EVgo (EVGO) Q3 2026 Earnings Report

The call was broadly positive. Highlights included strong core charging growth, improved margins, network expansion, rising underlying throughput excluding OEM credits, NACS momentum, substantial liquidity, and cost-control initiatives. These positives were tempered by softer throughput per stall, lower total revenue caused by noncore businesses, slower-than-expected EV adoption, NACS ramping pressure, reduced deployment guidance, and a projected 2026 adjusted EBITDA loss. Overall, the operational and strategic positives significantly outweighed the stated challenges.

For 2026, EVgo expects to deploy 550 to 650 new public owned and operated sites and 1,075 to 1,275 new stalls, including 600 to 750 new public and EV stalls and 475 to 525 eXtend stalls, with approximately $100 million less gross CapEx spend in 2026 than its previous targets; total revenue is expected in the $375 million to $400 million range, including eXtend revenue in the $90 million to $95 million range and AV ancillary revenues of $30 million to $45 million, while adjusted G&A is expected to be approximately $145 million and adjusted EBITDA loss is expected in the range of negative $30 million to negative $15 million. EVgo expects to reach approximately 400 NACS stalls by year-end 2026, launch its 750-kilowatt charging architecture next year, unveil the final charger design in 2027, have NACS at 2/3 of its network by the end of 2028, and eXtend to be a $5 million to $10 million per year revenue business by 2028; 2027 adjusted G&A is expected to be approximately 15% below prior expectations, and NACS vehicles are expected to grow to about 80 or more percent of total VIO by 2030.