EVgo, Inc. Q3 FY2025 earnings call

• EVgo achieved solid financial results with total revenue of $92 million and record charging network revenues. It has a strong liquidity position with higher cash balance at quarter-end.
• The company is nearing breakeven adjusted EBITDA, expected in Q4 2025. It benefits from operating leverage: ~28% of charging network cost of sales is fixed, so as throughput per store grows, gross margin expands; G&A is mostly fixed, leading to adjusted EBITDA inflection to positive in Q4.
• Hardware enhancements: Signet chargers improved after tech enhancements, and Delta chargers are undergoing similar campaigns. Next-generation charging stations are in development. The EVgo app has a 4.5 rating on Apple App Store. NACS pilot expanded to almost 100 stores, seeing more Tesla usage.
• Financing: Received $41M from DOE Loan, $59M from a $225M commercial facility. Financing in place through 2029 for store deployment.

EVgo delivered total revenue of $92 million in the third quarter. Charging network revenues were $56 million (33% YOY growth), eXtend revenues were $32 million (46% growth), and ancillary revenues were ~$5 million (27% growth). At the end of Q3, there were almost 4,600 stalls in operation. Charging network revenues contributed approximately 60.9% of total revenue, eXtend 34.8%, and ancillary ~5.4%. The company expects a large fourth quarter for stall deployment.

• 2025 stall deployment: Public and dedicated stalls shifted to January 2026, expected 700-750 for 2026. eXtend stalls operationalized increased to 550-575. Fiscal net CapEx 2025 in range of $100M-$110M.
• Revenue and EBITDA: Full year 2025 baseline revenues $350M-$365M, adjusted EBITDA -$15M to -$8M. Including ancillary upside, revenues $350M-$405M, adjusted EBITDA -$15M to +$23M. Expect adjusted EBITDA breakeven in Q4 2025.

• Contract closeout uncertainty: Uncertainty on quantum and timing of contract closeout payments related to autonomous vehicle partner exiting robotaxi business, potentially affecting revenue and guidance range.
• Seasonality and market factors: Seasonal variations in vehicle miles traveled, charge rates, and energy costs can impact margins and throughput.

Q: Commentary on EV demand outlook and its impact on development A: Badar Khan mentioned EV sales forecasts are like a pendulum, expects higher sales than current forecasts as cars are good to drive. Charging stall deployment depends on returns on capital, with car per fast charger ratio growing, indicating upside on usage per store.

Q: Tesla charging uptick on EVgo network with NACS cables A: Badar Khan said Tesla driver usage is higher at NACS pilot sites, currently at ~100 cables, will scale rollout in 2026 after further analysis.

Q: Stall guidance for 2026 and ancillary upside A: 2026 public and dedicated stores expected 1,350-1,500, doubling growth from 2025. Ancillary upside was not in prior guidance, was a one-off contract closeout, with baseline guidance unchanged but upside range wider.

Q: Seasonality and EBITDA breakeven A: Seasonality in vehicle miles, charge rates, and energy costs. Adjusted EBITDA breakeven expected in Q4 2025, with charging network gross profit exceeding fixed costs leading to acceleration in 2026.

Q: NACS connectors utilization and build tempo A: EVgo is thoughtful about switching CCS to NACS cables, ramping up throughput per stall. Guidance for NACS rollout guided by data on Tesla driver behavior and throughput metrics.

Q: Autonomous vehicle fleet revenue recognition A: Long-term contracts with fixed monthly fees, some with gain on sale of construction costs recognized when sites go live, followed by operating cash flows.

Q: ASP per kilowatt and pricing levers A: Pricing generally steady, seasonality and energy costs impact Q3 margins. Expect Q4 margin improvement following prior year pattern.