EVgo (EVGO) Q4 2025 earnings summary

Executive summary

• Achieved positive Adjusted EBITDA in Q4 and full year 2025, marking a key milestone toward long-term profitability and industry leadership.

• Total revenue for 2025 reached $384 million, up 50% year-over-year, with record charging network revenues and public network throughput up 32% to 366 GWh.

• Ended 2025 with 5,100 operational stalls, a 25% increase year-over-year, after deploying over 500 new stalls in Q4, and a customer base of 1.6 million.

• Strategic focus on expanding NACS connectors and next-generation charging architecture to double the addressable market, with a successful pilot and planned rollout in 2026.

• Cash, cash equivalents, and restricted cash totaled $211 million at year-end 2025.

Financial highlights

• Q4 2025 revenue was $118 million, up 75% year-over-year; full-year revenue was $384 million, up 50%.

• Q4 Adjusted EBITDA was $24.9 million, a $33 million improvement year-over-year; full-year Adjusted EBITDA was $12 million, up $44 million, including a $24.1 million non-recurring contract closeout.

• Charging network gross profit margin in Q4 was 46%, up 560 basis points; full-year margin was 39%, up 170 basis points.

• Adjusted Gross Profit for 2025 was $140.7 million, up 86% year-over-year; Adjusted Gross Margin rose to 36.6%.

• Full-year net capital spending was $76.2 million, a 64% increase year-over-year.

Outlook and guidance

• 2026 revenue guidance: $410 million–$470 million; Adjusted EBITDA range: -$20 million to +$20 million.

• Plan to deploy 1,400–1,650 new stalls in 2026, with the majority operationalizing in the second half.

• Charging network revenue expected to be ~70% of 2026 total revenue, with quarterly growth anticipated.

• Adjusted G&A for 2026 expected at $150–$155 million, about 35% of revenue.

• Second half 2026 annualized Adjusted EBITDA expected to be up to $40 million.