EVgo 2025 Q1 Earnings Strong Performance with Net Loss Reduction
Daily EarningsWednesday, May 7, 2025 6:31 am ET
42min readEVgo (EVGO) reported its fiscal 2025 Q1 earnings on May 06th, 2025. The total revenue of EVgo increased by 36.5% to $75.29 million in 2025 Q1, up from $55.16 million in 2024 Q1. The company maintained stable EPS at $-0.09 compared to 2024 Q1. Despite the ongoing losses, EVgo narrowed its net loss by 7% to $26.23 million. The company's outlook for 2025 remains optimistic, projecting total revenue between $340 million and $380 million, with adjusted EBITDA expected to range from negative $5 million to positive $10 million. EVgo plans to add between 1,200 to 1,400 new stalls.
Revenue
EVgo's revenue structure for Q1 2025 reflects diversified growth across segments. Retail charging led with $30.02 million, while commercial charging contributed $7.78 million. The OEM charging followed with $5.26 million, and regulatory credit sales added $2.79 million. The network OEM segment generated $1.26 million, with the eXtend program bringing in $23.49 million. Ancillary services rounded off the revenue at $4.70 million, bringing the total revenue to $75.29 million.
Earnings/Net Income
EVgo maintained stable EPS at $-0.09 in Q1 2025, mirroring the previous year's figure. The company successfully reduced its net loss by 7%, totaling $26.23 million. Although EPS remained negative, the reduction in net loss is a positive indicator.
Price Action
The stock price of EVgo has surged 18.39% during the latest trading day, has surged 29.68% during the most recent full trading week, and has surged 43.92% month-to-date.
Post-Earnings Price Action Review
The strategy of purchasing EVGO shares following a revenue increase and holding for 30 days has historically underperformed over the past five years. This approach resulted in a return of -33.77%, significantly lagging behind the benchmark return of 22.60%. The excess return was -56.38%, and the compound annual growth rate (CAGR) was -10.30%, indicating substantial losses. Furthermore, the strategy experienced a high maximum drawdown of -37.02% and a Sharpe ratio of -0.57, reflecting considerable risk and negative returns. These figures suggest that the market's reaction to revenue increases has not translated into sustainable stock performance, underlining the volatility and risk associated with this strategy.
CEO Commentary
Badar Khan, Chief Executive Officer of EVgo, highlighted the company's record quarter, with charging revenues growing 60% year-over-year, driven by a 36% increase in average daily throughput per public stall. The company added over 180 operational stalls, reaching a total of over 4,200. Khan emphasized EVgo's strong positioning, supported by a $1.25 billion loan guarantee from the Department of Energy, securing financing for adjusted EBITDA breakeven this year and leveraging free cash flow breakeven next year. He noted minimal macro environment impact from tariffs and an accelerating demand for fast charging.
Guidance
EVgo expects total revenue to range from $340 million to $380 million for 2025, with adjusted EBITDA targeted between negative $5 million and positive $10 million. The company plans to add 1,200 to 1,400 new stalls, including 750 to 815 public network stalls. Fiscal capex is anticipated to be between $160 million and $180 million, with approximately 75% of new public network stalls operational in the second half of the year.
Additional News
EVgo recently announced a strategic co-development agreement with Delta Electronics to advance its next-generation charging architecture, aiming to enhance customer experience and charger reliability. This collaboration is expected to drive cost efficiencies with improved firmware and hardware design. Furthermore, the company launched its first pilot site with native NACS connectors in February 2025, with plans to expand additional locations throughout the year. In financing news, EVgo received its first advance of $75 million from its $1.25 billion loan guarantee from the U.S. Department of Energy in January 2025, followed by a second advance of $19 million in April 2025. These developments underscore EVgo's commitment to expanding its charging infrastructure and enhancing its technological capabilities.
Revenue
EVgo's revenue structure for Q1 2025 reflects diversified growth across segments. Retail charging led with $30.02 million, while commercial charging contributed $7.78 million. The OEM charging followed with $5.26 million, and regulatory credit sales added $2.79 million. The network OEM segment generated $1.26 million, with the eXtend program bringing in $23.49 million. Ancillary services rounded off the revenue at $4.70 million, bringing the total revenue to $75.29 million.
Earnings/Net Income
EVgo maintained stable EPS at $-0.09 in Q1 2025, mirroring the previous year's figure. The company successfully reduced its net loss by 7%, totaling $26.23 million. Although EPS remained negative, the reduction in net loss is a positive indicator.
Price Action
The stock price of EVgo has surged 18.39% during the latest trading day, has surged 29.68% during the most recent full trading week, and has surged 43.92% month-to-date.
Post-Earnings Price Action Review
The strategy of purchasing EVGO shares following a revenue increase and holding for 30 days has historically underperformed over the past five years. This approach resulted in a return of -33.77%, significantly lagging behind the benchmark return of 22.60%. The excess return was -56.38%, and the compound annual growth rate (CAGR) was -10.30%, indicating substantial losses. Furthermore, the strategy experienced a high maximum drawdown of -37.02% and a Sharpe ratio of -0.57, reflecting considerable risk and negative returns. These figures suggest that the market's reaction to revenue increases has not translated into sustainable stock performance, underlining the volatility and risk associated with this strategy.
CEO Commentary
Badar Khan, Chief Executive Officer of EVgo, highlighted the company's record quarter, with charging revenues growing 60% year-over-year, driven by a 36% increase in average daily throughput per public stall. The company added over 180 operational stalls, reaching a total of over 4,200. Khan emphasized EVgo's strong positioning, supported by a $1.25 billion loan guarantee from the Department of Energy, securing financing for adjusted EBITDA breakeven this year and leveraging free cash flow breakeven next year. He noted minimal macro environment impact from tariffs and an accelerating demand for fast charging.
Guidance
EVgo expects total revenue to range from $340 million to $380 million for 2025, with adjusted EBITDA targeted between negative $5 million and positive $10 million. The company plans to add 1,200 to 1,400 new stalls, including 750 to 815 public network stalls. Fiscal capex is anticipated to be between $160 million and $180 million, with approximately 75% of new public network stalls operational in the second half of the year.
Additional News
EVgo recently announced a strategic co-development agreement with Delta Electronics to advance its next-generation charging architecture, aiming to enhance customer experience and charger reliability. This collaboration is expected to drive cost efficiencies with improved firmware and hardware design. Furthermore, the company launched its first pilot site with native NACS connectors in February 2025, with plans to expand additional locations throughout the year. In financing news, EVgo received its first advance of $75 million from its $1.25 billion loan guarantee from the U.S. Department of Energy in January 2025, followed by a second advance of $19 million in April 2025. These developments underscore EVgo's commitment to expanding its charging infrastructure and enhancing its technological capabilities.
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