EVgo (EVGO) Q2 2026 earnings summary

Executive summary

• Charging network revenue grew 19% year-over-year to $61.4M in Q2 2026, marking the 18th consecutive quarter of double-digit growth, while total revenue declined 16% to $82.6M due to sharp drops in eXtend and AV/ancillary revenue.

• Operational stalls increased 24% year-over-year to 5,380, with network throughput up 13% to 99 GWh and customer accounts reaching 1.8 million.

• Signed a major agreement with Tesla to deploy EVgo-branded Superchargers, doubling the addressable market and enhancing network visibility.

• Adjusted EBITDA was $(10.6)M, a significant decline from $(1.9)M in Q2 2025, and net loss attributable to Class A stockholders increased to $20.8M.

• Focused on high-quality site selection, rideshare partnerships, and customer experience, driving industry-leading utilization.

Financial highlights

• Q2 2026 revenue was $82.6M, down 16% year-over-year, with charging network revenue up 19% to $61.4M and non-charging network revenue down 54% to $21.2M.

• Charging network gross margin was 36.1%, down from 37.2% year-over-year; adjusted gross margin improved to 31.8%.

• Adjusted general and administrative expenses rose 22% to $36.9M, now 44.6% of revenue.

• Capital expenditures, net of offsets, increased 59% to $27.3M.

• Net loss per share (Q2): $(0.15) vs. $(0.10) prior year.

Outlook and guidance

• Full-year 2026 revenue guidance is $400M–$430M, with adjusted EBITDA expected between $(25)M and $(5)M.

• Plans to add 1,350–1,625 new stalls in 2026, with 60% of builds weighted to Q4.

• Q4 2026 expected to be the largest revenue quarter, with positive adjusted EBITDA anticipated.

• eXtend revenue guidance raised to $90–$95M; AV ancillary revenues expected at $40–$45M.

• By 2030, network projected to quadruple in size, with adjusted EBITDA margins growing to low-to-mid 30% range.