Evgo delivers another record quarter

EVPowerInsights | November 11, 2025

ExecSum

EVgo reported its highest ever quarterly revenue in Q3 2025 with $92.3M total, including $55.8M from its charging network (+33% YoY). The company grew its footprint to 4,590 operational charging stalls with 95 GWh delivered (+25% YoY).

Why this matters

For investors and analysts, EVgo’s performance highlights the public charging market’s maturation into a reliable, recurring revenue business. Strengthening margins, expanding scale, and rapid user growth show that charging infrastructure is on track to deliver private-sector returns.

Key insights

  • Adjusted gross margin expanded to 28.9%
  • Autocharge+ accounts for 28% of all sessions; PlugShare now at 7.4M registered users
  • The business is supported by $201M in cash and new financing
  • Management expects positive adjusted EBITDA in Q4

Our take

EVgo’s Q3 results signal an important transition from aggressive network buildout to consistent operational execution and profitability. This progress should increase investor confidence in the public charging business model while raising the bar for competitors.