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, deploying over 500 new stalls in Q4 alone.

• Customer base grew to 1.6 million, with strong network effects and high utilization rates.

• Successful pilot and planned scale-up of NACS connectors in 2026, expected to double the addressable market.

Financial highlights

• Q4 2025 revenue was $118.5 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.

• Charging network gross profit margin in Q4 was 46%, up 560 basis points; full-year margin was 39.3%.

• Ancillary revenue in Q4 benefited from a $25.9 million contract closeout payment.

• 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.

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

• Focus areas for 2026 include accelerated deployment, scaling NACS connectors, and next-gen charging architecture.