EVgo, Inc. Q4 FY2025 earnings call

• CEO Badr Khan mentioned achieving adjusted EBITDA break-even in 2025, driven by growth, scale, and operating leverage. - Ended 2025 with 5,100 stalls in operation, with 500 new stalls added in the fourth quarter. - Pilot of approximately 100 J3400 connectors (NACs) in 2025 was successful, with plan to roll out over 400 more in 2026. - Continues to expand network across the U.S., with over 1,200 EVGO operated stations in 47 states. - Utilization of EVGO network is higher than the average of top three CPOs and outpaces industry growth in utilization. - Has partnerships with companies like Kroger, Uber, Lyft, and is in discussions to expand with Uber. - Deploying leading customer engagement tools like Auto Charge Plus, where 30% of sessions are initiated with it. - Indigo is deploying more 350 kilowatt or faster chargers, making up the majority of the network.

EVGO delivered total revenue of $384 million in 2025, a 50% increase over the previous year. Total charging network revenue was a significant part. In the fourth quarter of 2025, revenue was $118 million, with charging network revenue at $64 million, extend revenue at $24 million, and ancillary revenue at approximately $31 million. Charging network gross profit margin expanded from the mid-teens to the upper 30s in 2025. Fourth quarter charging network gross profit was $29 million with a 46% margin. Adjusted EBITDA was positive in 2025, achieving a milestone after years of effort.

2026 outlook: Expect to accelerate deployment of public and dedicated stalls, with 1,050 to 1,250 new stalls added in 2026, majority in second half. Total revenues expected to be $410 million to $470 million. Adjusted EBITDA range is negative $20 million to positive $20 million. Second half annualized adjusted EBITDA expected to be up to $40 million. Q1 and Q2 adjusted EBITDA expected to be negative due to growth investments and second half weighting of stall additions. Charging network revenue expected to be around 70% of total revenue in 2026.

• Industry competition where consumer demand is concentrated among top three CPOs, which could impact market share. - Volatility in electricity prices that could affect margins. - Uncertainties in the adoption rate of electric vehicles and related infrastructure development which could impact stall utilization and revenue.

Q: Stephen Gingaro asked about the percentage of usage by customer base and participation in autonomy.

A: Badr Khan said around half of usage comes from rideshare and related areas, and EVGO is a partner of choice for autonomous vehicle industry with dedicated stalls and ongoing work on contract structures.

Q: Laura Deng asked about charger tech enhancements and NACs performance.

A: Badr Khan said work with supply chain partners is going well, and throughput per NAC stall has nearly doubled since fall, with confidence to accelerate rollout in 2026.

Q: Bill Patterson asked about build schedule revision and EBITDA guidance range.

A: Badr Khan and Kiefer Lehner said build plans are guided by capital payback and VIO, and EBITDA range is driven by deployment cadence and G&A investments.

Q: Craig Irwin asked about G&A spending in 2026.

A: Badr Khan said G&A spending will be up year over year, with investments in software and firmware.

Q: Chris Pierce asked about M&A and network effects.

A: Badr Khan said focus is on organic capital deployment but will consider inorganic if it generates good returns.

Q: Andrew Shepard asked about autonomy KPIs and capital needs.

A: Badr Khan said focus is on organic growth and Kiefer Lehner commented on 2026 capital spending.

Q: Stephen Gingaro asked about dynamic pricing model.

A: Badr Khan said dynamic pricing algorithms have been running since late 2020, with plan to roll out new algorithms in spring 2026