EVGO · EVgo, Inc.

EVgo delivered a record first quarter in 2026, with total revenue surging 45% year-over-year to $110 million, driven by strong performance across its charging network and eXtend partnerships. Charging network revenue grew 18% to $56 million, marking the 17th consecutive quarter of double-digit growth, while network throughput increased 10% to 91 GWh. The company added over 200 new DC fast charging stalls during the quarter, ending with 5,280 stalls in operation, a 25% increase year-over-year. Despite top-line growth, gross margin contracted 60 basis points to 11.8% on a GAAP basis, and adjusted gross margin fell 660 basis points to 27.1%, reflecting higher costs associated with network expansion and mix shift. Net loss widened to $37.0 million from $26.2 million, and adjusted EBITDA loss increased to $7.5 million from $5.9 million, as operating expenses outpaced revenue growth. Management highlighted the amendment of the DOE loan to $750 million in April 2026, which provides additional liquidity for scaling the network and advancing next-generation charging infrastructure. The company affirmed its full-year 2026 guidance for revenue of $410-$470 million and adjusted EBITDA of $(20) million to $20 million, while initiating Q2 2026 guidance for revenue of $75-$85 million and adjusted EBITDA of $(12.5) to $(7.5) million. CEO Badar Khan noted a strong start to the year and expressed confidence in capitalizing on market opportunities. The results underscore EVgo's continued expansion in the fast-charging market, though profitability remains pressured by heavy investment in infrastructure.