EVgo Q1 Earnings Call Highlights

Key Points

• EVgo reported Q1 revenue of $110 million, up 45% year-over-year, driven by its charging network ($56M), eXtend construction/equipment sales ($33M) and a >300% increase in AV and ancillary revenue ($21M).
• An amendment to the DOE loan package increases certainty and liquidity—the facility is updated to $750 million (including $625M borrowings), EVgo received an $81M advance and had $223M cash as of May 1 with up to ~$640M available principal capacity across financing sources.
• Management reaffirmed 2026 guidance with 1,400–1,650 new stalls, $410M–$470M revenue and adjusted EBITDA of -$20M to $20M, while accelerating network build (5,280 stalls in operation, ~200 added in Q1) and expanding NACS and AV opportunities.

EVgo NASDAQ: EVGO reported first-quarter 2026 results management said were in line with expectations, highlighted by record quarterly revenue and continued network expansion. Chief Executive Officer Badar Khan said the company is investing in growth while advancing a next-generation charging architecture it expects to begin rolling out by the end of the year.

Q1 revenue rises 45% to $110 million

Khan said EVgo delivered “record first quarter revenues of $110 million, a 45% year-over-year increase,” attributing the increase largely to growth in its operating network, the eXtend business, and two new contracts tied to dedicated autonomous vehicle (AV) hub locations.

Chief Financial Officer Keefer Lehner broke down quarterly revenue into three categories:

• Charging network revenue: $56 million, up 18% year over year, representing EVgo’s “17th consecutive quarter of double-digit year-over-year charging revenue growth.”
• eXtend revenue: $33 million, up 41%, driven by construction revenue and equipment sales.
• AV and ancillary revenue: $21 million, up more than 300%, driven by a gain on sale related to two dedicated AV hubs locations. Lehner noted that “almost half of the anticipated 2026 AV ancillary revenue was recognized in the first quarter.”

Charging network gross profit was $20 million, up 15% from the prior year, while charging network gross margin was 36%, down 1 percentage point. Lehner said adjusted gross profit was $30 million, up 17% year over year, with adjusted gross margin of 27% reflecting a shift toward higher non-charging revenue contribution.

Network growth and throughput trends

EVgo ended the quarter with 5,280 stalls in operation, with more than 200 new stalls added in Q1, including 100 new public EVgo-owned stalls, according to management. Public network throughput rose to 91 GWh during the quarter, a 10% increase year over year, with throughput per stall per day of 257 kWh.

On the Q&A, Khan said daily throughput per stall was about 3.5% lower than last year, citing several short-term factors including “more severe winter storms,” the ramp-up period for a “record number of stalls deployed in Q4,” and lower early throughput at certain sites selected to capture more state grant funding. He also pointed to “lower throughput from our legacy 50 and 100 KW stalls” as the company adds more 350 kW equipment across the network.

Khan said nearly 65% of throughput is already coming from 350 kW machines, up from the low-20% range three years ago, and he expects the share to reach the “95% range by 2030.” He reiterated expectations for daily throughput per stall growth for the full year, ranging from mid-single-digit percentage growth at the low end of guidance to “high teens” growth at the high end.

Adjusted EBITDA loss of $7 million; spending increases

EVgo posted an adjusted EBITDA loss of $7 million in Q1 as it continues to invest in network scale. Khan said adjusted EBITDA was negative $7 million “as we continue to invest in the long-term growth of the business by expanding our operations and deployment teams and our next generation charging architecture.”

Lehner said adjusted G&A rose 19% year over year to $37 million, reflecting investments in scaling the network and accelerating deployment, while improving as a percentage of revenue to 34% from 42% in the prior-year quarter.

Lehner also discussed cost drivers in charging margins, noting that a higher average selling price of “around $0.61 on a fully loaded basis” was offset by increased energy costs and higher SaaS and network interface card costs, which he characterized as “noise” rather than a structural change.

DOE loan amendment and liquidity update

Khan spent significant time discussing an amendment to EVgo’s loan with the Department of Energy’s Office of Energy Dominance Financing. He said EVgo believes the amendment “increases certainty and reduces complexity of go-forward draws” and further strengthens liquidity. Under the amended terms, he said the loan size is updated to $750 million, including $625 million in borrowings and up to $125 million in capitalized interest.

Khan said EVgo can draw up to 80% of eligible project costs, and because the loan is “currently over-collateralized,” it can draw “up to 95% of eligible project costs on an incremental basis until total leverage hits the 65% loan-to-value ratio.” He also said a “redundant construction risk-related reserve account of $35 million is eliminated,” reducing restricted cash.

On May 1, EVgo received an $81 million advance, bringing cash to $223 million as of that date. Khan said that as of May 1, EVgo had “up to $640 million available principal capacity” across the DOE loan and its commercial bank financing, which he previously described as up to $300 million.

2026 guidance reaffirmed; NACS expansion and AV opportunity

Lehner reaffirmed EVgo’s full-year 2026 guidance:

• New stalls: 1,400–1,650 for the year, including 350–400 eXtend stalls (about 100 deployed in Q1).
• Total revenue: $410 million–$470 million.
• Adjusted EBITDA: a loss of $20 million to a profit of $20 million.

Lehner said charging network revenue is expected to be about 70% of total 2026 revenue and to grow sequentially each quarter. He also said Q2 is expected to be the softest quarter, with revenue of $75 million–$85 million and adjusted EBITDA loss of $12.5 million–$7.5 million, followed by modest improvement in Q3 and a “strongest quarter” in Q4.

On technology strategy, Khan said EVgo has over 100 stalls operational with NACS connectors and continues to target more than 500 NACS stalls by year-end, representing about 15% of sites. In response to an analyst question, he said throughput at NACS pilot stalls has been rising, though it remains below CCS levels as drivers become familiar with EVgo’s network.

Khan also pointed to what he described as strong site-host and rideshare relationships, including ongoing work with Uber toward “finalization of an agreement where they guarantee a minimum level of utilization.” He said EVgo signed a record number of new stalls under long-term leases in the quarter, about three times the level of the same quarter last year, with most expected to come online nine to 12 months after signing.

On AV charging, Khan said the segment remains “in the infancy of a potentially huge market opportunity,” and that EVgo expects to add 50–75 additional dedicated AV stalls. He said EVgo is evaluating future contract structures, noting that current agreements are long-term contracted cash flows, and suggested the AV opportunity could evolve over time.

In closing remarks, Khan called 2026 “an inflection year” with roughly 70% growth in new public stalls expected, and he said the company believes the DOE amendment supports scaling toward “half a billion dollars or more in Adjusted EBITDA by 2030.”

About EVgo NASDAQ: EVGO

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.

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