EVgo cuts 2026 outlook despite 29% growth in charging revenue to $72 million
Key Facts
EVgo reported revenue of $91.417 million for the third quarter ended September 30, 2026, down 1% from the year-earlier period, despite growth in charging network revenue. The company posted a net loss of $49.207 million, compared with $28.356 million a year earlier. Network revenue, meanwhile, rose 29% to $72 million, marking the 19th consecutive quarter of double-digit year-over-year growth. The results came as the company lowered its fiscal 2026 revenue outlook, putting the annual revenue trajectory at the forefront of its results. Its adjusted EBITDA loss measure also narrowed from a year earlier, although the full-year range became more negative.
EVgo’s network delivered 103 gigawatt-hours during the quarter, up 8% from 95 gigawatt-hours in the third quarter of 2025. Higher usage coincided with growth in charging revenue, while total revenue declined from $92.299 million to $91.417 million. The divergence highlights the network business’s performance relative to the company’s overall business during the period. Gross margin was 14.9%, up from 13.6% a year earlier, an increase of 130 basis points. Adjusted EBITDA loss was $3.530 million, compared with a loss of $4.975 million in the year-earlier period, a 29% year-over-year reduction.
EVgo ended the quarter with 5,530 operational charging stalls across its network, up 20% from a year earlier, after adding 160 DC fast-charging stalls during the three months. The company added more than 95,000 new customer accounts in the quarter, bringing total accounts to more than 1.9 million at quarter-end. The CEO said network revenue growth was tied to expanding NACS connectors, adding EVgo Superchargers and developing a next-generation charging architecture with 750-kilowatt capacity. He also cited an expansion of partnerships with site hosts. EVgo announced in September that it had designed an architecture with capacity of up to 750 kilowatts to keep pace with advances in vehicle battery capabilities. That month, it expanded its partnership with Regency Centers to add more than 400 fast-charging stalls at grocery-anchored shopping centers across the U.S.
The company cut its 2026 revenue outlook to a range of $375 million to $400 million, from $400 million to $430 million in its August 5 guidance. It now also expects an adjusted EBITDA loss of $30 million to $15 million, compared with a previous loss range of $25 million to $5 million. Its prior outlook called for adding between 1,350 and 1,625 new charging stalls during the year. The company said at the time that the first and fourth quarters would be its strongest for non-charging revenue. The lower revenue range and wider projected loss range reflect a change in the annual outlook, while the filing provided no update to the target for adding charging stalls.
In a development concerning its ownership structure, EVgo said its board received a nonbinding proposal from LS Power on November 2 to acquire for cash the outstanding Class A shares it does not own for $2.00 per share. The company said the board had made no decisions about how to respond to the proposal. EVGO closed at $1.83 on November 6, 2026, according to EL7 data. Management was scheduled to host a third-quarter results call on November 9, 2026, at 9 a.m. Eastern Time. The call was expected to give management an opportunity to discuss the results and annual outlook.