EVgo (EVGO) Q2 2026 Earnings Report

The call presented a constructive long-term growth and profitability story anchored by a strategic Tesla supercharger agreement, strong charging revenue trends, significant liquidity and ambitious multi-year targets (including $0.5B adjusted EBITDA by 2030). However, near-term results show pressure from declining non-charging revenue, a slower ramp for the 2025 cohort, winding down of OEM credit programs, and an expected adjusted EBITDA loss for 2026. Management has adjusted underwriting, prioritized higher‑quality sites, and expects a strong Q4 operationalization. Overall the positives around network scale, unit economics, liquidity and the Tesla partnership outweigh the near‑term operational and non‑charging setbacks.

EVgo guided full‑year 2026 revenue of $400–$430M and adjusted EBITDA of negative $25M to negative $5M (Q3 expected negative, Q4 expected positive), while planning to add 1,350–1,625 new stalls in 2026 (950–1,175 public/AV stalls and 400–450 eXtend stalls) with ~60% of builds weighted to Q4; the company ended Q2 with 5,380 stalls, added 280 total stalls in Q2 (120 new public EVgo‑owned) and removed 175 legacy chargers. Management expects charging to be roughly two‑thirds of revenue, raised eXtend revenue guidance to $90–$95M and projects AV/ancillary revenue of $40–$45M for 2026, with adjusted G&A of $148–$152M and available liquidity of about $835M (including >$630M available on DOE/commercial facilities). Operational metrics and near‑term trends include a customer base >1.8M, 240 NACS stalls today (targeting ~500 this year), trailing‑12‑month energy dispensed of 384 GWh (+16% YoY), Q2 public throughput of 99 GWh (+13% YoY, +9% sequential), charging gross margin TTM 39% (Q2 charging network gross margin 36%), Q2 adjusted gross margin 32% (+~3 pp YoY), and mixed throughput dynamics (daily throughput per stall down 2% YoY but up 7% sequentially) while mature 350 kW stores are already averaging mid‑350 kWh/day and ~15% of the network is at ~600 kWh/day. Longer‑term targets reiterated include ~10k–12k fast‑charging stalls over the next five years, 4k–5k owned & operated stalls by 2030, >$0.5B recurring adjusted EBITDA by 2030 (with charging gross margin rising toward ~50% and EBITDA margins moving from mid‑teens in 2028 to low‑mid‑30s by 2030) and utility‑connected capacity expanding from ~600 MW today (≈45% unutilized) to >2 GW with ~1 GW of expansion potential.