EVgo (NASDAQ:EVGO) said it reached a key profitability milestone in the fourth quarter of 2025, delivering adjusted EBITDA breakeven for the quarter and positive adjusted EBITDA for the full year, while expanding its fast-charging footprint and outlining a higher deployment pace for 2026.
Adjusted EBITDA milestone and 2025 operating highlights
Chief Executive Officer Badar Khan said that when he joined the company at the end of 2023, EVgo set a goal of being adjusted EBITDA breakeven in 2025, and the company achieved that goal in the fourth quarter. He said management is now focused on reaching what it described as a “real operating leverage inflection point” in the second half of 2026, when gross profit from charging operations—without contribution from non-charging businesses—covers adjusted G&A.
Khan emphasized the concentration of demand among the three largest U.S. charging point operators—EVgo, Tesla, and Electrify America—citing independent third-party data. He also pointed to EVgo’s customer base of 1.6 million and said the company’s per-stall demand growth has outpaced the rest of the industry excluding the top three operators.
Fourth-quarter results boosted by an ancillary contract buyout
Chief Financial Officer Keefer Lehner, who joined EVgo in mid-January, detailed fourth-quarter results including revenue of $118 million, up 75% year over year, driven by growth across charging network revenue, “extend” revenue, and ancillary revenue.
- Total charging network revenue: $64 million, up 37% year over year
- Extend revenue: $24 million, up 33%
- Ancillary revenue: roughly $31 million, up about 9x, including a $26 million contract buyout from a former autonomous vehicle partner that exited the space
Lehner said total public-network throughput in the quarter was 99 GWh, up 18% from the prior year period. Charging network gross profit was $29 million with a 46% margin, which he said was “slightly higher than our run rate” due to higher-than-usual network OEM revenues, primarily from branding revenue tied to EVgo’s GM contract and higher charging credit breakage.
Adjusted gross profit was $60 million, more than doubling year over year, with an adjusted gross margin of 51%. Adjusted G&A was $35 million, up 14%, and improved as a percentage of revenue to 30% from 46% a year earlier. Adjusted EBITDA was $25 million in the fourth quarter, a $33 million improvement versus the prior year; Lehner noted that even excluding the contract buyout, adjusted EBITDA was still positive for the quarter.
Full-year 2025: throughput growth and margin expansion
For full-year 2025, EVgo reported public-network throughput of 366 GWh, up 32% year over year. Charging network revenue totaled $218 million, up 40%, while extend revenue was $116 million, up 34%. Ancillary revenue was $49 million, up 239% year over year, also benefiting from the $26 million contract buyout.
Charging network gross profit in 2025 was $86 million with a 39% margin, up 46% and 170 basis points, respectively. The company reported adjusted gross profit of $141 million, up 86%, and adjusted EBITDA of $12 million, a $44 million improvement from the prior year.
Lehner said net capital spending was $76 million in 2025, up 64%, with 61% of the year’s capex occurring in the fourth quarter as EVgo deployed more than 500 stalls and “began laying the groundwork for accelerated growth in 2026.” He added that net capex per stall for the 2025 vintage was approximately $70,000.
NACS rollout, utilization drivers, and technology updates
Management said EVgo’s approximately 100 J3400 (NACS) connectors deployed as a 2025 pilot were successful, and the company plans to roll out more than 400 additional NACS connectors in 2026 across new sites and retrofits. Khan said the goal is to “effectively double” EVgo’s addressable market over time, while acknowledging that NACS stall throughput is currently below CCS throughput at the same sites.
In the Q&A, Khan said NACS throughput per stall has “nearly doubled since the fall,” which he said is driving confidence to accelerate deployment. He attributed the current gap versus CCS to Tesla drivers’ habits and said EVgo expects NACS usage to grow with customer communications and awareness, also highlighting EVgo’s 350 kW charging speed relative to Tesla’s 250 kW network.
EVgo also discussed customer experience initiatives, including Autocharge+, which management said now initiates 30% of charging sessions. Khan said EVgo continues targeted maintenance campaigns and is investing in next-generation charging architecture to simplify hardware, reduce failure points, improve reliability, and lower operating costs over time.
On charger technology enhancements, Khan said EVgo completed its program with Signet more than a year ago and is continuing work with Delta through 2026, expecting to be “well past the majority” of that program by mid-year.
2026 guidance: higher deployments, investment year, and a wide EBITDA range
EVgo guided to 2026 total revenue of $410 million to $470 million and adjusted EBITDA of negative $20 million to positive $20 million, with management repeatedly emphasizing a second-half weighted year as about two-thirds of 2026 stall deployments are expected to go live in the second half.
Lehner said EVgo expects to add 1,050 to 1,250 new public and dedicated stalls in 2026, and with 350 to 400 extend stalls expected to be operationalized, total 2026 deployments are expected to be 1,400 to 1,650 stalls. He said adjusted G&A is expected to be $150 million to $155 million in 2026, which he characterized as investments to support accelerated deployment and additional R&D resources for hardware, software, and firmware.
Lehner also provided a sensitivity metric, stating that roughly 2.5 GWh of retail throughput equates to approximately $1 million of adjusted EBITDA impact. He said the company expects second-half 2026 annualized adjusted EBITDA to be up to $40 million, but that Q1 and Q2 adjusted EBITDA are expected to be negative due to growth investments and the second-half weighting of new stall additions.
On capital needs, Lehner said EVgo expects 2026 capital spending in the “high $100 million up to approaching $200 million” range, with about two-thirds earmarked for 2026 deployments, and estimated capital offsets of approximately 17% on a net basis. He also said the company expects to drive gross capex per stall down in the low single digits year over year from 2025 to 2026.
During Q&A, Khan said EVgo remains focused on deploying capital with strong returns and noted the company can adjust deployment speed based on returns. He also said management is primarily focused on organic growth, while remaining open to inorganic opportunities if they can compete with organic returns.
Finally, EVgo highlighted expansion of its rideshare focus and discussions with Uber. Khan said rideshare throughput is roughly a quarter of public network throughput and has grown from around 10% four years ago. He said EVgo reached an initial agreement with Uber under which Uber would guarantee a minimum utilization level to incentivize EVgo to build new, larger stations in key urban locations, though he said more details would come once finalized. On autonomous vehicles, Khan said EVgo has 140 dedicated stalls for AV partners today, with additional stalls expected in 2026, and described current AV contract structures as fixed monthly fees without utilization exposure.
About EVgo (NASDAQ:EVGO)
EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.
The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.
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