EVgo (EVGO) Stock Dips Despite Historic Profit and Strong Q4 Performance

Key Highlights

• The company delivered Q4 2025 adjusted EBITDA of $25 million with revenue reaching $118 million, significantly exceeding Wall Street’s projections.
• Annual 2025 revenue totaled $384 million, representing a nearly 50% year-over-year increase, while achieving $12 million in EBITDA — marking the company’s maiden annual profitability.
• Forward-looking 2026 projections fell short of market expectations: revenue guidance of $410M–$470M and breakeven EBITDA compared to analyst consensus of $478M revenue and $33M EBITDA.
• The charging network concluded 2025 with 5,100 active charging stalls, representing 25% growth year over year, with DC fast charging comprising 62% of total infrastructure.
• Despite a 36% decline in US EV sales during Q4 2025 following the elimination of the $7,500 federal tax incentive, EVgo’s network throughput climbed 18%.

EVgo delivered impressive Q4 2025 results that surpassed analyst expectations, yet conservative projections for 2026 pressured shares downward. Let’s examine the details.

EVgo, Inc., EVGO

The EV charging infrastructure provider announced fourth-quarter adjusted EBITDA of $25 million against revenue of $118.4 million. This significantly exceeded Wall Street’s consensus estimates calling for EBITDA of $2.5 million on $103 million in revenue. By comparison, the year-ago period showed an EBITDA loss of $8.4 million with revenue of $67.5 million.

The company’s gross margin expanded dramatically by 2,350 basis points to reach 38% during the quarter. Fourth-quarter revenue surged 75% compared to the prior-year period.

Looking at full-year 2025 performance, EVgo delivered $384 million in revenue — representing nearly 50% growth versus 2024 — and achieved $12 million in EBITDA. This milestone represents the company’s inaugural annual profitability.

However, the positive results weren’t enough to lift shares. EVGO declined 5.3% to $2.68 during Tuesday’s trading session. The broader equity market also experienced weakness, with the S&P 500 falling 0.9%.

The stock’s decline stemmed from forward guidance. Management anticipates 2026 revenue between $410 million and $470 million with breakeven EBITDA. This contrasts with analyst estimates of $478 million in revenue and $33 million in EBITDA — a discrepancy that caught investors’ attention.

Projected revenue expansion is expected to moderate to approximately 15% in 2026, significantly slower than the nearly 50% growth achieved in 2025.

Network Performance Metrics

Total network throughput — measured by cumulative electricity dispensed to electric vehicles — reached 99 gigawatt-hours during Q4, climbing 18% year over year. This expansion occurred despite a substantial contraction in US EV sales.

American consumers purchased approximately 234,000 battery-electric vehicles in Q4 2025, declining 36% compared to the previous year. EV market share dropped to below 6% of total new vehicle sales in the quarter, down from roughly 10% in Q3.

The federal $7,500 EV purchase incentive concluded in September, increasing the effective cost for prospective buyers.

The company deployed over 500 additional stalls during Q4 and finished 2025 with 5,100 operational stalls, marking a 25% year-over-year expansion. DC fast charging infrastructure now constitutes 62% of the total network.

Khan noted that per-stall utilization has increased approximately sixfold compared to earlier periods, and EVgo’s demand per stall exceeds most competitors outside the top three market participants by roughly five times.

NACS Rollout and Commercial Fleet Initiatives

EVgo continues expanding NACS connector availability — the charging protocol developed by Tesla — throughout its infrastructure. Numerous automotive manufacturers across North America have embraced NACS, enabling a broader range of vehicles to access EVgo stations without requiring adapters.

The company is also pursuing fleet operators and rideshare platforms as supplementary demand channels.

Khan recognized that aggressive network buildout carries higher depreciation and amortization expenses, which impact net income even as EBITDA metrics improve.

Heading into Tuesday’s trading, EVGO shares were down 3% year to date while showing a 16% gain over the trailing 12-month period.

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