EVgo’s Q1 2025 Surge: Charging Ahead in the EV Infrastructure Race

EVgo, Inc. (NASDAQ: EVGO), a leading operator of fast-charging networks for electric vehicles (EVs), delivered a robust set of first-quarter 2025 results, showcasing acceleration in revenue growth, infrastructure expansion, and customer adoption. The quarter marks a critical milestone as EVgo inches closer to its goal of achieving Adjusted EBITDA breakeven by year-end. Let’s unpack the data and assess what this means for investors.

Revenue Growth: A Momentum Machine

EVgo’s revenue hit a record $75.3 million in Q1 2025, a 36% year-over-year (YoY) increase, driven by its core charging network business. Charging network revenue surged to $47.1 million, up 49% YoY, marking the 13th consecutive quarter of double-digit growth. This segment’s expansion reflects rising demand for EV charging, particularly as the number of EVs on U.S. roads grows.

The company’s network throughput—a key metric of utilization—reached 83 gigawatt-hours (GWh), a 60% YoY jump, signaling higher usage of existing stations. This growth isn’t just about quantity; it’s also about efficiency. The average daily throughput per stall rose to 266 kWh, a 36% increase, demonstrating better asset utilization.

Infrastructure Build-Out: Scaling for Dominance

EVgo expanded its DC fast-charging stalls by 180 units in Q1, bringing the total to 4,240 operational stalls as of March 31. This represents a 32% YoY increase, with notable growth across all segments:
- Public Network: 3,510 stalls (+15%)
- Dedicated Network (for fleets): 110 stalls (+175%)
- eXtend™ Network (for commercial partners): 620 stalls (+377%)

This aggressive expansion is funded in part by a $1.25 billion loan guarantee from the U.S. Department of Energy (DOE). EVgo secured the first $75 million advance in January 2025 and a second $19 million tranche in April. These funds will help build ~7,500 stalls over five years, solidifying its position as a critical player in the U.S. EV charging ecosystem.

Customer Metrics: Growing the User Base

EVgo added 119,000 new customer accounts in Q1, pushing the total to 1.4 million. This expansion is fueled by PlugShare, its EV charging platform, which now has 6.5 million registered users and 9.4 million check-ins since inception. The company’s Autocharge+ subscription service—automating charging sessions—now accounts for 27% of all charging sessions, up from 15% in Q1 2024. This recurring revenue stream is a key profitability lever.

Financial Performance: Progress Toward Breakeven

While EVgo reported a net loss of $11.4 million, this narrowed 7% YoY from $12.3 million in Q1 2024. The critical metric here is Adjusted EBITDA, which improved to $(5.9 million from $(7.2 million in Q1 2024—a 18% reduction in losses. Management remains confident in hitting its 2025 target of Adjusted EBITDA breakeven, supported by $340–$380 million in revenue guidance and a projected $10 million EBITDA range by year-end.

Cash reserves grew to $150 million, up from $117 million in Q4 2024, thanks to DOE advances and reduced capital expenditures. However, operating cash flow still used $10.2 million, though this is an improvement over the prior-year period.

Strategic Moves: Partnerships and Innovation

EVgo’s Q1 saw two critical strategic initiatives:
1. Delta Electronics Co-Development: A partnership to design next-gen chargers focused on reliability and cost efficiency, with EVgo retaining IP rights. This could reduce long-term operational costs.
2. NACS Connector Rollout: The first pilot sites with native NACS connectors (Tesla’s proprietary standard) became operational in February. This move addresses a key barrier to interoperability, as most U.S. EVs now use NACS.

Risks and Challenges

• Supply Chain Volatility: Delays or cost spikes in components could disrupt expansion plans.
• Tariff Exposures: While EVgo says tariffs will have a “minimal impact,” ongoing trade tensions pose risks.
• Competitor Intensity: Rival networks like ChargePoint (CHPT) and Tesla’s Supercharger expansion could intensify pricing pressures.

Conclusion: A Charged Outlook

EVgo’s Q1 results underscore its position as a growth engine in the EV charging sector. With revenue up 36%, stalls expanding 32%, and Adjusted EBITDA improving by 18%, the company is on track to meet its 2025 breakeven target. The DOE’s $1.25 billion loan provides a capital cushion for scaling, while strategic moves like NACS compatibility and Delta’s tech partnership signal operational resilience.

Crucially, the data points to a strong flywheel effect: more stalls → higher throughput → more customers → more revenue. With 1.4 million customers and 6.5 million PlugShare users, EVgo is building a durable platform. While the net loss remains a concern, the narrowing gap and improving cash flow suggest a path to profitability.

For investors, the key question is whether EVgo can sustain this growth while managing costs. The $340–$380 million revenue guidance and $10 million EBITDA target are achievable if utilization rates and Autocharge+ adoption continue rising. The stock’s valuation—currently trading at ~10x EV/EBITDA (if breakeven is met)—could attract capital as the company transitions from growth to profitability.

In a sector that’s pivotal to the EV revolution, EVgo’s Q1 results are a green light for investors willing to bet on its infrastructure leadership. The road ahead is charged with opportunity.