EVgo (EVGO) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $110 million, up 45% year-over-year, driven by network growth, AV Hub contracts, and strong gains in both charging and non-charging segments.

• Network throughput reached 91 GWh, up 10% year-over-year, with over 200 new stalls added, bringing total stalls in operation to 5,280.

• Adjusted EBITDA was negative $7.5 million as investments continued in network expansion and next-gen charging architecture.

• Expanded partnerships with rideshare, AV, and retail sectors, with Uber agreement in progress and site host lease signings up over 300% year-over-year.

• Ended Q1 with $150 million in cash; subsequent DOE loan draw brought cash to $223 million by May 1.

Financial highlights

• Q1 2026 revenue: $110 million (+45% YoY); charging network revenue: $56 million (+18% YoY); non-charging network revenue: $53.8 million (+91% YoY).

• Extend revenue: $33 million (+41% YoY); AV and ancillary revenue: $21 million (over 300% YoY).

• Gross profit increased 39% to $13 million; gross margin declined to 11.8%.

• Adjusted gross profit: $30 million (+17% YoY); adjusted gross margin: 27.1% (down 660 bps YoY).

• Adjusted G&A as % of revenue: 33.9% (down 770 bps YoY); adjusted EBITDA margin: (6.8)%.

Outlook and guidance

• 2026 guidance reaffirmed: total revenue $410–$470 million; adjusted EBITDA $(20) million to $20 million.

• 1,400–1,650 new stalls expected in 2026, with 350–400 eXtend stalls; majority of build in H2, especially Q4.

• Q2 2026 revenue guidance: $75–$85 million; adjusted EBITDA loss of $7.5–$12.5 million.

• Management expects cash on hand to be sufficient for at least the next twelve months.

• By 2029, public stalls projected at 12,500–13,900, unchanged from prior targets.