EVgo Reports Q2 2026 Revenue of $82.6 Million, Operating Loss Widens

EVgo Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $82.6 million, a decrease of 16% from $98.0 million in the same period last year. The decline was primarily attributed to a significant drop in non-charging network revenue, particularly a $19.4 million decrease in eXtend revenue and a $5.6 million decrease in AV and ancillary revenue. However, the company did see a 19% increase in charging network revenue, which rose to $61.4 million, driven by higher throughput and increased marketing revenue from OEM partnerships.

The company's gross profit for the quarter was $7.3 million, down from $13.9 million a year earlier, resulting in a gross margin of 8.9%, compared to 14.2% in the prior year. Operating expenses increased to $47.5 million, up 6% from $44.7 million, largely due to higher general and administrative costs. Consequently, EVgo reported an operating loss of $40.1 million, widening from a loss of $30.8 million in the same quarter of 2025. The net loss attributable to Class A common stockholders was $20.8 million, compared to $13.0 million in the previous year.

In terms of operational metrics, EVgo's network throughput increased to 99 GWh for the quarter, up from 88 GWh a year earlier, and the number of DC stalls on the EVgo Public Network rose to 3.9 thousand, compared to 3.5 thousand in the prior year. The company continues to expand its charging infrastructure, which is critical for supporting the growing demand for electric vehicles (EVs).

Looking ahead, EVgo's management expressed optimism about the long-term growth potential of the EV market, despite current challenges such as fluctuating government incentives and competition in the charging sector. The company is also navigating the implications of the One Big Beautiful Bill Act (OBBBA), which is set to phase out certain tax credits for EV charging infrastructure by mid-2026. As of June 30, 2026, EVgo had $197.7 million in cash, cash equivalents, and restricted cash, which it believes will be sufficient to meet its operational needs for at least the next twelve months.

Overall, while EVgo faces headwinds in the short term, its strategic focus on expanding its charging network and partnerships with OEMs positions it for potential growth as the EV market continues to evolve.