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EVgo
(NASDAQ:EVGO)
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Rating:50Neutral
Price Target:
$1.50
▲(5.63% Upside)
Action:Reiterated
Date:08/05/26
EVgo’s score is held back primarily by weak financial quality—ongoing losses, high cash burn, and reliance on external funding despite improved equity. The earnings call adds support via reiterated growth plans, strong liquidity, and an improving (though still negative) EBITDA trajectory, while technical signals remain mixed-to-weak and valuation offers limited support due to negative earnings and no dividend.
Positive Factors
Strategic Tesla/NACS partnership
The Tesla V4/NACS deal materially expands EVgo's reachable driver base and integrates EVgo sites into Tesla routing. This is a durable structural advantage: it increases addressable market, likely boosts utilization and partner-led demand, and strengthens network competitiveness over the coming years.
Negative Factors
Persistent negative cash flow
Sustained negative operating and free cash flow means the core business does not yet self‑fund growth. Over multiple quarters this forces reliance on external capital, raises dilution and refinancing risk, and constrains ability to scale infrastructure if funding costs rise or access tightens.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic Tesla/NACS partnership
The Tesla V4/NACS deal materially expands EVgo's reachable driver base and integrates EVgo sites into Tesla routing. This is a durable structural advantage: it increases addressable market, likely boosts utilization and partner-led demand, and strengthens network competitiveness over the coming years.
Read all positive factors
EVgo Key Performance Indicators (KPIs)
Any
Network Throughput
Measures the total energy dispensed across the network, indicating the level of usage and demand for EVgo's charging services, which can signal growth in electric vehicle adoption and market penetration.
Measures the total energy dispensed across the network, indicating the level of usage and demand for EVgo's charging services, which can signal growth in electric vehicle adoption and market penetration.
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The Fly
The FlyEVgo (EVGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$500.08M
Dividend YieldN/A
Average Volume (3M)3.31M
Price to Earnings (P/E)―
Beta (1Y)1.59
Revenue Growth30.67%
EPS Growth2.19%
CountryUS
Employees376
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.40
Shares Outstanding141,715,710
10 Day Avg. Volume3,050,955
30 Day Avg. Volume3,308,503
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)-3.32
Price to Sales (P/S)1.01
P/FCF Ratio-3.12
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$2.50Price Target Upside76.06% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.44
Revenue Forecast (FY)$415.20M
EVgo Business Overview & Revenue Model
Company Description
EVgo, Inc. operates and manages a comprehensive network of high-speed direct current (DC) electric vehicle charging stations across the United States. The company provides electric power directly to vehicle owners who utilize its publicly accessib...
How the Company Makes Money
EVgo primarily makes money by selling EV charging services and related infrastructure/services tied to its fast-charging network. Key revenue streams include: (1) Charging revenue (retail): EVgo earns fees when drivers initiate and complete chargi...
EVgo Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Rapid historical and projected network and revenue growth
Management expects operational stores to increase nearly 4x by end of 2026 (since 2021) and total revenue to increase ~19x by end of 2026 vs 2021. Through 2025 revenue CAGR exceeded 100%, placing EVgo in the top 1% of U.S. public company revenue growth.
Negative Updates
Overall Q2 revenue decline driven by non-charging businesses
Total Q2 revenue was $83M, a 16% YoY decrease driven entirely by non-charging lines: eXtend revenue was $18M (down $19M YoY) and AV ancillary revenue was $3M (down $6M YoY). Management expects eXtend to trend lower over the next 6 quarters and to be $5–10M by 2028.
Read all updates
Q2-2026 Updates
Positive
Negative
Rapid historical and projected network and revenue growth
Management expects operational stores to increase nearly 4x by end of 2026 (since 2021) and total revenue to increase ~19x by end of 2026 vs 2021. Through 2025 revenue CAGR exceeded 100%, placing EVgo in the top 1% of U.S. public company revenue growth.
Read all positive updates
Company Guidance
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.EVgo Financial Statement Overview
Summary
Income Statement
27
Negative
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 402.95M | 384.09M | 256.82M | 160.95M | 54.59M | 22.21M |
| Gross Profit | 74.55M | 80.78M | 29.37M | 9.71M | -5.65M | -6.83M |
| EBITDA | -40.21M | -34.98M | -63.19M | -83.46M | -70.28M | -31.93M |
| Net Income | -54.41M | -41.57M | -44.33M | -42.43M | -27.57M | -5.91M |
Balance Sheet | ||||||
| Total Assets | 966.90M | 964.83M | 803.76M | 806.61M | 729.72M | 746.32M |
| Cash, Cash Equivalents and Short-Term Investments | 121.82M | 151.00M | 117.27M | 208.67M | 246.19M | 484.88M |
| Total Debt | 415.56M | 311.21M | 90.37M | 68.00M | 50.65M | 0.00 |
| Total Liabilities | 657.31M | 578.89M | 360.03M | 266.24M | 212.60M | 158.40M |
| Stockholders Equity | -20.45M | -116.90M | -256.11M | -160.59M | -358.10M | -1.36B |
Cash Flow | ||||||
| Free Cash Flow | -193.34M | -124.44M | -102.04M | -195.95M | -259.05M | -94.61M |
| Operating Cash Flow | -53.42M | -7.73M | -7.26M | -37.05M | -58.79M | -29.60M |
| Investing Cash Flow | -139.85M | -116.68M | -87.82M | -143.31M | -199.71M | -87.77M |
| Financing Cash Flow | 207.55M | 214.65M | 6.44M | 143.02M | 19.81M | 594.63M |
EVgo Technical Analysis
Negative
1.42
Price Trends
1.83
Negative
1.90
Negative
2.49
Negative
Market Momentum
-0.06
Negative
45.69
Neutral
41.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EVGO, the sentiment is Negative. The current price of 1.42 is below the 20-day moving average (MA) of 1.62, below the 50-day MA of 1.83, and below the 200-day MA of 2.49, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 45.69 is Neutral, neither overbought nor oversold. The STOCH value of 41.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EVGO.
EVgo Risk Analysis
EVgo disclosed 69 risk factors in its most recent earnings report. EVgo reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
EVgo Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $17.37B | 15.39 | 40.05% | 4.47% | 0.99% | 31.91% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $500.08M | -3.99 | 41.32% | ― | 30.67% | 2.19% | |
47 Neutral | $158.49M | -0.72 | -680.26% | ― | 1.89% | 28.53% |
* Consumer Cyclical Sector Average
EVGO
EVgo
1.60
-2.16
-57.45%
BBY
Best Buy Co
83.28
16.75
25.18%
CHPT
ChargePoint Holdings
6.27
-4.81
-43.41%
EVgo Corporate Events
Executive/Board ChangesShareholder Meetings
EVgo Names New Chief Accounting Officer, Affirms Governance
Positive
May 19, 2026
On May 18, 2026, EVgo appointed Amber Scott as Chief Accounting Officer and Principal Accounting Officer, shifting those duties from CFO Keefer Lehner, who remains Chief Financial Officer and Principal Financial Officer. Scott, a seasoned finance ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.