Revenue growth has sharply decelerated to a -15.7% YoY decline in 2026Q2, while gross margin collapsed to 8.9% from a peak of 38.0% in 2025Q4, indicating severe operational headwinds.
EVgo, Inc. (EVGO) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 402.95M | 384.09M | 256.82M | 160.95M | 54.59M | 22.21M | 13.05M | 17.52M | 16M |
| Revenue Growth % | 30.67% | 49.55% | 59.57% | 194.85% | 145.74% | 70.24% | -25.53% | 9.5% | - |
| Cost of Goods Sold | 328.4M | 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 | 74.55M | 80.78M | 29.37M | 9.71M | -5.65M | -6.83M | -9.6M | -8.75M | -9.25M |
| Gross Margin % | 18.5% | 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 | 193.73M | 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 | 188.01M | 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 | 2M | 14.57M | 19.81M | 20.11M | 17.14M | 11.91M | 14.75M | 1.63M | 0 |
| Operating Income | -119.18M | -110.66M | -131.57M | -153.41M | -149.5M | -89.83M | -58.44M | -34.95M | -26.5M |
| Operating Margin % | -29.58% | -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 | -41.84M | -36.65M | -65.78M | -101.45M | -113.58M | -65.93M | -39.77M | -26.19M | -18.25M |
| EBITDA Margin % | -10.38% | -9.54% | -25.61% | -63.03% | -208.08% | -296.79% | -304.79% | -149.47% | -114.02% |
| EBITDA Growth % | 28.07% | 44.28% | 35.16% | 10.69% | -72.28% | -65.77% | -51.85% | -43.54% | - |
| D&A (Non-Cash Add-back) | 77.35M | 74.02M | 65.8M | 51.96M | 35.92M | 23.9M | 18.66M | 8.76M | 8.26M |
| EBIT | -114.32M | -94.42M | -128.99M | -135.42M | -106.2M | -55.84M | -46.38M | -24.75M | -26.5M |
| Net Interest Income | -9.47M | 828K | 7.49M | 9.75M | 4.46M | -1.86M | -1.41M | 0 | 0 |
| Interest Income | 6.38M | 6.97M | 7.49M | 9.75M | 4.48M | 69K | 3.41K | 0 | 55.3K |
| Interest Expense | 15.84M | 6.15M | 0 | 0 | 21K | 1.93M | 1.41M | 0 | 0 |
| Other Income/Expense | -8.99M | 10.1M | 2.58M | 17.98M | 43.28M | 32.07M | 10.65M | 10.2M | 13.37M |
| Pretax Income | -128.17M | -100.57M | -128.99M | -135.42M | -106.22M | -57.76M | -47.79M | -24.75M | -13.14M |
| Pretax Margin % | -31.81% | -26.18% | -50.22% | -84.14% | -194.59% | -260.03% | -366.24% | -141.26% | -82.1% |
| Income Tax | -5.46M | -58.99M | -2.28M | 42K | 18K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 4.26% | 58.66% | 1.77% | -0.03% | -0.02% | 0% | 0% | 0% | 0% |
| Net Income | -54.41M | -41.57M | -44.33M | -42.43M | -27.57M | -5.91M | 0 | -24.75M | -13.14M |
| Net Margin % | -13.5% | -10.82% | -17.26% | -26.36% | -50.51% | -26.59% | - | -141.26% | -82.1% |
| Net Income Growth % | -12.22% | 6.23% | -4.49% | -53.86% | -366.9% | - | 100% | -88.39% | - |
| Net Income (Continuing) | -122.71M | -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 | 330.05M | 502.85M | 699.84M | 700.96M | 875.23M | 1.95B | 0 | 0 | 0 |
| EPS (Diluted) | -0.39 | -0.31 | -0.41 | -0.46 | -0.40 | -0.09 | 0.00 | -0.36 | -0.19 |
| EPS Growth % | 2.09% | 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 | 140.36M | 133.47M | 108.13M | 90.59M | 68.71M | 68.02M | 68.74M | 68.74M | 68.74M |
| Basic Shares Outstanding | 140.36M | 133.47M | 108.13M | 90.59M | 68.71M | 68.02M | 68.74M | 68.74M | 68.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Severe margin compression and losses
Metrics are mathematically derived from official filings.
Growth Momentum Halts and Reverses
After a period of strong acceleration, EVgo's revenue growth has sharply reversed, with 2026Q2 revenue declining 15.7% year-over-year to $82.6 million, a stark contrast to the 30-100% growth rates observed in prior periods.
This deceleration is particularly concerning as it follows two quarters of sequentially declining revenue from a peak in 2025Q4. The trend suggests the earlier growth may have been driven by project-based or non-recurring factors, and the business is now struggling to maintain top-line momentum in a competitive and capital-intensive EV charging market.
Gross Margin Collapse Warrants Scrutiny
EVgo's gross margin plummeted to 8.9% in 2026Q2, down from a peak of 38.0% in 2025Q4, indicating a potential shift in revenue mix toward lower-margin activities or a significant increase in direct costs that is eroding core profitability.
This volatility is extreme even for a growth-stage company and raises questions about the sustainability and pricing of the underlying service. Compared to peers like ChargePoint (30.5% gross margin), EVgo's recent margins appear structurally weaker, suggesting it may lack pricing power or is facing intense cost pressures in its operational delivery.
Operating Losses Persist Despite Scale
Operating leverage remains negative, with operating losses consistently exceeding 25% of revenue and reaching -48.6% in 2026Q2, demonstrating that SG&A and overhead costs are not scaling down with revenue fluctuations.
The operating margin profile shows that SG&A expenses, which were $44.4 million in the latest quarter, are relatively fixed and do not decline proportionally with revenue. This indicates a high fixed-cost structure that amplifies losses during periods of soft demand, making the path to profitability highly dependent on significant and sustained revenue growth.
Fixed SG&A Burden Dominates Cost Structure
Selling, General & Administrative expenses consistently constitute the largest cost line item, representing over 50% of revenue in recent quarters, which appears to be the primary constraint on EVgo's ability to reduce its operating losses.
The magnitude of SG&A suggests significant spending on corporate infrastructure, marketing, and administration that is not flexing with the top line. Without a meaningful reduction in this fixed cost base, or a substantial increase in revenue to achieve better absorption, the company's net losses are likely to persist.
Profitability Trajectory Questioned by Recent Performance
The sharp deterioration in both revenue and margins in 2026Q2 challenges the narrative of a scaling business, as the most recent quarter shows a widening operating loss and negative EPS growth of -55.0%, suggesting operational challenges may be intensifying rather than improving.
Investors should question whether the previously reported high-growth quarters were indicative of sustainable progress or anomalous periods. The current trend points to a business struggling with unit economics and cost control, which is particularly risky in a capital-intensive sector facing macroeconomic headwinds that could further delay the path to positive cash flow.