EVgo Inc. (EVGO): Results of Operations and Financial Condition
EVgo Inc. (EVGO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 EVgo Inc. Reports Second Quarter 2026 Results Total Q2 Charging Network Revenues Increased 19% Year-Over-Year • Charging ne twork revenue totaled $61 million in the second quarter, an increase of 19% year-over-year, representing the 18 th consecutive quarter of doubl
How this was made
The 30-second read
Why it matters
Traders can update models for EVgo’s revenue trajectory, utilization trends, and profitability trajectory using the quantified KPIs and the revised 2026 revenue and Adjusted EBITDA ranges.
Market read
Fresh guidance and operating metrics, plus a Tesla deployment agreement, create a near-term catalyst for EVgo’s valuation and expectations for utilization and non-charging revenue seasonality.
What to watch
Average daily throughput per stall dipped year over year (276 vs 281 kWh/day), which could pressure unit economics even as total stalls rise.
EVgo Inc. Reports Second Quarter 2026 Results; Total Q2 Charging Network Revenues Increased 19% Year-Over-Year
Charging network revenue, network throughput and total stalls in operation increased year-over-year, but reported total revenue, GAAP gross profit and gross margin declined, while net loss and Adjusted EBITDA loss widened.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Charging network revenueother | $61 million | – | 19% |
| Network throughputother | 99 GWh | – | 13% |
| RevenueGAAP | $ 82,648 (dollars in thousands) | – | (16)% |
| Gross profitGAAP | $ 7,342 (dollars in thousands) | – | (47)% |
| Gross marginGAAP | 8.9 % | – | (530) bps |
| Net lossGAAP | $ (46,342) (dollars in thousands) | – | 55% |
| Adjusted Gross Profitnon-GAAP | $ 26,283 (dollars in thousands) | – | (7)% |
| Adjusted Gross Marginnon-GAAP | 31.8 % | – | 290 bps |
| Adjusted EBITDAnon-GAAP | $ (10,573) (dollars in thousands) | – | 447% |
| Cash flows provided by (used in) operating activitiesGAAP | $ (6,484) (dollars in thousands) | – | (146)% |
| GAAP capital expendituresGAAP | $ 33,823 (dollars in thousands) | – | 29% |
| OEM infrastructure paymentsother | 1,352 (dollars in thousands) | – | (29)% |
| Proceeds from capital-build fundingother | 5,170 (dollars in thousands) | – | (28)% |
| Total capital offsetsother | 6,522 (dollars in thousands) | – | (28)% |
| Capital Expenditures, Net of Capital Offsetsnon-GAAP | $ 27,301 (dollars in thousands) | – | 59% |
| Q2 2026 YTD network throughputother | 190 GWh | – | 10% |
| Q2 2026 YTD revenueGAAP | $ 192,179 (dollars in thousands) | – | 11% |
| Q2 2026 YTD gross profitGAAP | $ 20,300 (dollars in thousands) | – | (13)% |
| Q2 2026 YTD gross marginGAAP | 10.6 % | – | (280) bps |
| Q2 2026 YTD net lossGAAP | $ (83,323) (dollars in thousands) | – | 49% |
| Q2 2026 YTD Adjusted Gross Profitnon-GAAP | $ 55,916 (dollars in thousands) | – | 4% |
| Q2 2026 YTD Adjusted Gross Marginnon-GAAP | 29.1 % | – | (190)bps |
| Q2 2026 YTD Adjusted EBITDAnon-GAAP | $ (18,050) (dollars in thousands) | – | 130% |
| Q2 2026 YTD cash flows provided by (used in) operating activitiesGAAP | $ (41,852) (dollars in thousands) | – | (1189)% |
| Q2 2026 YTD GAAP capital expendituresGAAP | $ 64,398 (dollars in thousands) | – | 56% |
| Q2 2026 YTD OEM infrastructure paymentsother | 3,567 (dollars in thousands) | – | (48)% |
| Q2 2026 YTD proceeds from capital-build fundingother | 8,366 (dollars in thousands) | – | (8)% |
| Q2 2026 YTD total capital offsetsother | 11,933 (dollars in thousands) | – | (25)% |
| Q2 2026 YTD Capital Expenditures, Net of Capital Offsetsnon-GAAP | $ 52,465 (dollars in thousands) | – | 108% |
| Average daily throughput per stall for the EVgo public networkother | 276 kilowatt hours per day | – | – |
| New customer accounts addedother | over 99,000 new customer accounts | – | – |
| Total customer accountsother | over 1.8 million total customer accounts | – | – |
| NACS connectors in operation as of July 31, 2026other | 240 NACS connectors | – | – |
| New DC fast charging stalls added during the quarterother | 280 new DC fast charging stalls | – | – |
| Removals of legacy equipment under the Renew programother | 175 removals | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Charging networkThe company reported continued expansion of its nationwide fast-charging platform and cited strong utilization. | $61 million | – | 19% |
full year 2026 outlook
- Revenue$400 – $430 million
- NoteTotal new stalls of 1,350 - 1,625
- NoteAdjusted EBITDA of $(25) million – $(5) million
- NoteThe Company expects Q1 and Q4 2026 to be the strongest quarters of the year for non-charging revenue.
What drove it
- Charging network revenue totaled $61 million, an increase of 19% year-over-year and the 18th consecutive quarter of double-digit year-over-year charging revenue growth.
- Network throughput reached 99 GWh, an increase of 13% year-over-year.
- Total stalls in operation were 5,380, an increase of 24% year-over-year.
- EVgo and Tesla signed an agreement to deploy EVgo-owned and branded V4 Superchargers starting in 2026.
- EVgo added 280 new DC fast charging stalls during the quarter, offset by 175 removals of legacy equipment under the Renew program.
Concerns
- Total revenue was $ 82,648 (dollars in thousands), down (16)% year-over-year.
- GAAP gross profit was $ 7,342 (dollars in thousands), down (47)% year-over-year, and GAAP gross margin was 8.9 %, down (530) bps.
- Net loss was $ (46,342) (dollars in thousands), compared to $ (29,821) (dollars in thousands).
- Adjusted EBITDA was $ (10,573) (dollars in thousands), compared to $ (1,933) (dollars in thousands).
- Average daily throughput per stall for the EVgo public network was 276 kilowatt hours per day, compared to 281 kilowatt hours per day.
- Cash flows used in operating activities were $ (6,484) (dollars in thousands), compared to cash flows provided by operating activities of $ 14,089 (dollars in thousands).
What to watch
- Execution against full year 2026 guidance for total revenue of $400 – $430 million, total new stalls of 1,350 - 1,625, and Adjusted EBITDA of $(25) million – $(5) million.
- The expected concentration of the strongest non-charging revenue quarters in Q1 and Q4 2026.
- Deployment of EVgo-owned and branded V4 Superchargers starting in 2026 under the Tesla agreement.
- Progress of next generation charging equipment testing, including demonstrated high current charging on multiple vehicle models.
- Network utilization and the trajectory of average daily throughput per stall.
Balance sheet and cash flow
- Cash flows provided by (used in) operating activities: $ (6,484) (dollars in thousands), compared to $ 14,089 (dollars in thousands); (146)%.
- GAAP capital expenditures: $ 33,823 (dollars in thousands), compared to $ 26,199 (dollars in thousands); 29%.
- Capital Expenditures, Net of Capital Offsets: $ 27,301 (dollars in thousands), compared to $ 17,121 (dollars in thousands); 59%.
- Q2 2026 YTD cash flows provided by (used in) operating activities: $ (41,852) (dollars in thousands), compared to $ 3,843 (dollars in thousands); (1189)%.
- Q2 2026 YTD GAAP capital expenditures: $ 64,398 (dollars in thousands), compared to $ 41,191 (dollars in thousands); 56%.
- Q2 2026 YTD Capital Expenditures, Net of Capital Offsets: $ 52,465 (dollars in thousands), compared to $ 25,267 (dollars in thousands); 108%.
Analysis
EVgo reported diverging top-line trends in the second quarter. Charging network revenue totaled $61 million and increased 19% year-over-year, while network throughput reached 99 GWh, up 13%. Total reported revenue was $ 82,648 (dollars in thousands), down (16)% year-over-year. The company described this as its 18th consecutive quarter of double-digit year-over-year charging revenue growth.
Network expansion continued, with total stalls in operation reaching 5,380, up 24% year-over-year. EVgo added 280 new DC fast charging stalls during the quarter, offset by 175 removals of legacy equipment under its Renew program. The installed base included 3,930 EVgo public-network stalls, 120 EVgo AV-network stalls, and 1,330 EVgo eXtend™ stalls. Average daily throughput per stall for the EVgo public network was 276 kilowatt hours per day, compared with 281 kilowatt hours per day in the prior-year quarter.
Profitability weakened on reported GAAP measures. Gross profit declined to $ 7,342 (dollars in thousands) and gross margin declined to 8.9 %, while net loss widened to $ (46,342) (dollars in thousands). Adjusted Gross Profit was $ 26,283 (dollars in thousands), down (7)%, although Adjusted Gross Margin increased to 31.8 %. Adjusted EBITDA loss widened to $ (10,573) (dollars in thousands). Year-to-date, revenue increased 11%, but gross profit declined (13)% and net loss was $ (83,323) (dollars in thousands).
Cash flow and investment demands intensified. Cash flows used in operating activities were $ (6,484) (dollars in thousands), compared with cash flows provided by operating activities of $ 14,089 (dollars in thousands) in the prior-year quarter. GAAP capital expenditures increased 29% to $ 33,823 (dollars in thousands), while Capital Expenditures, Net of Capital Offsets increased 59% to $ 27,301 (dollars in thousands). Capital offsets declined (28)% to 6,522 (dollars in thousands).
The company updated full year 2026 guidance to total new stalls of 1,350 - 1,625, total revenue of $400 – $430 million, and Adjusted EBITDA of $(25) million – $(5) million. Management expects Q1 and Q4 2026 to be the strongest quarters for non-charging revenue. Strategic execution centers on the agreement with Tesla to deploy EVgo-owned and branded V4 Superchargers starting in 2026, alongside testing of the company’s next generation charging equipment.
Management, verbatim
EVgo delivered another quarter of solid execution, with 19% charging network revenue growth and continued expansion of our nationwide fast-charging platform.
Badar Khan, CEO
Our recently announced agreement with Tesla underscores the strength of our strategy and our commitment to providing widespread charging infrastructure to the growing EV driver population.
Badar Khan, CEO
Not in the filing
stated, not guessed- Previous-release outlook, so comparison of actual results with prior guidance is unavailable.
- GAAP operating income or loss.
- GAAP and non-GAAP earnings per share.
- Cash balance.
- Debt balance.
- Free cash flow.
- Share repurchases, dividends, or other capital-return amounts.
- Detailed revenue by additional operating segment or revenue category.
- Full year 2026 guidance for gross margin, operating expenses, and tax rate.
- Quarter-over-quarter comparisons for reported metrics.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
EVgo is a public fast-charging operator; this filing reports Q2 2026 operating results and updates full-year 2026 guidance, alongside a Tesla Supercharger deployment agreement.
Ticker impact
EVgo reported Q2 results and updated 2026 guidance, including revenue $400-$430M and Adjusted EBITDA of $(25)M to $(5)M.
Near-term repricing likely hinges on whether the guidance range and non-charging revenue seasonality offset weaker GAAP profitability and higher capex.
This is a primary-source earnings/guidance disclosure with multiple quantified metrics and an explicit full-year outlook range.
Market effects
Fast-charging peers may see read-across on utilization, stall growth, and the viability of NACS-aligned connector deployment.
US EV charging infrastructure demand and retail-site partnerships remain a key competitive battleground.
Limited direct global impact, but Tesla Supercharger interoperability agreements can influence broader EV charging standards sentiment.
Counterpoint
Despite 19% charging revenue growth, gross profit and adjusted EBITDA remain negative, so the market may focus on cash burn and capex intensity rather than stall count.
Key entities
- companyEVgo Inc.
Public fast-charging infrastructure provider filing an 8-K with Q2 results, operating KPIs, and updated 2026 guidance.
- companyTesla, Inc.
Partnered with EVgo on an agreement to deploy EVgo-owned and branded V4 Superchargers starting in 2026.
