EVgo posted a gross profit of US$9.3m in Q1 and saw customer account additions of over 119,000 during the quarter, bringing its total to 1.4 million.
The company is one of the leading US public fast charging providers with more than 1,100 fast charging stations across over 40 states.
EVgo also affirmed its 2025 financial guidance with total revenue guidance of US$340m–US$380m, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of up to US$10m.
EVgo CEO Badar Khan commented on the results: “We continue to deploy critical fast charging infrastructure across the US 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.”
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.
EVgo's first pilot site with native NACS connectors became operational in February 2025, with aditional locations anticipated to be added throughout 2025.
The company ended the first quarter with 4,240 stalls in operation, and added more than 180 new DC fast charging stalls during the quarter.
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 of 2024.
On January 8, 2025, EVgo received its first advance of US$75m from its US$1.25bn loan guarantee from the U.S. Department of Energy Loan Programs Office under its Title 17 program, to build approximately 7,500 fast charging stalls across the US over the next five years. On April 4, 2025, EVgo received its second advance of US$19m.
EVgo strategically deploys localized and accessible charging infrastructure by partnering with businesses across the US, including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies.