-- Total revenue of $92.3 million in the third quarter, representing an
increase of 37% year-over-year.
-- Charging network revenue totaled a record $55.8 million in the third
quarter, an increase of 33% year-over-year, representing the 15th
consecutive quarter of double-digit year-over-year charging revenue
growth.
-- Network throughput reached a record 95 gigawatt-hours ("GWh") in the
third quarter, an increase of 25% year-over-year.
-- Added more than 280 new operational stalls during the third quarter.
-- Ended the third quarter with 4,590 stalls in operation, an increase of
25% year-over-year.
-- $201 million in cash, cash equivalents, and restricted cash. Additional
borrowing of $41 million received in October.
LOS ANGELES, Nov. 10, 2025 (GLOBE NEWSWIRE) -- EVgo Inc. (Nasdaq: EVGO) ("EVgo" or the "Company") one of the nation's largest providers of public fast charging infrastructure for electric vehicles (EVs) announced results for the third quarter ended September 30, 2025. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo's results and other business highlights.
"EVgo delivered another quarter of record charging network revenue, underscoring the strength of our business model and growing consumer demand for fast charging," said Badar Khan, EVgo's CEO. "Looking ahead to the fourth quarter, we expect to bring a substantial number of new charging stations online across the U.S., expanding charging options and convenience for EV drivers nationwide. We anticipate an inflection point toward positive Adjusted EBITDA supported by a fully financed growth plan. With operating leverage, we expect accelerated profitability growth and sustained value creation."
Business Highlights
-- Stall Development: The Company ended the third quarter with 4,590 stalls
in operation. EVgo added more than 280 new DC fast charging stalls during
the quarter.
-- Average Daily Network Throughput: Average daily throughput per stall for
the EVgo public network was 295 kilowatt hours per day in the third
quarter of 2025, an increase of 16% compared to 254 kilowatt hours per
day in the third quarter of 2024.
-- EVgo Autocharge+: Autocharge+ accounted for 28% of total charging
sessions initiated in the third quarter of 2025.
-- Customer Accounts: Added over 149,000 new customer accounts in the third
quarter, with a total of 1.6 million total customer accounts at the end
of the quarter.
-- J3400 (NACS) Connectors: NACS connectors launched at additional sites
with nearly 100 stalls in total as of October 2025.
-- PlugShare: PlugShare reached 7.4 million registered users and achieved
9.9 million check-ins since inception.
-- Financing: EVgo secured a commercial bank financing facility of up to
$300 million (the "Facility") in July, with $59 million borrowed under
the Facility.
-- 30C Income Tax Credits: EVgo sold its 2024 portfolio of 30C income tax
credits for $17 million of gross proceeds.
Financial & Operational Highlights
The below represent summary financial and operational figures for the third quarter of 2025.
-- Revenue of $92.3 million -- Network Throughput1 of 95 gigawatt-hours -- Customer Account Additions of over 149,000 accounts -- Gross Profit of $12.6 million -- Net Loss Attributable to Class A Common Stockholders of $12.4 million -- Adjusted Gross Profit2 of $26.7 million -- Adjusted EBITDA2 of $(5.0) million -- Net Cash Used in Operating Activities of $22.8 million -- Capital Expenditures of $26.2 million -- Capital Expenditures, Net of Capital Offsets2 of $4.2 million
(1) Network throughput for EVgo public network excludes dedicated and eXtend$(TM)$ sites.
(2) Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures" included elsewhere in this release.
(unaudited,
dollars in Better Better
thousands) Q3'25 Q3'24 (Worse) Q3'25 YTD Q3'24 YTD (Worse)
------------ ------------ --------- ------------ ------------ ---------
Network
throughput
(GWh) 95 76 25% 267 193 38%
Revenue $ 92,299 $ 67,535 37% $265,616 $189,312 40%
Gross profit $ 12,560 $ 6,368 97% $ 35,791 $ 19,607 83%
Gross margin 13.6% 9.4% 420 bps 13.5% 10.4% 310 bps
Net loss $(28,356) $(33,290) 15% $(84,404) $(91,093) 7%
Adjusted
Gross
Profit(1) $ 26,651 $ 17,989 48% $ 80,380 $ 52,934 52%
Adjusted
Gross
Margin(1) 28.9% 26.6% 230 bps 30.3% 28.0% 230 bps
Adjusted
EBITDA(1) $ (4,975) $ (8,881) 44% $(12,837) $(24,070) 47%
(1) Adjusted Gross Profit, Adjusted Gross Margin,
and Adjusted EBITDA are non-GAAP measures and have
not been prepared in accordance with GAAP. For a definition
of these non-GAAP measures and a reconciliation to
the most directly comparable GAAP measures, please
see "Definitions of Non-GAAP Financial Measures" and
"Reconciliations of Non-GAAP Financial Measures" included
elsewhere in these materials.
(unaudited,
dollars in
thousands) Q3'25 Q3'24 Change Q3'25 YTD Q3'24 YTD Change
--------- --------- -------- --------- --------- --------
Cash flows (used
in) provided by
operating
activities $(22,828) $ 12,101 (289)% $(18,985) $ 5,575 (441)%
GAAP capital
expenditures $ 26,152 $ 25,835 1% $ 67,343 $ 71,102 (5)%
Capital offsets:
OEM
infrastructure
payments (2,160) (4,909) 56% (9,033) (16,691) 46%
Proceeds from
capital-build
funding (5,044) (5,740) 12% (14,095) (11,879) (19)%
Proceeds from
transfer of 30C
tax credits,
net (14,787) (9,978) (48)% (14,787) (9,978) (48)%
------- ------- ------- -------
Total capital
offsets (21,991) (20,627) (7)% (37,915) (38,548) 2%
------- ------- ------- -------
Capital
Expenditures, Net
of Capital
Offsets(1) $ 4,161 $ 5,208 (20)% $ 29,428 $ 32,554 (10)%
======= ======= ======= =======
(1) Capital Expenditures, Net of Capital Offsets is
a non-GAAP measure and has not been prepared in accordance
with GAAP. For a definition of this non-GAAP measures
and a reconciliation to the most directly comparable
GAAP measures, please see "Definitions of Non-GAAP
Financial Measures" and "Reconciliations of Non-GAAP
Financial Measures" included elsewhere in these materials.
9/30/2025 9/30/2024 Increase
Stalls in operation:
EVgo public network(1) 3,570 3,320 8%
EVgo dedicated network(2) 140 50 180%
EVgo eXtend(TM) 880 290 203%
--------- ---------
Total stalls in operation 4,590 3,660 25%
========= =========
(1) Stalls on publicly available chargers at charging
stations that we own and operate on our network.
(2) Stalls at charging stations that we own and operate
on our network that are only available to dedicated
fleet customers.
2025 Financial Guidance
EVgo is updating guidance as follows:
ANCILLARY 2025 Baseline +
2025 Baseline UPSIDE** ANCILLARY UPSIDE
Total Revenue $350 - $365 million Up to $40 million $350 - $405 million
Adjusted EBITDA* $(15) - $(8) Up to $31 million $(15) - $23 million
million
* A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see "Definitions of Non-GAAP Financial Measures" included elsewhere in this release.
**Potential contract close-out and gain on sale for an existing dedicated fleet site. Timing and amount are uncertain and subject to ongoing discussions with counterparty.
Webcast Information
A live audio webcast for EVgo's third quarter 2025 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com.
This press release, along with other investor materials that will be used or referred to during the webcast, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
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