EVgo Charging Revenue Growth Accelerates to 29%

The Tip Desk · November 12, 2026 · 3 min read

Charging network revenue reached $72 million in the third quarter, the 19th straight quarter of double-digit year-over-year growth.

EVgo Inc. (EVGO), one of the nation’s largest providers of public fast charging infrastructure, reported charging network revenue of $72 million in the third quarter ended September 30, 2026, up 29% from a year earlier. That pace accelerated from 19% growth in the second quarter and 18% in the first, extending a 19-quarter streak of double-digit year-over-year charging revenue growth.

Total revenue was $91.4 million, down 1% from a year earlier. Non-charging network revenue fell 46% to $19.6 million, including eXtend down 49% to $16.2 million and AV and ancillary down 25% to $3.4 million.

Network throughput reached 103 gigawatt-hours, up 8% year-over-year, after 13% growth in the second quarter and 10% in the first. Average daily throughput per stall on the public network was 283 kilowatt-hours a day, compared with 295 a year earlier. Excluding OEM charging programs, average daily throughput increased 7% year-over-year.

GAAP gross margin expanded 130 basis points year-over-year to 14.9%. Adjusted gross margin expanded 650 basis points to 35.4%. Adjusted EBITDA loss narrowed 29% year-over-year to $3.5 million, after a 447% year-over-year widening to a $10.6 million loss in the second quarter. Net loss widened 74% to $49.2 million.

The company ended the quarter with 5,530 stalls in operation, up 20% year-over-year, after adding 160 new DC fast charging stalls, versus 280 additions in the second quarter and more than 200 in the first. Public-network stalls were 4,020, eXtend stalls 1,390, and AV-network stalls 120. Customer accounts surpassed a record 1.9 million after more than 95,000 new accounts were added.

A first EVgo v4 Supercharger site went live in the Chicago area. EVgo Superchargers and EVgo sites with NACS are available in Tesla navigation. More than 290 NACS connectors were in operation as of November 6, 2026. Partnerships with Brixmor and Regency Centers were expanded to bring more than 900 new fast chargers to grocery-anchored shopping centers. A next-generation architecture capable of up to 750 kilowatts is anticipated to begin deployment in 2027. EVgo sold its 2025 portfolio of 30C income tax credits for $7.7 million net of transaction costs.

GAAP capital expenditures were $34.8 million in the quarter. Capital offsets totaled $10.6 million, including $7.7 million from the 30C credit sale, $1.6 million of OEM infrastructure payments and $1.3 million of capital-build proceeds. Capital expenditures net of those offsets were $24.2 million. Cash used in operating activities was $15.2 million. Cash and cash equivalents were $98.7 million at September 30.

EVgo updated full-year 2026 guidance to total new stalls of 1,075 to 1,275, total revenue of $375 million to $400 million, and Adjusted EBITDA of a loss of $30 million to a loss of $15 million.

On November 2, the board received an unsolicited, non-binding proposal from LS Power Equity Advisors to acquire all outstanding Class A common shares not already owned by LS Power for $2.00 a share in cash. A special committee of independent and disinterested directors was established to review the proposal. The company said no decisions had been made on a response and that there can be no assurance a definitive agreement will be executed or that any transaction will be approved or consummated.