EVgo reported third-quarter 2026 revenue of $91.42 million, down 1% year over year and below analyst expectations of $95.09 million. Adjusted loss per share was $0.14, slightly better than the forecast loss of $0.1434.
The company’s core charging network continued to expand, generating $72 million in revenue, up 29% from $56 million a year earlier. This marked EVgo’s 19th consecutive quarter of double-digit charging revenue growth.
Total operating stalls reached 5,530, up 20% year over year, while customer accounts exceeded 1.9 million. Charging network gross margin improved to 39%, and adjusted EBITDA loss narrowed to $3.5 million from $5 million in the prior-year quarter.
2026 Outlook and Investment Plans
EVgo maintained its full-year revenue guidance of $375 million to $400 million and expects to add 1,075 to 1,275 charging stalls in 2026.
The company also plans to reduce gross capital expenditure by approximately $100 million compared with previous expectations, focusing on locations with stronger demand.
For 2027, EVgo expects to launch its next-generation charging architecture, offering up to 750 kW of power, dynamic power sharing and native NACS connectors.
“In 2022, 70% of our stalls were 50 kW. Today, 70% of our stalls are 350 kW, and we are planning the launch of our 750 kW charging architecture next year,” CEO Badar Khan said.
EVgo is also expanding NACS compatibility through its work with Tesla, aiming to make its network accessible to more electric vehicle drivers.
Utilization Remains a Challenge
Despite charging revenue growth, energy throughput per stall declined 4% year over year. Lower eXtend revenue, which fell to $16 million from $32 million, also weighed on total revenue.
CFO Kiefer Lehner highlighted the strength of the core charging business:
“Charging network revenue was $72 million, a 29% increase versus $56 million in the prior year, driven primarily by a larger operating network, representing our 19th consecutive quarter of double-digit year-over-year charging revenue growth,” Lehner said.
EVgo’s next priorities include improving network utilization, expanding high-power charging capacity and controlling investment costs as it pursues sustainable growth.