TLDR

  • EVgo delivered Q4 2025 adjusted EBITDA of $25 million with revenue reaching $118 million, substantially exceeding Wall Street projections.
  • Annual 2025 revenue totaled $384 million, representing nearly 50% growth compared to the previous year, alongside EBITDA of $12 million — marking the company’s maiden annual profit.
  • Forward-looking 2026 projections disappointed investors: EVgo anticipates $410M–$470M in revenue with breakeven EBITDA, falling short of analyst expectations calling for $478M revenue and $33M EBITDA.
  • The charging network concluded 2025 with 5,100 active charging stalls, representing 25% annual growth, while DC fast chargers expanded to comprise 62% of total infrastructure.
  • US electric vehicle sales declined 36% annually during Q4 2025 following the elimination of the federal $7,500 EV tax credit, yet EVgo’s network throughput increased 18%.

EVgo surpassed earnings projections for Q4 2025, though conservative projections for 2026 pressured shares during Tuesday’s trading session. Here’s a detailed breakdown of the financial performance.


EVGO Stock Card
EVgo, Inc., EVGO

EVgo delivered fourth-quarter adjusted EBITDA of $25 million alongside revenue of $118.4 million. Analyst consensus had anticipated EBITDA of merely $2.5 million with revenue of $103 million. The comparable quarter from the previous year showed an EBITDA loss of $8.4 million with revenue of $67.5 million.

Gross margin expanded dramatically by 2,350 basis points to reach 38% during the quarter. Revenue climbed 75% compared to the same period last year.

Looking at full-year 2025 performance, EVgo produced $384 million in revenue — representing nearly 50% growth versus 2024 — while achieving EBITDA of $12 million. This milestone represents the company’s inaugural annual profit.

Despite these impressive achievements, EVGO shares declined 5.3% to $2.68 during Tuesday’s session. Market conditions proved challenging broadly, with the S&P 500 retreating 0.9%.

The source of investor concern centered on forward guidance. EVgo forecasts 2026 revenue ranging from $410 million to $470 million with breakeven EBITDA. Analyst projections had called for $478 million in revenue alongside $33 million in EBITDA. This substantial disparity captured investor attention.

Revenue expansion is anticipated to moderate to approximately 15% during 2026, compared to nearly 50% growth achieved in 2025.

What’s Driving the Network

Network throughput — representing total electricity dispensed to electric vehicles — reached 99 gigawatt-hours during Q4, climbing 18% annually. This expansion occurred against a backdrop of sharply declining US EV sales.

American consumers purchased approximately 234,000 all-electric vehicles during Q4 2025, representing a 36% annual decline. EV sales dropped below 6% of total new car sales during the quarter, falling from roughly 10% in Q3.

The federal $7,500 EV purchase tax credit concluded in September, increasing the effective cost for prospective buyers.

EVgo’s CEO Badar Khan emphasized that the business relies more heavily on the existing installed base of EVs already circulating than on quarterly new sales figures. “We are putting in charging stations where people are, where people are running errands,” Khan said.

EVgo deployed over 500 additional stalls during Q4 and concluded 2025 with 5,100 operational stalls, reflecting 25% annual growth. DC fast chargers expanded to represent 62% of the total network.

Khan highlighted that utilization per stall has increased approximately six times compared to earlier periods, while EVgo’s demand per stall runs roughly five times higher than most competitors excluding the top three market players.

NACS Expansion and Fleet Growth

EVgo continues deploying NACS connectors — the Tesla-originated charging standard — throughout its infrastructure. Numerous automakers across North America have embraced NACS, enabling more vehicles to charge at EVgo locations without requiring adapters.

The company simultaneously pursues fleet operators and rideshare companies as supplementary demand channels.

Khan recognized that aggressive network expansion generates elevated depreciation and amortization expenses, which impact net income even as EBITDA demonstrates improvement.

Entering Tuesday’s trading session, EVGO shares had declined 3% year to date while advancing 16% over the trailing 12 months.