EVgo, Inc. Q1 FY2026 earnings call

EVgo's first quarter was in line with expectations. Delivered solid results with record revenues. Operating network growth and new contracts at dedicated AV hubs drove revenue. Made progress on next generation charging architecture. Strong partnerships with rideshare and site host partners. Agreed amendment to DOE loan, enhancing liquidity. Positive long-term outlook for EVgo due to growing EV VIO, strong used EV market, etc.

EVgo's first quarter revenues were $110 million, a 45% year-over-year increase. Operating network continued to grow, with throughput on public network reaching 91 gigawatt hours in the quarter. Stalls in operation across the network were 5,280, with over 200 new stalls added in Q1. Adjusted EBITDA was negative $7 million. Charging network revenue was $56 million, an 18% increase year-over-year; Extend revenue was $33 million, a 41% increase; AV and ancillary revenue was $21 million, up over 300%. Charging network gross margin was 36%, 1 percentage point lower year-over-year. Charging network revenue is expected to be around 70% of 2026 total revenue. Extend revenue for 2026 is expected to be $80 million to $90 million. AV and ancillary revenues are anticipated to be $40 million to $50 million for full year 2026.

New stall guidance unchanged, expected 1,400 to 1,650 new stalls in 2026. Reaffirms 2026 total revenue $410 to $470 million and adjusted EBITDA -$20 million to +$20 million. Charging network revenue expected to be around 70% of total revenue. Q2 expected to be softest quarter with revenue $75 to $85 million and adjusted EBITDA loss $12.5 million to $7.5 million. Q4 expected to be strongest quarter.

Forward-looking statements subject to risks and uncertainties. Factors causing actual results to differ materially from expectations detailed in SEC filings, including risk factors in most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

Q: Chris Dendronas of RBC Capital Market asked about charging network performance cadence and margin performance.

A: Badr Khan and Kiefer Lehner responded on factors affecting throughput and margin details.

Q: Andres Shepherd of Cantor Fitzgerald inquired about AV charging demand.

A: Badr Khan provided details on AV charging expectations.

Q: Chris Pierce of Needham asked about marketing to used EV owners and AV ancillary line.

A: Badr Khan responded on marketing approaches and outlook for AV ancillary line