EVgo Inc. reported fourth‑quarter 2025 revenue of $118.47 million, a 75% year‑over‑year increase from $67.5 million in Q4 2024. The company posted a non‑GAAP loss of $0.04 per share, beating consensus estimates that ranged from –$0.07 to –$0.15. Adjusted EBITDA turned positive for the quarter at $24.9 million and for the full year at $12.0 million, marking the first time the company has achieved profitability on an adjusted basis.
Charging‑network sales drove the bulk of the revenue growth, reaching $64 million in Q4 2025—up 37% from $38 million a year earlier—and totaling $218 million for the year, a 40% increase from $155 million in 2024. The company added more than 500 new stalls in Q4, bringing its total to 5,100 stalls at year‑end, and it continues to pursue a 14,000‑stall deployment target by 2029.
Gross margin expanded dramatically, with Q4 gross margin at 38.0% versus 14.5% in the same period a year earlier, and adjusted gross margin at 50.9%. The improvement reflects a higher mix of high‑margin charging‑network revenue, operational scale, and disciplined cost control as the network expands.
"In 2025, EVgo established its position as one of the leading and fastest growing public charging network operators in the U.S. Our operations team placed more than 500 new stalls online in Q4 alone, bringing our year end total to 5,100 stalls and giving EV drivers even more choice and convenience. We also achieved our goal of delivering positive Adjusted EBITDA for both the fourth quarter and full year 2025 – an important milestone for the Company," said CEO Badar Khan.
For 2026, EVgo guided revenue between $410 million and $470 million and adjusted EBITDA ranging from a $20 million loss to a $20 million profit. The wide EBITDA range reflects the company’s plan to invest heavily in stall deployment—capital expenditures rose 108% year‑over‑year in Q4—while anticipating a back‑half ramp in earnings as the network scales.
Investors responded cautiously to the guidance, noting that the midpoint of the revenue forecast ($440 million) falls below analyst consensus estimates of roughly $484 million for 2026, and that the EBITDA range includes a potential loss. The mixed reaction underscores the trade‑off between aggressive expansion and short‑term profitability.
EVgo’s Q4 results represent a significant milestone on its path to sustainable profitability. The company’s ability to generate positive adjusted EBITDA while expanding its network and improving margins positions it well for continued growth, though the near‑term focus on capital investment will likely keep earnings volatile until the second half of 2026.
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