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  4. [8-K] EVgo Inc. Reports Material Event

EVgo (Nasdaq: EVGO) grows charging revenue but widens Q2 2026 net loss

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

EVgo Inc. reported Q2 2026 results with total revenue of $82.6 million, down 16% year-over-year, as non-charging revenue declined sharply, while charging network revenue grew 19% to $61.4 million, marking the 18th consecutive quarter of double-digit charging growth. Network throughput reached 99 GWh, up 13% year-over-year, and stalls in operation increased 24% to 5,380, including strong growth in the eXtend network.

Profitability remained pressured: gross profit fell to $7.3 million with gross margin compressing to 8.9%, and GAAP net loss widened to $46.3 million (net loss margin 56.1%). Adjusted EBITDA was a loss of $10.6 million versus a $1.9 million loss a year earlier. For the first half of 2026, operating cash flow was a $41.9 million outflow and GAAP capital expenditures were $64.4 million, funded in part by higher long-term debt.

EVgo ended June 30, 2026 with $197.7 million in cash, cash equivalents and restricted cash and total assets of $966.9 million. The company updated 2026 guidance to total revenue of $400–$430 million, total new stalls of 1,350–1,625, and Adjusted EBITDA between a $25 million and $5 million loss. Operational highlights included an agreement with Tesla to deploy EVgo-branded V4 Superchargers and progress on next-generation charging architecture. Separately, Nasdaq filed a Form 25 on July 1, 2026 to delist EVgo’s redeemable warrants, with deregistration under the Exchange Act to follow.

Positive

  • Charging network revenue up 19% to $61.4 million, marking the 18th consecutive quarter of double-digit charging revenue growth, with total stalls in operation rising 24% year-over-year to 5,380 and network throughput increasing 13% to 99 GWh.

Negative

  • Total revenue declined 16% to $82.6 million as non-charging revenue fell 54%, while GAAP net loss widened 55% to $46.3 million and year-to-date operating cash flow shifted from a $3.8 million inflow to a $41.9 million outflow.

Filing Explained

At June 30, 2026, EVgo reported 140,390,001 Class A shares versus 134,717,984 at year-end, expanding the ownership base.

Form 8-K reports specified material events, and this filing furnishes EVgo’s second-quarter results under Item 2.02. The filing states that the results and Exhibit 99.1 are furnished rather than filed for Section 18 purposes.

Its balance sheet reports 140,390,001 Class A shares issued and outstanding at June 30, 2026, versus 134,717,984 at December 31, 2025; Class B shares remained 172,800,000. If the higher Class A count reflects additional issuance, the larger total share count reduces an existing holder’s percentage ownership absent offsetting changes, but this filing does not identify the event producing the difference.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Total Revenue 82,648 Revenue for the quarter ended June 30, 2026 (dollars in thousands), down 16% year-over-year
Q2 2026 Charging Network Revenue 61,421 Total charging network revenue for Q2 2026 (dollars in thousands), up 19% year-over-year
Q2 2026 Net Loss 46,342 GAAP net loss for the quarter ended June 30, 2026 (dollars in thousands), 55% higher year-over-year
Q2 2026 Adjusted EBITDA -10,573 Adjusted EBITDA for Q2 2026 (dollars in thousands), versus -1,933 a year earlier
Network Throughput Q2 2026 99 GWh Total network throughput in the second quarter of 2026, up 13% year-over-year
Stalls in Operation 5,380 Total stalls in operation as of June 30, 2026, 24% higher than 4,350 a year earlier
Cash and Restricted Cash 197,650 Total cash, cash equivalents and restricted cash as of June 30, 2026 (dollars in thousands)
2026 Revenue Guidance 400–430 Full-year 2026 total revenue guidance range (in millions of dollars)
Adjusted EBITDA financial
"Adjusted EBITDA 1 | $ | (10,573) | | $ | (1,933)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
redeemable noncontrolling interest financial
"Redeemable noncontrolling interest | $ | 330,048"
A redeemable noncontrolling interest is a minority ownership stake in a business that the minority owner can require to be bought back for cash or that must be redeemed under set conditions. Investors care because it is not permanent equity: it represents a foreseeable cash obligation and can reduce the parent company’s reported equity and available cash, much like a loan from a roommate you must repay on request rather than shared ownership of the house.
warrant liabilities financial
"Warrant liabilities, at fair value | 168 | | | 1,370"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
capital-build funding financial
"Proceeds from capital-build funding | 5,170 | | | 7,180"
Alternative Fuel Vehicle Refueling Property Credit regulatory
"termination of the Alternative Fuel Vehicle Refueling Property Credit"
NACS connectors technical
"J3400 (NACS) Connectors: 240 NACS connectors in operation"
NACS connectors are the plug and socket design used for electric vehicle fast charging in North America, defining the physical shape, electrical contacts and communication signals between a car and a charger. Think of it as a standardized wall outlet for EVs; widespread use matters to investors because it reduces compatibility barriers, concentrates charging demand on certain networks and equipment, and influences costs, revenue potential and competitive dynamics in charging infrastructure and automotive supply chains.
Q2 2026 Revenue 82,648 (dollars in thousands) (16)% vs Q2 2025
Q2 2026 Net Loss 46,342 (dollars in thousands) 55% higher vs Q2 2025
Q2 2026 Adjusted EBITDA (10,573) (dollars in thousands) 447% more negative vs Q2 2025
Network Throughput 99 GWh 13% increase vs Q2 2025
Guidance

Full-year 2026 guidance: total new stalls 1,350–1,625; total revenue $400–$430 million; Adjusted EBITDA between $(25) million and $(5) million.

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FAQ

How did EVgo (EVGO) perform financially in Q2 2026?
EVgo reported Q2 2026 revenue of $82.6 million, down 16% year-over-year, as non-charging revenue fell 54%, while charging network revenue grew 19% to $61.4 million. GAAP net loss increased to $46.3 million, with a net loss margin of 56.1%.

What were EVgo’s (EVGO) key operating metrics in Q2 2026?
EVgo’s network throughput reached 99 GWh, up 13% year-over-year, and total stalls in operation increased 24% to 5,380. Average daily throughput per public-network stall was 276 kWh, and total customer accounts exceeded 1.8 million.

What 2026 guidance did EVgo (EVGO) provide with this report?
EVgo updated 2026 guidance to total revenue of $400–$430 million, total new stalls of 1,350–1,625, and Adjusted EBITDA between a $25 million and $5 million loss. The company expects Q1 and Q4 2026 to be strongest for non-charging revenue.

How is EVgo’s (EVGO) balance sheet and cash position as of June 30, 2026?
As of June 30, 2026, EVgo held $121.8 million in cash and cash equivalents plus $75.8 million of restricted cash, for total cash and restricted cash of $197.7 million. Total assets were $966.9 million and total liabilities $657.3 million.

What major strategic developments did EVgo (EVGO) highlight in Q2 2026?
EVgo signed an agreement with Tesla to deploy EVgo-owned V4 Superchargers starting in 2026, each site with up to 20 stalls. The company also finalized design and testing of its next generation charging equipment and expanded to 240 NACS connectors in operation.

What did EVgo (EVGO) disclose about its Nasdaq-listed warrants?
Nasdaq Stock Market LLC filed a Form 25 on July 1, 2026 to delist EVgo’s redeemable warrants from trading and remove them from registration under Section 12(b). The delisting became effective 10 days later, with deregistration effective 90 days after the filing, subject to SEC determination.

How did EVgo’s (EVGO) profitability metrics change year-over-year in Q2 2026?
Q2 2026 gross profit fell to $7.3 million and gross margin to 8.9% from 14.2%. Adjusted EBITDA loss widened to $10.6 million from $1.9 million, while Adjusted Gross Margin improved to 31.8% from 28.9% due to lower adjusted cost of sales.
0001821159FALSE00018211592026-08-052026-08-050001821159us-gaap:CommonClassAMember2026-08-052026-08-050001821159evgo:RedeemableWarrantsForClassCommonStockMember2026-08-052026-08-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2026
EVgo Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3957285-2326098
(State or other jurisdiction of
incorporation)		(Commission File Number)(I.R.S. Employer
Identification No.)
1661 East Franklin Avenue
El Segundo, CA
90245
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (877) 494-3833
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Shares of Class A common stock, $0.0001 par value per shareEVGOThe Nasdaq Global Select Market
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
EVGOW(1)
(1)
(1)On July 1, 2026, Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission (the “SEC”) to delist EVgo Inc.’s redeemable warrants from trading and to remove such securities from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The delisting became effective 10 days after the filing of the Form 25. In accordance with Rule 12d2-2 of the Exchange Act, the de-registration of EVgo Inc.’s redeemable warrants under Section 12(b) of the Exchange Act will become effective 90 days, or such shorter period as the SEC may determine, after the date of the Form 25 filing.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02. Results of Operations and Financial Condition.
On August 5, 2026, EVgo Inc. (the “Company”) issued a press release, announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information furnished under Item 2.02 of this Current Report on Form 8-K (including exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
Number		Description
99.1
Press Release, dated August 5, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
EVgo Inc.
Date: August 5, 2026
By:
/s/ Keefer Lehner
Name:Keefer Lehner
Title:Chief Financial Officer
2

Exhibit 99.1
evgo-20260303xex99d1001a.jpg
EVgo Inc. Reports Second Quarter 2026 Results
Total Q2 Charging Network Revenues Increased 19% Year-Over-Year

•Charging network revenue totaled $61 million in the second quarter, an increase of 19% year-over-year, representing the 18th consecutive quarter of double-digit year-over-year charging revenue growth.
•Network throughput reached 99 gigawatt-hours (“GWh”) in the second quarter, an increase of 13% year-over-year.
•Ended the second quarter with 5,380 stalls in operation, an increase of 24% year-over-year.
•Signed agreement with Tesla to deploy EVgo Superchargers
LOS ANGELES – August 5, 2026 — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs), announced results for the second quarter ended June 30, 2026. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights.
"EVgo delivered another quarter of solid execution, with 19% charging network revenue growth and continued expansion of our nationwide fast-charging platform," said Badar Khan, CEO of EVgo. "Our recently announced
agreement with Tesla underscores the strength of our strategy and our commitment to providing widespread charging infrastructure to the growing EV driver population. Our confidence in EVgo’s long-term opportunity has never been stronger thanks to the scale of our network, our differentiated business model and strong utilization and non-dilutive financing sources. As a result, EVgo represents a uniquely differentiated growth profile at an attractive valuation for shareholders."

Business Highlights
•EVgo Superchargers: EVgo and Tesla signed an agreement to deploy EVgo-owned and branded V4 Superchargers starting in 2026. Each site is expected to have up to 20 stalls located near everyday destinations like retail shops and restaurants. EVgo Superchargers will appear on the in-car Tesla navigation and Tesla Trip Planner.
•Stall Development: Ended the second quarter with 5,380 stalls in operation. EVgo added 280 new DC fast charging stalls during the quarter offset by 175 removals of legacy equipment under the Company's Renew program.
•Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 276 kilowatt hours per day in the second quarter of 2026, compared to 281 kilowatt hours per day in the second quarter of 2025.
•Customer Accounts: Added over 99,000 new customer accounts in the second quarter, with over 1.8 million total customer accounts at the end of the quarter.
•J3400 (NACS) Connectors: 240 NACS connectors in operation as of July 31, 2026.
•EVgo Next Generation Charging Architecture: Finalized the design of the Company's next generation charging equipment and testing underway with demonstrated high current charging on multiple vehicle models.

1


Q2'26Q2'25ChangeQ2'26 YTDQ2'25 YTDChange
(unaudited, dollars in thousands)
Network throughput (GWh)998813%19017210%
Revenue$82,648$98,030(16)%$192,179$173,31711%
Gross profit$7,342$13,908(47)%$20,300$23,231(13)%
Gross margin8.9%14.2%(530) bps10.6%13.4%(280) bps
Net loss$(46,342)$(29,821)55%$(83,323)$(56,048)49%
Adjusted Gross Profit1
$26,283$28,359(7)%$55,916$53,7294%
Adjusted Gross Margin1
31.8%28.9%290 bps29.1%31.0%(190)bps
Adjusted EBITDA1
$(10,573)$(1,933)447%$(18,050)$(7,862)130%
___________________________________________________________
1Non-GAAP measure. See Appendix for reconciliation.
Q2'26Q2'25ChangeQ2'26 YTDQ2'25 YTDChange
(unaudited, dollars in thousands)
Cash flows provided by (used in) operating activities$(6,484)$14,089 (146)%$(41,852)$3,843 (1189)%
GAAP capital expenditures$33,823 $26,199 29%$64,398 $41,191 56%
Capital offsets:
OEM infrastructure payments1,352 1,898 (29)%3,567 6,873 (48)%
Proceeds from capital-build funding5,170 7,180 (28)%8,366 9,051 (8)%
Total capital offsets6,522 9,078 (28)%11,933 15,924 (25)%
Capital Expenditures, Net of Capital Offsets1
$27,301 $17,121 59%$52,465 $25,267 108%
___________________________________________________________
1Non-GAAP measure. See Appendix for reconciliation.
6/30/20266/30/2025Change
Stalls in operation:
EVgo public network1
3,9303,48013%
EVgo AV network2
1201109%
EVgo eXtend™ 3
1,33076075%
Total stalls in operation5,3804,35024%
___________________________________________________________
1 Stalls at publicly available charging stations that we own and operate on our network.
2 Stalls at charging stations that we own and operate on our network that are only available to AV fleet customers.
3 Stalls at eXtend are EV charging stations built via partnerships for use by their customers with assets serviced through, and often cobranded with, our national network.

2026 Guidance
EVgo is updating full year 2026 guidance as follows:
•Total new stalls of 1,350 - 1,625
•Total revenue of $400 – $430 million
•Adjusted EBITDA* of $(25) million – $(5) million
The Company expects Q1 and Q4 2026 to be the strongest quarters of the year for non-charging revenue.
__________________________________________________________
*A reconciliation of projected Adjusted EBITDA (non-GAAP) to net loss, the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.
2

Webcast Information
A live audio webcast for EVgo’s second quarter 2026 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com.
This press release, along with other investor materials that will be used or referred to during the webcast, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,200 fast charging stations across 47 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo’s future financial and operating performance, including full year 2026 guidance ranges and potential drivers thereof; EVgo’s future profitability and priorities; EVgo’s long-term value creation opportunities and addressable market, including pace of deployment, scaling of NACS connectors, enhancements to the customer experience, and key agreements and partnerships, including with Tesla; EVgo’s development of next generation charging architecture and deployment of Tesla Superchargers; EVgo’s progress on its network buildout; EVgo's financing facilities, including its commercial bank facility and debt financing from the U.S. Department of Energy; and the growth of the autonomous vehicle and rideshare markets. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes adversely affecting EVgo’s business; EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo’s reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the “DOE Loan”) and its credit facility and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal
3

proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo’s ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, evolving tariff or other changes in trade policy and geopolitical events such as global conflict in Ukraine and tensions in the Middle East region. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.
4


EVgo Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
June 30, 2026December 31, 2025
(in thousands)(unaudited)
Assets
Current assets
Cash and cash equivalents$121,822 $151,000 
Restricted cash, current61,684 49,519 
Accounts receivable, net of allowance of $32 and $75 as of June 30, 2026 and December 31, 2025, respectively29,349 38,628 
Accounts receivable, capital-build15,481 19,461 
Prepaids and other current assets44,488 37,872 
Total current assets272,824 296,480 
Restricted cash, noncurrent14,144 10,227 
Property, equipment and software, net469,281 460,747 
Operating lease right-of-use assets114,412 102,966 
Other assets35,161 30,937 
Intangible assets, net30,031 32,421 
Goodwill31,052 31,052 
Total assets$966,905 $964,830 
Liabilities, redeemable noncontrolling interest and stockholders’ deficit
Current liabilities
Accounts payable$12,383 $7,582 
Accrued liabilities49,191 59,924 
Operating lease liabilities, current9,720 7,765 
Deferred revenue, current45,849 55,060 
Warrant liabilities, at fair value168 1,370 
Long-term debt, current3,580 2,146 
Other current liabilities3,802 1,475 
Total current liabilities124,693 135,322 
Operating lease liabilities, noncurrent108,585 96,983 
Asset retirement obligations33,411 30,868 
Capital-build liability53,374 55,820 
Deferred revenue, noncurrent41,155 47,711 
Long-term debt, noncurrent293,670 204,316 
Other long-term liabilities2,419 7,866 
Total liabilities657,307 578,886 
5

June 30, 2026December 31, 2025
(in thousands, except share data)(unaudited)
Redeemable noncontrolling interest$330,048 $502,848 
Stockholders’ deficit
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding
— — 
Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 140,390,001 and 134,717,984 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of June 30, 2026 and December 31, 2025, respectively
14 13 
Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 172,800,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025
17 17 
Additional paid-in capital— 7,753 
Accumulated deficit(20,443)(124,687)
Accumulated other comprehensive loss(38)— 
Total stockholders’ deficit(20,450)(116,904)
Total liabilities, redeemable noncontrolling interest and stockholders’ deficit$966,905 $964,830 
6

EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share data)20262025Change %20262025Change %
Revenue
Total charging network$61,421 $51,828 19%$117,138 $98,926 18 %
Non-charging network
eXtend 18,017 37,385 (52)%51,204 60,873 (16)%
AV and ancillary3,210 8,817 (64)%23,837 13,518 76 %
Total non-charging network21,227 46,202 (54)%75,041 74,391 1 %
Total revenue82,648 98,030 (16)%192,179 173,317 11 %
Cost of sales
Charging network39,247 32,545 21%74,846 62,154 20 %
Other17,217 37,235 (54)%61,615 57,635 7 %
Depreciation, net of capital-build amortization18,842 14,342 31%35,418 30,297 17 %
Total cost of sales75,306 84,122 (10)%171,879 150,086 15 %
Gross profit7,342 13,908 (47)%20,300 23,231 (13)%
Operating expenses
General and administrative44,358 40,596 9%90,363 79,224 14 %
Depreciation, amortization and accretion3,132 4,124 (24)%6,430 8,219 (22)%
Total operating expenses47,490 44,720 6%96,793 87,443 11 %
Operating loss(40,148)(30,812)30%(76,493)(64,212)19 %
Other (expense) income, net
Interest expense(8,153)(909)797%(11,123)(1,426)680 %
Interest income1,433 1,718 (17)%2,813 3,412 (18)%
Other income, net8 5 60%18 — *
Change in fair value of earnout liability— (180)(100)%22 568 (96)%
Change in fair value of warrant liabilities268 360 (26)%1,202 5,704 (79)%
Total other (expense) income, net(6,444)994 (748)%(7,068)8,258 (186)%
Loss before income tax expense(46,592)(29,818)56%(83,561)(55,954)49 %
Income tax benefit (expense)250 (3)*238 (94)(353)%
Net loss(46,342)(29,821)55%(83,323)(56,048)49 %
Less: net loss attributable to redeemable noncontrolling interest(25,569)(16,823)52%(46,129)(31,688)46 %
Net loss attributable to Class A common stockholders$(20,773)$(12,998)60%$(37,194)$(24,360)53 %
Net loss per share attributable to Class A common stockholders, basic and diluted$(0.15)$(0.10)$(0.27)$(0.18)
Weighted average Class A common stock outstanding, basic and diluted140,364 133,484139,153 132,644
___________________________________________________________
* Percentage greater than 999% or not meaningful.
7

EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
Six Months Ended June 30,
(in thousands)20262025
Cash flows from operating activities
Net loss$(83,323)$(56,048)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation, amortization and accretion41,848 38,516 
Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense6,695 4,518 
Share-based compensation7,541 12,525 
Bad debt expense1,907 651 
Change in fair value of earnout liability(22)(568)
Change in fair value of warrant liabilities(1,202)(5,704)
Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest8,369 1,401 
Gain on sales-type lease(4,235)(2,500)
Other553 83 
Changes in operating assets and liabilities
Accounts receivable, net7,372 13,337 
Prepaids and other current assets and other assets(9,331)(4,643)
Operating lease assets and liabilities, net2,112 (121)
Accounts payable2,715 (4,875)
Accrued liabilities(6,847)8,737 
Deferred revenue(15,766)(224)
Other current and noncurrent liabilities(238)(1,242)
Net cash (used in) provided by operating activities(41,852)3,843 
Cash flows from investing activities
Capital expenditures(64,398)(41,191)
Proceeds from insurance for property losses63 24 
Net cash used in investing activities(64,335)(41,167)
Cash flows from financing activities
Proceeds from long-term debt86,589 94,180 
Payments on long-term debt(500)— 
Proceeds from capital-build funding8,366 9,051 
Payments of withholding tax on net issuance of restricted stock units(991)(529)
Payments of deferred debt issuance costs(373)(2,513)
Net cash provided by financing activities93,091 100,189 
Net (decrease) increase in cash, cash equivalents and restricted cash(13,096)62,865 
Cash, cash equivalents and restricted cash, beginning of period210,746 120,512 
Cash, cash equivalents and restricted cash, end of period$197,650 $183,377 

8

Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results.
EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business.
For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures.”
Definitions of Non-GAAP Financial Measures
This release includes the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin,” “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Capital Expenditures, Net of Capital Offsets.” With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that are complete under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM’s customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo’s performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.
Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.
EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as
9

a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest expense, (v) interest income, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph.
10

Reconciliations of Non-GAAP Financial Measures
The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:
Three Months Ended June 30,Six Months Ended June 30,
(unaudited, dollars in thousands)20262025Change20262025Change
GAAP revenue$82,648$98,030(16)%$192,179 $173,31711 %
GAAP net loss$(46,342)$(29,821)55 %$(83,323)$(56,048)49 %
GAAP net loss margin(56.1)%(30.4)%(2,570) bps(43.4)%(32.3)%(1,110) bps
EBITDA adjustments:
Depreciation, net of capital-build amortization$18,993$14,41732 %$35,767$30,45617 %
Amortization2,2633,330(32)%4,5676,754(32)%
Accretion719719— %1,5141,30616 %
Interest expense8,153909797 %11,1231,426680 %
Interest income(1,433)(1,718)(17)%(2,813)(3,412)(18)%
Income tax (benefit) expense(250)3*(238)94(353)%
Total EBITDA adjustments28,44517,66061 %49,92036,62436 %
EBITDA$(17,897)$(12,161)47 %$(33,403)$(19,424)72 %
EBITDA Margin(21.7)%(12.4)%(930) bps(17.4)%(11.2)%(620) bps
Adjusted EBITDA Adjustments:
Share-based compensation$3,296$7,031(53)%$7,541$12,525(40)%
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense2,9343,319(12)%6,6954,51848 %
Bad debt expense91858*1,907651193 %
Change in fair value of earnout liability—180*(22)(568)*
Change in fair value of warrant liabilities(268)(360)(26)%(1,202)(5,704)(79)%
Severance and related expenses117—*117—*
Executive transition costs327—*327—*
Other¹——*(10)140*
Total Adjusted EBITDA adjustments7,32410,228(28)%15,35311,56233 %
Adjusted EBITDA$(10,573)$(1,933)447 %$(18,050)$(7,862)130 %
Adjusted EBITDA Margin(12.8)%(2.0)%(1,080) bps(9.4)%(4.5)%(490) bps
___________________________________________________________
1 For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.
* Percentage greater than 999% or not meaningful.


11

The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures:
Three Months Ended June 30,Six Months Ended June 30,
(unaudited, dollars in thousands)20262025Change20262025Change
GAAP total charging network revenue$61,421$51,82819 %$117,138$98,92618 %
GAAP charging network cost of sales39,24732,54521 %74,84662,15420 %
Charging Network Gross Profit$22,174$19,28315 %$42,292$36,77215 %
Charging Network Gross Margin36.1%37.2%(110) bps36.1%37.2%(110) bps
The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:
Three Months Ended June 30,Six Months Ended June 30,
(unaudited, dollars in thousands)20262025Change20262025Change
GAAP revenue$82,648$98,030(16)%$192,179$173,31711 %
GAAP cost of sales75,30684,122(10)%171,879150,08615 %
GAAP gross profit$7,342$13,908(47)%$20,300$23,231(13)%
GAAP cost of sales as a percentage of revenue91.1%85.8%530 bps89.4%86.6%280 bps
GAAP gross margin8.9%14.2%(530) bps10.6%13.4%(280) bps
Adjusted Cost of Sales adjustments
Depreciation, net of capital-build amortization$18,842$14,34231 %$35,418$30,29717 %
Share-based compensation99109(9)%198201(1)%
Total Adjusted Cost of Sales adjustments$18,941$14,45131 %$35,616$30,49817 %
Adjusted Cost of Sales$56,365$69,671(19)%$136,263$119,58814 %
Adjusted Cost of Sales as a Percentage of Revenue68.2%71.1 %(290) bps70.9%69.0%190 bps
Adjusted Gross Profit$26,283$28,359(7)%$55,916$53,7294 %
Adjusted Gross Margin31.8%28.9%290 bps29.1%31.0%(190) bps
12

The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:
Three Months Ended June 30,Six Months Ended June 30,
(unaudited, dollars in thousands)20262025Change20262025Change
GAAP revenue$82,648$98,030(16)%$192,179$173,31711 %
GAAP general and administrative expenses$44,358$40,5969 %$90,363$79,22414 %
GAAP general and administrative expenses as a percentage of revenue53.7%41.4%1,230 bps47.0%45.7%130 bps
Adjustments:
Share-based compensation3,1976,922(54)%7,34312,324(40)%
Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense2,9343,319(12)%6,6954,51848 %
Bad debt expense91858*1,907651193 %
Severance and related expenses117—*117—*
Executive transition costs327—*327—*
Other1
——*(10)140(107)%
Total adjustments7,49310,299(27)%16,37917,633(7)%
Adjusted General and Administrative Expenses$36,865$30,29722 %$73,984$61,59120 %
Adjusted General and Administrative Expenses as a Percentage of Revenue44.6%30.9%1,370 bps38.5%35.5%300 bps
___________________________________________________________
1For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.
* Percentage greater than 999% or not meaningful.

The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands)20262025Change20262025Change
GAAP capital expenditures$33,823 $26,199 29 %$64,398 $41,191 56 %
Capital offsets:
OEM infrastructure payments1,352 1,898 (29)%3,567 6,873 (48)%
Proceeds from capital-build funding5,170 7,180 (28)%8,366 9,051 (8)%
Total capital offsets6,522 9,078 (28)%11,933 15,924 (25)%
Capital Expenditures, Net of Capital Offsets$27,301 $17,121 59 %$52,465 $25,267 108 %


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investors@evgo.com
For media:
press@evgo.com
13

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