.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Gentex Corporation (GNTX) : Free Stock Analysis Report EVgo Inc. (EVGO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

EVgo’s first quarter results drew a positive market response, reflecting robust network expansion and increased demand for public fast charging. Revenue growth was underpinned by new site openings, partnerships with rideshare companies, and a rising share of gigawatt-hours sold, while adjusted EBITDA losses widened as the company continued investing in next-generation charging architecture. CEO Badar Khan attributed the strong performance to “increased revenues largely driven by the continued growth of our operating network, eXtend and new contracts at dedicated AV hubs locations.” Is now the time to buy EVGO? Find out in our full research report (it’s free). Revenue: $109.5 million vs analyst estimates of $89.15 million (45.5% year-on-year growth, 22.9% beat) Adjusted EPS: -$0.06 vs analyst estimates of -$0.12 (49.2% beat) Adjusted EBITDA: -$7.48 million (-6.8% margin, 26.1% year-on-year decline) The company reconfirmed its revenue guidance for the full year of $440 million at the midpoint EBITDA guidance for the full year is $0 at the midpoint, below analyst estimates of $4.64 million Adjusted EBITDA Margin: -6.8% Market Capitalization: $279.3 million While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Christopher Dendrinos (RBC Capital Markets) asked about the cadence of throughput growth and margin improvement. CEO Badar Khan explained that lower Q1 throughput was driven by new site ramp-up, winter storms, and legacy equipment, but expects daily throughput per store to grow for the year. CFO Keefer Lehner added that current margin compression is not structural, and long-term gross margin expectations remain unchanged. Christopher Dendrinos (RBC Capital Markets) followed up on NACS adoption. Khan noted that while NACS sites currently see lower utilization than CCS, throughput is rising as more drivers become familiar with the network, and broader NACS deployment should double the addressable market over time. Andres Sheppard (Cantor Fitzgerald) inquired about the outlook for autonomous vehicle charging demand. Khan described the AV market as in its infancy but with significant upside, emphasizing that long-term contract structures provide stable margins while the company evaluates future opportunities. Andres Sheppard (Cantor Fitzgerald) asked how the amended DOE loan affects liquidity and buildout pace. Khan stated that the new terms enhance liquidity, supporting disciplined capital deployment and removing restrictions that previously limited cash availability for infrastructure expansion. Christopher Pierce (Needham) requested insight into marketing to used EV owners. Khan explained that used EV drivers, especially those in multifamily housing, tend to use public charging more frequently, and that AI-driven customer engagement platforms help target these users effectively. In the coming quarters, our analysts will be closely monitoring (1) the pace and geographic distribution of next-generation charger deployments, (2) the impact of rideshare and autonomous vehicle partnerships on network utilization, and (3) the adoption rate of NACS connectors across the network. We will also watch for early signs of increased demand from the expanding used EV market and any updates to capital allocation strategy. EVgo currently trades at $2.00, down from $2.17 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662%. AppLovin before it ran 753%. Nvidia before it ran 1,178%. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.

EVgo Inc. (EVGO) reported $109.53 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 45.5%. EPS of -$0.12 for the same period compares to -$0.09 a year ago. The reported revenue represents a surprise of +25.19% over the Zacks Consensus Estimate of $87.49 million. With the consensus EPS estimate being -$0.14, the EPS surprise was +11.11%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how EVgo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Network Throughput: 91 compared to the 102 average estimate based on two analysts. Stalls in operation - EVgo eXtend: 1,170 versus 1,167 estimated by two analysts on average. Stalls in operation - EVgo Public Network: 3,990 versus 4,002 estimated by two analysts on average. Total stalls in operation: 5,280 versus 5,321 estimated by two analysts on average. Revenue- charging network- Charging, retail: $33.79 million compared to the $37.17 million average estimate based on two analysts. Revenue- charging network- Charging, commercial: $8.81 million versus the two-analyst average estimate of $10.23 million. Revenue- charging network- Charging, OEM: $4.78 million versus the two-analyst average estimate of $7.44 million. Revenue- Ancillary: $20.63 million versus the two-analyst average estimate of $4.92 million. Revenue- charging network- Network, OEM: $5.06 million versus $2.01 million estimated by two analysts on average. Revenue- Total charging network: $55.72 million versus $59.37 million estimated by two analysts on average. Revenue- eXtend: $33.19 million versus $21.8 million estimated by two analysts on average. Revenue- charging network- Regulatory credit sales: $3.28 million versus the two-analyst average estimate of $2.53 million. View all Key Company Metrics for EVgo here>>> Shares of EVgo have returned +17.3% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report EVgo Inc. (EVGO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Total Q1 Revenues Increased 45% Year-Over-Year Total revenue of $110 million in the first quarter, representing an increase of 45% year-over-year. Charging network revenue totaled $56 million in the first quarter, an increase of 18% year-over-year, representing the 17th consecutive quarter of double-digit year-over-year charging revenue growth. Network throughput reached 91 gigawatt-hours (“GWh”) in the first quarter, an increase of 10% year-over-year. Ended the first quarter with 5,280 stalls in operation, an increase of 25% year-over-year. LOS ANGELES, May 05, 2026 (GLOBE NEWSWIRE) -- EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs), announced results for the first quarter ended March 31, 2026. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights. “EVgo delivered a strong start to 2026 with record first quarter revenues driven by continued growth across our network and disciplined execution against our strategy,” said Badar Khan, CEO of EVgo. “We are pleased to move forward with an amended DOE loan as we continue scaling the network, expanding NACS availability, advancing key rideshare and site host partnerships and progressing our next-generation charging infrastructure, all while maintaining a strong balance sheet. As market dynamics continue to evolve and with significant deployment activity ahead, we are well-positioned to capitalize on the opportunities in front of us as we build critical charging infrastructure and strengthen EVgo’s leadership position in fast charging.” Business Highlights Stall Development: The Company ended the first quarter with 5,280 stalls in operation. EVgo added over 200 new DC fast charging stalls during the quarter. Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 257 kilowatt hours per day in the first quarter of 2026, compared to 266 kilowatt hours per day in the first quarter of 2025. Customer Accounts: Added over 86,000 new customer accounts in the first quarter, with over 1.7 million total customer accounts at the end of the quarter. J3400 (NACS) Connectors: NACS connectors in operation at over 100 stalls in total as of April 30, 2026. Financing Update: The Company amended its DOE Loan to $750 million (which includes $625 million in borrowings and up to $125 million in capitalized interest) in April 2026.1 1 For additional information regarding the amendment of the DOE Loan, see the Company’s Form 10‑Q filed on May 5, 2026. 2026 Financial Guidance EVgo is affirming full year 2026 guidance as follows: Total revenue of $410 – $470 million Adjusted EBITDA* of $(20) million – $20 million EVgo is initiating second quarter 2026 guidance as follows: Total revenue of $75 - $85 million Adjusted EBITDA of $(12.5) - $(7.5) million The Company expects Q1 and Q4 2026 to be the strongest quarters of the year for non-charging revenue. * A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release. Webcast Information A live audio webcast for EVgo’s first quarter 2026 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com. This press release, along with other investor materials that will be used or referred to during the webcast, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site. About EVgo EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,200 fast charging stations across 47 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo’s future financial and operating performance; EVgo’s future profitability and priorities; EVgo’s long-term value creation opportunities, including pace of deployment, scaling of NACS connectors, enhancements to the customer experience, and key partnerships, including with Kroger; EVgo’s development of next generation charging architecture; and EVgo’s progress on its network buildout. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes adversely affecting EVgo’s business; EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo’s reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the “DOE Loan”) and its credit facility and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; the risk that the loss of EVgo’s status as an emerging growth company results in additional disclosure and compliance obligations and increases its costs and require significant management time and resources; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo’s ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, evolving tariff or other changes in trade policy and geopolitical events such as the conflict in Ukraine and tensions in the Middle East region. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law. Use of Non-GAAP Financial Measures To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results. EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business. For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures.” Definitions of Non-GAAP Financial Measures This release includes the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin,” “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Capital Expenditures, Net of Capital Offsets.” With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that are complete under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM’s customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo’s performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP. EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest expense, (v) interest income, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph. Reconciliations of Non-GAAP Financial Measures The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure: The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures: The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures: The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures: The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure: 1 For additional information regarding the amendment of the DOE Loan, see the Company’s Form 10‑Q filed on May 5, 2026. 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