EVgo (EVGO) investor relations material

Executive summary

• Achieved record Q1 2026 revenue of $110 million, up 45% year-over-year, driven by network growth, AV hub contracts, and strong gains in both charging and non-charging segments.

• Network throughput reached 91 GWh, up 10% year-over-year, with stalls in operation increasing 25% to 5,280.

• Added over 86,000 new customer accounts, surpassing 1.7 million total accounts; customer accounts increased 5.1x since 2021.

• Continued investment in next-generation charging architecture and expanded partnerships, with site host lease signings up over 300% year-over-year.

• Amended DOE Loan terms increased flexibility, eliminated redundant reserve requirements, and enhanced liquidity.

Financial highlights

• Q1 2026 revenue: $110 million (+45% YoY); charging network revenue: $56 million (+18% YoY); non-charging network revenue: $53.8 million (+91% YoY).

• Extend revenue: $33 million (+41% YoY); AV and ancillary revenue: $21 million (over 300% YoY).

• Gross profit increased 39% to $13.0 million; gross margin declined to 11.8%.

• Adjusted gross profit: $30 million (+17% YoY); adjusted gross margin: 27% (down 660 bps YoY).

• Adjusted EBITDA loss: $7.5 million in Q1 2026; adjusted EBITDA margin: (6.8)%.

Outlook and guidance

• 2026 guidance reaffirmed: total revenue $410–$470 million; adjusted EBITDA $(20) million to $20 million.

• 1,400–1,650 new stalls expected in 2026, with 70% YoY growth in public stalls; majority of build in H2.

• Q2 2026 revenue guidance: $75–$85 million; adjusted EBITDA between $(12.5) million and $(7.5) million.

• Charging network revenue to comprise ~70% of total 2026 revenue; charging revenue expected to rise each quarter.

• By 2029, public stalls projected at 12,500–13,900, unchanged from prior targets.