EVgo (NASDAQ:EVGO) reported second-quarter 2026 revenue of $83 million, down 16% from a year earlier, as growth in its core charging network was offset by declines in its eXtend and autonomous-vehicle-related businesses. The company posted an adjusted EBITDA loss of $10.6 million, in line with its prior guidance.
Charging network revenue rose 19% year over year to $61 million, marking EVgo’s 18th consecutive quarter of double-digit annual growth in that segment. Chief Financial Officer Keefer Lehner said the increase was driven primarily by network expansion, including a 13% increase in the public network, along with a modest rise in charging revenue per kilowatt-hour.
The company’s public network dispensed 99 gigawatt-hours of energy during the quarter, up 13% from the prior year and 9% sequentially. Daily throughput per stall declined 2% year over year but increased 7% from the first quarter. Lehner attributed some of the pressure to softer performance from lower-power legacy chargers and the declining contribution from OEM charging-credit programs that are expected to wind down through the end of 2026.
Tesla Supercharger Agreement Expands NACS Strategy
EVgo announced an agreement with Tesla to deploy EVgo-branded Superchargers in dozens of U.S. cities beginning this year. Under the arrangement, EVgo will own the chargers, select locations and set pricing, while Tesla will build and operate the sites under a long-term agreement.
Chief Executive Officer Badar Khan said the agreement is intended to expand the company’s reach to Tesla and other North American Charging Standard, or NACS, drivers. The planned V4 Superchargers will offer up to 500-kilowatt charging capability and Tesla’s Magic Dock technology, allowing both NACS and Combined Charging System vehicles to charge without an adapter.
Khan said EVgo expects the gross capital cost per Supercharger stall to be broadly equivalent to the company’s existing deployments and plans to use its existing financing sources. He added that the arrangement is expected to require little to no incremental growth-related general and administrative spending.
EVgo had 240 NACS stalls operating across about 100 sites at the end of the quarter. The company plans to add more NACS connections at its 350-kilowatt sites and through the new Supercharger locations. Its goal is for all sites built in 2023 or later to have at least one NACS connector within two years.
During the question-and-answer session, Khan said throughput at NACS stalls deployed since last fall had more than doubled, while the number of Tesla drivers using EVgo’s network had also doubled. However, he said utilization at those stalls remained below that of the company’s CCS stalls. EVgo expects its NACS-equipped locations to be available through Tesla’s navigation system, subject to drivers enabling third-party stations.
Network Growth and Financial Performance
EVgo ended the second quarter with 5,380 operational stalls, including roughly 4,000 company-owned and operated stalls. It added 280 total stalls during the period, including 120 new public EVgo-owned stalls, while removing 175 legacy chargers through its ReNew program.
The company’s customer base exceeded 1.8 million. On a trailing 12-month basis, energy dispensed reached 384 gigawatt-hours, up 16% from the comparable prior-year period. Charging gross margin was 39% over the trailing 12 months, expanding two percentage points year over year.
Second-quarter charging network gross profit increased 15% to $22 million, although charging network gross margin declined to 36% from 37% a year earlier. Lehner cited higher energy, rent and maintenance costs. Total adjusted gross profit fell 7% to $26 million because of lower contributions from eXtend and autonomous-vehicle ancillary revenue.
- eXtend revenue was $18 million, down $19 million year over year, reflecting lower equipment sales and construction revenue.
- Autonomous-vehicle ancillary revenue was $3 million, down $6 million from the prior-year period, with no new deployments during the quarter.
- Adjusted general and administrative expense rose 22% year over year to $37 million as EVgo invested in network growth and its next-generation charging architecture.
Lehner said the company expects two additional autonomous-vehicle projects to enter operation in 2026. EVgo also expects its first units using its next-generation charging architecture, developed at its innovation lab, to be installed by year-end.
Updated 2026 Outlook
EVgo expects to add 1,350 to 1,625 stalls in 2026, including 950 to 1,175 public and autonomous-vehicle stalls and 400 to 450 eXtend stalls. About 60% of the year’s planned build is expected to occur in the fourth quarter, including the energization of EVgo Supercharger sites.
The company said it removed certain projects from its 2026 deployment plan without material cost after adjusting its underwriting standards in response to a slower-than-expected ramp in throughput from its 2025 cohort and reduced forecasts for U.S. EV sales. Lehner said the 2025 cohort has been ramping more slowly than the 2023 and 2024 cohorts but remains relatively early in its maturation cycle.
For the full year, EVgo projected total revenue of $400 million to $430 million and adjusted EBITDA of negative $25 million to negative $5 million. It forecast eXtend revenue of $90 million to $95 million and autonomous-vehicle ancillary revenue of $40 million to $45 million. Adjusted G&A is expected to total $148 million to $152 million.
The company expects negative adjusted EBITDA in the third quarter and positive adjusted EBITDA in the fourth quarter, when it anticipates a large number of new stalls will become operational.
Long-Term Expansion Plans
Khan reiterated EVgo’s expectation that it could generate approximately $500 million in recurring adjusted EBITDA by 2030. The company expects to expand annual stall additions to 4,000 to 5,000 by 2030, supported by its existing financing facilities and site-development pipeline.
EVgo reported more than $630 million of available capacity under its Department of Energy and commercial bank debt facilities. Including cash equivalents and restricted cash, the company said it had approximately $835 million of available liquidity as of June 30.
The company is also evaluating potential uses for excess power capacity at its network locations, including demand response, battery energy storage and distributed edge computing applications. Khan said EVgo formed a corporate development team during 2026 to assess those opportunities, as well as potential acquisitions and longer-term geographic expansion.
About EVgo (NASDAQ:EVGO)
EVgo operates one of the largest public electric vehicle (EV) fast-charging networks in the United States, delivering direct current (DC) fast charging and Level 2 charging services to passenger vehicles and commercial fleets. The company’s charging stations are strategically located in urban centers, suburban shopping areas, workplace parking facilities, and along major highway corridors, enabling convenient access for EV drivers and promoting long-distance travel.
The company offers a suite of charging solutions, including subscription plans, pay-per-use options, and fleet charging services tailored to the needs of ride-hailing, delivery, and corporate vehicle fleets.
