Form 8-K

8-K — EVgo Inc.

Accession: 0001821159-26-000009

Filed: 2026-05-05

Period: 2026-05-05

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-20260505.htm (Primary)

EX-99.1 (evgoearningsrelease20260505.htm)

GRAPHIC (evgo-20260303xex99d1001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: evgo-20260505.htm · Sequence: 1

evgo-20260505

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

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): May 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 The Nasdaq Global Select Market

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 May 5, 2026, EVgo Inc. (the “Company”) issued a press release, announcing its financial results for the first quarter ended March 31, 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 May 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: May 5, 2026 By:

/s/ Keefer Lehner

Name: Keefer Lehner

Title: Chief Financial Officer

EX-99.1

Filename: evgoearningsrelease20260505.htm · Sequence: 2

Document

Exhibit 99.1

EVgo Inc. Reports First Quarter 2026 Results with Record First Quarter Revenues

Total Q1 Revenues Increased 45% Year-Over-Year

•Total revenue of $110 million in the first quarter, representing an increase of 45% year-over-year.

•Charging network revenue totaled $56 million in the first quarter, an increase of 18% year-over-year, representing the 17th consecutive quarter of double-digit year-over-year charging revenue growth.

•Network throughput reached 91 gigawatt-hours (“GWh”) in the first quarter, an increase of 10% year-over-year.

•Ended the first quarter with 5,280 stalls in operation, an increase of 25% year-over-year.

LOS ANGELES – May 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 first quarter ended March 31, 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 a strong start to 2026 with record first quarter revenues driven by continued growth across our network and disciplined execution against our strategy,” said Badar Khan, CEO of EVgo. “We are pleased to move forward with an amended DOE loan as we continue scaling the network, expanding NACS availability, advancing key rideshare and site host partnerships and progressing our next-generation charging infrastructure, all while maintaining a strong balance sheet. As market dynamics continue to evolve and with significant deployment activity ahead, we are well-positioned to capitalize on the opportunities in front of us as we build critical charging infrastructure and strengthen EVgo’s leadership position in fast charging.”

Business Highlights

•Stall Development: The Company ended the first quarter with 5,280 stalls in operation. EVgo added over 200 new DC fast charging stalls during the quarter.

•Average Daily Network Throughput: Average daily throughput per stall for the EVgo public network was 257 kilowatt hours per day in the first quarter of 2026, compared to 266 kilowatt hours per day in the first quarter of 2025.

•Customer Accounts: Added over 86,000 new customer accounts in the first quarter, with over 1.7 million total customer accounts at the end of the quarter.

•J3400 (NACS) Connectors: NACS connectors in operation at over 100 stalls in total as of April 30, 2026.

•Financing Update: The Company amended its DOE Loan to $750 million (which includes $625 million in borrowings and up to $125 million in capitalized interest) in April 2026.1

1 For additional information regarding the amendment of the DOE Loan, see the Company’s Form 10‑Q filed on May 5, 2026.

Q1'26 Q1'25 Change

(unaudited, dollars in thousands)

Network throughput (GWh) 91 83 10%

Revenue $ 109,531 $ 75,287 45%

Gross profit $ 12,957 $ 9,323 39%

Gross margin 11.8 % 12.4 % (60) bps

Net loss $ (36,980) $ (26,227) 41%

Adjusted Gross Profit1

$ 29,633 $ 25,370 17%

Adjusted Gross Margin1

27.1 % 33.7 % (660) bps

Adjusted EBITDA1

$ (7,475) $ (5,929) 26%

___________________________________________________________

1Non-GAAP measure. See Appendix for reconciliation.

Q1'26 Q1'25 Change

(unaudited, dollars in thousands)

Cash flows used in operating activities $ (35,368) $ (10,246) 245%

GAAP capital expenditures $ 30,575 $ 14,992 104%

Capital offsets:

OEM infrastructure payments 2,215 4,975 (55)%

Proceeds from capital-build funding 3,196 1,871 71%

Total capital offsets 5,411 6,846 (21)%

Capital Expenditures, Net of Capital Offsets1

$ 25,164 $ 8,146 209%

___________________________________________________________

1Non-GAAP measure. See Appendix for reconciliation.

3/31/2026 3/31/2025 Change

Stalls in operation:

EVgo public network2

3,990 3,510 14%

EVgo AV network3

120 110 9%

EVgo eXtend™ 4

1,170 620 89%

Total stalls in operation 5,280 4,240 25%

___________________________________________________________

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

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

4 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 Financial Guidance

EVgo is affirming full year 2026 guidance as follows:

•Total revenue of $410 – $470 million

•Adjusted EBITDA* of $(20) million – $20 million

EVgo is initiating second quarter 2026 guidance as follows:

•Total revenue of $75 - $85 million

•Adjusted EBITDA of $(12.5) - $(7.5) 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 income (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 first 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; EVgo’s future profitability and priorities; EVgo’s long-term value creation opportunities, including pace of deployment, scaling of NACS connectors, enhancements to the customer experience, and key partnerships, including with Kroger; EVgo’s development of next generation charging architecture; and EVgo’s progress on its network buildout. 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; the risk that the loss of EVgo’s status as an emerging growth company results in additional disclosure and compliance obligations and increases its costs and require significant management time and resources; 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 the 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

March 31, 2026 December 31, 2025

(in thousands) (unaudited)

Assets

Current assets

Cash and cash equivalents $ 122,435 $ 151,000

Restricted cash, current 15,311 49,519

Accounts receivable, net of allowance of $70 and $75 as of March 31, 2026 and December 31, 2025, respectively

33,315 38,628

Accounts receivable, capital-build 19,637 19,461

Prepaids and other current assets 48,542 37,872

Total current assets 239,240 296,480

Restricted cash, noncurrent 12,253 10,227

Property, equipment and software, net 452,375 460,747

Operating lease right-of-use assets 109,314 102,966

Other assets 44,887 30,937

Intangible assets, net 31,226 32,421

Goodwill 31,052 31,052

Total assets $ 920,347 $ 964,830

Liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit)

Current liabilities

Accounts payable $ 13,973 $ 7,582

Accrued liabilities 39,920 59,924

Operating lease liabilities, current 7,957 7,765

Deferred revenue, current 47,800 55,060

Income tax payable — —

Warrant liabilities, at fair value 436 1,370

Long-term debt, current 2,845 2,146

Other current liabilities 2,741 1,475

Total current liabilities 115,672 135,322

Operating lease liabilities, noncurrent 102,993 96,983

Asset retirement obligations 31,879 30,868

Capital-build liability 55,838 55,820

Deferred revenue, noncurrent 46,008 47,711

Earnout liability, at fair value — —

Warrant liabilities, at fair value — —

Long-term debt, noncurrent 208,680 204,316

Other long-term liabilities 6,615 7,866

Total liabilities 567,685 578,886

March 31, 2026 December 31, 2025

(in thousands, except share data) (unaudited)

Redeemable noncontrolling interest $ 313,927 $ 502,848

Stockholders’ equity (deficit)

Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 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 March 31, 2026 and December 31, 2025; 140,061,248 and 134,717,984 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of March 31, 2026 and December 31, 2025, respectively

14 13

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

17 17

Additional paid-in capital 11,450 $ 7,753

Retained earnings (accumulated deficit) 27,254 (124,687)

Total stockholders’ equity (deficit) 38,735 (116,904)

Total liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit) $ 920,347 $ 964,830

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

Three Months Ended March 31,

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

Revenue

Total charging network $ 55,717 $ 47,098 18%

Non-charging network

eXtend 33,187 23,488 41%

AV and ancillary 20,627 4,701 339%

Total non-charging network 53,814 28,189 91%

Total revenue 109,531 75,287 45%

Cost of sales

Charging network 35,599 29,609 20%

Other 44,398 20,400 118%

Depreciation, net of capital-build amortization 16,577 15,955 4%

Total cost of sales 96,574 65,964 46%

Gross profit 12,957 9,323 39%

Operating expenses

General and administrative 46,005 38,628 19%

Depreciation, amortization and accretion 3,298 4,095 (19)%

Total operating expenses 49,303 42,723 15%

Operating loss (36,346) (33,400) 9%

Other (expense) income, net

Interest expense (2,969) (517) 474%

Interest income 1,380 1,694 (19)%

Other income (expense), net 11 (5) (320)%

Change in fair value of earnout liability 22 748 (97)%

Change in fair value of warrant liabilities 934 5,344 (83)%

Total other (expense) income, net (622) 7,264 (109)%

Loss before income tax expense (36,968) (26,136) 41%

Income tax expense (12) (91) (87)%

Net loss (36,980) (26,227) 41%

Less: net loss attributable to redeemable noncontrolling interest (20,560) (14,865) 38%

Comprehensive loss attributable to Class A common stockholders $ (16,420) $ (11,362) 45%

Loss per share attributable to Class A common stockholders, basic and diluted $ (0.12) $ (0.09)

Weighted average Class A common stock outstanding, basic and diluted 137,928 131,794

EVgo Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

Three Months Ended March 31,

(in thousands) 2026 2025

Cash flows from operating activities

Net loss $ (36,980) $ (26,227)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation, amortization and accretion 19,875 20,050

Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 3,761 1,199

Share-based compensation 4,245 5,494

Bad debt expense 989 593

Change in fair value of earnout liability (22) (748)

Change in fair value of warrant liabilities (934) (5,344)

Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest 1,631 513

Gain on sales-type lease (4,321) —

Other (408) 7

Changes in operating assets and liabilities

Accounts receivable, net 4,323 2,205

Prepaids and other current assets and other assets (8,335) (4,810)

Operating lease assets and liabilities, net (146) (119)

Accounts payable 5,359 632

Accrued liabilities (15,134) (7,657)

Deferred revenue (8,963) 4,141

Other current and noncurrent liabilities (308) (175)

Net cash used in operating activities (35,368) (10,246)

Cash flows from investing activities

Capital expenditures (30,575) (14,992)

Proceeds from insurance for property losses 13 22

Net cash used in investing activities (30,562) (14,970)

Cash flows from financing activities

Proceeds from long-term debt 3,365 75,291

Payments on long-term debt (250) —

Proceeds from capital-build funding 3,196 1,871

Payments of withholding tax on net issuance of restricted stock units (991) (528)

Payments of deferred debt issuance costs (137) (1,350)

Net cash provided by financing activities 5,183 75,284

Net (decrease) increase in cash, cash equivalents and restricted cash (60,747) 50,068

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

Cash, cash equivalents and restricted cash, end of period $ 149,999 $ 170,580

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 March 31,

(unaudited, dollars in thousands) 2026 2025 Change

GAAP revenue $ 109,531 $ 75,287 45 %

GAAP net loss $ (36,980) $ (26,227) 41 %

GAAP net loss margin (33.8) % (34.8) % 100 bps

EBITDA adjustments:

Depreciation, net of capital-build amortization 16,775 16,039 5 %

Amortization 2,305 3,424 (33) %

Accretion 795 587 35 %

Interest expense 2,969 517 474 %

Interest income (1,380) (1,694) (19) %

Income tax expense 12 91 (87) %

Total EBITDA adjustments 21,476 18,964 13 %

EBITDA $ (15,504) $ (7,263) 113 %

EBITDA Margin (14.2) % (9.6) % (460) bps

Adjusted EBITDA adjustments:

Share-based compensation $ 4,245 $ 5,494 (23) %

Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 3,761 1,199 214 %

Bad debt expense 989 593 67 %

Change in fair value of earnout liability (22) (748) (97) %

Change in fair value of warrant liabilities (934) (5,344) (83) %

Other

(10) 140 (107) %

Total Adjusted EBITDA adjustments 8,029 1,334 502 %

Adjusted EBITDA $ (7,475) $ (5,929) 26 %

Adjusted EBITDA Margin (6.8) % (7.9) % 110 bps

___________________________________________________________

*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 March 31,

(unaudited, dollars in thousands) 2026 2025 Change

GAAP total charging network revenue $ 55,717 $ 47,098 18 %

GAAP charging network cost of sales 35,599 29,609 20 %

Charging Network Gross Profit $ 20,118 $ 17,489 15 %

Charging Network Gross Margin 36.1 % 37.1 % (100) 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 March 31,

(unaudited, dollars in thousands) 2026 2025 Change

GAAP revenue $ 109,531 $ 75,287 45 %

GAAP cost of sales 96,574 65,964 46 %

GAAP gross profit $ 12,957 $ 9,323 39 %

GAAP cost of sales as a percentage of revenue 88.2 % 87.6 % 60 bps

GAAP gross margin 11.8 % 12.4 % (60) bps

Adjusted Cost of Sales adjustments:

Depreciation, net of capital-build amortization $ 16,577 $ 15,955 4 %

Share-based compensation 99 92 8 %

Total Adjusted Cost of Sales adjustments $ 16,676 $ 16,047 4 %

Adjusted Cost of Sales $ 79,898 $ 49,917 60 %

Adjusted Cost of Sales as a Percentage of Revenue 72.9 % 66.3 % 660 bps

Adjusted Gross Profit $ 29,633 $ 25,370 17 %

Adjusted Gross Margin 27.1 % 33.7 % (660) 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 March 31,

(unaudited, dollars in thousands) 2026 2025 Change

GAAP revenue $ 109,531 $ 75,287 45 %

GAAP general and administrative expenses $ 46,005 $ 38,628 19 %

GAAP general and administrative expenses as a percentage of revenue 42.0 % 51.3 % (930) bps

Adjustments:

Share-based compensation 4,146 5,402 (23) %

Loss on disposal of property and equipment, net of insurance recoveries, and impairment expense 3,761 1,199 214 %

Bad debt expense 989 593 67 %

Other1

(10) 140 (107) %

Total adjustments 8,886 7,334 21 %

Adjusted General and Administrative Expenses $ 37,119 $ 31,294 19 %

Adjusted General and Administrative Expenses as a Percentage of Revenue 33.9 % 41.6 % (770) bps

___________________________________________________________

1For the quarter ended March 31, 2025, comprised primarily of nonrecurring professional fees related to the Secondary Offering, which closed on December 18, 2024.

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

Three Months Ended March 31,

(unaudited, dollars in thousands) 2026 2025 Change

GAAP capital expenditures $ 30,575 $ 14,992 104 %

Capital offsets:

OEM infrastructure payments 2,215 4,975 (55) %

Proceeds from capital-build funding 3,196 1,871 71 %

Total capital offsets 5,411 6,846 (21) %

Capital Expenditures, Net of Capital Offsets $ 25,164 $ 8,146 209 %

For investors:

investors@evgo.com

For media:

press@evgo.com

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