EVgo Inc. Reports Strong Q1 2025 Revenue Growth

Evgo Inc. ( (EVGO) ) has released its Q1 earnings. Here is a breakdown of the information Evgo Inc. presented to its investors.

EVgo Inc. is a leading provider of public fast charging solutions in the United States, operating over 1,100 fast charging stations across more than 40 states and collaborating with various businesses to enhance electric vehicle (EV) charging infrastructure.

In its latest earnings report for the first quarter of 2025, EVgo Inc. announced a record revenue of $75.3 million, marking a 36% increase compared to the same period last year. The company also reported significant growth in its charging network revenue, which reached $47.1 million, a 49% increase year-over-year.

Key highlights from the report include a 60% increase in network throughput, reaching 83 gigawatt-hours, and the addition of over 180 new operational stalls, bringing the total to 4,240. EVgo also signed a co-development agreement with Delta Electronics to enhance its next-generation chargers and launched its first pilot site with native NACS connectors. The company added over 119,000 new customer accounts, reaching a total of 1.4 million.

Despite a net loss of $11.4 million attributable to Class A common stockholders, EVgo’s adjusted EBITDA improved by 18% compared to the previous year. The company received significant financial backing from the U.S. Department of Energy, with advances totaling $94 million to support the expansion of its fast charging network.

Looking ahead, EVgo’s management remains optimistic about achieving adjusted EBITDA breakeven in 2025 while continuing to invest in growth and next-generation charging solutions. The company reaffirms its revenue guidance for the year, projecting between $340 million and $380 million.