EVgo Delivers First Annual EBITDA Profit as Shares Slip on 2026 Outlook

Overview

• Q4 2025 adjusted EBITDA reached $25 million on $118.4 million in revenue, far topping estimates that called for $2.5 million on $103 million.
• Full-year 2025 revenue rose nearly 50% to $384 million with $12 million of EBITDA, marking EVgo’s first annual EBITDA profit as gross margin in Q4 expanded to 38% and revenue jumped 75% year over year.
• Management guided 2026 revenue to $410 million–$470 million with breakeven EBITDA, versus analyst expectations of $478 million and $33 million respectively, and the stock fell about 5.3%.
• The network ended 2025 with 5,100 operational stalls after adding over 500 in Q4, with DC fast chargers now 62% of the total as the company scales NACS connectors and targets fleet and rideshare demand.
• Network throughput reached 99 GWh in Q4, up 18% year over year, even as U.S. all‑electric vehicle sales fell 36% in the quarter following the expiration of the $7,500 federal tax credit.