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EVgo (EVGO)
NASDAQ:EVGO
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EVgo
(NASDAQ:EVGO)
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Rating:49Neutral
Price Target:
$2.50
▲(14.16% Upside)
Action:ReiteratedDate:03/06/26
The score is primarily held down by weak financial performance—continued losses and significant cash burn despite improving gross profitability—and bearish technical conditions. These are partly offset by a constructive earnings call (operational momentum and EBITDA improvement) and a healthier 2025 balance-sheet position, while valuation is difficult to assess due to ongoing losses and no dividend support.
Positive Factors
Strong Revenue Growth
Sustained top-line growth (50% YoY to $384M in 2025) reflects expanding customer use and market traction for EVgo’s public DC fast-charging network. Durable revenue expansion supports scale benefits, improves cash generation potential per stall, and underpins reinvestment in deployment and tech.
Improving Unit Economics
Charging gross profit turned positive and margins expanded into the high‑thirties, while top stores generate strong cash flow (> $65k annually). These structural margin improvements and high-performing site skew indicate that the network can deliver attractive unit returns as utilization scales.
Scale, Market Position & Capital Access
Network scale (multi‑thousand stalls) plus a materially improved balance sheet—stockholders’ equity positive in 2025—reduces solvency risk and supports financing alternatives. Combined with DOE and bank funding access, this strengthens EVgo’s ability to fund the multi‑year rollout and defend market position.
Negative Factors
Negative Operating Cash Flow
Despite revenue and margin progress, the business remains cash‑consuming with negative operating cash flow and steep free cash flow deficits in 2025. Persistent cash burn requires continual external funding until network cash generation fully covers expansion and fixed costs, raising financing risk.
Guidance Uncertainty & Throughput Sensitivity
A wide EBITDA guidance range highlights structural sensitivity to throughput, deployment timing, and seasonal ramping. Long‑term profitability depends on achieving sustained utilization gains; execution timing risk can materially swing results across quarters and years as new stalls take time to mature.
High CapEx Intensity & Execution Risk
Rapid scaling requires substantial, front‑loaded capital spending and concentrated cash outflows. High net CapEx per stall and concentrated quarterly spending amplify funding needs and execution risk, making unit returns and payback targets sensitive to deployment efficiency and site‑level throughput ramps.
EVgo (EVGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$657.48M
Dividend YieldN/A
Average Volume (3M)4.25M
Price to Earnings (P/E)―
Beta (1Y)1.58
Revenue Growth39.21%
EPS Growth9.08%
CountryUS
Employees329
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.04
Shares Outstanding140,283,540
10 Day Avg. Volume5,445,562
30 Day Avg. Volume4,246,922
Financial Highlights & Ratios
PEG Ratio0.38
Price to Book (P/B)1.01
Price to Sales (P/S)1.01
P/FCF Ratio-3.12
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue1.57
Enterprise Value/Gross Profit7.47
Enterprise Value/Ebitda-17.25
Forecast
1Y Price Target
$5.06Price Target Upside131.05% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.42
Revenue Forecast (FY)$445.65M
EVgo Business Overview & Revenue Model
Company DescriptionEVgo, Inc. owns and operates a direct current fast charging network in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services. It also provides ancillary services, such as customization of digital applications, charging data integration, loyalty programs, access to chargers behind parking lot, or garage, pay gates and pilots microtargeted advertising, and charging reservations; and maintenance and development and project management services through eXtendTM, including electric vehicle supply equipment installation, networking, and operations. The company was incorporated in 2010 and is based in Los Angeles, California.
How the Company Makes MoneyEVgo generates revenue primarily through the operation of its network of fast charging stations. The company earns money from customer charging fees, which can be structured on a pay-per-use basis or through membership plans that provide discounted rates for frequent users. Additionally, EVgo benefits from partnerships with automakers, which often involve collaborations to provide charging solutions for new electric vehicle models. These partnerships can include co-marketing efforts, infrastructure investment, and integration of charging solutions into the vehicle purchasing experience. Furthermore, EVgo may receive revenue from government grants and incentives aimed at promoting electric vehicle adoption and infrastructure development. Overall, the combination of direct consumer fees, strategic partnerships, and potential government support creates a diversified revenue model for the company.
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.
Data provided by:
The Fly
The FlyEVgo Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call emphasizes substantial operational progress and strong growth: record deployments, significant revenue and throughput growth, improved unit economics, and the milestone of adjusted EBITDA breakeven for 2025. Management outlines an aggressive build and technology rollout plan (NACS connectors, next-gen charging architecture) and is investing in G&A to accelerate future returns. Offsetting these positives are a wide 2026 EBITDA guidance range driven by throughput and timing sensitivity, reliance on a one-time ancillary contract buyout in 2025 results, near-term CapEx and G&A increases, and early-stage performance for NACS throughput. Overall, the positives around demand, utilization, partnerships, and profitability momentum materially outweigh the near-term execution and timing risks discussed.Q4-2025 Updates
Positive Updates
Adjusted EBITDA Breakeven and Profitability Momentum
Reached adjusted EBITDA breakeven in Q4 2025; full-year 2025 adjusted EBITDA was positive at $12,000,000 (a $44,000,000 improvement vs. 2024). Q4 adjusted EBITDA was $25,000,000 (a $33,000,000 improvement vs. prior-year quarter); management noted Q4 positivity remained after excluding a $24,000,000 ancillary contract buyout.
Strong Revenue Growth
Total revenue for FY2025 was $384,000,000, up 50% year-over-year. Q4 2025 revenue was $118,000,000, up 75% year-over-year. Charging network revenue for FY2025 was $218,000,000, up 40% YoY.
Network Usage and Throughput Expansion
Total public-network energy dispensed was 366 GWh in 2025, up 32% YoY; Q4 throughput was 99 GWh, up 18% YoY. Utilization in Q4 was 24%, ahead of the top-three average and up ~4 percentage points since Q1 2024 (while many subscale CPOs declined).
Rapid Network Deployment
Ended 2025 with ~5,100 stalls in operation after adding ~1,200 new stalls in 2025, including 500 stalls in Q4 (company's largest quarterly deployment). Guidance for 2026 calls for 1,400–1,650 total stall deployments and 1,050–1,250 new public/dedicated stalls (majority in H2).
Unit Economics and High-Performing Stores
Annualized cash flow per store in Q4 was ~$21,000 for the full network and over $65,000 for the top 15% of stalls (top 15% implies paybacks as fast as 1–2 years). Charging network gross margin expanded materially (charging gross profit margin rose into the upper thirties over recent years).
Charging Hardware and Technology Progress
Majority of network now 350 kW+ chargers (over 60% of the network). Pilot deployment of ~100 NACS (MAX) connectors in 2025 performed well; plan to add 400+ more NACS connectors in 2026 to expand addressable market (management reports MAX throughput is growing).
Strategic Partnerships and Competitive Position
Strong OEM, rideshare and retail partnerships (expanded Kroger partnership; discussions to expand partnership with Uber). Network described as the third largest and second fastest-growing U.S. CPO with 1.6 million customers and high utilization, supporting a claimed durable competitive moat.
Balance Sheet and Financing
Access to non-dilutive financing including DOE loan funding ($41,000,000 received in Oct 2025). As of 12/31/2025, commercial bank and DOE loan balances were $66,000,000 and $141,000,000 respectively; management emphasized sufficient liquidity to fund growth.
Operating Leverage and Margin Targets
Charging network gross profit increased significantly in 2025 (charging gross profit $86,000,000 and margin 39%, up 46% and 170 bps YoY). Company targets charging-network profits CAGR of 50%–60% and adjusted EBITDA CAGR of 105%–130% over the next four years, with long-term adjusted EBITDA margins goal of 25%–30%.
Negative Updates
Guidance Uncertainty and Wide EBITDA Range for 2026
2026 guidance shows total revenue $410,000,000–$470,000,000 but adjusted EBITDA range of negative $20,000,000 to positive $20,000,000, reflecting meaningful sensitivity to throughput, deployment timing, and H2-weighted ramp (two-thirds of 2026 deployments expected in H2). Q1/Q2 2026 expected to be EBITDA negative.
Reliance on One-Time Ancillary Benefit in 2025 Results
Ancillary revenues in Q4 2025 (~$31,000,000) and FY2025 ($49,000,000) were materially boosted by a $26,000,000 contract buyout from a former AV partner; management noted part of 2025 profitability relied on non-charging lines and this buyout was a one-time benefit.
NACS (MAX) Throughput Below CCS Initially
While NACS deployments are accelerating (100 in 2025, 400+ planned in 2026), throughput per NACS stall is currently lower than comparable CCS stalls at the same site; management expects throughput to rise over time via customer engagement but near-term performance lags CCS.
Increasing CapEx and Net CapEx per Stall
Full-year net capital spending for 2025 was $76,000,000, a 64% increase YoY. 2025 vintage net CapEx per stall ~ $70,000 (a slight increase vs 2024 vintage), and 61% of CapEx was spent in Q4, concentrating cash outflows.
Higher G&A and Near-Term Investment Drag
Adjusted G&A for 2026 guided to $150,000,000–$155,000,000 (~35% of revenue), up ~19% YoY at midpoint and intended to support accelerated deployment—management acknowledged these near-term investments will depress early-year profitability.
Concentration and Market Risk
Management highlighted demand concentration among the top three CPOs and noted industry VIO and EV sales growth forecasts have been volatile; slower-than-expected EV adoption or VIO growth could pressure returns and deployment cadence despite the company’s discipline.
Dependence on External Funding and Execution Risks
Although management emphasizes non-dilutive financing, additional borrowing occurred (e.g., $6,000,000 under commercial facility in Dec 2025). Rapid scaling, hardware rollouts, and software upgrades all present execution risk and require continued capital and operational bandwidth.
Company Guidance
Guidance for 2026 calls for accelerated build and a wide but clear financial range: EVgo expects to deploy 1,400–1,650 total stalls (including 1,050–1,250 new public and dedicated stalls, with roughly two‑thirds coming live in H2), roll out 400+ MAX connectors, and operationalize 350–400 Extend stalls; full‑year revenue is forecast at $410 million–$470 million with charging revenue ~70% of the mix, adjusted EBITDA guidance of negative $20 million to positive $20 million (with second‑half annualized adjusted EBITDA of up to $40 million), adjusted G&A of $150 million–$155 million (~35% of revenue), and gross capital spending in the high $100 millions up to approaching $200 million (net offsets ~17%, ~two‑thirds of capex for deployments); management emphasizes strong unit returns (target cash‑on‑cash paybacks 3–5 years, top 15% stores 1–2 years) and notes throughput sensitivity (roughly 2.5 GWh of retail throughput ≈ $1 million of adjusted EBITDA) and significant second‑half weighting as new stalls ramp.EVgo Financial Statement Overview
Summary
Revenue growth and gross profit improvement are meaningful, and equity turned positive in 2025, but the company remains unprofitable (negative EBIT/net income) with persistent negative operating cash flow and deeply negative free cash flow, implying ongoing funding needs.Income Statement
EVgo is showing strong top-line momentum, with revenue rising from $13.0M (2020) to $384.1M (2025), including ~15.3% growth in 2025. Profitability is improving but remains weak: gross profit turned positive and expanded to $80.8M in 2025 (vs. negative gross profit in 2020–2022), and operating losses have narrowed versus 2022–2023 levels. However, the company is still loss-making with negative EBIT and negative net income in each of the last four annual periods provided (2022–2025), indicating the business has not yet reached sustainable profitability.38
Negative
Balance Sheet
Leverage appears manageable on an absolute basis, with total debt of $106.9M against total assets of $964.8M in 2025. The key swing factor is equity: stockholders’ equity was negative from 2021–2024 but turned positive to $385.9M in 2025, signaling a materially improved capital position versus prior years. That said, the history of negative equity increases financial risk and highlights reliance on external capital while the company remains unprofitable.56
Neutral
Cash Flow
Cash generation remains a major pressure point. Operating cash flow is still negative in every year shown (e.g., -$7.7M in 2025), and free cash flow is deeply negative, worsening to -$124.4M in 2025 after -$102.0M in 2024 (and even larger deficits in 2022–2023). While revenue and gross profit are improving, the business is still consuming cash, implying continued funding needs until operating performance and capital spending intensity improve.24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 384.09M | 256.82M | 160.95M | 54.59M | 22.21M |
| Gross Profit | 80.78M | 29.37M | 9.71M | -5.65M | -6.83M |
| EBITDA | -34.98M | -65.78M | -101.45M | -70.28M | -31.93M |
| Net Income | -41.57M | -44.33M | -42.43M | -27.57M | -5.91M |
Balance Sheet | |||||
| Total Assets | 964.83M | 803.76M | 806.61M | 729.72M | 746.32M |
| Cash, Cash Equivalents and Short-Term Investments | 151.00M | 117.27M | 208.67M | 246.19M | 484.88M |
| Total Debt | 106.89M | 90.37M | 68.00M | 50.65M | 0.00 |
| Total Liabilities | 578.89M | 360.03M | 266.24M | 212.60M | 158.40M |
| Stockholders Equity | 385.94M | -256.11M | -160.59M | -358.10M | -1.36B |
Cash Flow | |||||
| Free Cash Flow | -124.44M | -102.04M | -195.95M | -259.05M | -94.61M |
| Operating Cash Flow | -7.73M | -7.26M | -37.05M | -58.79M | -29.60M |
| Investing Cash Flow | -116.68M | -94.47M | -143.31M | -199.71M | -87.77M |
| Financing Cash Flow | 214.65M | 13.09M | 143.02M | 19.81M | 594.63M |
EVgo Technical Analysis
Negative
2.19
Price Trends
2.90
Negative
3.17
Negative
3.59
Negative
Market Momentum
-0.21
Positive
26.37
Positive
15.49
Positive
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 2.19 is below the 20-day moving average (MA) of 2.65, below the 50-day MA of 2.90, and below the 200-day MA of 3.59, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 26.37 is Positive, neither overbought nor oversold. The STOCH value of 15.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EVGO.
EVgo Risk Analysis
EVgo disclosed 66 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
49 Neutral | $657.48M | -9.34 | 53.80% | ― | 39.21% | 9.08% | |
46 Neutral | $1.78M | 0.73 | ― | ― | -13.78% | 38.67% | |
45 Neutral | $127.02M | -0.64 | -353.75% | ― | -6.32% | 28.82% | |
41 Neutral | $1.32M | -3.25 | -3734.39% | ― | -9.58% | 86.27% |
* Consumer Cyclical Sector Average
EVGO
EVgo
2.10
-0.27
-11.39%
NAAS
NaaS Technology
2.07
-13.61
-86.80%
CHPT
ChargePoint Holdings
5.37
-7.57
-58.50%
NVVE
Nuvve Holding
0.89
-64.71
-98.64%
EVgo Corporate Events
Business Operations and StrategyExecutive/Board Changes
EVgo Appoints New CFO Keefer Lehner
Positive
Dec 11, 2025
On December 8, 2025, EVgo Inc. announced the appointment of Keefer Lehner as the new Chief Financial Officer, effective January 12, 2026, succeeding Paul Dobson who will continue as an advisor until March 2026. Lehner, with nearly 20 years of experience in finance and operations, is expected to support EVgo’s growth and profitability as the company continues to expand its EV charging infrastructure. EVgo reiterated its 2025 financial guidance, emphasizing its commitment to driving profitability and delivering long-term value.
The most recent analyst rating on (EVGO) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on EVgo stock, see the EVGO Stock Forecast page.
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.