EVgo's Q1 2025: Examining Key Contradictions in Financing, Network Performance, and Pricing Strategy

DOE loan and alternative financing, network utilization and throughput, dynamic pricing strategy, financial guidance and ASP stability, and potential impact of policy changes are the key contradictions discussed in EVgo's latest 2025Q1 earnings call.



Record Growth and Charging Network Expansion:
- EVgo reported a 36% year-over-year increase in total revenue and a tenfold growth in three years, reaching over 4,200 operational stalls.
- This growth was driven by increased customer consumption, higher throughput per public stall, and the addition of over 180 new stalls in Q1.

Impact of Tariffs and Cost Efficiency:
- Despite only 25% of total capex being subject to tariffs, EVgo expects an impact of $4 million to $5 million due to higher tariff rates.
- The company offset this impact with $10 million in capex efficiencies, maintaining adjusted EBITDA for its charging business.

Macro Environment and Demand-Supply Dynamics:
- The impact of tariffs on EVgo is minimized as only 25% of equipment costs are subject to tariffs, with the remainder domestically sourced.
- The growth in non-Tesla EV sales by 35%, strong demand for EVs, and a supply-demand imbalance for fast charging stations drove growth.

Customer Experience and Network Utilization:
- The average daily throughput per public stall rose by 36% year-over-year, with a total public network throughput growth of 60%.
- This was attributed to improved customer experience, deployment of larger sites with more stalls, and increased use of dynamic pricing.