Electric vehicle charging company EVgo (NASDAQ: EVGO) reported Q1 CY2026 results beating Wall Street’s revenue expectations, with sales up 45.5% year on year to $109.5 million. The company’s full-year revenue guidance of $440 million at the midpoint came in 1% above analysts’ estimates. Its GAAP loss of $0.12 per share was in line with analysts’ consensus estimates.
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EVgo (EVGO) Q1 CY2026 Highlights:
- Revenue: $109.5 million vs analyst estimates of $89.15 million (45.5% year-on-year growth, 22.9% beat)
- EPS (GAAP): -$0.12 vs analyst estimates of -$0.12 (in line)
- Adjusted EBITDA: -$7.48 million (-6.8% margin, 26.1% year-on-year decline)
- The company reconfirmed its revenue guidance for the full year of $440 million at the midpoint
- EBITDA guidance for the full year is $0 at the midpoint, below analyst estimates of $4.64 million
- Adjusted EBITDA Margin: -6.8%, up from -7.9% in the same quarter last year
- Free Cash Flow was -$65.94 million compared to -$25.24 million in the same quarter last year
- Gigawatt-hours Sold: up 8 year on year
- Market Capitalization: $305.5 million
“EVgo delivered a strong start to 2026 with record first quarter revenues driven by continued growth across our network and disciplined execution against our strategy,” said Badar Khan, CEO of EVgo.
Company Overview
Created through a settlement between NRG Energy and the California Public Utilities Commission, EVgo (NASDAQ: EVGO) is a provider of electric vehicle charging solutions, operating fast charging stations across the United States.
Revenue Growth
A company’s long-term sales performance is one signal of its overall quality. Any business can have short-term success, but a top-tier one grows for years. Thankfully, EVgo’s 95% annualized revenue growth over the last five years was incredible. Its growth beat the average industrials company and shows its offerings resonate with customers.
Long-term growth is the most important, but within industrials, a half-decade historical view may miss new industry trends or demand cycles. EVgo’s annualized revenue growth of 48.1% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
This quarter, EVgo reported magnificent year-on-year revenue growth of 45.5%, and its $109.5 million of revenue beat Wall Street’s estimates by 22.9%.
Looking ahead, sell-side analysts expect revenue to grow 9.5% over the next 12 months, a deceleration versus the last two years. Still, this projection is commendable and implies the market is baking in success for its products and services.
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Operating Margin
Operating margin is one of the best measures of profitability because it tells us how much money a company takes home after procuring and manufacturing its products, marketing and selling those products, and most importantly, keeping them relevant through research and development.
EVgo’s high expenses have contributed to an average operating margin of negative 66.6% over the last five years. Unprofitable industrials companies require extra attention because they could get caught swimming naked when the tide goes out. It’s hard to trust that the business can endure a full cycle.
On the plus side, EVgo’s operating margin rose over the last five years, as its sales growth gave it operating leverage. Still, it will take much more for the company to reach long-term profitability.
This quarter, EVgo generated a negative 33.2% operating margin.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions.
Although EVgo’s full-year earnings are still negative, it reduced its losses and improved its EPS by 7.1% annually over the last five years. The next few quarters will be critical for assessing its long-term profitability. We hope to see an inflection point soon.
Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business.
For EVgo, its two-year annual EPS growth of 6.3% is similar to its five-year trend, implying stable earnings.
In Q1, EVgo reported EPS of negative $0.12, down from negative $0.09 in the same quarter last year. This print was close to analysts’ estimates. Over the next 12 months, Wall Street expects EVgo to perform poorly. Analysts forecast its full-year EPS of negative $0.35 will tumble to negative $0.41.
Key Takeaways from EVgo’s Q1 Results
We were impressed by how significantly EVgo blew past analysts’ EBITDA expectations this quarter. We were also excited its adjusted operating income outperformed Wall Street’s estimates by a wide margin. On the other hand, its full-year EBITDA guidance missed. Overall, we think this was still a solid quarter with some key areas of upside. The stock traded up 2.5% to $2.20 immediately following the results.
EVgo put up rock-solid earnings, but one quarter doesn’t necessarily make the stock a buy. Let’s see if this is a good investment. When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
