EVgo reported its third‑quarter 2025 results on November 10, 2025, posting total revenue of $92.3 million, a 37% year‑over‑year increase from $67.5 million in Q3 2024. The company’s charging‑network revenue reached a record $55.8 million, up 33% from the previous year, and network throughput climbed to 95 gigawatt‑hours, a 25% jump over 78 GWh in Q3 2024. These gains were driven by a 25% increase in the number of operational stalls—4,590 stalls versus 3,600 in the prior year—expanding the network’s capacity and geographic reach.
The company posted a GAAP loss per share of $‑0.09, beating the consensus estimate of $‑0.18 by $0.09 and surpassing the $‑0.11 estimate by $0.02. The earnings beat was largely a result of disciplined cost management and improved operating leverage. Operating margin improved to –36.9% from –47.1% year‑over‑year, reflecting lower energy and maintenance costs relative to the revenue growth, while the company’s free cash flow swung to $3.32 million from a $13.73 million loss in Q3 2024, underscoring stronger cash generation as the network scales.
EVgo’s guidance for the remainder of 2025 signals confidence in continued growth. The company now expects total revenue between $350 million and $405 million for the full year, up from the prior $350 million–$365 million baseline. Adjusted EBITDA guidance has been broadened to a range of –$15 million to +$23 million, with a baseline of –$15 million to –$8 million, and the company projects EBITDA break‑even by Q4 2025 and a target of $500 million in adjusted EBITDA by 2029. The upward revision reflects stronger demand for fast‑charging services and the company’s ability to convert network expansion into higher margins.
Investors responded positively to the results, with the stock experiencing a pre‑market surge of roughly 7% after the announcement. The rally was driven by the record charging‑network revenue, the 37% year‑over‑year revenue growth, and the updated guidance that points to a path toward profitability. Analysts highlighted the company’s ability to scale its network while maintaining cost discipline, which underpins the improved operating margin and free‑cash‑flow turnaround.
CEO Badar Khan said the quarter “delivered another record of charging‑network revenue, underscoring the strength of our business model and growing consumer demand for fast charging.” He added that the company’s focus on expanding the network, adding NACS connectors, and securing a $300 million financing facility will support continued growth and help achieve the projected EBITDA break‑even. The company also noted that it remains vigilant about competitive pressures and cost inflation, but believes its scale and pricing power will sustain the momentum.
The company’s performance illustrates the broader trend of accelerating EV adoption and the critical role of fast‑charging infrastructure. By expanding its stall count and throughput, EVgo is positioning itself to capture a larger share of the growing market, while its improved financial metrics suggest that the company is moving toward a sustainable, profitable business model.
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