EVgo (EVGO)
NASDAQ:EVGO
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EVgo
(NASDAQ:EVGO)
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Rating:49Neutral
Price Target:
$2.00
▲(11.11% 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
Revenue & throughput growth
Sustained high single-digit to double-digit top-line growth and rising energy throughput indicate the core charging business is scaling. Recurring usage-based revenue and rising utilization create a larger, stickier revenue base that supports longer-term operating leverage as stall volumes grow.
Negative Factors
Persistent negative cash flow
Chronic negative operating and free cash flow means the business continues to consume capital to expand. That sustained cash burn increases reliance on external financing, constrains optionality for opportunistic deployments, and raises dilution or leverage risk until operations generate consistent positive free cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & throughput growth
Sustained high single-digit to double-digit top-line growth and rising energy throughput indicate the core charging business is scaling. Recurring usage-based revenue and rising utilization create a larger, stickier revenue base that supports longer-term operating leverage as stall volumes grow.
Read all positive factors
EVgo (EVGO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$563.55M
Dividend YieldN/A
Average Volume (3M)4.82M
Price to Earnings (P/E)―
Beta (1Y)1.65
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. Volume4,665,978
30 Day Avg. Volume4,815,950
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 Cap0.98
Enterprise Value/Revenue1.44
Enterprise Value/Gross Profit6.87
Enterprise Value/Ebitda-15.86
Forecast
1Y Price Target
$4.93Price Target Upside173.89% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-0.42
Revenue Forecast (FY)$436.33M
EVgo Business Overview & Revenue Model
Company Description
EVgo, 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 relate...
How the Company Makes Money
EVgo makes money primarily by selling EV charging and related services tied to its public fast-charging network and partner programs. Key revenue streams include: (1) Charging revenue: EVgo earns fees when drivers charge at EVgo-owned/operated sta...
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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
38
Negative
Balance Sheet
56
Neutral
Cash Flow
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
1.80
Price Trends
2.48
Negative
2.79
Negative
3.39
Negative
Market Momentum
-0.21
Negative
36.03
Neutral
47.60
Neutral
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 1.8 is below the 20-day moving average (MA) of 1.91, below the 50-day MA of 2.48, and below the 200-day MA of 3.39, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 36.03 is Neutral, neither overbought nor oversold. The STOCH value of 47.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EVGO.
EVgo Risk Analysis
EVgo disclosed 69 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 | $563.55M | -9.34 | 53.80% | ― | 39.21% | 9.08% | |
46 Neutral | $2.16M | 0.73 | ― | ― | -13.78% | 38.67% | |
45 Neutral | $119.15M | -0.64 | -353.75% | ― | -6.32% | 28.82% | |
44 Neutral | $2.75M | -0.03 | -3734.39% | ― | -9.58% | 86.27% |
* Consumer Cyclical Sector Average
EVGO
EVgo
1.80
-0.79
-30.50%
NAAS
NaaS Technology
2.51
-5.91
-70.19%
CHPT
ChargePoint Holdings
4.88
-7.05
-59.09%
NVVE
Nuvve Holding
0.52
-36.89
-98.62%
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.