LS Power proposes buying remaining EVgo shares for $2 per share

Key Facts

LS Power has proposed buying the Class A shares in EVgo that it does not own for $2 per share in cash, in a proposal that remains unresolved and does not guarantee a transaction will be completed. The move comes as the group already holds a significant stake in the company, while second-quarter performance showed a divergence between growth in charging network revenue and a decline in total revenue. According to EL7 data, EVgo shares closed at $1.26 on October 30, 2026, providing a market price for comparison with the proposal. Available evidence does not include a documented premium percentage or sufficient details on how one would be calculated, so no specific premium is attributed to the proposal. The evidence also does not state whether EVgo's board has approved or responded to it.

The proposal targets Class A shares not owned by LS Power, but it does not mean a deal has been reached or that final terms have been set. Based on the available information, the disclosure does not guarantee completion of any transaction under the proposal or confirm its terms or timing. LS Power reserves the right to amend or withdraw the proposal. The $2 price therefore remains a proposal, while the outcome and timing of the process are unresolved. That leaves the gap between the proposed price and the stock's $1.26 close on October 30 as a reference point for shareholders, without making it an agreed transaction price.

In the second quarter of 2026, EVgo reported total revenue of $82.648 million, down 16% from the same period a year earlier. By contrast, charging network revenue rose to $61.421 million, an annual increase of 19%. The company described network revenue growth as having continued for an eighteenth consecutive quarter, with a double-digit annual increase. Network revenue was about $61 million, according to the company's description of the period, the figure it cited when discussing the growth streak. The figures show that charging activity and total revenue moved in different directions in the same quarter, with the former growing and the latter declining.

The network recorded a throughput rate of 99 gigawatt-hours in the second quarter, up 13% year over year, and EVgo ended the period with 5,380 operating stalls. This accompanied growth in network revenue while total revenue declined. The available information did not provide a breakdown linking the change in total revenue to a specific factor, so the comparison between the two revenue measures describes reported performance for the period. The stall count reflects the total number of operating stalls at quarter-end, not the number of sites. This provides an operating indicator alongside revenue, without resolving the proposal's outcome.

EVgo revised its fiscal 2026 guidance to total revenue of between $400 million and $430 million and adjusted EBITDA loss of between $5 million and $25 million. The updated guidance followed the second-quarter results and sets an annual range for revenue and adjusted loss. The available facts do not provide a direct numerical comparison with a previous estimate, so the extent of the change cannot be determined. The guidance is relevant to tracking the company's performance through the rest of the year, alongside the proposal to buy the shares LS Power does not own. It does not change the fact that the terms or timing of any potential transaction remain uncertain.

EVgo's 2025 results provide background on business growth ahead of the second-quarter announcement. Annual revenue reached $384 million, up 50% from 2024, while charging network revenue reached $218 million, up 40%. The comparison shows that network revenue grew strongly during the year and continued to rise in the second quarter of 2026, increasing 19% year over year. In the same 2026 period, total revenue fell 16%, highlighting the divergence in the two measures in the latest available results. These figures alone do not explain the overall decline or indicate the board's decision on the proposal.

Among the operational developments EVgo announced was an agreement with Tesla to deploy EVgo-owned, EVgo-branded V4 chargers starting in 2026, with each site to have up to 20 stalls. The agreement provides additional context for the charging network, whose revenue grew in the second quarter. The available information does not specify how many sites the deployment will cover or its total size, giving only a maximum number of stalls per site. The company does not directly link the agreement in the reported facts to the proposal or revenue expectations. Implementation details and its actual impact remain unspecified in the available information.

EVgo will report third-quarter results on November 9, 2026, followed by a webcast with management the same day at 9 a.m. Eastern time, or 6 a.m. Pacific time. The upcoming results are a near-term milestone for tracking revenue and network performance after the annual guidance update. They will not by themselves resolve whether LS Power's proposal will be accepted or become a final transaction, as the disclosure does not guarantee a deal or confirm its terms or timing. Until the parties' positions become clear, the proposal remains subject to amendment or withdrawal. EVgo set the results and webcast times in its third-quarter announcement.