EVGO earnings analysis
What we found in EVGO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
EVgo reported Q1 2026 revenue of $109.5 million, marking a significant 45% increase year-over-year, notably surpassing the consensus estimate of $87.9 million. However, the company continued to post a loss per share of $(0.12), in line with expectations. Management indicated strong growth in both AV and ancillary revenue streams alongside retail and commercial sectors, affirming full-year revenue guidance for 2026.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Revenue increased by 45% year-over-year to $109.5 million, beating the estimate of $87.9 million.
- Diverse Revenue Stream Expansion
- AV and ancillary revenue surged 339% to $20.6 million, reflecting significant growth in dedicated fleet engagements.
- Improvement in Margins
- Operating margin improved to -33.2% from -44.4% year-on-year.
- eXtend Revenue Growth
- eXtend revenue grew by 41% to $33.2 million, indicating robust demand for construction and infrastructure services.
- Cash Position Adequate
- As of March 31, 2026, cash and cash equivalents stood at $150 million, sufficient for at least 12 months of operations.
- Future Expansion via DOE Loan
- Successful amendment of the DOE loan to $750M will support network expansion with an enhanced deployment plan.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Cash Burn Rate
- Cash used in operating activities jumped to $35.4 million from $10.2 million year-over-year.
- High Operating Loss
- Operating loss was $36.3 million, reflecting ongoing investments despite revenue growth.
- Dependence on EV Market Trends
- Projected demand for EVs is uncertain and may slow, affecting future revenue growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.12
- Gross margin
- 11.8%
- Operating margin
- -33.2%
- Segment
- Charging Revenue - $55.7M; eXtend Revenue - $33.2M; AV Revenue - $20.6M
What they said about what is next.
Management affirmed full-year 2026 revenue guidance of $410-$470 million.
The filing reads better than the one before it.
What came before.
- 10-K · March 9, 2026
- EVgo’s 2025 10-K highlights continued top-line growth and improving unit economics driven by network scale and commercial partnerships: the company reports roughly $384.1 million of revenue for the year and says its…
- 10-Q · November 10, 2025
- EVgo reported Q3 2025 revenue of $92.299 million, up 36.7% year-over-year but down modestly versus the prior quarter. Gross profit improved to $12.560 million (13.6% gross margin) and GAAP diluted loss per Class A share…
- 10-Q · August 5, 2025
- EVgo reported Q2 revenue of $98.03 million (up from $66.62 million a year ago), driving a higher gross profit of $13.908 million and a sequential improvement in operating loss to $(30.812) million. The company remains…
- 10-Q · May 6, 2025
- EVgo reported Q1 2025 revenue of $75,287,000, up from $55,158,000 in Q1 2024, with gross profit of $9,323,000 (≈12.4% margin) and an operating loss of $33,400,000 (‑44.4% operating margin). Net loss per Class A share…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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