EVgo's Q2 2025: Unpacking Contradictions in Charging Strategy, Pricing, and Financial Outlook

Charging speed and Tesla connectors, dynamic pricing and throughput, autonomous vehicle segment and network strategy, DOE loan and capital allocation are the key contradictions discussed in EVgo's latest 2025Q2 earnings call.



Revenue Growth and Financial Performance:
- EVgo reported a 47% increase in revenue year-over-year for Q2 2025, with adjusted EBITDA more than $6 million better than the previous year.
- The growth was driven by strong operational performance and strategic milestones, such as the closing of a major commercial bank financing and a significant increase in public stall guidance.

Capital Expenditure and Cost Efficiency:
- The company achieved a 28% reduction in net CapEx per stall for 2025 vintage stalls and expects vintage CapEx offsets of around 50% due to state and utility incentives.
- These efficiencies are attributed to lower contractor pricing, material sourcing, and increased use of prefabricated skids, along with proactive investments in maintenance to address legacy charger issues.

Stall Growth and Market Position:
- EVgo expects to increase its ending 2029 public stall guidance by approximately 3,500 more stalls than previously estimated, reaching roughly 14,000 stalls.
- This expansion is due to the availability of low-cost, non-dilutive capital from the commercial bank facility and strategic focus on leveraging debt funding sources.

Technological Innovations and Customer Experience:
- The company deployed high-power chargers, with the number of stalls served by a 350-kilowatt charger increasing to 57%.
- Improvements in customer experience were driven by the deployment of larger public sites, the deployment of high-power chargers, and the use of Autocharge+, which accounted for 28% of sessions initiated.