EVgo, Inc.

For Q2 2026, EVgo reported revenue of $83 million, down 16% year over year; charging network revenue was $61 million, up 19%; eXtend revenue was $18 million, down $19 million from last year; and AV ancillary revenue was $3 million, down $6 million. Charging network gross profit was $22 million, up 15% year over year, with charging network gross margin at 36% versus 37% last year; adjusted gross profit was $26 million, down 7%, with adjusted gross margin at 32%; and adjusted EBITDA loss was $10.6 million. On a trailing 12-month basis, total energy dispensed was 384 GWh, up 16%, and charging gross margin was 39%, up 2 percentage points. For 2026, EVgo expects total revenue of $400 million to $430 million, eXtend revenue of $90 million to $95 million, AV and ancillary revenue of $40 million to $45 million, adjusted G&A of $148 million to $152 million, and adjusted EBITDA of negative $25 million to negative $5 million. The company now expects to add 1,350 to 1,625 new stalls in 2026, including 950 to 1,175 new public and AV stalls and 400 to 450 eXtend stalls.

Badar Khan framed the quarter as solid and emphasized that EVgo is scaling a durable network with strong operating leverage. His main strategic message was that the Tesla supercharger agreement, NACS expansion, and EVgo’s site-selection and site-host advantages should expand the addressable market and improve long-term economics. He also highlighted long-term opportunities beyond charging, including monetizing excess utility-connected capacity and potentially expanding into adjacencies and geography.

Keefer Lehner focused on liquidity, unit growth, and the updated 2026 outlook. He said EVgo had approximately $835 million in available liquidity at June 30, including over $630 million of available capacity on DOE and commercial bank facilities, and ended Q2 with 5,380 stalls in operation after adding 280 total new stalls and removing 175 legacy chargers. He attributed the updated guidance to a slower ramp in the 2025 cohort, lower EV sales forecasts, and later timing for 2026 cohorts, while noting that Q4 will carry about 60% of the year’s build and that 2026 adjusted G&A should be slightly better than prior guidance at $148 million to $152 million.

Analysts focused heavily on the Tesla partnership, asking why EVgo would own the chargers while Tesla builds and operates them, and how the deal affects CapEx and economics. Management said the gross CapEx per stall is broadly in line with EVgo’s existing sites, operating costs should also be broadly similar, and the main benefit is that EVgo can expand reach and revenue without material incremental growth G&A. Questions also targeted the slower ramp of the 2025 cohort; EVgo said those sites are only about 8.5 months old on a median-age basis, earlier cohorts took roughly 12 months to mature, and the cohort was affected by higher capital offsets, so underwriting has been tightened toward higher-quality locations.