Executive Summary

Record Q2 revenue of $98.0M (+47% YoY) with charging network revenue $51.8M (+46% YoY) and adjusted EBITDA improving to ($1.9)M from ($8.0)M; gross margin expanded 460 bps to 14.2%. Management cited record throughput (88 GWh, +35% YoY) and improved operating leverage as drivers .
Raised FY25 revenue guidance to $350–$380M (midpoint +$5M) and lowered FY25 net CapEx (net of offsets) to $140–$160M; reiterated FY25 adjusted EBITDA range of ($5)M to +$10M with Q3 negative (seasonal energy rates) and Q4 positive .
Secured an oversubscribed, 5-year $225M senior secured non-recourse facility (option +$75M) at SOFR+3.25% (step-up +25 bps in year 5), enabling >1,500 additional stalls and diversification beyond DOE financing—first-of-its-kind for U.S. fast charging .
Transient firmware issues raised maintenance and pressured uptime in Q2, but fixes were largely completed in July; management reported July average throughput per stall approaching ~300 kWh/day, above Q2’s 281 kWh/day, and continued traction from dynamic pricing and AI-led marketing .

What Went Well and What Went Wrong

What Went Well

Strong top-line and profitability momentum: revenue +47% YoY to $98.0M, adjusted EBITDA loss narrowed to ($1.9)M from ($8.0)M; adjusted gross margin 28.9% (+240 bps YoY) with charging network gross margin 37.2% .
Financing milestone: “largest commercial bank project financing for charging infrastructure in the U.S.” at SOFR+3.25%—“enabling us to increase our infrastructure buildout,” said CEO Badar Khan; first draw ~$48M received in July .
KPI strength: network throughput 88 GWh (+35% YoY); average daily throughput per stall 281 kWh (+22% YoY); Autocharge+ 28% of sessions; 122k net customer adds (1.5M total accounts) .

What Went Wrong

Firmware update and legacy hardware remediation increased Q2 maintenance costs and pressured uptime; management prioritized customer experience and indicated July throughput per stall approached ~300 kWh/day post-fix .
Seasonal margin headwinds indicated for Q3 due to elevated summer utility tariffs; company guided Q3 adjusted EBITDA below Q2 and negative before rebound to positive in Q4 .
Slight mix softness vs prior commentary: management now expects charging network revenue at ~60% of FY25 total (previously two-thirds), partly reflecting lumpier Xtend/ancillary timing and mix .

Financial Results

Sequential financials (oldest → newest):

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($MM)	$67.5	$75.3	$98.0
Gross Profit ($MM)	$9.76	$9.32	$13.91
Gross Margin (%)	14.5%	12.4%	14.2%
Net Loss Attrib. to Class A ($MM)	($12.42)	($11.36)	($12.998)
Diluted EPS ($)	($0.11)	($0.09)	($0.10)
Adjusted Gross Profit ($MM)	$22.76	$25.37	$28.36
Adjusted Gross Margin (%)	33.7%	33.7%	28.9%
Adjusted EBITDA ($MM)	($8.40)	($5.93)	($1.93)

YoY and segment detail:

Metric	Q2 2024	Q2 2025
Total Revenue ($MM)	$66.62	$98.03
Charging Network Revenue ($MM)	$35.53	$51.83
eXtend Revenue ($MM)	$27.67	$37.39
Ancillary Revenue ($MM)	$3.43	$8.82
Gross Margin (%)	9.6%	14.2%
Adjusted EBITDA ($MM)	($7.98)	($1.93)
Network Throughput (GWh)	65	88
Avg Daily Throughput per Stall (kWh)	230	281
Public Network Utilization (%)	20% (implied)	22%
Stalls in Operation (Total)	3,420	4,350

KPIs and cash/CapEx (oldest → newest):

KPI	Q4 2024	Q1 2025	Q2 2025
Network Throughput (GWh)	84	83	88
Avg Daily Throughput/ Stall (kWh)	269	266	281
Autocharge+ Share of Sessions (%)	24%	27%	28%
Customer Accounts Added (000s)	133	119	122
Total Accounts (MM)	1.3	1.4	1.5
Charging Network Gross Margin (%)	40.5%	37.1%	37.2%
Adjusted G&A as % of Revenue	46.2%	41.6%	30.9%
Net Cash from Operating Activities ($MM)	($12.83)	($10.25)	$14.09
GAAP CapEx ($MM)	$23.69	$14.99	$26.20
CapEx, Net of Offsets ($MM)	$13.82	$8.15	$17.12

Stalls in operation breakdown (oldest → newest):

Stalls	Q4 2024	Q1 2025	Q2 2025
Public Network	3,450	3,510	3,480
Dedicated Network	110	110	110
eXtend	520	620	760
Total	4,080	4,240	4,350

Notes: Q2 included >240 new stalls added and 100 legacy stalls removed (ReNew), contributing to composition changes .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue	FY 2025	$340–$380M	$350–$380M	Raised midpoint (+$5M)
Adjusted EBITDA	FY 2025	($5)M to +$10M	($5)M to +$10M	Maintained
Net CapEx (net of offsets)	FY 2025	$160–$180M	$140–$160M	Lowered
Public + Dedicated Stall Adds	FY 2025	Public 750–815; Dedicated 50–85 → 800–900 combined	800–850 combined	Narrowed range
eXtend Stall Adds	FY 2025	450–550	475–525	Narrowed/raised floor
Charging Network Revenue Mix	FY 2025	~66% of total	~60% of total	Mix slightly lower
Adj. EBITDA Cadence	2H 2025	n/a	Q3 negative and below Q2; Q4 positive	Added intra-year color

Earnings Call Themes & Trends

Topic	Q4 2024 (prior)	Q1 2025 (prior)	Q2 2025 (current)	Trend
Financing diversification	DOE $1.25B LPO closed; set 2025 guide	First two DOE advances received; exploring additional non-dilutive financing	$225M commercial bank facility at SOFR+3.25%, oversubscribed; first draw ~$48M	Positive, reduced reliance on single source
CapEx per stall & offsets	ReNew and build acceleration highlighted	FY25 net CapEx offsets ~30%; minimal tariff EBITDA impact	28% lower 2025 vintage net CapEx vs initial; offsets ~45%; state grants robust	Improving economics
Next-gen architecture (Delta)	JDA signed Jan’25	Targeting ~30% gross CapEx reduction; prototype in 2025, rollout 2H’26	On-track; strengthens reliability/firmware control	Execution progressing
NACS (J3400) rollout	First pilot “native” in Feb’25	Continued pilots; retrofit plan	Early data shows significant Tesla usage uplifts; ~30 cables in Aug, ~100 retrofits in 2025	Demand catalyst building
Dynamic pricing/AI	Noted	Further algorithm updates planned Q4’25	Deployed AI agents; seasonal pricing in some markets; pricing spread widening	Enhancing monetization
Rideshare & AV hubs	Throughput lever; AV hubs ramp	Rideshare ~20–25% of kWh; expanding AV dedicated sites	>50% throughput from frequent-use sources; strong ancillary growth from AV hubs	Stable rideshare; AV tailwind
Utilization & charge rates	Avg 269 kWh/day	Utilization 24% (up YoY)	Utilization 22% (YoY +200 bps); charge rate tailwind raises kWh/stall	Rising throughput per stall
Tariffs/macro	n/a	Minimal EBITDA impact expected; CapEx efficiencies offset	Net offsets and cost controls still offset tariff impacts	Neutralized

Management Commentary

“We now expect to be able to more than quintuple our annual store build schedule from 825 stores in 2025 to up to 5,000 by 2029… fully capitalized to have roughly 14,000 projected public stalls by 2029” — CEO .
“We now expect vintage CapEx offsets to be around 50% higher than we originally expected… state grants are alive and well” — CEO .
“Adjusted EBITDA… negative $5M to positive $10M [FY25]… expect Q3 adjusted EBITDA to be negative and lower than Q2 and positive for the fourth quarter” — CFO .
“Average daily throughput approached 300 kWh/stall/day in July” — CEO, post-firmware remediation .
“AutoChargePlus… accounted for 28% of sessions; 57% of stalls served by a 350 kW charger; 24% of sites have six or more stalls” — CEO .
“Commercial bank facility… SOFR + 3.25%, 5-year term… monthly draws for 60% of eligible costs” — CFO .

Q&A Highlights

CapEx offsets/geography: Offsets ~45% YTD with grants from CA, FL, OH, PA, WA, etc.; flexibility to shift project timing to capture grants and returns .
DOE/financing: Dialogue “productive”; not dependent on IRA/30C; commercial bank facility allows leveraging stores not eligible under DOE; timing of DOE advances flexible over 5-year availability .
Firmware/utilization: Faulty firmware early Q2 led to maintenance investment; July avg throughput per stall ~300; validates push for in-house firmware and next-gen architecture .
NACS adoption: Early pilots indicate significantly higher Tesla usage; ~30 cables in Aug and ~100 retrofits for 2025; cautious about replacing productive CCS until NACS proves higher productivity .
Pricing power: Dynamic pricing widened revenue minus energy cost spread to ~$0.32/kWh (mid of LT range); ongoing tests to balance value and retention .

Estimates Context

S&P Global consensus for Q2 2025 (revenue, EPS, EBITDA) was unavailable via our data interface at the time of analysis; therefore, we cannot quantify a beat/miss versus Street estimates. We anchor to company-reported actuals and guidance changes. [Values not available from S&P Global]

Key Takeaways for Investors

Operating momentum: Record revenue and improved adjusted EBITDA trajectory; Q4 targeted positive adjusted EBITDA despite Q3 seasonal margin headwinds .
Financing de-risking: New $225M commercial bank facility diversifies sources, supports >1,500 additional stalls, and affirms lender confidence in EVgo’s cash flows .
Improving unit economics: 28% lower 2025 vintage net CapEx vs initial plan; ~45% offsets; charging network gross margin at 37.2% .
Demand catalysts: NACS rollout driving higher Tesla engagement; AV hubs and rideshare base underpin frequent-use volumes; dynamic pricing/AI broaden monetization .
Execution watch items: Q3 seasonal pressure; monitor uptime post-firmware remediation, NACS retrofit scaling, and throughput per stall trends into Q4 .
Guidance bias: Raised FY revenue midpoint and lowered CapEx net-of-offsets indicate growing confidence; charging network mix ~60% suggests continued non-charging contribution variability; watch ancillary/Xtend timing .

Additional Detail: Segment & KPI Tables

Revenue by category (YoY):

Category ($000s)	Q2 2024	Q2 2025
Charging, Retail	22,336	32,779
Charging, Commercial	6,176	8,573
Charging, OEM	3,638	7,908
Regulatory Credit Sales	1,749	2,450
Network, OEM	1,627	118
Total Charging Network	35,526	51,828
eXtend	27,667	37,385
Ancillary	3,426	8,817
Total Revenue	66,619	98,030

Selected cash flow and CapEx (sequential, oldest → newest):

Metric	Q4 2024	Q1 2025	Q2 2025
Net Cash from Operating Activities ($000s)	(12,831)	(10,246)	14,089
GAAP CapEx ($000s)	23,685	14,992	26,199
Capital Offsets ($000s)	9,862	6,846	9,078
CapEx, Net of Offsets ($000s)	13,823	8,146	17,121

Stall adds/removals (Q2 2025):

240 new operational stalls added; 100 legacy stalls removed under EVgo ReNew .

Strategic financing terms (Commercial bank facility):

Amount/Option: $225M committed / +$75M optional; first draw ~$48M on July 24 .
Pricing/Tenor: SOFR+3.25%; +25 bps in year 5; 5-year term .
Draw mechanics: 60% of eligible costs post COD including allocated overhead and $31k deployment expense; secured by project assets incl. 400 contributed stalls .

Seasonality and 2H cadence:

Q3 charging network margin to decrease seasonally (summer electricity rates), with sequential improvement resuming in Q4; Q4 adjusted EBITDA positive .

Non-GAAP context:

Adjusted Gross Profit, Adjusted EBITDA, charging network gross margin, and CapEx net-of-offsets are non-GAAP measures with reconciliations provided in the release/8-K .

EVgo Inc. (EVGO)·Q2 2025 Earnings Summary