EVgo Tops Adjusted EBITDA Breakeven in Q4, Guides $410–$470M Revenue and 1,650 Stall Deployments
EVgo reported $384 million revenue in 2025, up 50% year-over-year, ended the year with 5,100 charging stalls after 500 Q4 additions and delivered adjusted EBITDA breakeven in Q4. Management guides 2026 revenue of $410–470 million, –$20 million to $20 million adjusted EBITDA, 1,400–1,650 new stalls and $100–200 million capex.
1. Full-Year 2025 Financial Performance
EVgo reported full-year 2025 revenue of $384 million, a 50% increase year-over-year, driven by 366 GWh of public-network throughput, up 32%. The company ended 2025 with 5,100 charging stalls, delivered adjusted EBITDA of $12 million, and achieved adjusted EBITDA breakeven in Q4.
2. Q4 2025 Operational Highlights
In Q4 2025 EVgo generated $118 million revenue, up 75% year-over-year, including $64 million from charging network, $24 million from extend services and $31 million in ancillary revenue boosted by a $26 million contract buyout. Public-network throughput reached 99 GWh, charging network gross profit was $29 million (46% margin) and adjusted EBITDA was $25 million, excluding the buyout still positive.
3. 2026 Guidance Overview
For 2026 EVgo guides revenue of $410–$470 million, an adjusted EBITDA range of –$20 million to $20 million, deployment of 1,400–1,650 new stalls and capital spending of $100–$200 million, with roughly two-thirds of stall additions expected in the second half of the year.
4. Growth Drivers and Technology Initiatives
EVgo plans to expand its NACS pilot from about 100 to over 400 connectors in 2026, noting NACS stall throughput has nearly doubled since fall. The company also highlights Autocharge+ adoption at 30% of sessions, targeted maintenance campaigns and investment in next-generation charging architecture to reduce failure points and lower operating costs.