EVgo cuts 2026 revenue outlook to $375–$400 million as quarterly losses widen
Key Facts
On November 9, EVgo cut its 2026 revenue forecast to a range of $375 million to $400 million, down from its August forecast of $400 million to $430 million. The company also said it expects adjusted EBITDA of between a loss of $15 million and a loss of $30 million for the year. Its previous outlook for that loss was between $5 million and $25 million. The forecast update came alongside the release of third-quarter results, in which the company recorded revenue of $91.417 million. Revenue was down 1% year over year from $92.299 million in the same quarter a year earlier.
EVgo said the revised annual outlook reflects a lower estimate for the total energy it will sell through its network, along with an updated pace for deploying charging stations. On the earnings call, the company described the change as reflecting "lower charging volume expectations and an updated station deployment cadence." Quarterly figures show a divergence between the network business and other activities: charging network revenue rose 29% to about $72 million. Overall revenue fell despite that growth, as lower eXtend and other activity revenue outweighed the network's increase. The comparison shows that growth in core charging alone was not enough to offset weakness in other revenue components.
The company attributed most of the revenue decline to a $15.7 million year-over-year drop in eXtend revenue and a $1.2 million decline in autonomous vehicle and ancillary services revenue. This was partly offset by a $16.0 million increase in charging network revenue. Within eXtend, construction revenue fell $13.8 million as construction project activity declined, while equipment sales decreased $2.6 million. Overall revenue pressure was therefore tied to slower construction and equipment businesses, while the charging network continued to post sales growth. This divergence provides direct context for the annual forecast cut, alongside the company's revised assumptions about charging volume and the timing of station additions.
EVgo reported a third-quarter net loss of $49.207 million, compared with $28.356 million in the same period a year earlier, a 74% year-over-year increase. Some operating and adjusted profitability metrics moved in a better direction: gross margin rose to 14.9% from 13.6%. Adjusted EBITDA loss narrowed to $3.530 million from $4.975 million a year earlier. Energy sold through the network reached 103 gigawatt-hours, up 8% year over year, while network revenue grew faster, at 29%. However, average daily energy per station in the public network fell to 283 kilowatt-hours from 295 kilowatt-hours in the third quarter of 2025; excluding automaker charging programs, the average rose 7% year over year.
EVgo ended the quarter with 5,530 operating charging stations, up 20% from a year earlier, and added 160 DC fast-charging stations during the period. Customer accounts exceeded 1.9 million after the addition of more than 95,000 new accounts during the quarter. The company announced expanded partnerships with Brixmor and Regency Centers to add more than 900 fast chargers at grocery-anchored shopping centers. It said its next-generation charging system is designed to deliver up to 750 kilowatts, with deployment expected to begin in 2027. These operating plans run alongside lower annual revenue guidance and the continued review of an unsolicited acquisition offer received by the board.
EVgo said its board received an unsolicited, non-binding offer from LS Power on November 2 to buy the outstanding Class A shares it does not own for $2.00 per share in cash. The company referred the offer to a special committee for review. EVGO shares closed at $1.84 on November 9, according to EL7 data. The company had scheduled its third-quarter results webcast for that day at 9 a.m. Eastern time, and the webcast has since taken place. The offer under review and the annual financial update are separate developments in the company's current position, with no committee decision on the proposal announced.