EVgo Inc. Reports Third Quarter 2026 Results

EVgo posts strong user growth but losses deepen as LS Power tables $2.00/share buyout bid.

What the company is saying

EVgo emphasizes robust operational expansion, highlighting a 29% year-over-year increase in charging network revenue and a customer base exceeding 1.9 million accounts. CEO Badar Khan frames the quarter as a period of strategic scaling—citing the rollout of 160 new DC fast charging stalls, the first v4 Supercharger in Chicago, and over 290 NACS connectors now live. The company stresses its disciplined capital allocation and cost efficiency efforts, while also promoting its next-generation 750kW charging architecture, with deployments targeted for 2027. Updated 2026 guidance projects total revenue of $375–$400 million and adjusted EBITDA between $(30) million and $(15) million, signaling continued losses but ongoing growth. The announcement also discloses an unsolicited, non-binding $2.00/share cash acquisition proposal from LS Power Equity Advisors, with a special committee of independent directors established to review the offer. The company is careful to clarify that no decisions have been made regarding the proposal and that there is no assurance of a transaction.

What the data suggests

Q3 2026 revenue was $91.4 million, down 1% from $92.3 million in Q3 2025, despite charging network revenue rising 29% year-over-year. Gross profit improved to $13.6 million from $12.6 million, and adjusted gross profit rose to $32.4 million from $26.7 million. Net loss widened sharply to $49.2 million from $28.4 million, reflecting increased capital expenditures and operating costs. Adjusted EBITDA was negative $3.5 million, a modest improvement from negative $5.0 million a year earlier. GAAP capital expenditures jumped to $34.8 million from $26.2 million, and capital expenditures net of offsets soared to $24.2 million from $4.2 million. The company ended the quarter with 5,530 stalls in operation, up 20% year-over-year, and added over 95,000 new customer accounts in the quarter. Average daily throughput per public stall was 283 kWh, down from 295 kWh, but excluding OEM programs, throughput increased 7% year-over-year. EVgo sold its 2025 portfolio of 30C income tax credits for $7.7 million net. The company’s updated 2026 guidance projects continued growth but ongoing negative adjusted EBITDA. The LS Power proposal at $2.00/share is non-binding, with no guarantee of completion.

Analysis

The announcement is factual and balanced, with the majority of claims supported by realised operational and financial data for Q3 2026. Key figures such as revenue, gross profit, net loss, adjusted EBITDA, and capital expenditures are disclosed, allowing for a clear assessment of performance. While there is positive operational momentum (e.g., 29% charging network revenue growth, increased stall count, and customer base), the company remains unprofitable, with net loss widening year-over-year and capital expenditures rising sharply. Forward-looking statements are limited to updated 2026 guidance and the ongoing review of the LS Power proposal, both of which are presented with appropriate caution and without promotional language. The gap between narrative and evidence is minimal; the tone does not overstate progress, and all major claims are substantiated. However, the absence of profitability and the high capital intensity relative to near-term returns cap the true signal at weak_positive.

Risk flags

• ●Rising net losses and sharply increased capital expenditures indicate that EVgo’s path to profitability remains uncertain, despite operational growth. The company’s adjusted EBITDA remains negative, and guidance for 2026 projects continued losses, raising concerns about cash burn and the need for future financing.
• ●The LS Power take-private proposal is non-binding and unsolicited, with no assurance of a transaction. The formation of a special committee signals serious consideration, but the outcome is highly uncertain and may create volatility or distract management from core operations.
• ●The company’s capital-intensive business model requires sustained investment in infrastructure, as evidenced by $34.8 million in Q3 GAAP capital expenditures and $24.2 million net of offsets. If revenue growth does not outpace capital and operating costs, long-term shareholder returns may be at risk.
• ●Average daily throughput per stall declined year-over-year, suggesting potential utilization challenges or competitive pressures, even as the stall count and customer base grow. This could pressure margins if not reversed.

Bottom line

EVgo’s Q3 2026 results show strong user and stall growth but worsening net losses and rising capital intensity. While charging network revenue grew 29% year-over-year and the customer base surpassed 1.9 million, total revenue slipped and net loss widened to $49.2 million. The company’s updated 2026 guidance points to continued expansion but no near-term profitability, with adjusted EBITDA projected to remain negative. The $2.00/share LS Power buyout proposal introduces a new strategic variable, but it is non-binding and at an early review stage. Investors face a trade-off between EVgo’s operational momentum and the persistent financial drag from heavy investment and negative margins. The most important takeaway is that, despite scale gains, EVgo’s business model has yet to deliver sustainable profits, and the LS Power proposal is far from certain. Watch for further updates on the buyout process and evidence of improved margin or cash flow trends.

Announcement summary

(NASDAQ: EVGO) EVgo Inc. reported results for the third quarter ended September 30, 2026. Charging network revenue increased by 29% year-over-year, and the customer base surpassed 1.9 million accounts. The company ended the quarter with 5,530 stalls in operation, having added 160 new DC fast charging stalls during the quarter. EVgo launched its first v4 Supercharger site in the Chicago area and now has over 290 NACS connectors in operation as of November 6, 2026. Average daily throughput per stall for the public network was 283 kilowatt hours per day in Q3 2026, compared to 295 kilowatt hours per day in Q3 2025. Over 95,000 new customer accounts were added in the third quarter. EVgo sold its 2025 portfolio of 30C income tax credits for $7.7 million net of transaction costs. For Q3 2026, network throughput was 103 GWh, revenue was $91,417,000, gross profit was $13,608,000, and net loss was $49,207,000. Adjusted gross profit was $32,365,000, and adjusted EBITDA was $(3,530,000). GAAP capital expenditures for the quarter were $34,840,000, with capital expenditures net of capital offsets at $24,233,000. As of September 30, 2026, the EVgo public network had 4,020 stalls, the AV network had 120 stalls, and the eXtend network had 1,390 stalls, totaling 5,530 stalls in operation. For full year 2026, EVgo updated guidance to total new stalls of 1,075 to 1,275, total revenue of $375 million to $400 million, and adjusted EBITDA of $(30) million to $(15) million. On November 2, 2026, EVgo’s Board received an unsolicited, non-binding proposal from LS Power Equity Advisors to acquire all outstanding shares of EVgo’s Class A common stock not owned by LS Power for $2.00 per share in cash. A special committee of independent and disinterested directors has been formed to review and evaluate the proposal, with authority to retain independent legal and financial advisors. No decisions have been made regarding the proposal, and there is no assurance that any definitive agreement will be executed or that any transaction will be approved or consummated.

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