EVgo Inc. (EVGO)·Q1 2025 Earnings Summary

Executive Summary

• Record Q1 revenue of $75.3M (+36% YoY), charging network revenue $47.1M (+49% YoY), and network throughput 83 GWh (+60% YoY), continuing 13 straight quarters of double-digit charging revenue growth .
• Charging network gross margin was 37.1% (down 370 bps YoY due to prior-year OEM credit breakage; excluding breakage, +130 bps YoY) and declined sequentially on higher maintenance and property taxes; Adjusted EBITDA improved to $(5.9)M from $(7.2)M YoY .
• 2025 guidance affirmed: revenue $340–$380M and Adjusted EBITDA $(5)M–$10M; stall build outlook unchanged (1,200–1,400 stalls; ~75% of public stalls in 2H, ~50% in Q4) .
• Management flagged minimal tariff impact (~$4–$5M FY25 CapEx hit) to be more than offset by ~$10M CapEx efficiencies; next-gen Delta co-development targeting ~30% reduction in gross CapEx per store beginning 2H 2026 .
• S&P Global consensus for Q1 2025 was unavailable; comparison to Street estimates could not be made (see Estimates Context) [functions.GetEstimates].

What Went Well and What Went Wrong

What Went Well

• “EVgo once again achieved a record level of revenues, starting 2025 off on a strong foundation,” with 83 GWh throughput (+60% YoY) and charging network revenue +49% YoY .
• Operational scaling: added >180 new stalls; ended Q1 with 4,240 stalls (+32% YoY), average daily throughput per stall +36% YoY to 266 kWh/day; Autocharge+ reached 27% of sessions .
• Strategic progress: DOE loan advances ($75M Jan, $19M Apr), NACS pilot live in Feb, and Delta joint development agreement to lower per-store CapEx, with prototype expected in Q2 2025 .

What Went Wrong

• Charging network gross margin down YoY and sequentially: YoY decline due to non-recurring $2.5M OEM credit breakage in prior-year quarter; sequentially pressured by higher maintenance and property taxes .
• Network OEM revenue fell 63% YoY; G&A rose 13% YoY; interest income fell 25% YoY, contributing to continued GAAP net loss .
• Net loss attributable to Class A common stockholders widened to $(11.4)M (vs $(9.8)M YoY), and Adjusted G&A rose to $31.3M (+28% YoY) as the company invests in growth .

Financial Results

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• CEO Badar Khan: “We anticipate being minimally impacted by tariffs, and we remain focused on achieving Adjusted EBITDA breakeven in 2025, while investing in growth, including our next generation charging experience.”
• On tariffs: “We expect an impact of around $4 million to $5 million… In addition, we expect to deliver $10 million in CapEx efficiencies this year that more than offset the estimated impact… none of this is expected to impact adjusted EBITDA for our charging business.”
• On dynamic pricing: “We’re looking to maximize margin… shifting who is charging at what time of the day… next round of algorithms… in the fourth quarter.”
• On NACS rollout: retrofit 100–150 stations in 2025; next-gen chargers to launch with NACS cables .
• On financing: quarterly DOE advances proceeding “business as usual”; evaluating complementary non-dilutive financing to accelerate growth beyond DOE scope .

Q&A Highlights

• Guidance cadence: Q3 is seasonally weakest gross margin due to higher summer electricity costs; ASPs steady to slightly expanding; stall build cadence ~75% 2H and ~50% Q4 .
• AV strategy: expanding dedicated fleet/AV stalls with contracted cash flows; ~20% share today; regulatory environment improving .
• Financing: DOE advances continuing; exploring private, non-dilutive financing to accelerate stalls not eligible for DOE funding; potential execution later in 2025 .
• Tariffs detail: FY25 CapEx hit ~$4–$5M based on mix of 10% and 32% rates; offset via lower construction prices, prefab skids; next-gen architecture drives ~30% CapEx/store reduction from 2026 .
• Demand/pricing: No signals to back off pricing power; dynamic pricing continues to optimize margins and shift demand intra-day .

Estimates Context

S&P Global consensus for Q1 2025 revenue, EPS, and EBITDA was unavailable at time of query; therefore, we could not assess beats/misses versus Street estimates [functions.GetEstimates].

• This limits near-term estimate-revision takeaways; however, EVgo reaffirmed FY2025 revenue and Adjusted EBITDA guidance after a record Q1 .

Key Takeaways for Investors

• Demand/supply tailwind persists: 13 consecutive quarters of double-digit charging revenue growth; throughput and utilization remain strong, supporting margin trajectory as the EV car park expands .
• Margin dynamics: YoY charging network GM decline was driven by prior-year breakage; underlying margin ex-breakage is improving (+130 bps YoY), with sequential pressure from maintenance and property taxes likely to normalize .
• Capital efficiency and funding: DOE loan advances plus ~$10M FY25 CapEx efficiencies and next-gen Delta architecture (targeting ~30% CapEx/store reduction) underpin network growth with improving unit economics .
• Tariff exposure manageable: limited direct impact (~$4–$5M FY25) and largely mitigated; owner-operator model isolates EBITDA from equipment tariff swings .
• Product/pricing: Dynamic pricing and overnight utilization strategies are increasing monetization; planned algorithm upgrades in Q4 2025 could provide incremental margin uplift .
• NACS retrofits and GM flagship sites: 100–150 NACS retrofits targeted for 2025 and 400 GM flagship sites to enhance customer experience and capture Tesla-driver demand .
• Near-term trading: With guidance affirmed and operational KPIs strong, catalysts include continued DOE disbursements, NACS rollout pace, and margin improvement prints; watch Q3 for seasonal energy-cost headwinds and Q4 for volume ramp as ~50% of public stalls come online .