EVgo Inc. Reports Impressive Growth in 2025 Annual Report

EVgo Inc. has established itself as a dominant player in the electric vehicle (EV) fast charging sector in the United States, operating over 1,200 fast charging stations across 47 states. The company focuses on creating accessible and localized charging infrastructure through strategic partnerships with various businesses, including retailers and rideshare operators. The company's Innovation Lab is at the forefront of enhancing the EV charging experience through interoperability testing and collaboration with major automotive manufacturers.

In its 2025 annual report, EVgo reported total revenue of $384.1 million, a remarkable increase of $127.3 million or 50% compared to $256.8 million in 2024. This growth was driven by several factors, including:

The cost of sales for EVgo's charging network rose by 37% to $132.6 million, driven primarily by a $20.8 million increase in energy costs and a $14.7 million rise in non-energy costs. Other sales costs also surged by 32% to $111.3 million.

Despite these increases, the gross profit soared by 175% to $80.8 million, with a gross margin improvement from 11.4% in 2024 to 21.0% in 2025. This improvement is largely attributed to enhanced profitability from the company's charging network and successful contract close-outs.

Operating expenses increased by 25% to $176.9 million, primarily due to rising payroll costs and legal fees. The operating loss, however, improved to $110.7 million, reflecting a reduction of $20.9 million compared to the previous year.

As of December 31, 2025, EVgo reported total assets of $964.8 million, up from $803.7 million in 2024. The company maintained a healthy cash position with $210.7 million in cash and equivalents, alongside working capital of $161.2 million. The annual net cash inflow was $90.2 million, indicating strong liquidity.

In December 2024, EVgo secured a senior loan facility from the Department of Energy (DOE) for up to $1.248 billion aimed at constructing new DC stalls. By the end of 2025, the outstanding balance under this loan was $140.6 million. Additionally, EVgo established a Credit Agreement related to the Voyager project, which allowed for up to $300 million in financing, with an outstanding balance of $65.8 million.

While EVgo has demonstrated impressive growth, it faces several challenges, including competition in the EV charging industry and potential regulatory changes that could affect market dynamics. The company remains committed to expanding its charging infrastructure through strategic partnerships and technological advancements.

EVgo Inc. has shown remarkable resilience and growth in 2025, marked by significant revenue increases and improved operational efficiency despite facing market competition and regulatory uncertainties. With a solid financial foundation and a clear strategic vision, EVgo is well-positioned to capitalize on the growing demand for electric vehicle charging solutions in the future.