EVgo First Quarter Revenues Rise 45% to $110M, 5,280 Stalls in Operation
EVGO•EVgo reported first quarter revenues of $109.5 million, up 45% year-over-year, driven by a 25% increase to 5,280 charging stalls and 91 GWh network throughput. The company amended its DOE loan to $750 million and added over 86,000 customer accounts, while net loss widened to $37 million.
1. Record First Quarter Revenue Growth
EVgo generated $109.5 million in first quarter revenue, a 45% increase year-over-year, with charging network revenue up 18% to $56 million and network throughput rising 10% to 91 GWh.
2. Network Expansion and Customer Growth
The charging network expanded by 25% to 5,280 stalls with over 200 new DC fast chargers, while customer accounts climbed by 86,000 to 1.7 million; NACS connectors are now live at more than 100 stalls.
3. Financial Results and Adjusted Metrics
Gross profit reached $12.96 million with an 11.8% margin, net loss widened to $36.98 million, adjusted EBITDA was negative $7.48 million, operating cash outflow totaled $35.4 million, and net capex was $25.16 million.
4. Loan Amendment and Guidance
In April, the DOE loan was amended to $750 million (including $625 million borrowed and $125 million capitalized interest); full-year 2026 revenue guidance remains at $410–470 million, with Q2 revenue forecast of $75–85 million.
