EVgo (EVGO) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $92.3 million, up 37% year-over-year, with charging network revenue at $55.8 million (+33% YoY) and strong operational performance across public, dedicated, and eXtend networks.

• Network throughput reached 95 GWh in Q3, up 25% year-over-year, with 4,590 stalls in operation, a 25% increase year-over-year.

• Added over 149,000 new customer accounts, reaching 1.6 million total, and Autocharge+ accounted for 28% of charging sessions.

• Adjusted EBITDA improved to $(5.0) million, a $3.9 million year-over-year improvement, with break-even expected in Q4 2025.

• Cash, cash equivalents, and restricted cash totaled $201 million at quarter end, with an additional $41 million borrowed in October.

Financial highlights

• Q3 2025 revenue: $92.3M (+37% YoY); charging network revenue: $55.8M (+33% YoY); eXtend revenue: $31.9M (+46% YoY); ancillary revenue: $4.6M (+27% YoY).

• Gross profit was $12.6M, up 97% YoY; adjusted gross profit: $26.7M (+48% YoY); gross margin: 13.6% (up from 9.4%); adjusted gross margin: 28.9% (up from 26.6%).

• Adjusted EBITDA for Q3: $(5.0)M, a 44% improvement YoY; adjusted EBITDA margin improved by 780 bps to (5.4)%.

• Adjusted G&A as % of revenue: 34.3% in Q3 2025, down from 39.8% in Q3 2024.

• Cash flows from operations were $(22.8)M for Q3 2025; capital expenditures net of offsets were $4.2M, down 20% YoY.

Outlook and guidance

• 2025 baseline revenue guidance: $350M–$365M; adjusted EBITDA: $(15)M to $(8)M; potential upside to $405M revenue and $23M adjusted EBITDA.

• Adjusted EBITDA break-even expected in Q4 2025; 2026 guidance to be issued with Q4 results.

• 2025 stall deployment guidance: 1,250–1,325 new stalls, with net capex of $100M–$110M.

• Extend revenues for 2025 anticipated to be ~30% higher YoY; 2026 Extend revenues expected to be similar.

• Management anticipates an inflection point toward positive Adjusted EBITDA, supported by a fully financed growth plan and operating leverage.