EVgo delivered a first quarter that was well received by the market, driven by strong growth in customer usage and ongoing expansion of its charging network. Management highlighted a 36% increase in daily throughput per public stall, reflecting broader adoption of electric vehicles and rising demand for fast charging. CEO Badar Khan attributed performance to both higher utilization and a growing installed base, noting, “Q1 represented the 13th consecutive quarter of double-digit year-over-year growth in charging revenues.” The company also emphasized operational efficiencies and capex discipline as contributing factors to improved operating margins compared to last year.
Is now the time to buy EVGO? Find out in our full research report (it’s free).
EVgo (EVGO) Q1 CY2025 Highlights:
- Revenue: $75.29 million vs analyst estimates of $74.21 million (36.5% year-on-year growth, 1.4% beat)
- Adjusted EPS: -$0.08 vs analyst estimates of -$0.11 (30.8% beat)
- Adjusted EBITDA: -$5.93 million vs analyst estimates of -$6.61 million (-7.9% margin, 10.3% beat)
- The company reconfirmed its revenue guidance for the full year of $360 million at the midpoint
- EBITDA guidance for the full year is $2.5 million at the midpoint, above analyst estimates of $1.76 million
- Operating Margin: -44.4%, up from -58.7% in the same quarter last year
- Gigawatt-hours Sold: 83 at quarter end
- Market Capitalization: $505.8 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions EVgo’s Q1 Earnings Call
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Andres Sheppard (Cantor Fitzgerald) asked about the cadence of cost of energy, ASPs, and DoE loan stall ramp-up; CEO Badar Khan reiterated guidance, noted that Q3 energy costs will be seasonally higher, and expects most new stalls to come online in the second half of the year.
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Sheppard also inquired about EVgo’s approach to the autonomous vehicle charging market; Khan explained that dedicated stalls for autonomous vehicles doubled in the past year, now representing about a 20% market share for this segment, and described contracted cash flows as a unique aspect of these offerings.
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Chris Dendrinos (RBC Capital Markets) sought an update on private financing options and timing; Khan reported ongoing discussions with potential partners and confirmed that attractive terms could enable an accelerated stall build-out beyond current DoE-supported plans.
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Chris McNally (Evercore ISI) questioned the impact of potential regulatory changes on EVgo’s geographic expansion strategy; Khan emphasized the company’s flexibility, noting that return expectations and network planning are continuously updated to adjust for state-level incentives and demand trends, with higher utilization now occurring outside California.
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Craig Irwin (Roth Capital Partners) asked about the rollout of NACS (Tesla) connectors and their effect on customer acquisition; Khan outlined a phased retrofit plan for 100–150 sites in 2025 and highlighted the importance of validation to ensure performance and demand alignment.
Catalysts in Upcoming Quarters
In the coming quarters, our analysts will monitor (1) the pace and geographic distribution of new stall deployments, especially the back-end loaded public network expansion; (2) the impact of new dynamic pricing algorithms on utilization and margins; and (3) the rollout and customer adoption of NACS connectors. Additionally, progress on capex reduction initiatives and any new financing arrangements will be key indicators of execution.
EVgo currently trades at $3.95, up from $2.76 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free).
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