What EV Investors Need to Know About EVgo’s Q1 2025 Earnings

EVgo (NASDAQ: EVGO), one of the largest U.S. public fast-charging networks with over 1,100 stations, is set to release its Q1 2025 earnings on May 6, 2025. The results will be a critical test of the company’s ability to execute its 2025 financial targets amid rapid EV adoption and infrastructure expansion. Here’s what investors should watch for.

Revenue Growth: Can EVgo Hit the 40% Target?

EVgo has guided for $340–$380 million in total 2025 revenue, a 40% increase over 2024’s $256.8 million. This growth hinges on scaling its charging network and subscription services. In Q4 2024, revenue rose 35% year-over-year to $67.5 million, driven by record throughput (84 GWh, up 68% YoY) and a 104% surge in Autocharge+ subscriptions.

For Q1, investors will scrutinize whether this momentum continues. A could highlight trends, but the key metric is whether Q1 revenue stays on pace to meet the full-year guidance midpoint of $360 million.

EBITDA: Breakeven in Sight?

The company’s adjusted EBITDA for 2025 is projected between a $5M loss and $10M profit, a major improvement from 2024’s $32.5M loss. EVgo’s path to breakeven depends on operational leverage as it grows throughput and adds higher-margin subscription users. In Q4 2024, adjusted EBITDA narrowed to $8.4M loss, down from $14M a year earlier.

Analysts will look for signs of margin improvement in Q1, such as lower per-unit costs or higher utilization rates at its charging stations.

Infrastructure Expansion: The DOE Loan’s Role

EVgo’s $1.25B U.S. Department of Energy loan guarantee is central to its five-year plan to deploy 7,500 fast-charging stalls, tripling its current 4,080-stall network. Q1 results should provide updates on stall deployment progress. In Q4, the company added 480 stalls, hitting 4,080 by year-end.

The pace of this expansion—coupled with partnerships like its Delta Electronics co-development deal for next-gen chargers and NACS connector pilots—will determine whether EVgo can outpace competitors like Tesla and ChargePoint.

Customer Metrics: Subscription Adoption and Throughput

EVgo’s Autocharge+ subscription service, which now accounts for 24% of charging sessions, is critical to recurring revenue. Investors will watch for continued growth in subscriptions and total customer accounts (up 133K in Q4 to 1.3M).

Network throughput (GWh) is another key indicator. A would show whether the company is maintaining its 60%+ annual throughput growth.

Risks to Watch

• Execution: Permitting delays and supply chain bottlenecks could slow stall deployments.
• Competition: Rival networks and automaker-owned stations could pressure pricing.
• Regulatory: State incentives for EV adoption and federal policy shifts (e.g., Inflation Reduction Act funding) may affect demand.

Conclusion: A Make-or-Break Quarter for EVgo’s Turnaround Story

EVgo’s Q1 earnings will test its ability to deliver on 2025’s $360M revenue midpoint and breakeven EBITDA, while accelerating stall expansion and subscription growth. Positive results could validate its strategic bets—like the DOE loan and Delta partnership—and potentially boost its stock, which has been volatile (e.g., +1.6% the day after its March 2025 report).

However, if Q1 falls short—whether due to slower throughput growth, margin pressures, or delays in stall builds—the company’s path to profitability could face skepticism. With EV adoption surging and EVgo’s infrastructure critical to it, investors will parse the results for clues on whether the company is truly a long-term winner in the EV charging ecosystem.

EVgo’s May 6 earnings call, webcast at 8 a.m. ET, will be a must-watch event for anyone tracking the EV revolution. The stakes are high, and the data will speak volumes.