EVgo’s first quarter results drew a positive market response, reflecting robust network expansion and increased demand for public fast charging. Revenue growth was underpinned by new site openings, partnerships with rideshare companies, and a rising share of gigawatt-hours sold, while adjusted EBITDA losses widened as the company continued investing in next-generation charging architecture. CEO Badar Khan attributed the strong performance to “increased revenues largely driven by the continued growth of our operating network, eXtend and new contracts at dedicated AV hubs locations.”
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EVgo (EVGO) Q1 CY2026 Highlights:
- Revenue: $109.5 million vs analyst estimates of $89.15 million (45.5% year-on-year growth, 22.9% beat)
- Adjusted EPS: -$0.06 vs analyst estimates of -$0.12 (49.2% beat)
- Adjusted EBITDA: -$7.48 million (-6.8% margin, 26.1% year-on-year decline)
- The company reconfirmed its revenue guidance for the full year of $440 million at the midpoint
- EBITDA guidance for the full year is $0 at the midpoint, below analyst estimates of $4.64 million
- Adjusted EBITDA Margin: -6.8%
- Market Capitalization: $279.3 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From EVgo’s Q1 Earnings Call
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Christopher Dendrinos (RBC Capital Markets) asked about the cadence of throughput growth and margin improvement. CEO Badar Khan explained that lower Q1 throughput was driven by new site ramp-up, winter storms, and legacy equipment, but expects daily throughput per store to grow for the year. CFO Keefer Lehner added that current margin compression is not structural, and long-term gross margin expectations remain unchanged.
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Christopher Dendrinos (RBC Capital Markets) followed up on NACS adoption. Khan noted that while NACS sites currently see lower utilization than CCS, throughput is rising as more drivers become familiar with the network, and broader NACS deployment should double the addressable market over time.
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Andres Sheppard (Cantor Fitzgerald) inquired about the outlook for autonomous vehicle charging demand. Khan described the AV market as in its infancy but with significant upside, emphasizing that long-term contract structures provide stable margins while the company evaluates future opportunities.
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Andres Sheppard (Cantor Fitzgerald) asked how the amended DOE loan affects liquidity and buildout pace. Khan stated that the new terms enhance liquidity, supporting disciplined capital deployment and removing restrictions that previously limited cash availability for infrastructure expansion.
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Christopher Pierce (Needham) requested insight into marketing to used EV owners. Khan explained that used EV drivers, especially those in multifamily housing, tend to use public charging more frequently, and that AI-driven customer engagement platforms help target these users effectively.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will be closely monitoring (1) the pace and geographic distribution of next-generation charger deployments, (2) the impact of rideshare and autonomous vehicle partnerships on network utilization, and (3) the adoption rate of NACS connectors across the network. We will also watch for early signs of increased demand from the expanding used EV market and any updates to capital allocation strategy.
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