EVgo’s third quarter results reflected strong network expansion and operational discipline, with management highlighting improved stall deployment and steady revenue growth across all business categories. CEO Badar Khan credited the company’s consistent outperformance in revenue compared to electric vehicle adoption rates to targeted site selection and higher network utilization. Khan noted, “We continue to see improvement in adjusted EBITDA and are in a very strong liquidity position.” Furthermore, enhanced network effects from a growing customer base and continued progress in cost efficiencies contributed to the quarter’s performance.
Is now the time to buy EVGO? Find out in our full research report (it’s free for active Edge members).
EVgo (EVGO) Q3 CY2025 Highlights:
- Revenue: $92.3 million vs analyst estimates of $91.68 million (36.7% year-on-year growth, 0.7% beat)
- Adjusted EPS: -$0.02 vs analyst estimates of -$0.16 (87% beat)
- Adjusted EBITDA: -$4.98 million vs analyst estimates of -$3.26 million (-5.4% margin, 52.6% miss)
- The company lifted its revenue guidance for the full year to $377.5 million at the midpoint from $365 million, a 3.4% increase
- EBITDA guidance for the full year is $4 million at the midpoint, above analyst estimates of -$4.09 million
- Operating Margin: -36.9%, up from -47.1% in the same quarter last year
- Gigawatt-hours Sold: 95, up 17 year on year
- Market Capitalization: $397.4 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From EVgo’s Q3 Earnings Call
- Christopher Dendrinos (RBC Capital Markets) asked about the relationship between EV demand and long-term outlook. CEO Badar Khan explained that strong returns on capital and usage per store are the main factors guiding deployment, regardless of short-term EV sales forecasts.
- William Peterson (JPMorgan) inquired about the impact of delayed stall deployments and expectations for future build rates. Khan confirmed a shift in the mix toward more eXtend stalls and emphasized the focus on maintaining attractive returns when planning future growth.
- Stephen Gengaro (Stifel) questioned seasonality and EBITDA sustainability. Khan detailed operating leverage dynamics and noted that while Q1 and Q4 show variations due to seasonality, sustained profitability should follow breakeven.
- Craig Irwin (ROTH Capital Partners) sought detail on NACS connector utilization and dynamic pricing. Khan discussed careful rollout strategies for NACS and described how dynamic pricing is increasing overnight utilization, with further enhancements planned.
- Brett Castelli (Morningstar) asked if the contract closeout with an autonomous vehicle partner affected long-term stall build targets. Khan clarified that the underlying growth targets remain unchanged, and the closeout is considered a one-off event.
Catalysts in Upcoming Quarters
In future quarters, our team will be watching (1) the pace and impact of the broader NACS connector rollout on Tesla driver adoption rates, (2) whether operating leverage leads to sustainable positive EBITDA, and (3) the mix and timing of new stall deployments, particularly as state and utility incentives evolve. Execution on next-generation charging architecture and dynamic pricing optimization will also be key milestones.
EVgo currently trades at $2.98, down from $3.42 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).
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