Business
EVgo Inc. Reports Record First Quarter 2025 Results
Record revenue of $75.3 million in the first quarter, representing an increase of 36% year-over-year. Charging network revenue totaled a record $47.1 million
About this update from Evgo Inc.
[{"type":"text","content":"\n\nRecord revenue of $75.3 million in the first quarter, representing an increase of 36% year-over-year.\n\n\nCharging network revenue totaled a record $47.1 million in the first quarter, an increase of 49% year-over-year, representing the 13th consecutive quarter of double-digit year-over-year charging revenue growth.\n\n\nNetwork throughput reached 83 gigawatt-hours (“GWh”) in the first quarter, an increase of 60% year-over-year.\n\n\nAdded more than 180 new operational stalls during the first quarter.\n\n\nEnded the first quarter with 4,240 stalls in operation.\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nEVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the first quarter ended March 31, 2025. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights.\n\n“EVgo once again achieved a record level of revenues, starting 2025 off on a strong foundation,” said Badar Khan, EVgo’s CEO. “We continue to deploy critical fast charging infrastructure across the U.S. and believe our strong balance sheet and owner-operator model position us well to meet the growing demand. 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.”\n\nBusiness Highlights\n\n\nCo-Development Agreement for Next Generation Charging Architecture: EVgo and Delta Electronics signed a joint development agreement in January 2025 to co-develop EVgo’s next generation of chargers to improve customer experience, enhance charger reliability, and drive cost efficiencies with advanced firmware and hardware design with EVgo owning the intellectual property arising out of the design.\n\n\nJ3400 (NACS) Connectors: First pilot site with native NACS connectors became operational in February 2025. Additional locations anticipated to be added throughout 2025.\n\n\nStall Development: The Company ended the first quarter with 4,240 stalls in operation. EVgo added more than 180 new DC fast charging stalls during the quarter.\n\n\nAverage Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 266 kilowatt hours per day in the first quarter of 2025, an increase of 36% compared to 196 kilowatt hours per day in the first quarter o...