Form 8-K

8-K — EVgo Inc.

Accession: 0001821159-26-000017

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0001821159

SIC: 7500 (SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — evgo-20260805.htm (Primary)

EX-99.1 (exhibit991evgoearningsrele.htm)

GRAPHIC (evgo-20260303xex99d1001a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: evgo-20260805.htm · Sequence: 1

evgo-20260805

0001821159FALSE00018211592026-08-052026-08-050001821159us-gaap:CommonClassAMember2026-08-052026-08-050001821159evgo:RedeemableWarrantsForClassCommonStockMember2026-08-052026-08-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 5, 2026

EVgo Inc.

(Exact name of registrant as specified in its charter)

Delaware 001-39572 85-2326098

(State or other jurisdiction of

incorporation) (Commission File Number) (I.R.S. Employer

Identification No.)

1661 East Franklin Avenue

El Segundo, CA

90245

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (877) 494-3833

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading

Symbol(s) Name of each exchange

on which registered

Shares of Class A common stock, $0.0001 par value per share EVGO The Nasdaq Global Select Market

Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50

EVGOW(1)

(1)

(1)On July 1, 2026, Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission (the “SEC”) to delist EVgo Inc.’s redeemable warrants from trading and to remove such securities from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The delisting became effective 10 days after the filing of the Form 25. In accordance with Rule 12d2-2 of the Exchange Act, the de-registration of EVgo Inc.’s redeemable warrants under Section 12(b) of the Exchange Act will become effective 90 days, or such shorter period as the SEC may determine, after the date of the Form 25 filing.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On August 5, 2026, EVgo Inc. (the “Company”) issued a press release, announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information furnished under Item 2.02 of this Current Report on Form 8-K (including exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

Exhibit

Number Description

99.1

Press Release, dated August 5, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

EVgo Inc.

Date: August 5, 2026

By:

/s/ Keefer Lehner

Name: Keefer Lehner

Title: Chief Financial Officer

EX-99.1

Filename: exhibit991evgoearningsrele.htm · Sequence: 2

Document

Exhibit 99.1

EVgo Inc. Reports Second Quarter 2026 Results

Total Q2 Charging Network Revenues Increased 19% Year-Over-Year

•Charging network revenue totaled $61 million in the second quarter, an increase of 19% year-over-year, representing the 18th consecutive quarter of double-digit year-over-year charging revenue growth.

•Network throughput reached 99 gigawatt-hours (“GWh”) in the second quarter, an increase of 13% year-over-year.

•Ended the second quarter with 5,380 stalls in operation, an increase of 24% year-over-year.

•Signed agreement with Tesla to deploy EVgo Superchargers

LOS ANGELES – August 5, 2026 — EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles (EVs), announced results for the second quarter ended June 30, 2026. Management will host a webcast today at 8 a.m. ET / 5 a.m. PT to discuss EVgo’s results and other business highlights.

"EVgo delivered another quarter of solid execution, with 19% charging network revenue growth and continued expansion of our nationwide fast-charging platform," said Badar Khan, CEO of EVgo. "Our recently announced

agreement with Tesla underscores the strength of our strategy and our commitment to providing widespread charging infrastructure to the growing EV driver population. Our confidence in EVgo’s long-term opportunity has never been stronger thanks to the scale of our network, our differentiated business model and strong utilization and non-dilutive financing sources. As a result, EVgo represents a uniquely differentiated growth profile at an attractive valuation for shareholders."

Business Highlights

•EVgo Superchargers: EVgo and Tesla signed an agreement to deploy EVgo-owned and branded V4 Superchargers starting in 2026. Each site is expected to have up to 20 stalls located near everyday destinations like retail shops and restaurants. EVgo Superchargers will appear on the in-car Tesla navigation and Tesla Trip Planner.

•Stall Development: Ended the second quarter with 5,380 stalls in operation. EVgo added 280 new DC fast charging stalls during the quarter offset by 175 removals of legacy equipment under the Company's Renew program.

•Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 276 kilowatt hours per day in the second quarter of 2026, compared to 281 kilowatt hours per day in the second quarter of 2025.

•Customer Accounts: Added over 99,000 new customer accounts in the second quarter, with over 1.8 million total customer accounts at the end of the quarter.

•J3400 (NACS) Connectors: 240 NACS connectors in operation as of July 31, 2026.

•EVgo Next Generation Charging Architecture: Finalized the design of the Company's next generation charging equipment and testing underway with demonstrated high current charging on multiple vehicle models.

Q2'26 Q2'25 Change Q2'26 YTD Q2'25 YTD Change

(unaudited, dollars in thousands)

Network throughput (GWh) 99 88 13% 190 172 10%

Revenue $ 82,648 $ 98,030 (16)% $ 192,179 $ 173,317 11%

Gross profit $ 7,342 $ 13,908 (47)% $ 20,300 $ 23,231 (13)%

Gross margin 8.9 % 14.2 % (530) bps 10.6 % 13.4 % (280) bps

Net loss $ (46,342) $ (29,821) 55% $ (83,323) $ (56,048) 49%

Adjusted Gross Profit1

$ 26,283 $ 28,359 (7)% $ 55,916 $ 53,729 4%

Adjusted Gross Margin1

31.8 % 28.9 % 290 bps 29.1 % 31.0 % (190)bps

Adjusted EBITDA1

$ (10,573) $ (1,933) 447% $ (18,050) $ (7,862) 130%

___________________________________________________________

1Non-GAAP measure. See Appendix for reconciliation.

Q2'26 Q2'25 Change Q2'26 YTD Q2'25 YTD Change

(unaudited, dollars in thousands)

Cash flows provided by (used in) operating activities $ (6,484) $ 14,089 (146)% $ (41,852) $ 3,843 (1189)%

GAAP capital expenditures $ 33,823 $ 26,199 29% $ 64,398 $ 41,191 56%

Capital offsets:

OEM infrastructure payments 1,352 1,898 (29)% 3,567 6,873 (48)%

Proceeds from capital-build funding 5,170 7,180 (28)% 8,366 9,051 (8)%

Total capital offsets 6,522 9,078 (28)% 11,933 15,924 (25)%

Capital Expenditures, Net of Capital Offsets1

$ 27,301 $ 17,121 59% $ 52,465 $ 25,267 108%

___________________________________________________________

1Non-GAAP measure. See Appendix for reconciliation.

6/30/2026 6/30/2025 Change

Stalls in operation:

EVgo public network1

3,930 3,480 13%

EVgo AV network2

120 110 9%

EVgo eXtend™ 3

1,330 760 75%

Total stalls in operation 5,380 4,350 24%

___________________________________________________________

1 Stalls at publicly available charging stations that we own and operate on our network.

2 Stalls at charging stations that we own and operate on our network that are only available to AV fleet customers.

3 Stalls at eXtend are EV charging stations built via partnerships for use by their customers with assets serviced through, and often cobranded with, our national network.

2026 Guidance

EVgo is updating full year 2026 guidance as follows:

•Total new stalls of 1,350 - 1,625

•Total revenue of $400 – $430 million

•Adjusted EBITDA* of $(25) million – $(5) million

The Company expects Q1 and Q4 2026 to be the strongest quarters of the year for non-charging revenue.

__________________________________________________________

*A reconciliation of projected Adjusted EBITDA (non-GAAP) to net loss, the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.

Webcast Information

A live audio webcast for EVgo’s second quarter 2026 results will be held today at 8 a.m. ET / 5 a.m. PT. The webcast will be available at investors.evgo.com.

This press release, along with other investor materials that will be used or referred to during the webcast, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.

About EVgo

EVgo (Nasdaq: EVGO) is one of the nation’s leading public fast charging providers. With more than 1,200 fast charging stations across 47 states, EVgo strategically deploys localized and accessible charging infrastructure by partnering with leading businesses across the U.S., including retailers, grocery stores, restaurants, shopping centers, gas stations, rideshare operators, and autonomous vehicle companies. At its dedicated Innovation Lab, EVgo performs extensive interoperability testing and has ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “assume” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. You are cautioned, therefore, against relying on any of these forward-looking statements. These forward-looking statements include, but are not limited to, those perceived as express or implied statements regarding EVgo’s future financial and operating performance, including full year 2026 guidance ranges and potential drivers thereof; EVgo’s future profitability and priorities; EVgo’s long-term value creation opportunities and addressable market, including pace of deployment, scaling of NACS connectors, enhancements to the customer experience, and key agreements and partnerships, including with Tesla; EVgo’s development of next generation charging architecture and deployment of Tesla Superchargers; EVgo’s progress on its network buildout; EVgo's financing facilities, including its commercial bank facility and debt financing from the U.S. Department of Energy; and the growth of the autonomous vehicle and rideshare markets. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including changes adversely affecting EVgo’s business; EVgo’s dependence on the widespread adoption of EVs and growth of the EV and EV charging markets; EVgo’s reliance on existing project finance for the growth of its business, its ability to fully draw on its debt financing from the U.S. Department of Energy (the “DOE Loan”) and its credit facility and its ability to comply with the covenants and other terms thereof; competition from existing and new competitors; EVgo’s ability to expand into new service markets, grow its customer base and manage its operations; the risks associated with cyclical demand for EVgo’s services and vulnerability to industry downturns and regional or national downturns; fluctuations in EVgo’s revenue and operating results; unfavorable conditions or disruptions in the capital and credit markets and EVgo’s ability to obtain additional financing on commercially reasonable terms; EVgo’s ability to generate cash, service indebtedness and incur additional indebtedness; evolving domestic and foreign government laws, regulations, rules and standards that impact EVgo’s business, results of operations and financial condition, including regulations impacting the EV charging market and government programs designed to drive broader adoption of EVs and any reduction, modification or elimination of such programs, such as the enactment of the One Big Beautiful Bill Act of 2025, which addresses, among other things, the termination of the Alternative Fuel Vehicle Refueling Property Credit, other changes in policy under the current administration and 119th Congress and the potential changes in tariffs or sanctions and escalating trade wars; EVgo’s ability to adapt its assets and infrastructure to changes in industry and regulatory standards and market demands related to EV charging; impediments to EVgo’s expansion plans, including permitting and utility-related delays; EVgo’s ability to integrate any businesses it acquires; EVgo’s ability to recruit and retain experienced personnel; risks related to legal

proceedings or claims, including liability claims; EVgo’s dependence on third parties, including hardware and software vendors and service providers, utilities and permit-granting entities; supply chain disruptions, elevated rates of inflation and other increases in expenses, including as a result of the implementation of tariffs by the U.S. and other countries; safety and environmental requirements or regulations that may subject EVgo to unanticipated liabilities or costs; EVgo’s ability to enter into and maintain valuable partnerships with commercial or public-entity property owners, landlords and/or tenants, original equipment manufacturers, fleet operators and suppliers; EVgo’s ability to maintain, protect and enhance EVgo’s intellectual property; EVgo’s ability to identify and complete suitable acquisitions or other strategic transactions to meet its goals and integrate key businesses it acquires; and the impact of general economic or political conditions, including associated changes in U.S. fiscal and monetary policy such as elevated interest rates, evolving tariff or other changes in trade policy and geopolitical events such as global conflict in Ukraine and tensions in the Middle East region. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) including its most recent Annual Report on Form 10-K, as well as its other SEC filings, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements, except as required by law.

EVgo Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

June 30, 2026 December 31, 2025

(in thousands) (unaudited)

Assets

Current assets

Cash and cash equivalents $ 121,822 $ 151,000

Restricted cash, current 61,684 49,519

Accounts receivable, net of allowance of $32 and $75 as of June 30, 2026 and December 31, 2025, respectively 29,349 38,628

Accounts receivable, capital-build 15,481 19,461

Prepaids and other current assets 44,488 37,872

Total current assets 272,824 296,480

Restricted cash, noncurrent 14,144 10,227

Property, equipment and software, net 469,281 460,747

Operating lease right-of-use assets 114,412 102,966

Other assets 35,161 30,937

Intangible assets, net 30,031 32,421

Goodwill 31,052 31,052

Total assets $ 966,905 $ 964,830

Liabilities, redeemable noncontrolling interest and stockholders’ deficit

Current liabilities

Accounts payable $ 12,383 $ 7,582

Accrued liabilities 49,191 59,924

Operating lease liabilities, current 9,720 7,765

Deferred revenue, current 45,849 55,060

Warrant liabilities, at fair value 168 1,370

Long-term debt, current 3,580 2,146

Other current liabilities 3,802 1,475

Total current liabilities 124,693 135,322

Operating lease liabilities, noncurrent 108,585 96,983

Asset retirement obligations 33,411 30,868

Capital-build liability 53,374 55,820

Deferred revenue, noncurrent 41,155 47,711

Long-term debt, noncurrent 293,670 204,316

Other long-term liabilities 2,419 7,866

Total liabilities 657,307 578,886

June 30, 2026 December 31, 2025

(in thousands, except share data) (unaudited)

Redeemable noncontrolling interest $ 330,048 $ 502,848

Stockholders’ deficit

Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding

— —

Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 140,390,001 and 134,717,984 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of June 30, 2026 and December 31, 2025, respectively

14 13

Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 172,800,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025

17 17

Additional paid-in capital — 7,753

Accumulated deficit (20,443) (124,687)

Accumulated other comprehensive loss (38) —

Total stockholders’ deficit (20,450) (116,904)

Total liabilities, redeemable noncontrolling interest and stockholders’ deficit $ 966,905 $ 964,830

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(unaudited)

Three Months Ended June 30, Six Months Ended June 30,

(in thousands, except per share data) 2026 2025 Change % 2026 2025 Change %

Revenue

Total charging network $ 61,421 $ 51,828 19% $ 117,138 $ 98,926 18 %

Non-charging network

eXtend 18,017 37,385 (52)% 51,204 60,873 (16) %

AV and ancillary 3,210 8,817 (64)% 23,837 13,518 76 %

Total non-charging network 21,227 46,202 (54)% 75,041 74,391 1 %

Total revenue 82,648 98,030 (16)% 192,179 173,317 11 %

Cost of sales

Charging network 39,247 32,545 21% 74,846 62,154 20 %

Other 17,217 37,235 (54)% 61,615 57,635 7 %

Depreciation, net of capital-build amortization 18,842 14,342 31% 35,418 30,297 17 %

Total cost of sales 75,306 84,122 (10)% 171,879 150,086 15 %

Gross profit 7,342 13,908 (47)% 20,300 23,231 (13) %

Operating expenses

General and administrative 44,358 40,596 9% 90,363 79,224 14 %

Depreciation, amortization and accretion 3,132 4,124 (24)% 6,430 8,219 (22) %

Total operating expenses 47,490 44,720 6% 96,793 87,443 11 %

Operating loss (40,148) (30,812) 30% (76,493) (64,212) 19 %

Other (expense) income, net

Interest expense (8,153) (909) 797% (11,123) (1,426) 680 %

Interest income 1,433 1,718 (17)% 2,813 3,412 (18) %

Other income, net 8 5 60% 18 — *

Change in fair value of earnout liability — (180) (100)% 22 568 (96) %

Change in fair value of warrant liabilities 268 360 (26)% 1,202 5,704 (79) %

Total other (expense) income, net (6,444) 994 (748)% (7,068) 8,258 (186) %

Loss before income tax expense (46,592) (29,818) 56% (83,561) (55,954) 49 %

Income tax benefit (expense) 250 (3) * 238 (94) (353) %

Net loss (46,342) (29,821) 55% (83,323) (56,048) 49 %

Less: net loss attributable to redeemable noncontrolling interest (25,569) (16,823) 52% (46,129) (31,688) 46 %

Net loss attributable to Class A common stockholders $ (20,773) $ (12,998) 60% $ (37,194) $ (24,360) 53 %

Net loss per share attributable to Class A common stockholders, basic and diluted $ (0.15) $ (0.10) $ (0.27) $ (0.18)

Weighted average Class A common stock outstanding, basic and diluted 140,364 133,484 139,153 132,644

___________________________________________________________

* Percentage greater than 999% or not meaningful.

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

Six Months Ended June 30,

(in thousands) 2026 2025

Cash flows from operating activities

Net loss $ (83,323) $ (56,048)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities

Depreciation, amortization and accretion 41,848 38,516

Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 6,695 4,518

Share-based compensation 7,541 12,525

Bad debt expense 1,907 651

Change in fair value of earnout liability (22) (568)

Change in fair value of warrant liabilities (1,202) (5,704)

Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest 8,369 1,401

Gain on sales-type lease (4,235) (2,500)

Other 553 83

Changes in operating assets and liabilities

Accounts receivable, net 7,372 13,337

Prepaids and other current assets and other assets (9,331) (4,643)

Operating lease assets and liabilities, net 2,112 (121)

Accounts payable 2,715 (4,875)

Accrued liabilities (6,847) 8,737

Deferred revenue (15,766) (224)

Other current and noncurrent liabilities (238) (1,242)

Net cash (used in) provided by operating activities (41,852) 3,843

Cash flows from investing activities

Capital expenditures (64,398) (41,191)

Proceeds from insurance for property losses 63 24

Net cash used in investing activities (64,335) (41,167)

Cash flows from financing activities

Proceeds from long-term debt 86,589 94,180

Payments on long-term debt (500) —

Proceeds from capital-build funding 8,366 9,051

Payments of withholding tax on net issuance of restricted stock units (991) (529)

Payments of deferred debt issuance costs (373) (2,513)

Net cash provided by financing activities 93,091 100,189

Net (decrease) increase in cash, cash equivalents and restricted cash (13,096) 62,865

Cash, cash equivalents and restricted cash, beginning of period 210,746 120,512

Cash, cash equivalents and restricted cash, end of period $ 197,650 $ 183,377

Use of Non-GAAP Financial Measures

To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results.

EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business.

For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures.”

Definitions of Non-GAAP Financial Measures

This release includes the following non-GAAP financial measures, in each case as defined below: “Charging Network Gross Profit,” “Charging Network Gross Margin,” “Adjusted Cost of Sales,” “Adjusted Cost of Sales as a Percentage of Revenue,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “Adjusted General and Administrative Expenses,” “Adjusted General and Administrative Expenses as a Percentage of Revenue,” “EBITDA,” “EBITDA Margin,” “Adjusted EBITDA,” “Adjusted EBITDA Margin,” and “Capital Expenditures, Net of Capital Offsets.” With respect to Capital Expenditures, Net of Capital Offsets, pursuant to the terms of certain OEM contracts, EVgo is paid well in advance of when revenue can be recognized, and usually, the payment is tied to the number of stalls that are complete under the applicable contractual arrangement while the related revenue is deferred at the time of payment and is recognized as revenue over time as EVgo provides charging and other services to the OEM and the OEM’s customers. EVgo management therefore uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business, including the cash used for, and the return on, its investment in its charging infrastructure. EVgo believes that these measures are useful to investors in evaluating EVgo’s performance and help to depict a meaningful representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future.

Charging Network Gross Profit, Charging Network Gross Margin, Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit (Loss), Adjusted Gross Margin, Adjusted General and Administrative Expenses, Adjusted General and Administrative Expenses as a Percentage of Revenue, EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin and Capital Expenditures, Net of Capital Offsets are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.

EVgo defines Charging Network Gross Profit as total charging network revenue less charging network cost of sales. EVgo defines Charging Network Gross Margin as Charging Network Gross Profit divided by total charging network revenue. EVgo defines Adjusted Cost of Sales as cost of sales before (i) depreciation, net of capital-build amortization, and (ii) share-based compensation. EVgo defines Adjusted Cost of Sales as a Percentage of Revenue as Adjusted Cost of Sales as a percentage of revenue. EVgo defines Adjusted Gross Profit (Loss) as revenue less Adjusted Cost of Sales. EVgo defines Adjusted Gross Margin as Adjusted Gross Profit (Loss) as a percentage of revenue. EVgo defines Adjusted General and Administrative Expenses as general and administrative expenses before (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) bad debt expense (recoveries), and (iv) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted General and Administrative Expenses as

a Percentage of Revenue as Adjusted General and Administrative Expenses as a percentage of revenue. EVgo defines EBITDA as net income (loss) before (i) depreciation, net of capital-build amortization, (ii) amortization, (iii) accretion, (iv) interest expense, (v) interest income, and (vi) income tax expense (benefit). EVgo defines EBITDA Margin as EBITDA as a percentage of revenue. EVgo defines Adjusted EBITDA as EBITDA plus (i) share-based compensation, (ii) loss on disposal of property and equipment, net of insurance recoveries, and impairment expense, (iii) loss (gain) on investments, (iv) bad debt expense (recoveries), (v) change in fair value of earnout liability, (vi) change in fair value of warrant liabilities, and (vii) certain other items that management believes are not indicative of EVgo’s ongoing performance. EVgo defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. EVgo defines Capital Expenditures, Net of Capital Offsets as capital expenditures adjusted for the following capital offsets: (i) all payments under OEM infrastructure agreements excluding any amounts directly attributable to OEM customer charging credit programs and pass-through of non-capital expense reimbursements, (ii) proceeds from capital-build funding and (iii) proceeds from the transfer of 30C income tax credits, net of transaction costs. The tables below present quantitative reconciliations of these measures to their most directly comparable GAAP measures as described in this paragraph.

Reconciliations of Non-GAAP Financial Measures

The following unaudited table presents a reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP measure:

Three Months Ended June 30, Six Months Ended June 30,

(unaudited, dollars in thousands) 2026 2025 Change 2026 2025 Change

GAAP revenue $ 82,648 $ 98,030 (16) % $ 192,179 $ 173,317 11 %

GAAP net loss $ (46,342) $ (29,821) 55 % $ (83,323) $ (56,048) 49 %

GAAP net loss margin (56.1) % (30.4) % (2,570) bps (43.4) % (32.3) % (1,110) bps

EBITDA adjustments:

Depreciation, net of capital-build amortization $ 18,993 $ 14,417 32 % $ 35,767 $ 30,456 17 %

Amortization 2,263 3,330 (32) % 4,567 6,754 (32) %

Accretion 719 719 — % 1,514 1,306 16 %

Interest expense 8,153 909 797 % 11,123 1,426 680 %

Interest income (1,433) (1,718) (17) % (2,813) (3,412) (18) %

Income tax (benefit) expense (250) 3 * (238) 94 (353) %

Total EBITDA adjustments 28,445 17,660 61 % 49,920 36,624 36 %

EBITDA $ (17,897) $ (12,161) 47 % $ (33,403) $ (19,424) 72 %

EBITDA Margin (21.7) % (12.4) % (930) bps (17.4) % (11.2) % (620) bps

Adjusted EBITDA Adjustments:

Share-based compensation $ 3,296 $ 7,031 (53) % $ 7,541 $ 12,525 (40) %

Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 2,934 3,319 (12) % 6,695 4,518 48 %

Bad debt expense 918 58 * 1,907 651 193 %

Change in fair value of earnout liability — 180 * (22) (568) *

Change in fair value of warrant liabilities (268) (360) (26) % (1,202) (5,704) (79) %

Severance and related expenses 117 — * 117 — *

Executive transition costs 327 — * 327 — *

Other¹ — — * (10) 140 *

Total Adjusted EBITDA adjustments 7,324 10,228 (28) % 15,353 11,562 33 %

Adjusted EBITDA $ (10,573) $ (1,933) 447 % $ (18,050) $ (7,862) 130 %

Adjusted EBITDA Margin (12.8) % (2.0) % (1,080) bps (9.4) % (4.5) % (490) bps

___________________________________________________________

1 For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.

* Percentage greater than 999% or not meaningful.

The following unaudited table presents a reconciliation of Charging Network Gross Profit and Charging Network Gross Margin to the most directly comparable GAAP measures:

Three Months Ended June 30, Six Months Ended June 30,

(unaudited, dollars in thousands) 2026 2025 Change 2026 2025 Change

GAAP total charging network revenue $ 61,421 $ 51,828 19 % $ 117,138 $ 98,926 18 %

GAAP charging network cost of sales 39,247 32,545 21 % 74,846 62,154 20 %

Charging Network Gross Profit $ 22,174 $ 19,283 15 % $ 42,292 $ 36,772 15 %

Charging Network Gross Margin 36.1 % 37.2 % (110) bps 36.1 % 37.2 % (110) bps

The following unaudited table presents a reconciliation of Adjusted Cost of Sales, Adjusted Cost of Sales as a Percentage of Revenue, Adjusted Gross Profit and Adjusted Gross Margin to the most directly comparable GAAP measures:

Three Months Ended June 30, Six Months Ended June 30,

(unaudited, dollars in thousands) 2026 2025 Change 2026 2025 Change

GAAP revenue $ 82,648 $ 98,030 (16) % $ 192,179 $ 173,317 11 %

GAAP cost of sales 75,306 84,122 (10) % 171,879 150,086 15 %

GAAP gross profit $ 7,342 $ 13,908 (47) % $ 20,300 $ 23,231 (13) %

GAAP cost of sales as a percentage of revenue 91.1 % 85.8 % 530 bps 89.4 % 86.6 % 280 bps

GAAP gross margin 8.9 % 14.2 % (530) bps 10.6 % 13.4 % (280) bps

Adjusted Cost of Sales adjustments

Depreciation, net of capital-build amortization $ 18,842 $ 14,342 31 % $ 35,418 $ 30,297 17 %

Share-based compensation 99 109 (9) % 198 201 (1) %

Total Adjusted Cost of Sales adjustments $ 18,941 $ 14,451 31 % $ 35,616 $ 30,498 17 %

Adjusted Cost of Sales $ 56,365 $ 69,671 (19) % $ 136,263 $ 119,588 14 %

Adjusted Cost of Sales as a Percentage of Revenue 68.2 % 71.1 % (290) bps 70.9 % 69.0 % 190 bps

Adjusted Gross Profit $ 26,283 $ 28,359 (7) % $ 55,916 $ 53,729 4 %

Adjusted Gross Margin 31.8 % 28.9 % 290 bps 29.1 % 31.0 % (190) bps

The following unaudited table presents a reconciliation of Adjusted General and Administrative Expenses and Adjusted General and Administrative Expenses as a Percentage of Revenue to the most directly comparable GAAP measures:

Three Months Ended June 30, Six Months Ended June 30,

(unaudited, dollars in thousands) 2026 2025 Change 2026 2025 Change

GAAP revenue $ 82,648 $ 98,030 (16) % $ 192,179 $ 173,317 11 %

GAAP general and administrative expenses $ 44,358 $ 40,596 9 % $ 90,363 $ 79,224 14 %

GAAP general and administrative expenses as a percentage of revenue 53.7 % 41.4 % 1,230 bps 47.0 % 45.7 % 130 bps

Adjustments:

Share-based compensation 3,197 6,922 (54) % 7,343 12,324 (40) %

Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 2,934 3,319 (12) % 6,695 4,518 48 %

Bad debt expense 918 58 * 1,907 651 193 %

Severance and related expenses 117 — * 117 — *

Executive transition costs 327 — * 327 — *

Other1

— — * (10) 140 (107) %

Total adjustments 7,493 10,299 (27) % 16,379 17,633 (7) %

Adjusted General and Administrative Expenses $ 36,865 $ 30,297 22 % $ 73,984 $ 61,591 20 %

Adjusted General and Administrative Expenses as a Percentage of Revenue 44.6 % 30.9 % 1,370 bps 38.5 % 35.5 % 300 bps

___________________________________________________________

1For the six months ended June 30, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.

* Percentage greater than 999% or not meaningful.

The following unaudited table presents a reconciliation of Capital Expenditures, Net of Capital Offsets, to the most directly comparable GAAP measure:

Three Months Ended June 30, Six Months Ended June 30,

(dollars in thousands) 2026 2025 Change 2026 2025 Change

GAAP capital expenditures $ 33,823 $ 26,199 29 % $ 64,398 $ 41,191 56 %

Capital offsets:

OEM infrastructure payments 1,352 1,898 (29) % 3,567 6,873 (48) %

Proceeds from capital-build funding 5,170 7,180 (28) % 8,366 9,051 (8) %

Total capital offsets 6,522 9,078 (28) % 11,933 15,924 (25) %

Capital Expenditures, Net of Capital Offsets $ 27,301 $ 17,121 59 % $ 52,465 $ 25,267 108 %

For investors:

investors@evgo.com

For media:

press@evgo.com

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