EVgo Inc. (“EVgo” or the “Company”) today announced results for the second quarter ended June 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 record quarter powered by strong operational performance, improved operating efficiencies and focused execution on our financial initiatives,” said Badar Khan, EVgo’s CEO. “Our groundbreaking financing transaction marks the first of its kind in our sector, and will help accelerate stall growth and further EVgo’s position as an industry leader built for long-term success. As we look to the second half of the year, we remain fully focused on shareholder value creation by continuing to improve profitability, invest in future growth, deliver value to our customers and build on our financial momentum to move closer to our goal of achieving Adjusted EBITDA breakeven for the full year.”
Business highlights
- Commercial Loan Facility: On July 23, 2025, EVgo secured a commercial bank financing facility (the “Facility”) of up to $300 million, with $225 million committed and $75 million of incremental availability. Proceeds of the Facility will be used to accelerate EVgo’s nationwide deployment of high-power charging infrastructure by over 1,500 new fast charging stalls.
- Stall Development: The Company ended the second quarter with 4,350 stalls in operation. EVgo added more than 240 new DC fast charging stalls during the quarter and removed 100 legacy stalls as part of its ongoing EVgo ReNew™ efforts.
- Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 281 kilowatt hours per day in the second quarter of 2025, an increase of 22% compared to 230 kilowatt hours per day in the second quarter of 2024.
- EVgo Autocharge+: Autocharge+ accounted for 28% of total charging sessions initiated in the second quarter of 2025.
- Customer Accounts: Added over 122,000 new customer accounts in the second quarter, with a total of 1.5 million total customer accounts at the end of the quarter.
- J3400 (NACS) Connectors: Second pilot site with native NACS connectors became operational in June 2025. Additional locations anticipated to be added throughout 2025.
- PlugShare: PlugShare reached 6.9 million registered users and achieved 9.7 million check-ins since inception.
Financial & operational highlights
The below represent summary financial and operational figures for the second quarter of 2025.
- Revenue of $98.0 million
- Network Throughput1 of 88 gigawatt-hours
- Customer Account Additions of over 122,000 accounts
- Gross Profit of $13.9 million
- Net Loss Attributable to Class A Common Stockholders of $13.0 million
- Adjusted Gross Profit2 of $28.4 million
- Adjusted EBITDA2 of ($1.9) million
- Net Cash Provided by Operating Activities of $14.1 million
- Capital Expenditures of $26.2 million
- Capital Expenditures, Net of Capital Offsets2 of $17.1 million
1 Network throughput for EVgo public network excludes dedicated and eXtend™ 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 thousands) | Q2’25 | Q2’24 | Better (Worse) | Q2’25 YTD | Q2’24 YTD | Better (Worse) | |||||||||||||||||
| Network Throughput (GWh) | 88 | 65 | 35 | % | 172 | 117 | 47 | % | |||||||||||||||
| Revenue | $ | 98,030 | $ | 66,619 | 47 | % | $ | 173,317 | $ | 121,777 | 42 | % | |||||||||||
| Gross profit | $ | 13,908 | $ | 6,398 | 117 | % | $ | 23,231 | $ | 13,239 | 75 | % | |||||||||||
| Gross margin | 14.2 | % | 9.6 | % | 460 bps | 13.4 | % | 10.9 | % | 250 bps | |||||||||||||
| Net loss | $ | (29,821 | ) | $ | (29,610 | ) | (1 | )% | $ | (56,048 | ) | $ | (57,803 | ) | 3 | % | |||||||
| Adjusted Gross Profit¹ | $ | 28,359 | $ | 17,658 | 61 | % | $ | 53,729 | $ | 34,945 | 54 | % | |||||||||||
| Adjusted Gross Margin1 | 28.9 | % | 26.5 | % | 240 bps | 31.0 | % | 28.7 | % | 230 bps | |||||||||||||
| Adjusted EBITDA1 | $ | (1,933 | ) | $ | (7,982 | ) | 76 | % | $ | (7,862 | ) | $ | (15,189 | ) | 48 | % | |||||||
| 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) | Q2’25 | Q2’24 | Change | Q2’25 YTD | Q2’24 YTD | Change | ||||||||||||||
| Cash flows provided by (used in) operating activities | $ | 14,089 | $ | 7,556 | 86 | % | $ | 3,843 | $ | (6,526 | ) | 159 | % | |||||||
| GAAP capital expenditures | $ | 26,199 | $ | 24,196 | 8 | % | $ | 41,191 | $ | 45,267 | (9 | )% | ||||||||
| Less capital offsets: | ||||||||||||||||||||
| OEM infrastructure payments | 1,898 | 5,956 | (68 | )% | 6,873 | 11,782 | (42 | )% | ||||||||||||
| Proceeds from capital-build funding | 7,180 | 4,459 | 61 | % | 9,051 | 6,139 | 47 | % | ||||||||||||
| Total capital offsets | 9,078 | 10,415 | (13 | )% | 15,924 | 17,921 | (11 | )% | ||||||||||||
| Capital Expenditures, Net of Capital Offsets1 | $ | 17,121 | $ | 13,781 | 24 | % | $ | 25,267 | $ | 27,346 | (8 | )% | ||||||||
| 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. | ||||||||||||||||||||
| 6/30/2025 | 6/30/2024 | Increase | |||||||
| Stalls in operation: | |||||||||
| EVgo public network1 | 3,480 | 3,190 | 9 | % | |||||
| EVgo dedicated network2 | 110 | 40 | 175 | % | |||||
| EVgo eXtend™ | 760 | 190 | 300 | % | |||||
| Total stalls in operation | 4,350 | 3,420 | 27 | % | |||||
| 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:
- Total revenue guidance of $350 – $380 million
- Adjusted EBITDA* of $(5) million – $10 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.
SOURCE: EVgo
