Logo

EVGO

EVgo, Inc.

EVGO

EVgo, Inc. • NASDAQ
$3.24 ▲ 2.53% (+0.08)
Market Cap $997.86 M
52w High $7.15
52w Low $2.19
Dividend Yield 0%
P/E -8.53
Volume 2.02M
Outstanding Shares 307.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $92.299M ▼ $46.644M ▲ $-12.385M ▲ -13.418% ▼ $-0.092 ▲ $-17.743M ▼
Q2-2025 $98.03M ▲ $44.72M ▲ $-12.998M ▼ -13.259% ▲ $-0.097 ▼ $-10.443M ▼
Q1-2025 $75.287M ▲ $42.723M ▼ $-11.362M ▲ -15.092% ▲ $-0.09 ▲ $-5.569M ▲
Q4-2024 $67.513M ▼ $44.784M ▲ $-12.415M ▼ -18.389% ▼ $-0.11 $-17.265M ▼
Q3-2024 $67.535M $38.157M $-11.709M -17.338% $-0.11 $-15.204M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $181.327M ▲ $931.831M ▲ $542.606M ▲ $-428.119M ▼
Q2-2025 $176.893M ▲ $864.657M ▲ $464.077M ▲ $-230.14M ▼
Q1-2025 $150.008M ▲ $855.981M ▲ $433.107M ▲ $-36.774M ▲
Q4-2024 $117.273M ▼ $803.761M ▲ $360.03M ▲ $-256.109M ▲
Q3-2024 $153.406M $791.686M $325.9M $-344.826M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-28.356M ▼ $-22.828M ▼ $-26.152M ▲ $66.737M ▲ $17.757M ▲ $-48.98M ▼
Q2-2025 $-12.928M ▼ $14.089M ▲ $-26.197M ▼ $24.905M ▼ $12.114M ▼ $-12.11M ▲
Q1-2025 $-11.3M ▲ $-10.246M ▲ $-14.97M ▲ $75.284M ▲ $44.267M ▲ $-25.238M ▲
Q4-2024 $-12.334M ▼ $-10.505M ▼ $-16.954M ▲ $-5.435M ▼ $-32.894M ▼ $-34.19M ▼
Q3-2024 $-11.709M $12.101M $-25.753M $4.322M $-9.33M $-13.734M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Ancillary Revenue
Ancillary Revenue
 $0 ▲$10.00M ▲$0 ▼$10.00M ▲
Charging Revenue Commercial
Charging Revenue Commercial
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Charging Revenue OEM
Charging Revenue OEM
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Charging Revenue Retail
Charging Revenue Retail
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Network Revenue OEM
Network Revenue OEM
 $0 ▲$0 ▲$0 ▲$0 ▲
Regulatory Credit Sales
Regulatory Credit Sales
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement EVgo’s revenue has been growing quickly from a very small base, showing that more drivers and fleets are using its charging network each year. The company has moved from losing money on each unit of sales to now generating a modest gross profit, which is a positive sign for the core economics of the business. However, operating losses are still sizable, meaning the company is spending heavily on people, technology, and network build‑out relative to its current scale. Net losses have been narrowing somewhat, but the path to consistent profitability is still ahead of them, not behind.

Balance Sheet

Balance Sheet The balance sheet shows a young, capital‑intensive business that has invested heavily in its network. Total assets are fairly steady, but cash has declined from earlier, more cash‑rich years after the SPAC listing, reflecting ongoing spending. Reported shareholder equity is negative, which means obligations and accumulated losses outweigh the book value of assets; this is common in early‑stage infrastructure and tech companies but does increase financial risk. On the positive side, direct financial debt is still relatively modest versus the size of the asset base, suggesting the company has not over‑levered itself with traditional loans, though it remains dependent on outside capital to fund growth.

Cash Flow

Cash Flow EVgo is currently a cash‑burning business. Its day‑to‑day operations consume cash rather than generate it, although the operating shortfall has been shrinking over time. The bulk of the cash drain comes from high capital spending as the company builds and upgrades fast‑charging stations. Free cash flow is therefore meaningfully negative, indicating that growth and infrastructure expansion are being funded by previously raised cash and likely by future capital raises. The key question over time will be whether rising utilization and improving margins can bring operating cash flow into positive territory fast enough to support the network without continual external funding.

Competitive Edge

Competitive Edge EVgo occupies a strong strategic niche in fast charging, with a clear focus on high‑power public chargers rather than slower home or workplace charging. Its early entry allowed it to secure attractive locations in busy urban and travel corridors, and its owner‑operator model gives it tight control over the customer experience and uptime. Deep partnerships with major automakers, retailers, and fleet operators create a web of relationships that can steer EV drivers to its network and generate recurring usage. The acquisition of PlugShare adds a powerful data asset and brand visibility across the entire EV charging ecosystem. At the same time, the market is crowded with well‑funded competitors and influenced by policy and standards changes, so retaining this position will require continued execution and reliability, not just early‑mover status.

Innovation and R&D

Innovation and R&D Innovation at EVgo is very practical and customer‑focused rather than purely lab‑driven. The company has differentiated itself with a fully renewable energy supply, high‑power chargers, and features like Autocharge+ that make charging as simple as plugging in. Behind the scenes, tools like the Canary Model and the ReNew maintenance program use data and field testing to keep chargers more reliable and easier to fix. Looking ahead, work on next‑generation ultra‑fast charging hardware, better software, and integration of the North American Charging Standard are all aimed at keeping the network compatible with future vehicles and expectations. Overall, EVgo is leaning on software, data, and user experience improvements as much as on hardware upgrades to strengthen its edge.

Summary

EVgo is in the classic build‑out phase of an infrastructure business: revenue is rising rapidly and unit economics are improving, but meaningful operating losses and negative free cash flow show that the company is still paying heavily to grow. The balance sheet reflects this early‑stage profile, with substantial assets in place, shrinking cash reserves, and negative equity but limited use of traditional debt so far. Strategically, EVgo benefits from early scale in DC fast charging, strong partnerships, and a technology stack that emphasizes fast, easy, and reliable charging. The main opportunity is to translate this positioning and innovation into sustained utilization and positive cash generation as EV adoption grows. The main risks center on ongoing cash needs, intense competition, and the challenge of maintaining reliability and customer satisfaction as the network expands.

NEWS

November 10, 2025 · 7:00 AM UTC

EVgo Inc. Reports Third Quarter 2025 Results

Read more

October 28, 2025 · 7:00 AM UTC

EVgo to Report Third Quarter 2025 Results on November 10

Read more

September 9, 2025 · 12:17 PM UTC

Pilot, General Motors and EVgo Open Over 200 Fast Charging Locations to Power Nationwide EV Travel

Read more