EVgo Inc. (Nasdaq: EVGO), a leading provider of public fast charging infrastructure for electric vehicles (EVs), has announced its financial results for the first quarter of 2026. The company reported record revenues, showcasing its strong growth trajectory and commitment to expanding its network.

1. Strong Financial Performance

EVgo’s first quarter results, which concluded on March 31, 2026, indicate a significant increase in revenue. The company achieved revenues of $109.5 million, representing a remarkable 45% increase compared to $75.3 million in the same period last year. This surge in revenue is attributed to robust growth across EVgo's charging network and effective execution of its strategic initiatives.

Badar Khan, CEO of EVgo, emphasized the company's positive momentum: “EVgo delivered a strong start to 2026 with record first quarter revenues driven by continued growth across our network and disciplined execution against our strategy.” He also noted the company’s efforts to secure an amended Department of Energy (DOE) loan, which will facilitate further scaling of its operations.

2. Business Highlights

Several key metrics reflect EVgo’s expansion and operational efficiency:

Stall Development: The company ended the quarter with 5,280 charging stalls in operation, having added over 200 new DC fast charging stalls during the quarter.

Network Throughput: Average daily throughput per stall was recorded at 257 kilowatt hours, slightly down from 266 kilowatt hours in Q1 2025.

Customer Growth: EVgo welcomed over 86,000 new customer accounts in the first quarter, bringing the total to over 1.7 million accounts.

NACS Availability: The company has made significant strides in integrating the new J3400 (NACS) connectors, now available at over 100 stalls as of April 30, 2026.

Financing Update: In April 2026, EVgo amended its DOE loan, increasing it to $750 million, which includes $625 million in borrowings and up to $125 million in capitalized interest.

3. Financial Metrics Overview

The financial metrics for Q1 2026 reflect both growth and challenges:

Gross Profit: The gross profit stood at $12.96 million, up from $9.32 million in Q1 2025, marking a 39% increase.

Net Loss: However, the company reported a net loss of $36.98 million, which is a 41% increase from the net loss of $26.23 million in the previous year.

Adjusted Metrics: The adjusted gross profit was $29.63 million, showing a 17% year-over-year increase, but the adjusted EBITDA remained negative at $(7.48) million, although it represented a smaller loss than the $(5.93) million reported in Q1 2025.

4. Capital Expenditure and Cash Flow

EVgo's capital expenditures in Q1 2026 totaled $30.58 million, a significant increase of 104% from $14.99 million in Q1 2025. The cash flow used in operating activities was $(35.37) million, which is a substantial increase of 245% compared to $(10.25) million in the previous year. This uptick emphasizes EVgo's aggressive investment strategy to expand its network.

5. 2026 Financial Guidance

Looking ahead, EVgo is affirming its financial guidance for the full year 2026, projecting total revenues between $410 million and $470 million. The company also anticipates an adjusted EBITDA of $(20) million to $20 million.

For the second quarter of 2026, EVgo is initiating revenue guidance between $75 million and $85 million, with an adjusted EBITDA expected to range from $(12.5) million to $(7.5) million. The company expects Q1 and Q4 to be the strongest quarters for non-charging revenue.

6. Conclusion

With its impressive first quarter performance, EVgo Inc. is positioning itself as a leader in the rapidly evolving EV charging market. The company’s strategic focus on expanding its infrastructure, enhancing customer accounts, and securing necessary financing demonstrates its commitment to meeting the growing demand for electric vehicle charging solutions. As the market dynamics continue to shift, EVgo is poised to capitalize on the opportunities presented in the fast-charging landscape.

Original press release