[8-K] EVgo Inc. Reports Material Event
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
EVgo Inc. reported strong top-line growth for the first quarter of 2026 while remaining unprofitable. Total Q1 revenue was $110 million, up 45% year-over-year, with charging network revenue of $55.7 million, an 18% increase, and non-charging revenue of $53.8 million, up 91%.
Network throughput reached 91 GWh, up 10%, and total stalls in operation grew to 5,280, a 25% increase. Gross profit was $13.0 million with an 11.8% gross margin, while net loss widened to $37.0 million and loss per Class A share was $0.12.
Operating cash outflow was $35.4 million and GAAP capital expenditures were $30.6 million. Cash, cash equivalents and restricted cash totaled $150.0 million at quarter end. EVgo amended its DOE loan to $750 million and reaffirmed full-year 2026 revenue guidance of $410–$470 million with Adjusted EBITDA between $(20) million and $20 million.
Positive
- None.
Negative
- None.
Insights
EVgo is growing rapidly but still burning cash and posting losses.
EVgo delivered Q1 2026 revenue of $110 million, up 45% year-over-year, with charging network revenue up 18% and non-charging revenue up 91%. Network throughput rose to 91 GWh and total stalls in operation increased 25% to 5,280, showing continued scaling of infrastructure.
Profitability remains a challenge. Gross margin was 11.8% and net loss widened to $36.98 million, while Adjusted EBITDA was a loss of $7.48 million. Cash flows used in operating activities reached $35.37 million, and GAAP capital expenditures were $30.58 million, indicating significant ongoing investment alongside cash burn.
Management reaffirmed 2026 guidance for revenue of $410–$470 million and Adjusted EBITDA between $(20) million and $20 million, and amended its DOE loan to $750 million. Subsequent filings may clarify how revenue growth, capital intensity and the DOE financing influence the path toward breakeven Adjusted EBITDA for periods such as full year 2026.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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.
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): May 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (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:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-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 class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 May 5, 2026, EVgo Inc. (the “Company”) issued a press release, announcing its financial results for the first quarter ended March 31, 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 May 5, 2026. | |||||||
| 104 | Cover 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: May 5, 2026 | By: | /s/ Keefer Lehner | ||||||
| Name: | Keefer Lehner | |||||||
| Title: | Chief Financial Officer | |||||||
2
Exhibit 99.1
EVgo Inc. Reports First Quarter 2026 Results with Record First Quarter Revenues
Total Q1 Revenues Increased 45% Year-Over-Year
•Total revenue of $110 million in the first quarter, representing an increase of 45% year-over-year.
•Charging network revenue totaled $56 million in the first quarter, an increase of 18% year-over-year, representing the 17th consecutive quarter of double-digit year-over-year charging revenue growth.
•Network throughput reached 91 gigawatt-hours (“GWh”) in the first quarter, an increase of 10% year-over-year.
•Ended the first quarter with 5,280 stalls in operation, an increase of 25% year-over-year.
LOS ANGELES – May 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 first quarter ended March 31, 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 a strong start to 2026 with record first quarter revenues driven by continued growth across our network and disciplined execution against our strategy,” said Badar Khan, CEO of EVgo. “We are pleased to move forward with an amended DOE loan as we continue scaling the network, expanding NACS availability, advancing key rideshare and site host partnerships and progressing our next-generation charging infrastructure, all while maintaining a strong balance sheet. As market dynamics continue to evolve and with significant deployment activity ahead, we are well-positioned to capitalize on the opportunities in front of us as we build critical charging infrastructure and strengthen EVgo’s leadership position in fast charging.”
Business Highlights
•Stall Development: The Company ended the first quarter with 5,280 stalls in operation. EVgo added over 200 new DC fast charging stalls during the quarter.
•Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 257 kilowatt hours per day in the first quarter of 2026, compared to 266 kilowatt hours per day in the first quarter of 2025.
•Customer Accounts: Added over 86,000 new customer accounts in the first quarter, with over 1.7 million total customer accounts at the end of the quarter.
•J3400 (NACS) Connectors: NACS connectors in operation at over 100 stalls in total as of April 30, 2026.
•Financing Update: The Company amended its DOE Loan to $750 million (which includes $625 million in borrowings and up to $125 million in capitalized interest) in April 2026.1
1 For additional information regarding the amendment of the DOE Loan, see the Company’s Form 10‑Q filed on May 5, 2026.
1
| Q1'26 | Q1'25 | Change | |||||||||||||||
| (unaudited, dollars in thousands) | |||||||||||||||||
| Network throughput (GWh) | 91 | 83 | 10% | ||||||||||||||
| Revenue | $ | 109,531 | $ | 75,287 | 45% | ||||||||||||
| Gross profit | $ | 12,957 | $ | 9,323 | 39% | ||||||||||||
| Gross margin | 11.8 | % | 12.4 | % | (60) bps | ||||||||||||
| Net loss | $ | (36,980) | $ | (26,227) | 41% | ||||||||||||
Adjusted Gross Profit1 | $ | 29,633 | $ | 25,370 | 17% | ||||||||||||
Adjusted Gross Margin1 | 27.1 | % | 33.7 | % | (660) bps | ||||||||||||
Adjusted EBITDA1 | $ | (7,475) | $ | (5,929) | 26% | ||||||||||||
___________________________________________________________
1Non-GAAP measure. See Appendix for reconciliation.
| Q1'26 | Q1'25 | Change | |||||||||||||||
| (unaudited, dollars in thousands) | |||||||||||||||||
| Cash flows used in operating activities | $ | (35,368) | $ | (10,246) | 245% | ||||||||||||
| GAAP capital expenditures | $ | 30,575 | $ | 14,992 | 104% | ||||||||||||
| Capital offsets: | |||||||||||||||||
| OEM infrastructure payments | 2,215 | 4,975 | (55)% | ||||||||||||||
| Proceeds from capital-build funding | 3,196 | 1,871 | 71% | ||||||||||||||
| Total capital offsets | 5,411 | 6,846 | (21)% | ||||||||||||||
Capital Expenditures, Net of Capital Offsets1 | $ | 25,164 | $ | 8,146 | 209% | ||||||||||||
___________________________________________________________
1Non-GAAP measure. See Appendix for reconciliation.
| 3/31/2026 | 3/31/2025 | Change | |||||||||||||||
| Stalls in operation: | |||||||||||||||||
EVgo public network2 | 3,990 | 3,510 | 14% | ||||||||||||||
EVgo AV network3 | 120 | 110 | 9% | ||||||||||||||
EVgo eXtend™ 4 | 1,170 | 620 | 89% | ||||||||||||||
| Total stalls in operation | 5,280 | 4,240 | 25% | ||||||||||||||
___________________________________________________________
2 Stalls on publicly available chargers at charging stations that we own and operate on our network.
3 Stalls at charging stations that we own and operate on our network that are only available to AV fleet customers.
4 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 Financial Guidance
EVgo is affirming full year 2026 guidance as follows:
•Total revenue of $410 – $470 million
•Adjusted EBITDA* of $(20) million – $20 million
EVgo is initiating second quarter 2026 guidance as follows:
•Total revenue of $75 - $85 million
•Adjusted EBITDA of $(12.5) - $(7.5) million
The Company expects Q1 and Q4 2026 to be the strongest quarters of the year for non-charging revenue.
2
___________________________________________________________
*A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (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.
Webcast Information
A live audio webcast for EVgo’s first 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; EVgo’s future profitability and priorities; EVgo’s long-term value creation opportunities, including pace of deployment, scaling of NACS connectors, enhancements to the customer experience, and key partnerships, including with Kroger; EVgo’s development of next generation charging architecture; and EVgo’s progress on its network buildout. 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; the risk that the loss of EVgo’s status as an emerging growth company results in additional disclosure and compliance obligations and increases its costs and require significant management time and resources; 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
3
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 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 the 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
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in thousands) | (unaudited) | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 122,435 | $ | 151,000 | |||||||
| Restricted cash, current | 15,311 | 49,519 | |||||||||
Accounts receivable, net of allowance of $70 and $75 as of March 31, 2026 and December 31, 2025, respectively | 33,315 | 38,628 | |||||||||
| Accounts receivable, capital-build | 19,637 | 19,461 | |||||||||
| Prepaids and other current assets | 48,542 | 37,872 | |||||||||
| Total current assets | 239,240 | 296,480 | |||||||||
| Restricted cash, noncurrent | 12,253 | 10,227 | |||||||||
| Property, equipment and software, net | 452,375 | 460,747 | |||||||||
| Operating lease right-of-use assets | 109,314 | 102,966 | |||||||||
| Other assets | 44,887 | 30,937 | |||||||||
| Intangible assets, net | 31,226 | 32,421 | |||||||||
| Goodwill | 31,052 | 31,052 | |||||||||
| Total assets | $ | 920,347 | $ | 964,830 | |||||||
| Liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit) | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 13,973 | $ | 7,582 | |||||||
| Accrued liabilities | 39,920 | 59,924 | |||||||||
| Operating lease liabilities, current | 7,957 | 7,765 | |||||||||
| Deferred revenue, current | 47,800 | 55,060 | |||||||||
| Income tax payable | — | — | |||||||||
| Warrant liabilities, at fair value | 436 | 1,370 | |||||||||
| Long-term debt, current | 2,845 | 2,146 | |||||||||
| Other current liabilities | 2,741 | 1,475 | |||||||||
| Total current liabilities | 115,672 | 135,322 | |||||||||
| Operating lease liabilities, noncurrent | 102,993 | 96,983 | |||||||||
| Asset retirement obligations | 31,879 | 30,868 | |||||||||
| Capital-build liability | 55,838 | 55,820 | |||||||||
| Deferred revenue, noncurrent | 46,008 | 47,711 | |||||||||
| Earnout liability, at fair value | — | — | |||||||||
| Warrant liabilities, at fair value | — | — | |||||||||
| Long-term debt, noncurrent | 208,680 | 204,316 | |||||||||
| Other long-term liabilities | 6,615 | 7,866 | |||||||||
| Total liabilities | 567,685 | 578,886 | |||||||||
5
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in thousands, except share data) | (unaudited) | ||||||||||
| Redeemable noncontrolling interest | $ | 313,927 | $ | 502,848 | |||||||
| Stockholders’ equity (deficit) | |||||||||||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 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 March 31, 2026 and December 31, 2025; 140,061,248 and 134,717,984 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of March 31, 2026 and December 31, 2025, respectively | 14 | 13 | |||||||||
Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 172,800,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025 | 17 | 17 | |||||||||
| Additional paid-in capital | 11,450 | $ | 7,753 | ||||||||
| Retained earnings (accumulated deficit) | 27,254 | (124,687) | |||||||||
| Total stockholders’ equity (deficit) | 38,735 | (116,904) | |||||||||
| Total liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit) | $ | 920,347 | $ | 964,830 | |||||||
6
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)
| Three Months Ended March 31, | |||||||||||||||||
| (in thousands, except per share data) | 2026 | 2025 | Change % | ||||||||||||||
| Revenue | |||||||||||||||||
| Total charging network | $ | 55,717 | $ | 47,098 | 18% | ||||||||||||
| Non-charging network | |||||||||||||||||
| eXtend | 33,187 | 23,488 | 41% | ||||||||||||||
| AV and ancillary | 20,627 | 4,701 | 339% | ||||||||||||||
| Total non-charging network | 53,814 | 28,189 | 91% | ||||||||||||||
| Total revenue | 109,531 | 75,287 | 45% | ||||||||||||||
| Cost of sales | |||||||||||||||||
| Charging network | 35,599 | 29,609 | 20% | ||||||||||||||
| Other | 44,398 | 20,400 | 118% | ||||||||||||||
| Depreciation, net of capital-build amortization | 16,577 | 15,955 | 4% | ||||||||||||||
| Total cost of sales | 96,574 | 65,964 | 46% | ||||||||||||||
| Gross profit | 12,957 | 9,323 | 39% | ||||||||||||||
| Operating expenses | |||||||||||||||||
| General and administrative | 46,005 | 38,628 | 19% | ||||||||||||||
| Depreciation, amortization and accretion | 3,298 | 4,095 | (19)% | ||||||||||||||
| Total operating expenses | 49,303 | 42,723 | 15% | ||||||||||||||
| Operating loss | (36,346) | (33,400) | 9% | ||||||||||||||
| Other (expense) income, net | |||||||||||||||||
| Interest expense | (2,969) | (517) | 474% | ||||||||||||||
| Interest income | 1,380 | 1,694 | (19)% | ||||||||||||||
| Other income (expense), net | 11 | (5) | (320)% | ||||||||||||||
| Change in fair value of earnout liability | 22 | 748 | (97)% | ||||||||||||||
| Change in fair value of warrant liabilities | 934 | 5,344 | (83)% | ||||||||||||||
| Total other (expense) income, net | (622) | 7,264 | (109)% | ||||||||||||||
| Loss before income tax expense | (36,968) | (26,136) | 41% | ||||||||||||||
| Income tax expense | (12) | (91) | (87)% | ||||||||||||||
| Net loss | (36,980) | (26,227) | 41% | ||||||||||||||
| Less: net loss attributable to redeemable noncontrolling interest | (20,560) | (14,865) | 38% | ||||||||||||||
| Comprehensive loss attributable to Class A common stockholders | $ | (16,420) | $ | (11,362) | 45% | ||||||||||||
| Loss per share attributable to Class A common stockholders, basic and diluted | $ | (0.12) | $ | (0.09) | |||||||||||||
| Weighted average Class A common stock outstanding, basic and diluted | 137,928 | 131,794 | |||||||||||||||
7
EVgo Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(unaudited)
| Three Months Ended March 31, | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Cash flows from operating activities | |||||||||||
| Net loss | $ | (36,980) | $ | (26,227) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||||||
| Depreciation, amortization and accretion | 19,875 | 20,050 | |||||||||
| Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense | 3,761 | 1,199 | |||||||||
| Share-based compensation | 4,245 | 5,494 | |||||||||
| Bad debt expense | 989 | 593 | |||||||||
| Change in fair value of earnout liability | (22) | (748) | |||||||||
| Change in fair value of warrant liabilities | (934) | (5,344) | |||||||||
| Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest | 1,631 | 513 | |||||||||
| Gain on sales-type lease | (4,321) | — | |||||||||
| Other | (408) | 7 | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| Accounts receivable, net | 4,323 | 2,205 | |||||||||
| Prepaids and other current assets and other assets | (8,335) | (4,810) | |||||||||
| Operating lease assets and liabilities, net | (146) | (119) | |||||||||
| Accounts payable | 5,359 | 632 | |||||||||
| Accrued liabilities | (15,134) | (7,657) | |||||||||
| Deferred revenue | (8,963) | 4,141 | |||||||||
| Other current and noncurrent liabilities | (308) | (175) | |||||||||
| Net cash used in operating activities | (35,368) | (10,246) | |||||||||
| Cash flows from investing activities | |||||||||||
| Capital expenditures | (30,575) | (14,992) | |||||||||
| Proceeds from insurance for property losses | 13 | 22 | |||||||||
| Net cash used in investing activities | (30,562) | (14,970) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from long-term debt | 3,365 | 75,291 | |||||||||
| Payments on long-term debt | (250) | — | |||||||||
| Proceeds from capital-build funding | 3,196 | 1,871 | |||||||||
| Payments of withholding tax on net issuance of restricted stock units | (991) | (528) | |||||||||
| Payments of deferred debt issuance costs | (137) | (1,350) | |||||||||
| Net cash provided by financing activities | 5,183 | 75,284 | |||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (60,747) | 50,068 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 210,746 | 120,512 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 149,999 | $ | 170,580 | |||||||
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 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-
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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.
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 March 31, | |||||||||||||||||
| (unaudited, dollars in thousands) | 2026 | 2025 | Change | ||||||||||||||
| GAAP revenue | $ | 109,531 | $ | 75,287 | 45 | % | |||||||||||
| GAAP net loss | $ | (36,980) | $ | (26,227) | 41 | % | |||||||||||
| GAAP net loss margin | (33.8) | % | (34.8) | % | 100 bps | ||||||||||||
| EBITDA adjustments: | |||||||||||||||||
| Depreciation, net of capital-build amortization | 16,775 | 16,039 | 5 | % | |||||||||||||
| Amortization | 2,305 | 3,424 | (33) | % | |||||||||||||
| Accretion | 795 | 587 | 35 | % | |||||||||||||
| Interest expense | 2,969 | 517 | 474 | % | |||||||||||||
| Interest income | (1,380) | (1,694) | (19) | % | |||||||||||||
| Income tax expense | 12 | 91 | (87) | % | |||||||||||||
| Total EBITDA adjustments | 21,476 | 18,964 | 13 | % | |||||||||||||
| EBITDA | $ | (15,504) | $ | (7,263) | 113 | % | |||||||||||
| EBITDA Margin | (14.2) | % | (9.6) | % | (460) bps | ||||||||||||
| Adjusted EBITDA adjustments: | |||||||||||||||||
| Share-based compensation | $ | 4,245 | $ | 5,494 | (23) | % | |||||||||||
| Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense | 3,761 | 1,199 | 214 | % | |||||||||||||
| Bad debt expense | 989 | 593 | 67 | % | |||||||||||||
| Change in fair value of earnout liability | (22) | (748) | (97) | % | |||||||||||||
| Change in fair value of warrant liabilities | (934) | (5,344) | (83) | % | |||||||||||||
Other | (10) | 140 | (107) | % | |||||||||||||
| Total Adjusted EBITDA adjustments | 8,029 | 1,334 | 502 | % | |||||||||||||
| Adjusted EBITDA | $ | (7,475) | $ | (5,929) | 26 | % | |||||||||||
| Adjusted EBITDA Margin | (6.8) | % | (7.9) | % | 110 bps | ||||||||||||
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*Percentage greater than 999% or not meaningful.
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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 March 31, | |||||||||||||||||
| (unaudited, dollars in thousands) | 2026 | 2025 | Change | ||||||||||||||
| GAAP total charging network revenue | $ | 55,717 | $ | 47,098 | 18 | % | |||||||||||
| GAAP charging network cost of sales | 35,599 | 29,609 | 20 | % | |||||||||||||
| Charging Network Gross Profit | $ | 20,118 | $ | 17,489 | 15 | % | |||||||||||
| Charging Network Gross Margin | 36.1 | % | 37.1 | % | (100) 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 March 31, | |||||||||||||||||
| (unaudited, dollars in thousands) | 2026 | 2025 | Change | ||||||||||||||
| GAAP revenue | $ | 109,531 | $ | 75,287 | 45 | % | |||||||||||
| GAAP cost of sales | 96,574 | 65,964 | 46 | % | |||||||||||||
| GAAP gross profit | $ | 12,957 | $ | 9,323 | 39 | % | |||||||||||
| GAAP cost of sales as a percentage of revenue | 88.2 | % | 87.6 | % | 60 bps | ||||||||||||
| GAAP gross margin | 11.8 | % | 12.4 | % | (60) bps | ||||||||||||
| Adjusted Cost of Sales adjustments: | |||||||||||||||||
| Depreciation, net of capital-build amortization | $ | 16,577 | $ | 15,955 | 4 | % | |||||||||||
| Share-based compensation | 99 | 92 | 8 | % | |||||||||||||
| Total Adjusted Cost of Sales adjustments | $ | 16,676 | $ | 16,047 | 4 | % | |||||||||||
| Adjusted Cost of Sales | $ | 79,898 | $ | 49,917 | 60 | % | |||||||||||
| Adjusted Cost of Sales as a Percentage of Revenue | 72.9 | % | 66.3 | % | 660 bps | ||||||||||||
| Adjusted Gross Profit | $ | 29,633 | $ | 25,370 | 17 | % | |||||||||||
| Adjusted Gross Margin | 27.1 | % | 33.7 | % | (660) bps | ||||||||||||
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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 March 31, | |||||||||||||||||
| (unaudited, dollars in thousands) | 2026 | 2025 | Change | ||||||||||||||
| GAAP revenue | $ | 109,531 | $ | 75,287 | 45 | % | |||||||||||
| GAAP general and administrative expenses | $ | 46,005 | $ | 38,628 | 19 | % | |||||||||||
| GAAP general and administrative expenses as a percentage of revenue | 42.0 | % | 51.3 | % | (930) bps | ||||||||||||
| Adjustments: | |||||||||||||||||
| Share-based compensation | 4,146 | 5,402 | (23) | % | |||||||||||||
| Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense | 3,761 | 1,199 | 214 | % | |||||||||||||
| Bad debt expense | 989 | 593 | 67 | % | |||||||||||||
Other1 | (10) | 140 | (107) | % | |||||||||||||
| Total adjustments | 8,886 | 7,334 | 21 | % | |||||||||||||
| Adjusted General and Administrative Expenses | $ | 37,119 | $ | 31,294 | 19 | % | |||||||||||
| Adjusted General and Administrative Expenses as a Percentage of Revenue | 33.9 | % | 41.6 | % | (770) bps | ||||||||||||
___________________________________________________________
1For the quarter ended March 31, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.
The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:
| Three Months Ended March 31, | |||||||||||||||||
| (unaudited, dollars in thousands) | 2026 | 2025 | Change | ||||||||||||||
| GAAP capital expenditures | $ | 30,575 | $ | 14,992 | 104 | % | |||||||||||
| Capital offsets: | |||||||||||||||||
| OEM infrastructure payments | 2,215 | 4,975 | (55) | % | |||||||||||||
| Proceeds from capital-build funding | 3,196 | 1,871 | 71 | % | |||||||||||||
| Total capital offsets | 5,411 | 6,846 | (21) | % | |||||||||||||
| Capital Expenditures, Net of Capital Offsets | $ | 25,164 | $ | 8,146 | 209 | % | |||||||||||
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