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- **Revenue Growth Accelerates**: Q3 2025 revenue up 37% YoY, with charging network revenue rising 33% and eXtend revenues jumping 46%.
- **Breakeven EBITDA in Q4**: Company on track for adjusted EBITDA breakeven in Q4 2025, with 3-4x annualized stall growth by 2029.
- **Cost Efficiency**: 27% reduction in 2025 net CapEx per stall, 17% decline in gross CapEx, and 40% capital offsets from incentives.
- **NACS Rollout Success**: 100 NACS cables deployed, with higher Tesla utilization at pilot sites.
- **Autonomous Vehicle Growth**: Long-term contracts with AV partners driving dedicated stall deployments and recurring revenue.

**【CEO Summary Section】**
- EVgo reported total revenue of $92 million for Q3 2025, a 37% year-over-year increase, driven by a 33% rise in charging network revenue and a 46% growth in eXtend revenues.
- The company achieved a record 4,590 stalls in operation, with a focus on high-utilization locations and next-generation charging architecture expected to reduce net CapEx per stall by 27% in 2025.
- EVgo anticipates breakeven adjusted EBITDA in Q4 2025 and 3-4x annualized growth in stalls by 2029, supported by $41 million in DOE Loan advances and a $225 million commercial financing facility.
- The rollout of 100 NACS cables has increased Tesla driver utilization at pilot sites, with plans to expand the rollout in 2026.

**【CFO Financial Commentary】**
- Charging network gross margin improved to 35% in Q3 2025, up 1 percentage point year-over-year, reflecting operating leverage from fixed costs and higher throughput per stall.
- Adjusted EBITDA improved by $4 million year-over-year, with G&A as a percentage of revenue declining to 34% from 40% in Q3 2024.
- EVgo expects to deploy 700-750 stalls in 2025, with a focus on eXtend partnerships and cost reductions of 17% in gross CapEx per stall.

**【Q&A Highlights】**
- CEO Badar Khan emphasized the company's ability to generate 2-3x returns on capital, with 2025 vintage net CapEx of $75,000 per stall and 40% capital offsets from state incentives and federal programs.
- CFO Paul Dobson noted that EVgo's next-generation charging architecture will reduce gross CapEx by 25% by 2029, driven by prefabricated skids and lower contractor pricing.
- The company is prioritizing high-value customers and autonomous vehicle partnerships, with dynamic pricing strategies to optimize usage and reduce wait times.
- EVgo's EVgo app reached a 4.5-star rating on the Apple App Store, signaling potential organic customer growth.

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