Overview

• US fast charging network operator's Q1 revenue rose 45% yr/yr, beating analyst expectations

• Company ended Q1 with 5,280 stalls in operation, up 25% from prior year

Outlook

• EVgo affirms 2026 revenue guidance of $410 mln to $470 mln

• Company expects 2026 Adjusted EBITDA between $(20) mln and $20 mln

• EVgo sees Q2 2026 revenue of $75 mln to $85 mln

Result Drivers

• NETWORK EXPANSION - Revenue growth driven by continued expansion of charging network and addition of over 200 new DC fast charging stalls

• CUSTOMER GROWTH - Added over 86,000 new customer accounts in Q1, reaching more than 1.7 mln total accounts

Company press release: ID:nGNX9Bs2Jf

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$109.53 mln	$88.40 mln (10 Analysts)
Q1 Net Income		-$36.98 mln
Q1 Adjusted EBITDA		-$7.48 mln
Q1 Adjusted Gross Margin		27.10%
Q1 Adjusted Gross Profit		$29.63 mln
Q1 Capex		$30.58 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for EVgo Inc is $4.00, about 84.3% above its May 4 closing price of $2.17

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