Total Q4 Revenues Increased 75% with Record Charging Network Revenue of $64 Million
Initiates 2026 guidance of $410 - $470 Million of Revenue and $(20) - $20 Million of Adjusted EBITDA(1)
-- Total revenue of $118 million in the fourth quarter, representing an
increase of 75% year-over-year.
-- For the full year 2025, revenue reached $384 million, an increase of 50%
over the full year 2024.
-- Charging network revenue totaled a record $64 million in the fourth
quarter, an increase of 37% year-over-year, representing the 16th
consecutive quarter of double-digit year-over-year charging revenue
growth.
-- For the full year 2025, charging network revenue reached $218 million, an
increase of 40% over the full year 2024.
-- Network throughput reached 99 gigawatt-hours ("GWh") in the fourth
quarter, an increase of 18% year-over-year.
-- Network throughput for the full year 2025 increased to 366 GWh, an
increase of 32% over the full year 2024.
-- Added more than 500 new operational stalls during the fourth quarter and
over 1,200 operational stalls for the full year 2025.
-- Ended the fourth quarter with 5,100 stalls in operation, an increase of
25% year-over-year.
-- $211 million in cash, cash equivalents, and restricted cash as of
December 31, 2025.
LOS ANGELES, March 03, 2026 (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 fourth quarter ended December 31, 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.
"In 2025, EVgo established its position as one of the leading and fastest growing public charging network operators in the U.S.," said Badar Khan, EVgo's CEO. "Our operations team placed more than 500 new stalls online in Q4 alone, bringing our year end total to 5,100 stalls and giving EV drivers even more choice and convenience. We also achieved our goal of delivering positive Adjusted EBITDA for both the fourth quarter and full year 2025 -- an important milestone for the Company."
"As we move into 2026, we're investing in long-term value creation opportunities by focusing on accelerating our pace of deployment, scaling NACS connectors across the network, enhancing the customer experience, leveraging key partnerships, and launching our next generation charging architecture to the broader EV market. Our disciplined approach to capital allocation combined with a growing competitive moat and industry tailwinds will enable us to deliver even stronger returns and sustainable value for our shareholders."
Business Highlights
-- Stall Development: The Company ended the fourth quarter with 5,100 stalls
in operation. EVgo added more than 500 new DC fast charging stalls during
the quarter, setting EVgo up for success as the Company focuses on
expanding to local retailers including Kroger in 2026.
-- Average Daily Network Throughput: Average daily throughput per stall for
the EVgo public network was 292 kilowatt hours per day in the fourth
quarter of 2025, an increase of 9% compared to 269 kilowatt hours per day
in the fourth quarter of 2024.
-- EVgo Autocharge+: Autocharge+ accounted for 30% of total charging
sessions initiated in the fourth quarter of 2025.
-- Customer Accounts: Added over 93,000 new customer accounts in the fourth
quarter, with a total of 1.6 million total customer accounts at the end
of the quarter.
-- J3400 (NACS) Connectors: NACS connectors in operation at nearly 100
stalls in total as of December 31, 2025.
-- PlugShare: PlugShare reached 7.8 million registered users and achieved
10.1 million check-ins since inception.
-- Ancillary Contract Closeout: Fourth quarter and full year 2025 revenue
and Adjusted EBITDA include a non-recurring ancillary contract closeout
payment for $25.9 million and $24.1 million, respectively.
(unaudited,
dollars in
thousands) Q4'25 Q4'24 Change FY 2025 FY 2024 Change
------------ ------------ -------- ------------ ------------- --------
Network
throughput
(GWh) 99 84 18% 366 277 32%
Revenue $118,470 $ 67,513 75% $384,086 $ 256,825 50%
Gross profit $ 44,986 $ 9,760 361% $ 80,777 $ 29,367 175%
2,350
Gross margin 38.0% 14.5% bps 21.0% 11.4% 960 bps
Net loss $(11,034) $(35,608) 69% $(95,438) $(126,701) 25%
Adjusted
Gross
Profit(1) $ 60,336 $ 22,755 165% $140,716 $ 75,689 86%
Adjusted
Gross
Margin(1) 50.9% 33.7% 1720 bps 36.6% 29.5% 710 bps
Adjusted
EBITDA(1) $ 24,857 $ (8,404) 396% $ 12,020 $ (32,474) 137%
(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) Q4'25 Q4'24 Change FY 2025 FY 2024 Change
-------- --------- -------- --------- --------- --------
Cash flows
provided by (used
in) operating
activities $11,257 $(12,831) 188% $ (7,728) $ (7,256) (7)%
GAAP capital
expenditures $49,364 $ 23,685 108% $116,707 $ 94,787 23%
Capital offsets:
OEM
infrastructure
payments (1,505) (5,237) 71% (10,538) (21,928) 52%
Proceeds from
capital-build
funding (1,073) (5,563) 81% (15,168) (17,442) 13%
Proceeds from
transfer of 30C
income tax
credits, net -- 938 (100)% (14,787) (9,040) (64)%
------ ------- ------- -------
Total capital
offsets (2,578) (9,862) 74% (40,493) (48,410) 16%
------ ------- ------- -------
Capital
Expenditures, Net
of Capital
Offsets(1) $46,786 $ 13,823 238% $ 76,214 $ 46,377 64%
====== ======= ======= =======
(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 measure
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 these materials.
12/31/2025 12/31/2024 Change
Stalls in operation:
EVgo public network(1) 3,890 3,450 13%
EVgo dedicated network(2) 140 110 27%
EVgo eXtend$(TM)$ 1,070 520 106%
---------- ----------
Total stalls in operation 5,100 4,080 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.
2026 Financial Guidance
EVgo is initiating full year 2026 guidance as follows:
-- Total revenue of $410 -- $470 million -- Adjusted EBITDA* of $(20) million -- $20 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.
Webcast Information
A live audio webcast for EVgo's fourth quarter and full year 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.
About EVgo
EVgo (Nasdaq: EVGO) is one of the nation's leading public fast charging providers. With more than 1,200 fast charging stations across 47 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "assume" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management's current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo's future financial and operating performance; EVgo's future profitability and priorities; EVgo's long-term value creation opportunities, including pace of deployment, scaling of NACS connectors, enhancements to the customer experience, and key partnerships, including with Kroger; EVgo's development of next generation charging architecture; and EVgo's progress on its network buildout. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo's management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes adversely affecting EVgo's business; EVgo's dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo's reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the "DOE Loan") and its credit facility and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo's ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo's services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo's revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo's ability to obtain additional financing on commercially reasonable terms; EVgo's ability to generate cash, service indebtedness and incur additional indebtedness; the risk that the loss of EVgo's status as an emerging growth company results in additional disclosure and compliance obligations and increases its costs and require significant management time and resources; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo's business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo's ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo's expansion plans, including permitting and utility-related delays; EVgo's ability to integrate any businesses it acquires; EVgo's ability to recruit and retain experienced personnel; risks related to legal proceedings or claims, including liability claims; EVgo's dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo's ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo's ability to maintain, protect and enhance EVgo's intellectual property; EVgo's ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, evolving tariff or other changes in trade policy and geopolitical events such as the conflict in Ukraine and tensions in the Middle East region. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission (the "SEC") including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo's website at investors.evgo.com, and on the SEC's website at www.sec.gov. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.
Financial Statements
EVgo Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
--------------------------------------------------------------------------
December 31, 2025 December 31, 2024
(in thousands) (unaudited)
Assets
Current assets
Cash and cash equivalents $ 151,000 $ 117,273
Restricted cash, current 49,519 3,239
Accounts receivable, net of
allowance of $75 and $1,196
as of December 31, 2025 and
2024 38,628 45,849
Accounts receivable,
capital-build 19,461 17,732
Prepaids and other current
assets 37,872 21,282
Total current assets 296,480 205,375
Restricted cash, noncurrent 10,227 --
Property, equipment and
software, net 460,747 414,968
Operating lease right-of-use
assets 102,966 89,295
Other assets 30,937 24,321
Intangible assets, net 32,421 38,750
Goodwill 31,052 31,052
Total assets $ 964,830 $ 803,761
Liabilities, redeemable
noncontrolling interest and
stockholders' deficit
Current liabilities
Accounts payable $ 7,582 $ 13,031
Accrued liabilities 59,924 42,953
Operating lease liabilities,
current 7,765 7,326
Deferred revenue, current 55,060 46,258
Earnout liability, at fair
value 22 --
Warrant liabilities, at fair
value 1,370 --
Long-term debt, current 2,146 --
Other current liabilities 1,453 1,842
Total current liabilities 135,322 111,410
Operating lease liabilities,
noncurrent 96,983 83,043
Asset retirement obligations 30,868 23,793
Capital-build liability 55,820 51,705
Deferred revenue, noncurrent 47,711 70,466
Earnout liability, at fair value -- 942
Warrant liabilities, at fair
value -- 9,740
Long-term debt, noncurrent 204,316 --
Other long-term liabilities 7,866 8,931
Total liabilities 578,886 360,030
Commitments and contingencies
December 31, 2025 December 31, 2024
------------------- ---------------------
(in thousands, except share
data) (unaudited)
Redeemable noncontrolling
interest $ 502,848 $ 699,840
Stockholders' deficit
Preferred stock, $0.0001
par value; 10,000,000
shares authorized as of
December 31, 2025 and
2024; none issued and
outstanding -- --
Class A common stock,
$0.0001 par value;
1,200,000,000 shares
authorized as of
December 31, 2025 and
2024; 134,717,984 and
129,973,698 shares
issued and outstanding
(excluding 718,750
shares subject to
possible forfeiture) as
of December 31, 2025 and
2024, respectively 13 13
Class B common stock,
$0.0001 par value;
400,000,000 shares
authorized as of
December 31, 2025 and
2024; 172,800,000 shares
issued and outstanding
as of December 31, 2025
and 2024 17 17
Additional paid-in
capital 7,753 --
Accumulated deficit (124,687) (256,139)
-------------- --------------
Total stockholders'
deficit (116,904) (256,109)
-------------- --------------
Total liabilities,
redeemable
noncontrolling
interest and
stockholders'
deficit $ 964,830 $ 803,761
============== ==============
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
----------------------------------------------------------------------------------------
Three Months Ended December 31, Year Ended December 31,
-------------------------------- ----------------------------------
(in thousands,
except per share
data) 2025 2024 Change % 2025 2024 Change %
-------- -------- ---------- --------- --------- ----------
Revenue
Charging, retail $ 35,778 $ 29,336 22% $ 133,868 $ 96,654 39%
Charging,
commercial 9,334 7,822 19% 34,760 26,686 30%
Charging, OEM 6,529 4,879 34% 26,112 15,554 68%
Regulatory
credit sales 2,203 3,013 (27)% 10,192 8,987 13%
Network, OEM 9,790 1,463 569% 13,413 7,791 72%
------- ------- -------- --------
Total charging
network 63,634 46,513 37% 218,345 155,672 40%
eXtend 23,694 17,882 33% 116,480 86,612 34%
Ancillary 31,142 3,118 899% 49,261 14,541 239%
------- ------- -------- --------
Total revenue 118,470 67,513 75% 384,086 256,825 50%
------- ------- -------- --------
Cost of sales
Charging network 34,298 27,675 24% 132,588 97,116 37%
Other 23,965 17,139 40% 111,277 84,353 32%
Depreciation,
net of
capital-build
amortization 15,221 12,939 18% 59,444 45,989 29%
------- ------- -------- --------
Total cost of
sales 73,484 57,753 27% 303,309 227,458 33%
------- ------- -------- --------
Gross profit 44,986 9,760 361% 80,777 29,367 175%
------- ------- -------- --------
Operating
expenses
General and
administrative 54,242 39,964 36% 176,868 141,131 25%
Depreciation,
amortization
and accretion 3,111 4,820 (35)% 14,572 19,806 (26)%
------- ------- -------- --------
Total
operating
expenses 57,353 44,784 28% 191,440 160,937 19%
------- ------- -------- --------
Operating
loss (12,367) (35,024) 65% (110,663) (131,570) 16%
------- ------- -------- --------
Other income
(expense)
Interest
expense(1) (2,815) (73) * (6,146) (73) *
Interest income(1) 1,719 1,417 21% 6,974 7,563 (8)%
Other expense, net (20) -- * (22) (18) (22)%
Change in fair
value of earnout
liability 352 (223) 258% 920 (288) 419%
Change in fair
value of warrant
liabilities 2,092 (4,084) 151% 8,370 (4,599) 282%
------- ------- -------- --------
Total other
income
(expense), net 1,328 (2,963) 145% 10,096 2,585 291%
------- ------- -------- --------
Loss before income
tax benefit (11,039) (37,987) 71% (100,567) (128,985) 22%
Income tax benefit 5 2,379 (100)% 5,129 2,284 125%
------- ------- -------- --------
Net loss (11,034) (35,608) 69% (95,438) (126,701) 25%
Less: net loss
attributable to
redeemable
noncontrolling
interest (6,205) (23,193) 73% (53,864) (82,367) 35%
------- ------- -------- --------
Net loss
attributable to
Class A common
stockholders $ (4,829) $(12,415) 61% $ (41,574) $ (44,334) 6%
======= ======= ======== ========
Net loss per share
to Class A common
stockholders,
basic and
diluted $ (0.04) $ (0.11) $ (0.31) $ (0.41)
Weighted average
Class A common
stock
outstanding,
basic and
diluted 134,591 110,308 133,474 106,702
* Percentage not meaningful
(1) In 2025, we determined that interest expense,
which was previously classified within interest income,
net, should be separately presented. Previously reported
amounts have been updated to conform to the current
period presentation.
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
----------------------------------------------------------------------
Year Ended December 31,
-----------------------------
(in thousands) 2025 2024
------------- ----------
Cash flows from operating activities
Net loss $ (95,438) $ (126,701)
Adjustments to reconcile net loss
to net cash used in operating
activities
Depreciation, amortization and
accretion 74,016 65,795
Net loss on disposal of property
and equipment, net of insurance
recoveries, and impairment
expense 13,665 7,192
Share-based compensation 27,110 21,959
Bad debt expense 6,062 923
Change in fair value of earnout
liability (920) 288
Change in fair value of warrant
liabilities (8,370) 4,599
Paid-in-kind interest,
amortization of deferred debt
issuance costs, net of
capitalized interest 3,936 73
Gain on sales-type lease (2,825) --
Amortization of equity issuance
costs 786 --
Other 5 (104)
Changes in operating assets and
liabilities
Accounts receivable, net 1,159 (11,889)
Prepaids and other current assets
and other assets (17,210) (6,913)
Operating lease assets and
liabilities, net 708 792
Accounts payable (5,737) 4,972
Accrued liabilities 11,912 3,274
Deferred revenue (13,953) 29,284
Other current and noncurrent
liabilities (2,634) (800)
--------- ---------
Net cash used in operating
activities (7,728) (7,256)
--------- ---------
Cash flows from investing activities
Capital expenditures (116,707) (94,787)
Proceeds from insurance for property
losses 24 316
--------- ---------
Net cash used in investing
activities (116,683) (94,471)
--------- ---------
Cash flows from financing activities
Proceeds from long-term debt 200,894 --
Proceeds from capital-build funding 15,168 17,442
Contribution from redeemable
noncontrolling interest 9,562 6,649
Payments of withholding tax on net
issuance of restricted stock units (904) --
Payments of deferred debt issuance
costs (10,075) (10,998)
--------- ---------
Net cash provided by financing
activities 214,645 13,093
--------- ---------
Net increase (decrease) in cash,
cash equivalents and restricted
cash 90,234 (88,634)
Cash, cash equivalents and restricted
cash, beginning of year 120,512 209,146
--------- ---------
Cash, cash equivalents and restricted
cash, end of year $ 210,746 $ 120,512
--------------------------------------- ========= =========
(1) In 2025, we determined that bad debt expense,
which was previously classified within other operating
cash flows, should be separately presented. Previously
reported amounts have been updated to conform to the
current period presentation.
Use of Non-GAAP Financial Measures
To supplement EVgo's financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company's performance by excluding certain items that may not be indicative of EVgo's recurring core business operating results.
EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo's performance. These non-GAAP financial measures also facilitate management's internal comparisons to the Company's historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo's institutional investors and the analyst community to help them analyze the health of EVgo's business.
For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled "Definitions of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Financial Measures."
Definitions of Non-GAAP Financial Measures
This release includes the following non-GAAP financial measures, in each case as defined below: "Charging Network Gross Profit," "Charging Network Gross Margin," "Adjusted Cost of Sales," "Adjusted Cost of Sales as a Percentage of Revenue," "Adjusted Gross Profit (Loss)," "Adjusted Gross Margin," "Adjusted General and Administrative Expenses," "Adjusted General and Administrative Expenses as a Percentage of Revenue," "EBITDA, " "EBITDA Margin," "Adjusted EBITDA," "Adjusted EBITDA Margin," and "Capital Expenditures, Net of Capital Offsets." With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that are complete under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM's customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo's performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.
Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo's financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.
EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo's ongoing performance. EVgo defines Adjusted General and Administrative Expenses as a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest expense, (v) interest income, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo's ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph.
Reconciliations of Non-GAAP Financial Measures
The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:
(unaudited,
dollars in
thousands) Q4'25 Q4'24 Change FY 2025 FY 2024 Change
GAAP revenue $118,470 $ 67,513 75% $384,086 $ 256,825 50%
GAAP net loss $(11,034) $(35,608) 69% $(95,438) $(126,701) 25%
GAAP net loss 4,340 2,450
margin (9.3)% (52.7)% bps (24.8)% (49.3)% bps
EBITDA
adjustments:
Depreciation,
net of
capital-build
amortization 15,361 13,084 17% 59,921 46,554 29%
Amortization 2,356 4,284 (45)% 11,636 17,443 (33)%
Accretion 615 391 57% 2,459 1,798 37%
Interest
expense(1) 2,815 73 * 6,146 73 *
Interest
income(1) (1,719) (1,417) (21)% (6,974) (7,563) 8%
Income tax
benefit (5) (2,379) 100% (5,129) (2,284) (125)%
Total EBITDA
adjustments 19,423 14,036 38% 68,059 56,021 21%
EBITDA $ 8,389 $(21,572) 139% $(27,379) $ (70,680) 61%
3,910 2,040
EBITDA Margin 7.1% (32.0)% bps (7.1)% (27.5)% bps
Adjusted EBITDA
adjustments:
Share-based
compensation $ 7,552 $ 6,486 16% $ 27,110 $ 21,959 23%
Loss on
disposal of
property and
equipment, net
of insurance
recoveries,
and impairment
expense 4,738 964 391% 13,665 7,192 90%
Loss on
investments -- -- * -- 5 (100)%
Bad debt
expense 4,926 396 * 6,062 923 557%
Change in fair
value of
earnout
liability (352) 223 (258)% (920) 288 (419)%
Change in fair
value of
warrant
liabilities (2,092) 4,084 (151)% (8,370) 4,599 (282)%
Other(2) 1,696 1,015 67% 1,852 3,240 (43)%
Total Adjusted
EBITDA
adjustments 16,468 13,168 25% 39,399 38,206 3%
Adjusted EBITDA $ 24,857 $ (8,404) 396% $ 12,020 $ (32,474) 137%
Adjusted EBITDA 3,340 1,570
Margin 21.0% (12.4)% bps 3.1% (12.6)% bps
* Percentage greater than 999% or not meaningful.
(1) In 2025, we determined that interest expense,
which was previously classified within interest income,
net, should be separately presented. Previously reported
amounts have been updated to conform to the current
period presentation.
(2) For the year ended December 31, 2025, comprised
primarily of executive severance expenses, previously
deferred equity offering costs that were written off
in connection with the scheduled expiration of our
universal shelf registration statement, and nonrecurring
professional fees related to a secondary offering
facilitated thereby, which settled on December 18,
2024. For the year ended December 31, 2024, comprised
primarily of nonrecurring professional fees related
to such secondary offering and costs related to the
reorganization of our resources previously announced
by us on January 17, 2024.
The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures:
(unaudited,
dollars in
thousands) Q4'25 Q4'24 Change FY 2025 FY 2024 Change
----------- ----------- -------- ------------ ------------ --------
GAAP total
charging
network
revenue $63,634 $46,513 37% $218,345 $155,672 40%
GAAP charging
network cost
of sales 34,298 27,675 24% 132,588 97,116 37%
------ ------ ------- -------
Charging
Network
Gross
Profit $29,336 $18,838 56% $ 85,757 $ 58,556 46%
====== ====== ======= =======
Charging
Network
Gross
Margin 46.1% 40.5% 560 bps 39.3% 37.6% 170 bps
The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:
(unaudited,
dollars in
thousands) Q4'25 Q4'24 Change FY 2025 FY 2024 Change
------------ ------------ --------- ------------ ------------ --------
GAAP revenue $118,470 $ 67,513 75% $384,086 $256,825 50%
GAAP cost of
sales 73,484 57,753 27% 303,309 227,458 33%
------- ------- ------- -------
GAAP gross profit $ 44,986 $ 9,760 361% $ 80,777 $ 29,367 175%
======= ======= ======= =======
GAAP cost of
sales as a
percentage of (2,350) (960)
revenue 62.0% 85.5% bps 79.0% 88.6% bps
GAAP gross margin 38.0% 14.5% 2,350 bps 21.0% 11.4% 960 bps
Adjusted Cost of
Sales
adjustments:
Depreciation,
net of
capital-build
amortization $(15,221) $(12,939) (18)% $(59,444) $(45,989) (29)%
Share-based
compensation (129) (56) (130)% (495) (333) (49)%
------- ------- ------- -------
Total Adjusted
Cost of Sales
adjustments $(15,350) $(12,995) (18)% $(59,939) $(46,322) (29)%
======= ======= ======= =======
Adjusted Cost of
Sales $ 58,134 $ 44,758 30% $243,370 $181,136 34%
Adjusted Cost of
Sales as a
Percentage of (1,720) (710)
Revenue 49.1% 66.3% bps 63.4% 70.5% bps
Adjusted Gross
Profit $ 60,336 $ 22,755 165% $140,716 $ 75,689 86%
Adjusted Gross
Margin 50.9% 33.7% 1,720 bps 36.6% 29.5% 710 bps
The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:
(unaudited,
dollars in
thousands) Q4'25 Q4'24 Change FY 2025 FY 2024 Change
GAAP revenue $118,470 $67,513 75% $384,086 $256,825 50%
GAAP general and
administrative
expenses $ 54,242 $39,964 36% $176,868 $141,131 25%
GAAP general and
administrative
expenses as a
percentage of (1,340) (900)
revenue 45.8% 59.2% bps 46.0% 55.0% bps
Adjustments:
Share-based
compensation (7,423) (6,430) (15)% (26,615) (21,626) (23)%
Loss on
disposal of
property and
equipment,
net of
insurance
recoveries,
and
impairment
expense (4,738) (964) (391)% (13,665) (7,192) (90)%
Bad debt
expense (4,926) (396) *% (6,062) (923) (557)%
Other(1) (1,696) (1,015) (67)% (1,852) (3,240) 43%
Total
adjustments (18,783) (8,805) (113)% (48,194) (32,981) (46)%
Adjusted General
and
Administrative
Expenses $ 35,459 $31,159 14% $128,674 $108,150 19%
Adjusted General
and
Administrative
Expenses as a
Percentage of (1,630) (860)
Revenue 29.9% 46.2% bps 33.5% 42.1% bps
(1) For the year ended December 31, 2025, comprised
primarily of executive severance expenses, previously
deferred equity offering costs that were written off
in connection with the scheduled expiration of our
universal shelf registration statement, and nonrecurring
professional fees related to a secondary offering
facilitated thereby, which settled on December 18,
2024. For the year ended December 31, 2024, comprised
primarily of nonrecurring professional fees related
to such secondary offering and costs related to the
reorganization of our resources previously announced
by us on January 17, 2024.
The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:
(unaudited,
dollars in
thousands) Q4'25 Q4'24 Change FY 2025 FY 2024 Change
-------- -------- -------- --------- --------- --------
GAAP capital
expenditures $49,364 $23,685 108% $116,707 $ 94,787 23%
Capital offsets:
OEM
infrastructure
payments (1,505) (5,237) 71% (10,538) (21,928) 52%
Proceeds from
capital-build
funding (1,073) (5,563) 81% (15,168) (17,442) 13%
Proceeds from
transfer of 30C
income tax
credits, net -- 938 (100)% (14,787) (9,040) (64)%
------ ------ ------- -------
Total capital
offsets (2,578) (9,862) 74% (40,493) (48,410) 16%
------ ------ ------- -------
Capital
Expenditures, Net
of Capital
Offsets $46,786 $13,823 238% $ 76,214 $ 46,377 64%
====== ====== ======= =======
* Percentage not meaningful
(1) 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.
For investors: investors@evgo.com For Media: press@evgo.com
(END) Dow Jones Newswires
March 03, 2026 07:00 ET (12:00 GMT)
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