Core Insights - EVgo Inc. reported a quarterly loss of $0.09 per share, outperforming the Zacks Consensus Estimate of a loss of $0.18, marking a 50.00% earnings surprise [1] - The company generated revenues of $92.3 million for the quarter ended September 2025, which was 2.25% below the Zacks Consensus Estimate, but up from $67.54 million year-over-year [2] - EVgo has surpassed consensus EPS estimates in all four of the last quarters [2] Financial Performance - The company has shown a consistent trend of exceeding EPS estimates, with a previous quarter loss of $0.1 against an expected loss of $0.13, resulting in a surprise of +23.08% [1][2] - The current consensus EPS estimate for the upcoming quarter is -$0.16, with projected revenues of $101.04 million, and for the current fiscal year, the estimate is -$0.47 on revenues of $368.77 million [7] Market Position - EVgo shares have declined approximately 15.6% year-to-date, contrasting with the S&P 500's gain of 14.4% [3] - The Zacks Industry Rank places the Automotive - Original Equipment sector in the top 36% of over 250 Zacks industries, indicating a favorable industry outlook [8] Future Outlook - The sustainability of EVgo's stock price movement will largely depend on management's commentary during the earnings call and the revisions of earnings estimates [3][4] - The estimate revisions trend for EVgo was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market [6]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [23] - Adjusted EBITDA was negative $5 million, showing a $4 million improvement compared to Q3 2024 [24] - Charging network gross margin increased to 35%, up one percentage point from the previous year [23] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [23] - Extend revenues were $32 million, delivering growth of 46% [23] - Insular revenues were approximately $5 million, up 27% [23] Market Data and Key Metrics Changes - Total energy dispensed on EVgo's network grew to 350 GWh over the trailing 12 months, a 13-fold increase since 2021 [22] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [22] Company Strategy and Development Direction - The company aims to achieve break-even adjusted EBITDA in Q4 2025, marking a significant milestone [30] - EVgo plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [21] - The focus is on site selection and maximizing returns on capital, differentiating from competitors who may prioritize federal grants over optimal site locations [55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about EV sales forecasts, suggesting that actual sales may exceed current predictions due to improved vehicle affordability and performance [34] - The company anticipates continued growth in charging revenue, projecting three to four times annualized growth from current levels [9] - Management acknowledged seasonality in throughput and charge rates, particularly in winter months, but expects to see overall growth in the charging network's profitability [52] Other Important Information - The company has received $41 million from the DOE loan to accelerate the build-out of EV charging infrastructure [4] - EVgo's average daily throughput per stall has increased more than six-fold from less than 50 kWh in Q1 2022 to 295 kWh in Q3 2025 [12] - The company is actively enhancing its charging technology and infrastructure to improve performance and reduce costs [16][19] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that the number of EVs has grown significantly, and while forecasts may fluctuate, they expect higher sales than current predictions due to improved vehicle quality and affordability [34] Question: Tesla charging on the network with new cables - Management indicated that early usage data shows increased Tesla driver engagement at retrofit sites, with plans for a broader rollout in 2026 [37][38] Question: Guidance for stall deployment in 2026 - Management confirmed that the guidance for 2026 remains valid, with expectations for a doubling of public and dedicated stalls compared to 2025 [44] Question: Impact of contract closeout on future revenue - Management clarified that the contract closeout would not impact the previously provided stall guidance, as the majority of the growth is expected from public stalls [80] Question: Charging network gross margin expansion - Management explained that while margins are expanding, seasonality affects Q3 margins, and they expect continued improvement in Q4 [82]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [24] - Adjusted EBITDA was negative $5 million, an improvement of $4 million compared to Q3 2024 [24] - Charging network gross margin increased to 35%, up one percentage point from the previous year [24] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [24] - eXtend revenues were $32 million, delivering growth of 46% [24] - Insular revenues were approximately $5 million, up 27% [24] Market Data and Key Metrics Changes - Total energy dispensed on EVgo's network grew to 350 gigawatt-hours over the trailing 12 months, a 13-fold increase since 2021 [22] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [22] Company Strategy and Development Direction - EVgo aims to achieve break-even adjusted EBITDA in Q4 2025, with a long-term goal of $500 million in adjusted EBITDA by 2029 [11][30] - The company is focused on expanding its charging network, with plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [20][21] - EVgo is enhancing its next-generation charging architecture to lower gross capex per stall by over 25% by 2029 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of EV sales, citing an increase in the number of battery electric vehicle models available [34] - The company anticipates continued strong demand for its charging services, driven by the increasing number of EVs on the road and the expansion of affordable vehicles [8] - Management noted that the charging network's profitability is expected to improve as throughput per stall increases and fixed costs are leveraged [10][24] Other Important Information - EVgo has received a $41 million advance from the DOE loan to accelerate the build-out of EV charging infrastructure [4] - The company has expanded its pilot for NACS connectors, with approximately 100 cables installed, and is seeing increased Tesla charging on its network [6][20] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that the number of EVs on the road has grown significantly, and they expect higher sales than current forecasts suggest due to improved vehicle affordability and performance [34][35] Question: Uptick in Tesla charging on the network - Management indicated that it is too early to quantify the impact but noted higher usage at sites with newly installed NACS cables [36][37] Question: Guidance for stall deployment in 2026 - Management confirmed that the guidance for 2026 remains valid, with expectations of doubling the number of public and dedicated stalls compared to 2025 [44][45] Question: Ancillary revenue impact from contract closeout - Management clarified that the contract closeout would not impact prior stall guidance, and they are still working with other partners in the autonomous vehicle space [82] Question: Charging network gross margin expansion - Management explained that while margins are expanding, seasonality affects Q3 margins, and they expect further improvement in Q4 [84][86]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $92 million, representing a 37% year-over-year increase [22] - Adjusted EBITDA was negative $5 million, an improvement of $4 million compared to Q3 2024 [23] - Charging network gross margin increased to 35%, up one percentage point from the previous year [22] Business Line Data and Key Metrics Changes - Charging network revenues reached $56 million, a 33% increase year-over-year [22] - eXtend revenues were $32 million, delivering growth of 46% [22] - Insular revenues were approximately $5 million, up 27% [22] Market Data and Key Metrics Changes - The total energy dispensed on EVgo's network grew to 350 gigawatt-hours over the trailing 12 months, a 13-fold increase since 2021 [20] - The number of stalls in operation increased to 4,590, a 2.7 times increase compared to the end of 2021 [20] Company Strategy and Development Direction - EVgo aims to achieve adjusted EBITDA break-even in Q4 2025, marking a significant milestone for the company [28] - The company is focused on expanding its charging network, with plans to deploy up to 5,000 stalls annually by 2029 without needing additional equity capital [19] - EVgo is enhancing its next-generation charging architecture to improve customer experience and reduce capital expenditures per stall by over 25% by 2029 [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth of EV sales, noting that the number of battery electric vehicle models has increased significantly [30] - The company anticipates continued strong demand for its charging services, driven by the increasing number of EVs on the road and the expansion of affordable vehicles [6][7] - Management acknowledged potential challenges in EV demand forecasts but remains confident in the long-term growth trajectory [30] Other Important Information - EVgo has received $41 million from the DOE loan to accelerate the nationwide build-out of EV charging infrastructure [4] - The company has made significant progress in reducing net capital expenditures per stall, now expected to be $75,000 for 2025 vintage [16] Q&A Session Summary Question: EV demand outlook and its impact on development - Management noted that EV sales forecasts can fluctuate but expects higher sales than current forecasts due to improved vehicle affordability and performance [30] Question: Tesla charging on EVgo network - Early data shows increased usage of Tesla vehicles at EVgo stations with the installation of NACS cables, but quantification is still in progress [32] Question: Guidance for stall deployment in 2026 - Management indicated that the guidance for public and dedicated stalls in 2026 remains at 1,350-1,500, with a focus on generating strong returns on capital [35] Question: Impact of contract closeout on revenue - The contract closeout will not affect the prior range of expectations for public and dedicated build targets [56] Question: Charging network gross margin expansion - Management expects continued expansion of charging network gross margin driven by increased usage per stall and fixed cost leverage [59]

Financial Performance - Q3 2025 revenue reached $92 million, a 37% increase compared to Q3 2024[11] - Adjusted EBITDA improved by $39 million in Q3 2025 compared to Q3 2024[11] - Charging Network Gross Margin improved by 110 bps in Q3 2025[58] - Adjusted General and Administrative Expenses as a Percentage of Revenue decreased by 550 bps in Q3 2025[59] - Adjusted EBITDA loss improved 44% in Q3 2025[59] Operational Growth - Stalls in operation increased by 25%, reaching 4,590[11] - Public network throughput increased 13x[58] - The company anticipates Adjusted EBITDA breakeven in Q4 2025[64] Strategic Initiatives - The company closed a commercial bank facility and received the first two draws[13] - The company launched additional sites with J3400 (NACS) connectors[13] - The company expects 40% capital offsets for 2025 vintage capex per stall[42]

Financial Performance - Total revenue for Q3 2025 was $92.3 million, representing a 37% increase year-over-year[4] - Adjusted Gross Profit for Q3 2025 was $26.7 million, an increase of 48% year-over-year[10] - Total revenue for the three months ended September 30, 2025, was $92,299,000, representing a 37% increase compared to $67,535,000 for the same period in 2024[26] - Charging revenue from retail increased by 32% to $35,296,000, while commercial charging revenue rose by 20% to $9,070,000 for the same quarter[26] - Year-to-date GAAP revenue for Q3'25 reached $265.6 million, a 40% increase from $189.3 million in the same period of 2024[37] Charging Network Growth - Charging network revenue reached a record $55.8 million, up 33% year-over-year, marking the 15th consecutive quarter of double-digit growth[4] - Network throughput hit a record 95 GWh, reflecting a 25% increase year-over-year[4] - The company added over 280 new operational stalls during the quarter, ending with 4,590 stalls in operation, a 25% increase year-over-year[4] - Average daily throughput per stall increased by 16% to 295 kWh compared to 254 kWh in Q3 2024[5] - EVgo added over 149,000 new customer accounts, bringing the total to 1.6 million by the end of the quarter[5] Profitability and Loss - The company reported a GAAP net loss of $(28.4) million in Q3'25, a 15% improvement from $(33.3) million in Q3'24[37] - Operating loss for the three months ended September 30, 2025, was $34,084,000, a 7% increase compared to $31,789,000 in the same quarter of 2024[26] - Net loss attributable to Class A common stockholders for the three months ended September 30, 2025, was $12,385,000, a 6% increase from $11,709,000 in the prior year[26] Cash Flow and Capital Expenditures - Cash and cash equivalents increased to $181,327,000 as of September 30, 2025, from $117,273,000 at the end of 2024[22] - The company reported capital expenditures of $67,343,000 for the nine months ended September 30, 2025[29] - GAAP capital expenditures for Q3'25 were $26,152,000, a 1% increase from Q3'24's $25,835,000[40] - Year-to-date GAAP capital expenditures decreased by 5% from $71,102,000 in Q3'24 to $67,343,000 in Q3'25[40] Financial Guidance and Expectations - The company expects to bring a substantial number of new charging stations online in Q4 2025, anticipating a positive Adjusted EBITDA inflection point[2] - 2025 revenue guidance is updated to a range of $350 - $365 million, with potential upside of up to $40 million[14] Cost Management - EVgo's Adjusted Cost of Sales as a Percentage of Revenue improved to 71.1% in Q3'25, down from 73.4% in Q3'24, reflecting a 230 basis point improvement[39] - General and Administrative Expenses for Q3'25 were $43.4 million, a 31% increase from $33.1 million in Q3'24[39] - The Adjusted General and Administrative Expenses as a Percentage of Revenue decreased to 34.3% in Q3'25 from 39.8% in Q3'24, a reduction of 550 basis points[39]

Core Insights - EVgo reported Q3 CY2025 results that exceeded Wall Street's revenue expectations, with sales increasing by 36.7% year-on-year to $92.3 million [1] - The company's full-year revenue guidance of $377.5 million at the midpoint is 2.9% above analysts' estimates [1] - EVgo's GAAP loss of $0.09 per share was 19.2% better than analysts' consensus estimates [1] Company Overview - EVgo, created through a settlement between NRG Energy and the California Public Utilities Commission, provides electric vehicle charging solutions and operates fast charging stations across the United States [4] Revenue Growth - EVgo's sales have grown at an impressive compounded annual growth rate of 85.9% over the last five years, outperforming the average industrial company [5] - The company's annualized revenue growth of 55.2% over the last two years, while below its five-year trend, still indicates healthy demand [6] Financial Highlights - Revenue for Q3 was $92.3 million, surpassing analyst estimates of $91.68 million, reflecting a year-on-year growth of 36.7% [7] - The GAAP EPS was -$0.09, better than the expected -$0.11, marking a 19.2% beat [7] - Adjusted EBITDA was -$4.98 million, missing analyst estimates of -$3.26 million [7] - The company raised its full-year revenue guidance to $377.5 million from $365 million, a 3.4% increase [7] - Operating margin improved to -36.9%, up from -47.1% in the same quarter last year [7] - Free cash flow increased to $3.32 million, compared to -$13.73 million in the same quarter last year [7] - Gigawatt-hours sold reached 95, reflecting a 17% year-on-year increase [7][8] - Market capitalization stands at $460.6 million [7]

Core Insights - EVgo reported a record charging network revenue of $55.8 million for Q3 2025, marking a 33% year-over-year increase, contributing to a total revenue of $92.3 million, which is a 37% increase from the previous year [5][21] - The company anticipates significant growth in the fourth quarter with the addition of new charging stations and expects to reach positive Adjusted EBITDA supported by a fully financed growth plan [2][12] Business Highlights - EVgo added over 280 new operational stalls during Q3 2025, bringing the total to 4,590 stalls, a 25% increase year-over-year [5][11] - The average daily throughput per stall increased by 16% to 295 kilowatt hours per day compared to 254 kilowatt hours per day in Q3 2024 [6] - The company secured a commercial bank financing facility of up to $300 million, with $59 million borrowed under this facility [6] Financial & Operational Highlights - Total revenue for Q3 2025 was $92.3 million, a 37% increase year-over-year, while charging network revenue reached $55.8 million, a 33% increase [5][21] - Gross profit for the quarter was $12.6 million, representing a 97% increase from $6.4 million in Q3 2024 [21] - The net loss attributable to Class A common stockholders was $12.4 million, a 6% improvement from a loss of $11.7 million in the same quarter last year [22] Customer Growth - EVgo added over 149,000 new customer accounts in Q3 2025, bringing the total to 1.6 million accounts [6] - Autocharge+ accounted for 28% of total charging sessions initiated during the quarter [6] Future Guidance - The company updated its 2025 revenue guidance to a range of $350 million to $365 million, with potential upside of up to $40 million [12] - Adjusted EBITDA is projected to range from $(15) million to $(8) million, with potential upside of up to $31 million [12]

Group 1: Company Performance - EVgo is set to report earnings, with previous quarter revenues of $98.03 million, exceeding analysts' expectations by 15.7% and showing a year-on-year growth of 47.2% [1] - The company sold 88 gigawatt-hours, marking a 33.3% increase year on year [1] - Analysts expect revenue for the upcoming quarter to grow 35.8% year on year to $91.68 million, a slowdown from the previous year's 92.4% increase [2] Group 2: Analyst Sentiment - Analysts have generally reconfirmed their estimates for EVgo over the last 30 days, indicating confidence in the company's performance [3] - EVgo has only missed Wall Street's revenue estimates once in the past two years, with an average top-line expectation beat of 8.2% [3] Group 3: Market Context - In the renewable energy sector, peers like Bloom Energy and EnerSys have reported strong Q3 results, with Bloom Energy achieving 57.1% year-on-year revenue growth and EnerSys reporting a 7.6% increase [4] - Investor sentiment in the renewable energy segment has been positive, with average share prices up 2.2% over the last month, while EVgo's shares have declined by 18% during the same period [5] - The average analyst price target for EVgo is $6.34, compared to its current share price of $3.50 [5]

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