EVgo NASDAQ: EVGO Chief Executive Officer Badar Khan outlined the fast-charging operator’s network expansion, Tesla partnership and long-term profitability targets during the Lytham Partners Fall 2026 Investor Conference.
Khan said EVgo is the third-largest fast-charging operator in the United States and operates an owner-operator model, generating recurring revenue from charging sessions rather than primarily selling equipment. The company focuses on public fast charging in urban locations.
EVgo operates about 5,500 charging stalls across 1,200 locations in 47 states, according to Khan. The company has expanded its operating stall count roughly fourfold over the past five years, while revenue has grown about 19-fold from 2021, when it became a public company, through its current-year guidance.
Network Scale and Utilization
Khan said roughly half of EVgo’s operating stalls, or stalls expected to be in operation by year-end, have been deployed during the past three years. The company expects to have more than 17,000 stalls at over 2,000 locations by 2030, representing 2.3 gigawatts of connected distributed capacity across U.S. utilities.
He said EVgo’s network recorded approximately 20% utilization in the second quarter, which he described as about five times the average utilization of other fast-charging companies. Khan characterized utilization as a key metric for infrastructure profitability because it measures the share of time chargers are in use.
About two-thirds of EVgo’s chargers are 350-kilowatt machines, up from approximately 15% four years ago, Khan said. He stated that a 350-kilowatt charger can provide about 100 miles of driving range in five to 10 minutes.
Tesla Supercharger Agreement Expands Addressable Market
EVgo recently announced an agreement under which Tesla will build and sell Superchargers to EVgo. The chargers will be owned and branded by EVgo, while EVgo will receive revenue from customer charging sessions, Khan said.
The planned installations will use Tesla’s V4 Superchargers, which Khan said are capable of delivering up to 500 kilowatts of charging power. The chargers will also be visible through Tesla’s in-vehicle navigation system.
Khan said EVgo’s historical revenue growth has come largely from serving non-Tesla vehicles, even though Tesla vehicles represent more than half of EVs on U.S. roads. Tesla drivers can currently charge at EVgo stations with adapters, but the Supercharger installations will not require adapters.
The company also expects to retrofit about 500 of its more than 5,000 stalls with North American Charging Standard, or NACS, cables by the end of the year. EVgo aims to equip all sites built since 2023—about two-thirds of its sites—with NACS cables. Khan said the Tesla relationship and broader NACS deployment could effectively double EVgo’s addressable market.
New Technology and Site-Host Partnerships
EVgo has also introduced a next-generation charging architecture with 750-kilowatt peak charging power. Khan said the platform redesign encompasses station layouts, dispensers, user interfaces, firmware and software, drawing on the company’s experience from millions of charging sessions. The new architecture is expected to begin rolling out over the next 12 months.
On the site-host side, EVgo recently announced multiyear partnerships with retail real estate investment trusts Brixmor and Regency. The agreements are expected to add 1,000 stalls across the two partnerships, Khan said.
He described grocery-anchored shopping centers as a favorable use case for fast charging, noting that the average U.S. household visits grocery stores two or three times per week and spends about 30 minutes at the location. EVgo’s leases with these partners typically run 15 to 20 years, he said, and the company is signing leases at roughly three times the rate of the prior year.
Long-Term Growth and Profitability Outlook
Khan said the growth in EVs on the road remains the primary driver of EVgo’s business. He said the U.S. EV fleet has grown approximately fourfold over the last five years, or at a 40% compound annual growth rate. While he noted that S&P’s 2030 EV forecast is about 60% below prior forecasts, he said it still implies a doubling of the installed EV base and a 17% compound annual growth rate.
Additional demand drivers include lower-priced EVs attracting drivers without home charging, the expected expiration of leases on 1.5 million EVs over the next three years, and growing electrification among rideshare fleets. Rideshare represented about 10% of EVgo’s business previously and now accounts for roughly 30%, Khan said.
EVgo’s financial model depends on stall deployment, energy throughput per stall and operating leverage, according to Khan. He said revenue per stall grew about fivefold between 2022 and 2025, while charging margin increased from roughly 15% to about 40% historically. About one-third of charging-margin cost of sales and 60% to two-thirds of general and administrative expenses are fixed, he said.
Khan said EVgo projects up to $500 million in EBITDA by 2030, with potential additional opportunities from autonomous vehicles, acquisitions, geographic expansion and potential monetization of excess utility interconnection capacity. He emphasized that those potential upside items are not included in the company’s $500 million EBITDA projection.
About EVgo (NASDAQ:EVGO)
EVgo, Inc operates a public electric vehicle (EV) fast-charging network in the United States. The company develops, owns, and operates charging stations designed primarily for drivers who need to recharge away from home, including at retail centers, grocery stores, parking facilities, and other convenient locations.
EVgo provides charging services through its mobile app and website, which allow customers to locate stations, start charging sessions, and manage payments. The company also offers charging memberships, fleet and rideshare charging solutions, and charging software and services for commercial partners.
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