EVgo (NASDAQ:EVGO) reached a long-awaited financial turning point on Tuesday, reporting its first-ever positive adjusted EBITDA alongside a massive 75% surge in quarterly revenue as electric vehicle adoption drives record utilization across its national network.
The Los Angeles-based charging giant posted fourth-quarter revenue of $118.5 million, handily beating analyst consensus of $102.6 million.
The performance capped a record fiscal year 2025, where total revenue climbed 50% to $384.1 million.
The primary engine of this growth was the company’s core charging network revenue, which hit $64 million for the quarter (+37% YoY), marking 16 consecutive quarters of double-digit growth.
A key highlight for investors was the company's move into the black on an adjusted basis.
EVgo reported positive adjusted EBITDA of $24.9 million for Q4 and $12 million for the full year 2025.
This inflection point was supported by a $25.9 million non-recurring ancillary contract closeout payment, but also reflects a significant expansion in gross margins, which jumped to 38% in Q4 compared to just 14.5% a year prior.
Operationally, EVgo’s footprint is scaling rapidly to meet demand.
The company ended 2025 with 5,100 operational stalls, adding over 500 in the fourth quarter alone.
Network throughput—the total electricity delivered to vehicles—reached 99 GWh in Q4, an 18% increase that suggests higher utilization per stall.
The company also added 93,000 new customer accounts in the final three months, bringing its total base to 1.6 million users.
Looking ahead to 2026, EVgo issued a confident, albeit wide, outlook, with revenue expected to come in between $410 million and $470 million.