EVgo, Inc. Q3 FY2025 earnings call

Badar Khan mentioned EVgo delivered solid quarter results, with total revenue of $92 million and record charging network revenues. Ended quarter with almost 4,600 stalls, expects large fourth quarter for stall deployment. In October, received $41 million from DOE Loan. Closed $225 million commercial financing facility with 2 draws totaling $59 million. Expanded NACS pilot to nearly 100 stores. Expect to achieve breakeven adjusted EBITDA in fourth quarter. Discussed operating leverage from charging network cost of sales and G&A. Talked about progress on next - generation charging architecture, customer experience enhancements, CapEx efficiencies, and financing progress. Paul Dobson discussed operational stall growth, customer base growth, energy dispensed, revenue growth, charging network gross margin growth, and adjusted EBITDA improvement.

Total revenue was $92 million. Charging network revenues were $56 million, eXtend revenues were $32 million, and ancillary revenues were roughly $5 million. Ended the quarter with almost 4,600 stalls in operation. Charging network gross margin in Q3 was 35%, up 1 percentage point. Third quarter adjusted gross profit was $27 million, up 48% versus prior year. Adjusted gross margin was 29% in Q3, an increase of 230 basis points. Adjusted EBITDA was negative $5 million in Q3 2025, a $4 million improvement versus Q3 2024.

Anticipate some public and dedicated stalls forecasted for December to open in January 2026, shifting deployments to 2026 guidance. Increase eXtend stalls operationalized this year to 550 - 575. Fiscal net CapEx for 2025 in range of $100 - $110 million. Full year 2025 baseline revenues in $350 - $365 million range, baseline adjusted EBITDA in negative $15 - negative $8 million range. Including ancillary revenue upside up to $40 million, 2025 revenues in $350 - $405 million range, adjusted EBITDA in negative $15 million to positive $23 million range. Expect adjusted EBITDA breakeven in fourth quarter at midpoint of baseline guidance.

Uncertainty on quantum and timing of contract closeout payment related to dedicated stalls for autonomous vehicle partner, which could slip into next year and affect revenue and EBITDA expectations. Seasonality in vehicle miles travel, charge rates, and gross charging gross margin could impact performance.

Q: Commentary on EV demand outlook and its relation to longer - term outlook, and factors affecting development speed.

A: Badar Khan discussed EVs growing, affordability, and sales forecasts like a pendulum, and how EV demand relates to charging stall returns and car - to - fast charger ratio.

Q: Uptick in Tesla's charging on network with NACS cable rollout, quantify early days.

A: Badar Khan said too early to quantify, but Tesla driver usage higher at sites with NACS cables, expecting to scale rollout in 2026.

Q: Stall guidance for next year, ancillary upside.

A: Badar Khan discussed 2026 public and dedicated stall guidance of 1,350 - 1,500, and ancillary upside as one - off.

Q: Fourth quarter EBITDA breakeven and seasonality.

A: Badar Khan talked about operating leverage and seasonality factors like vehicle miles travel, charge rates, and gross margin seasonality.

Q: Industry dynamics and competitive advantage.

A: Badar Khan discussed site selection, scale, customer experience, etc., as competitive advantages.

Q: NACS connectors experience, utilization, and build tempo.

A: Badar Khan discussed thoughtful switchover, learning from early NACS rollout, and plans for 2026 scale rollout.

Q: Dynamic pricing, impact.

A: Badar Khan discussed dynamic pricing rollout, next iteration expected in first quarter 2026, and impact on throughput and utilization.

Q: Autonomous vehicle fleet revenue recognition.

A: Badar Khan and Paul Dobson discussed revenue recognition for autonomous vehicle fleet contracts, including deemed sale accounting.

Q: Contract closeout impact on stalls and build - out.

A: Badar Khan said contract closeout does not impact prior range of expectations for public and dedicated stall build - out.

Q: Charging network gross margin drivers and outlook.

A: Badar Khan and Paul Dobson discussed seasonality, operating leverage, and factors affecting charging network gross margin.

Q: ASP per kilowatt, pricing levers.

A: Paul Dobson discussed pricing being broadly flat, impact of energy costs and seasonality on ASP per kilowatt.