EVgo Reports 45% Revenue Growth to $109.5 Million in Q1 2026

EVgo Inc. reported significant financial results for the first quarter of 2026, with total revenue reaching $109.5 million, a 45% increase from $75.3 million in the same period last year. This growth was driven by a notable rise in both charging network revenue, which increased by 18% to $55.7 million, and non-charging network revenue, which surged by 91% to $53.8 million. The latter was bolstered by a 339% increase in AV and ancillary revenue, primarily due to revenue recognized from sales-type lease arrangements with dedicated fleet customers. Despite the revenue growth, the company reported a net loss of $36.98 million, compared to a loss of $26.23 million in the prior year, reflecting increased operational costs and interest expenses.

In terms of operational metrics, EVgo's charging network expanded to 4,000 DC stalls as of March 31, 2026, up from 3,500 stalls a year earlier. The company also reported a network throughput of 91 GWh during the quarter, indicating increased usage of its charging infrastructure. However, the cost of sales rose significantly, with total costs increasing by 46% to $96.6 million, driven by higher energy costs and expenses related to the eXtend service offerings. The gross profit margin slightly decreased to 11.8% from 12.4% year-over-year, reflecting the rising costs associated with scaling operations.

Strategically, EVgo has been active in expanding its partnerships and infrastructure. The company continues to work under the Pilot Infrastructure Agreement with Pilot Travel Centers and General Motors, aiming to build and maintain up to 2,000 DC charging stalls across the U.S. Additionally, EVgo entered into a significant supply agreement with Delta Electronics for EV chargers, which is expected to support its infrastructure expansion efforts. The company also amended its loan agreement with the U.S. Department of Energy, reducing the maximum guaranteed loan amount to $750 million, which will fund the construction and deployment of new charging stations.

As of March 31, 2026, EVgo had $150 million in cash, cash equivalents, and restricted cash, down from $210.7 million at the end of 2025. The decrease in cash was attributed to higher operational expenditures and capital investments. The company’s working capital also declined to $123.6 million, reflecting the cash outflows associated with its growth initiatives. Looking ahead, EVgo remains focused on expanding its charging network and enhancing its service offerings, while navigating the challenges posed by market conditions and competition in the rapidly evolving EV charging landscape.