Core Viewpoint - EVgo Inc. reported a fiscal third-quarter 2025 loss of 9 cents per share, aligning with analyst expectations, while quarterly revenue increased by 37% year-over-year to $92.3 million, surpassing consensus estimates [1] Financial Performance - The company’s revenue for the quarter was $92.3 million, exceeding the consensus estimate of $91.95 million [1] - EVgo raised its fiscal 2025 sales outlook from a range of $350 million-$380 million to $350 million-$405 million [3] Analyst Insights - JP Morgan analyst Bill Peterson maintained an Overweight rating on EVgo but reduced the price target from $7 to $6, citing ongoing EV demand headwinds likely to persist through 2026 [2] - Peterson anticipates that 2026 will be a transition year for EVgo, expecting full-year EBITDA positivity and second-half profitability as charging gross profit covers fixed costs [4] - The analyst predicts that first-quarter 2026 may see an EBITDA loss due to seasonal lower miles traveled, but growth is expected to accelerate thereafter, particularly in the second half of fiscal 2026 [5] Market Position and Strategy - Despite challenges, Peterson believes EVgo will gain market share as charge rates increase, with potential commercial benefits from dynamic pricing and partnerships with autonomous vehicle companies [3] - As EVgo scales, it is expected that operating leverage will improve, supporting better profitability [5]

Core Viewpoint - EVgo Inc. reported a fiscal third-quarter 2025 loss of 9 cents per share, aligning with analyst expectations, while revenue increased by 37% year-over-year to $92.3 million, surpassing consensus estimates [1] Financial Performance - The company’s quarterly revenue reached $92.3 million, exceeding the consensus estimate of $91.95 million [1] - EVgo raised its fiscal 2025 sales outlook from a range of $350 million to $380 million, now projecting between $350 million and $405 million [3] Analyst Insights - JP Morgan analyst Bill Peterson maintained an Overweight rating on EVgo but reduced the price target from $7 to $6, citing ongoing EV demand headwinds expected to persist through 2026 [2] - Peterson anticipates that 2026 will be a transition year for EVgo, predicting full-year EBITDA positivity and second-half profitability as charging gross profit covers fixed costs [4] Market Dynamics - Despite challenges, Peterson believes EVgo will gain market share as charging rates increase, with potential commercial benefits from dynamic pricing and partnerships with autonomous vehicle companies [3] - The analyst expects growth to reaccelerate after a potential EBITDA loss in the first quarter of 2026 due to seasonal factors, with a significant improvement anticipated in the second half of fiscal 2026 [5] Stock Performance - Following the earnings report, EVgo shares declined by 1.60%, trading at $3.385 [5]

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Financial Performance - Total revenue for the three months ended September 30, 2025, was $92.3 million, a 36.7% increase from $67.5 million in the same period of 2024[81] - Gross profit for the three months ended September 30, 2025, was $12.6 million, compared to $6.4 million in the same period of 2024, representing a 97.5% increase[81] - Net loss attributable to Class A common stockholders for the three months ended September 30, 2025, was $12.4 million, slightly higher than the $11.7 million loss in the same period of 2024[81] - Total revenue for the nine months ended September 30, 2025, was $265.6 million, a 40% increase from $189.3 million in the same period of 2024[272] - Gross profit for the nine months ended September 30, 2025, was $35.8 million, representing an 83% increase from $19.6 million in 2024[272] - Operating loss for the nine months ended September 30, 2025, was $98.3 million, slightly higher than the $96.5 million loss in 2024[272] - The gross margin improved to 13.5% in 2025 from 10.4% in 2024[272] Cash and Assets - Cash and cash equivalents increased to $181.3 million as of September 30, 2025, up from $117.3 million as of December 31, 2024, reflecting a 54.6% increase[76] - Total assets reached $931.8 million as of September 30, 2025, compared to $803.8 million as of December 31, 2024, marking a 15.9% increase[79] - The total cash, cash equivalents, and restricted cash at the end of the period was $201.134 million, compared to $153.406 million at the end of September 30, 2024, marking a 30.9% increase[97] Liabilities and Deficits - Total liabilities increased to $542.6 million as of September 30, 2025, up from $360.0 million as of December 31, 2024, representing a 50.7% increase[79] - The accumulated deficit increased to $428.1 million as of September 30, 2025, from $256.1 million as of December 31, 2024[79] - The company’s total stockholders' deficit was $428.1 million as of September 30, 2025, compared to $256.1 million as of December 31, 2024[79] Operational Metrics - The company reported a total charging network revenue of $55.8 million for the three months ended September 30, 2025, an increase of 32.9% from $42.0 million in the same period of 2024[81] - Network throughput on the EVgo Public Network increased to 95 GWh for the three months ended September 30, 2025, up from 76 GWh in the same period in 2024, representing a 25% growth[228] - The number of DC stalls on the EVgo Public Network increased to 3.6 thousand as of September 30, 2025, compared to 3.3 thousand in 2024, indicating a 9.1% increase[228] Expenses - General and administrative expenses for the three months ended September 30, 2025, were $43.4 million, an increase from $33.1 million in 2024[121] - Share-based compensation increased to $19.558 million for the nine months ended September 30, 2025, up from $15.473 million in 2024, reflecting a 26.8% increase[94] - Charging network cost of sales increased by $8.5 million, or 31%, to $36.1 million, driven by higher energy costs and increased maintenance activities[257] Customer and Vendor Concentration - As of September 30, 2025, one customer accounted for 31.5% of the total net accounts receivable, while for the three months ended September 30, 2025, one customer represented 34.3% of total revenue[112] - Two vendors provided 89.1% of EVgo's total charging equipment for the three months ended September 30, 2025, and 91.8% for the nine months ended September 30, 2025[114] Debt and Financing - The Company raised $153.536 million from long-term debt during the nine months ended September 30, 2025, with additional capital-build funding of $14.095 million[94] - Long-term debt as of September 30, 2025, was $157.297 million, with payments due in 2026 amounting to $1.984 million[145] - The Company entered into a Credit Agreement providing for a term facility of up to $300 million, with a $225 million committed term loan facility maturing on July 23, 2030[148] Market and Industry Trends - The electrification of fleets is a key growth area, with competition from fleet customers who may opt to install their own charging equipment[231] - The EV charging industry is becoming increasingly competitive, with factors such as charger count, locations, and customer experience influencing market share[232] - Government incentives for EVs and charging stations significantly lower effective prices, but potential reductions in these incentives could adversely impact market growth[237] Future Expectations - The Company expects to recognize $84.6 million in deferred revenue over the next several years, with $36.0 million expected to be recognized by 2029[131] - The Company has estimated operating lease commitments of $39.2 million for leases not yet possessed as of September 30, 2025[135]

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Core Insights - EVgo Inc. reported a quarterly loss of $0.09 per share, outperforming the Zacks Consensus Estimate of a loss of $0.18, marking a 50.00% earnings surprise [1] - The company generated revenues of $92.3 million for the quarter ended September 2025, which was 2.25% below the Zacks Consensus Estimate, but up from $67.54 million year-over-year [2] - EVgo has surpassed consensus EPS estimates in all four of the last quarters [2] Financial Performance - The company has shown a consistent trend of exceeding EPS estimates, with a previous quarter loss of $0.1 against an expected loss of $0.13, resulting in a surprise of +23.08% [1][2] - The current consensus EPS estimate for the upcoming quarter is -$0.16, with projected revenues of $101.04 million, and for the current fiscal year, the estimate is -$0.47 on revenues of $368.77 million [7] Market Position - EVgo shares have declined approximately 15.6% year-to-date, contrasting with the S&P 500's gain of 14.4% [3] - The Zacks Industry Rank places the Automotive - Original Equipment sector in the top 36% of over 250 Zacks industries, indicating a favorable industry outlook [8] Future Outlook - The sustainability of EVgo's stock price movement will largely depend on management's commentary during the earnings call and the revisions of earnings estimates [3][4] - The estimate revisions trend for EVgo was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [6]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [23] - Adjusted EBITDA was negative $5 million, showing a $4 million improvement compared to Q3 2024 [24] - Charging network gross margin increased to 35%, up one percentage point from the previous year [23] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [23] - Extend revenues were $32 million, delivering growth of 46% [23] - Insular revenues were approximately $5 million, up 27% [23] Market Data and Key Metrics Changes - Total energy dispensed on EVgo's network grew to 350 GWh over the trailing 12 months, a 13-fold increase since 2021 [22] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [22] Company Strategy and Development Direction - The company aims to achieve break-even adjusted EBITDA in Q4 2025, marking a significant milestone [30] - EVgo plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [21] - The focus is on site selection and maximizing returns on capital, differentiating from competitors who may prioritize federal grants over optimal site locations [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about EV sales forecasts, suggesting that actual sales may exceed current predictions due to improved vehicle affordability and performance [34] - The company anticipates continued growth in charging revenue, projecting three to four times annualized growth from current levels [9] - Management acknowledged seasonality in throughput and charge rates, particularly in winter months, but expects to see overall growth in the charging network's profitability [52] Other Important Information - The company has received $41 million from the DOE loan to accelerate the build-out of EV charging infrastructure [4] - EVgo's average daily throughput per stall has increased more than six-fold from less than 50 kWh in Q1 2022 to 295 kWh in Q3 2025 [12] - The company is actively enhancing its charging technology and infrastructure to improve performance and reduce costs [16][19] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that the number of EVs has grown significantly, and while forecasts may fluctuate, they expect higher sales than current predictions due to improved vehicle quality and affordability [34] Question: Tesla charging on the network with new cables - Management indicated that early usage data shows increased Tesla driver engagement at retrofit sites, with plans for a broader rollout in 2026 [37][38] Question: Guidance for stall deployment in 2026 - Management confirmed that the guidance for 2026 remains valid, with expectations for a doubling of public and dedicated stalls compared to 2025 [44] Question: Impact of contract closeout on future revenue - Management clarified that the contract closeout would not impact the previously provided stall guidance, as the majority of the growth is expected from public stalls [80] Question: Charging network gross margin expansion - Management explained that while margins are expanding, seasonality affects Q3 margins, and they expect continued improvement in Q4 [82]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [24] - Adjusted EBITDA was negative $5 million, an improvement of $4 million compared to Q3 2024 [24] - Charging network gross margin increased to 35%, up one percentage point from the previous year [24] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [24] - eXtend revenues were $32 million, delivering growth of 46% [24] - Insular revenues were approximately $5 million, up 27% [24] Market Data and Key Metrics Changes - Total energy dispensed on EVgo's network grew to 350 gigawatt-hours over the trailing 12 months, a 13-fold increase since 2021 [22] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [22] Company Strategy and Development Direction - EVgo aims to achieve break-even adjusted EBITDA in Q4 2025, with a long-term goal of $500 million in adjusted EBITDA by 2029 [11][30] - The company is focused on expanding its charging network, with plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [20][21] - EVgo is enhancing its next-generation charging architecture to lower gross capex per stall by over 25% by 2029 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of EV sales, citing an increase in the number of battery electric vehicle models available [34] - The company anticipates continued strong demand for its charging services, driven by the increasing number of EVs on the road and the expansion of affordable vehicles [8] - Management noted that the charging network's profitability is expected to improve as throughput per stall increases and fixed costs are leveraged [10][24] Other Important Information - EVgo has received a $41 million advance from the DOE loan to accelerate the build-out of EV charging infrastructure [4] - The company has expanded its pilot for NACS connectors, with approximately 100 cables installed, and is seeing increased Tesla charging on its network [6][20] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that the number of EVs on the road has grown significantly, and they expect higher sales than current forecasts suggest due to improved vehicle affordability and performance [34][35] Question: Uptick in Tesla charging on the network - Management indicated that it is too early to quantify the impact but noted higher usage at sites with newly installed NACS cables [36][37] Question: Guidance for stall deployment in 2026 - Management confirmed that the guidance for 2026 remains valid, with expectations of doubling the number of public and dedicated stalls compared to 2025 [44][45] Question: Ancillary revenue impact from contract closeout - Management clarified that the contract closeout would not impact prior stall guidance, and they are still working with other partners in the autonomous vehicle space [82] Question: Charging network gross margin expansion - Management explained that while margins are expanding, seasonality affects Q3 margins, and they expect further improvement in Q4 [84][86]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [22] - Adjusted EBITDA was negative $5 million, an improvement of $4 million compared to Q3 2024 [23] - Charging network gross margin increased to 35%, up one percentage point from the previous year [22] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [22] - eXtend revenues were $32 million, delivering growth of 46% [22] - Insular revenues were approximately $5 million, up 27% [22] Market Data and Key Metrics Changes - The total energy dispensed on EVgo's network grew to 350 gigawatt-hours over the trailing 12 months, a 13-fold increase since 2021 [20] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [20] Company Strategy and Development Direction - EVgo aims to achieve adjusted EBITDA break-even in Q4 2025, marking a significant milestone for the company [28] - The company is focused on expanding its charging network, with plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [19] - EVgo is enhancing its next-generation charging architecture to improve customer experience and reduce capital expenditures per stall by over 25% by 2029 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of EV sales, noting that the number of battery electric vehicle models has increased significantly [30] - The company anticipates continued strong demand for its charging services, driven by the increasing number of EVs on the road and the expansion of affordable vehicles [6][7] - Management acknowledged potential challenges in EV demand forecasts but remains confident in the long-term growth trajectory [30] Other Important Information - EVgo has received $41 million from the DOE loan to accelerate the nationwide build-out of EV charging infrastructure [4] - The company has made significant progress in reducing net capital expenditures per stall, now expected to be $75,000 for 2025 vintage [16] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that EV sales forecasts can fluctuate but expects higher sales than current forecasts due to improved vehicle affordability and performance [30] Question: Tesla charging on EVgo network - Early data shows increased usage of Tesla vehicles at EVgo stations with the installation of NACS cables, but quantification is still in progress [32] Question: Guidance for stall deployment in 2026 - Management indicated that the guidance for public and dedicated stalls in 2026 remains at 1,350-1,500, with a focus on generating strong returns on capital [35] Question: Impact of contract closeout on revenue - The contract closeout will not affect the prior range of expectations for public and dedicated build targets [56] Question: Charging network gross margin expansion - Management expects continued expansion of charging network gross margin driven by increased usage per stall and fixed cost leverage [59]

Financial Performance - Q3 2025 revenue reached $92 million, a 37% increase compared to Q3 2024[11] - Adjusted EBITDA improved by $39 million in Q3 2025 compared to Q3 2024[11] - Charging Network Gross Margin improved by 110 bps in Q3 2025[58] - Adjusted General and Administrative Expenses as a Percentage of Revenue decreased by 550 bps in Q3 2025[59] - Adjusted EBITDA loss improved 44% in Q3 2025[59] Operational Growth - Stalls in operation increased by 25%, reaching 4,590[11] - Public network throughput increased 13x[58] - The company anticipates Adjusted EBITDA breakeven in Q4 2025[64] Strategic Initiatives - The company closed a commercial bank facility and received the first two draws[13] - The company launched additional sites with J3400 (NACS) connectors[13] - The company expects 40% capital offsets for 2025 vintage capex per stall[42]