Revenue growth reached 45.5% in 2026Q1, yet gross margins contracted significantly to 11.8% from a 38.0% peak in 2025Q4, indicating inconsistent pricing power.
| Sales/Revenue | 418.33M | 384.09M | 256.82M | 160.95M | 54.59M | 22.21M | 13.05M | 17.52M | 16M |
| Revenue Growth % | 51.05% | 49.55% | 59.57% | 194.85% | 145.74% | 70.24% | -25.53% | 9.5% | - |
| Cost of Goods Sold | 333.92M | 303.31M | 227.46M | 151.24M | 60.24M | 29.04M | 22.65M | 26.27M | 25.25M |
| COGS % of Revenue | - | 78.97% | 88.57% | 93.96% | 110.35% | 130.75% | 173.55% | 149.92% | 157.81% |
| Gross Profit | 84.41M | 80.78M | 29.37M | 9.71M | -5.65M | -6.83M | -9.6M | -8.75M | -9.25M |
| Gross Margin % | 20.18% | 21.03% | 11.43% | 6.04% | -10.35% | -30.75% | -73.55% | -49.92% | -57.81% |
| Gross Profit Growth % | - | 175.06% | 202.32% | 271.9% | 17.26% | 28.84% | -9.73% | 5.45% | - |
| Operating Expenses | 198.02M | 191.44M | 160.94M | 163.12M | 143.85M | 83M | 48.84M | 26.2M | 3.94M |
| OpEx % of Revenue | - | 49.84% | 62.66% | 101.35% | 263.52% | 373.64% | 374.27% | 149.54% | 24.64% |
| Selling, General & Admin | 184.25M | 176.87M | 141.13M | 143.01M | 126.71M | 71.09M | 34.09M | 24.58M | 15.87M |
| SG&A % of Revenue | - | 46.05% | 54.95% | 88.86% | 232.13% | 320.01% | 261.23% | 140.26% | 99.2% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 14.57M | 19.81M | 20.11M | 17.14M | 11.91M | 14.75M | 1.63M | 0 |
| Operating Income | -109.85M | -110.66M | -131.57M | -153.41M | -149.5M | -89.83M | -58.44M | -34.95M | -26.5M |
| Operating Margin % | -26.26% | -28.81% | -51.23% | -95.31% | -273.88% | -404.39% | -447.83% | -199.46% | -165.62% |
| Operating Income Growth % | - | 15.89% | 14.23% | -2.61% | -66.43% | -53.72% | -67.2% | -31.87% | - |
| EBITDA | -39.25M | -51.22M | -65.78M | -101.45M | -113.58M | -65.93M | -39.77M | -26.19M | -18.25M |
| EBITDA Margin % | -9.38% | -13.34% | -25.61% | -63.03% | -208.08% | -296.79% | -304.79% | -149.47% | -114.02% |
| EBITDA Growth % | 36.8% | 22.13% | 35.16% | 10.69% | -72.28% | -65.77% | -51.85% | -43.54% | - |
| D&A (Non-Cash Add-back) | 70.6M | 59.44M | 65.8M | 51.96M | 35.92M | 23.9M | 18.66M | 8.76M | 8.26M |
| EBIT | -101.39M | -94.42M | -131.57M | -153.41M | -106.2M | -55.84M | -46.38M | -24.75M | -26.5M |
| Net Interest Income | -1.94M | -6.15M | 7.49M | 9.75M | 4.46M | -1.86M | -1.41M | 0 | 0 |
| Interest Income | 6.66M | 0 | 7.49M | 9.75M | 4.48M | 69K | 3.41K | 0 | 55.3K |
| Interest Expense | 8.6M | 6.15M | 0 | 0 | 21K | 1.93M | 1.41M | 0 | 0 |
| Other Income/Expense | -1.55M | 10.1M | 2.58M | 17.98M | 43.28M | 32.07M | 10.65M | 10.2M | 13.37M |
| Pretax Income | -111.4M | -100.57M | -128.99M | -135.42M | -106.22M | -57.76M | -47.79M | -24.75M | -13.14M |
| Pretax Margin % | -26.63% | -26.18% | -50.22% | -84.14% | -194.59% | -260.03% | -366.24% | -141.26% | -82.1% |
| Income Tax | -5.21M | -58.99M | -2.28M | 42K | 18K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 4.68% | 58.66% | 1.77% | -0.03% | -0.02% | 0% | 0% | 0% | 0% |
| Net Income | -46.63M | -41.57M | -44.33M | -42.43M | -27.57M | -5.91M | 0 | -24.75M | -13.14M |
| Net Margin % | -11.15% | -10.82% | -17.26% | -26.36% | -50.51% | -26.59% | - | -141.26% | -82.1% |
| Net Income Growth % | -1.68% | 6.23% | -4.49% | -53.86% | -366.9% | - | 100% | -88.39% | - |
| Net Income (Continuing) | -106.19M | -41.57M | -126.7M | -135.47M | -106.24M | -57.76M | -47.79M | -24.75M | -13.14M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 699.84M | 700.96M | 875.23M | 1.95B | 0 | 0 | 0 |
| EPS (Diluted) | -0.35 | -0.31 | -0.41 | -0.46 | -0.40 | -0.09 | 0.00 | -0.36 | -0.19 |
| EPS Growth % | 8.51% | 24.39% | 10.87% | -15% | -344.44% | - | 100% | -89.47% | - |
| EPS (Basic) | - | -0.31 | -0.41 | -0.46 | -0.40 | -0.09 | 0.00 | -0.36 | -0.19 |
| Diluted Shares Outstanding | 134.59M | 133.47M | 108.13M | 90.59M | 68.71M | 68.02M | 68.74M | 68.74M | 68.74M |
| Basic Shares Outstanding | 134.59M | 133.47M | 108.13M | 90.59M | 68.71M | 68.02M | 68.74M | 68.74M | 68.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
High Fixed Cost Sensitivity
According to the provided financial data, EVgo achieved a 45.5% year-over-year revenue increase in 2026Q1, though top-line growth remains inconsistent, fluctuating between 31.8% and 118.0% over the last ten quarters as the company balances project-based eXtend sales with core retail charging throughput.
The revenue trajectory appears heavily influenced by the lumpy nature of hardware sales and project deployments rather than purely organic charging demand. Investors should monitor whether the company can sustain this growth rate as the initial wave of infrastructure build-outs matures and the focus shifts toward network utilization.
Based on reported income statements, EVgo's gross margin reached 11.8% in 2026Q1, reflecting a significant contraction from the 38.0% peak observed in 2025Q4, which suggests that the company struggles to maintain pricing power against rising utility demand charges and operational maintenance costs.
The volatility in gross margins indicates that the current business model is highly sensitive to electricity input costs and the mix of hardware versus recurring service revenue. Without a sustained increase in utilization rates to dilute fixed site costs, margin expansion may remain elusive in the near term.
As reported in financial filings, EVgo continues to operate with significant negative operating margins, with 2026Q1 operating income at -$32.6M, demonstrating that SG&A expenses are not scaling efficiently relative to the company's gross profit generation over the observed ten-quarter period.
The persistent gap between gross profit and operating expenses suggests that the company is still in a heavy investment phase, requiring substantial overhead to manage its expanding network. The lack of clear operating leverage implies that profitability is likely dependent on a massive, non-linear increase in throughput rather than incremental efficiency gains.
Data from the income statement indicates that EVgo has consistently reported negative net income, with losses totaling $16.4M in 2026Q1, raising questions about the long-term viability of a business model that relies on continuous equity-funded expansion to cover operational deficits.
Short-sellers may focus on the company's inability to reach a break-even point despite significant revenue growth, pointing to the risk of technological obsolescence of older charging assets. The reliance on external capital to fund operations warrants further investigation into the company's long-term ability to survive without dilutive financing.
Quick answers to the most common questions about buying EVGO stock.
For fiscal year 2025, EVgo, Inc. (EVGO) reported total revenue of $384.1M. This represents a 2300.1% increase compared to $16.0M in 2018.
EVgo, Inc. (EVGO) reported a net loss of $41.6M for the fiscal year ending 2025.
EVgo, Inc. (EVGO) reported an operating income of $-110.7M, resulting in an operating profit margin of -28.8%. This margin reflects the operational efficiency of the business before interest and taxes.
EVgo, Inc. (EVGO) generated $80.8M in gross profit for the year, representing a gross profit margin of 21.0%. This demonstrates the company's core pricing power and production efficiency.