Key Highlights

  • Charging network revenue rose 19% to $61.4 million in the second quarter.
  • Total revenue fell 16% to $82.6 million as non-charging revenue dropped sharply.
  • Net loss widened to $46.3 million from $29.8 million a year earlier.
  • Stalls in operation reached 5,380, up 24% year over year.

EVgo Inc. (NASDAQ:EVGO), which owns and operates a direct current fast-charging network for electric vehicles in the United States, reported second-quarter 2026 results on August 5 that showed a split picture. Charging network revenue grew strongly, but total revenue fell and the net loss widened, while cash declined and debt rose compared with the end of 2025.

Charging Growth, Non-Charging Decline

Total revenue for the quarter ended June 30, 2026 was $82.6 million, down 16% from $98.0 million a year earlier. Charging network revenue rose 19% to $61.4 million, from $51.8 million, while non-charging revenue fell 54% to $21.2 million. Within that, eXtend revenue fell 52% to $18.0 million and AV and ancillary revenue fell 64% to $3.2 million. The company said the first and fourth quarters of 2026 are expected to be the strongest for non-charging revenue, without explaining the decline in its release.

A Wider Loss and Thinner Margins

Net loss was $46.3 million, compared with $29.8 million in the second quarter of 2025. Adjusted EBITDA was a loss of $10.6 million, against a loss of $1.9 million a year earlier. GAAP gross margin was 8.9%, down from 14.2%, while adjusted gross margin improved to 31.8% from 28.9%. Charging network gross margin was 36.1%, compared with 37.2% a year earlier.

Network Expansion Continues

Network throughput rose 13% to 99 gigawatt-hours from 88 gigawatt-hours. Stalls in operation reached 5,380 at June 30, 2026, up 24% from 4,350, after the company added 280 stalls and removed 175 legacy stalls under its Renew programme. Customer accounts exceeded 1.8 million, with more than 99,000 added in the quarter. EVgo has also agreed with Tesla to deploy EVgo-owned, Tesla-branded V4 Superchargers from 2026, with up to 20 stalls per site, though the release gives no financial terms.

Cash, Debt and Guidance

Cash and cash equivalents stood at $121.8 million at June 30, 2026, down from $151.0 million at the end of 2025. Total long-term debt was about $297.3 million, up from about $206.5 million at year-end 2025. For 2026, EVgo guided to 1,350 to 1,625 new stalls, total revenue of $400 million to $430 million, and adjusted EBITDA of negative $25 million to negative $5 million.

Building Scale While Managing Losses

EVgo's results show a network still expanding, with stalls, throughput and customer accounts all rising, against a backdrop of a wider loss and a thinner cash position. The pace of stall openings, the first Tesla-branded V4 sites, and the company's next-generation 750-kilowatt charging system, announced September 29, are among the items likely to shape the picture into the third-quarter report.