EVgo Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
EVGO$1.83+4.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001558370-25-010333
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001104659-25-109155
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 180 previous paragraphs and 184 current paragraphs.
110 unchanged; 64 reworded; 9 added; 3 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Income Taxes
Current report
Interest income was $1.8 million for the three months ended September 30, 2025 and 2024.
Current report
Income Tax Benefit (Expense), Net
Current report
throughput and an $11.4 million increase in non-energy costs, primarily related to increased maintenance activity and, to a lesser extent, increased rent expense and other costs due to the growth of our network.
Current report
Other. Other cost of sales for the nine months ended September 30, 2025 increased $20.1 million, or 30%, to $87.3 million compared to $67.2 million for the nine months ended September 30, 2024. The increase in other cost of sales was primarily due to $18.3 million in higher costs to support eXtend revenue and a $3.4 million increase to support revenue from dedicated fleet customers, partially offset by a $1.1 million decrease in ancillary equipment and $1.0 million in ancillary construction costs compared to the same prior-year period.
Current report
Other Expense, Net
Current report
Income Tax Benefit (Expense), Net
Current report
For the nine months ended September 30, 2025, our income taxbenefit was $5.1 million compared to income tax expense of $0.1 million. The income tax benefit for the nine months ended September 30, 2025 was due to the benefit realized from the net proceeds received from the transfer of EVgo OpCo’s 2024 30C tax income credits.
Current report
Net loss attributable to Class A common stockholders for the nine months ended September 30, 2025 was $36.7 million, compared to $31.9 million for the nine months ended September 30, 2024. The increase was primarily driven by a decrease in net loss attributable to redeemable noncontrolling interest and an increase in interest expense, partially offset by the increased gain from the change in fair values of warrant and earnout liabilities and income tax benefit realized compared to the same prior-year period.
Removed paragraphs (3)
Previous report
Other Income (Expense), Net
Previous report
million increase in maintenance costs, and a $2.3 million increase in site-related costs due to the growth of our charging network.
Previous report
Other. Other cost of sales for the six months ended June 30, 2025 increased $12.4 million, or 27%, to $57.6 million compared to $45.3 million for the six months ended June 30, 2024. The increase in other cost of sales was primarily due to a $10.8 million increase in costs to support our eXtend revenue and $2.8 million of cost of sales recognized from a sales-type lease arrangement with a dedicated fleet customer, which were partially offset by a $1.7 million decrease in costs related to ancillary construction and equipment sales compared to the same prior-year period.
Reworded paragraphs (64)
Previous wording
The following discussion and analysis provide information that we believe is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto as of June 30, 2025 and December 31, 2024 and for the three and six months ended June 30, 2025 and 2024 included elsewhere in this Quarterly Report and the audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2024 and 2023 contained in the Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve numerous risks, uncertainties, and assumptions that could cause our actual results to differ materially from our expectations due to a number of factors, including those discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report.
Current wording
The following discussion and analysis provide information that we believe is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes thereto as of September 30, 2025 and December 31, 2024 and for the three and nine months ended September 30, 2025 and 2024 included elsewhere in this Quarterly Report and the audited consolidated financial statements and related notes thereto as of and for the year ended December 31, 2024 and 2023 contained in the Annual Report. In addition to historical information, this discussion contains forward-looking statements that involve numerous risks, uncertainties, and assumptions that could cause our actual results to differ materially from our expectations due to a number of factors, including those discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report.
Previous wording
We are one of the nation’s leading public EV fast charging providers. With more than 1,100 fast charging stations across over 40 states, we strategically deploy 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 our Innovation Lab, we perform extensive interoperability testing and have ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
Current wording
We are one of the nation’s leading public EV fast charging providers. With more than 1,150 fast charging stations across over 45 states, we strategically deploy 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 our Innovation Lab, we perform extensive interoperability testing and have ongoing technical collaborations with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience.
Previous wording
General and Administrative. General and administrative expenses primarily consist of payroll and related personnel expenses, IT and office services, customer service, office rent expense and professional services. We expect our general and administrative expenses to increase in absolute dollars as we continue to grow our business. We also expect to continue to incur additional expenses related to compliance and reporting obligations pursuant to the rules and regulations of the SEC and the DOE Loan, general insurance and directors’ and officers’ insurance, investor relations and other professional services.
Current wording
General and Administrative. General and administrative expenses primarily consist of payroll and related personnel expenses, IT and office services, customer service, office rent expense and professional services. We expect our general and administrative expenses to increase in absolute dollars as we continue to grow our business. We also expect to continue to incur additional expenses related to compliance and reporting obligations pursuant to the rules and regulations of the SEC and debt agreements, general insurance and directors’ and officers’ insurance, investor relations and other professional services.
Previous wording
The current administration has initiated, and may continue to initiate, a series of new policies, including but not limited to tariffs and global trade initiatives, tax laws and environmental policies, which may impact our business. During the last several years, the global economy has experienced disruption and sustained volatility due to a number of factors, such as the conflicts in Ukraine and the Middle East, which have led to disruptions, instability and volatility in global
Current wording
The current administration has initiated, and may continue to initiate, a series of new policies, including but not limited to tariffs and global trade initiatives, tax laws and environmental policies, which may impact our business. During the last several years, the global economy has experienced disruption and sustained volatility due to a number of factors, such as the conflict in Ukraine and tensions in the Middle East, which have led to disruptions, instability and volatility in
Previous wording
markets and industries and will likely continue to lead to geopolitical instability, market uncertainty and supply disruptions.
Current wording
global markets and industries and will likely continue to lead to geopolitical instability, market uncertainty and supply disruptions.
Previous wording
Additionally, uncertainties in trade policy, including the implementation of tariffs and the resulting creating or expansion of potential trade wars between countries in which we source our components, and recent inflationary pressures have resulted in, and may continue to result in, increases to the costs of charging equipment and personnel, which could in turn cause capital expenditures and operating costs to rise. We continue to analyze the impact that existing tariffs have on our business and actions we can take to minimize their impact, while also monitoring for any changes to such tariffs or implementation of potential new tariffs. We remain vigilant of factors that may have the effect of raising the cost of capital and depressing economic growth.
Current wording
Additionally, uncertainties in trade policy, including the implementation of tariffs and the resulting creation or expansion of potential trade wars between countries in which we source our components, and recent inflationary pressures have resulted in, and may continue to result in, increases to the costs of charging equipment and personnel, which could in turn cause capital expenditures and operating costs to rise. We continue to analyze the impact that existing tariffs have on our business and actions we can take to minimize their impact, while also monitoring for any changes to such tariffs or implementation of potential new tariffs. We remain vigilant of factors that may have the effect of raising the cost of capital and depressing economic growth.
Previous wording
The current economic environment remains uncertain, and the extent to which our operating and financial results for future periods will be impacted by the conflicts in Ukraine, Iran, Israel and the broader Middle East region, rates of inflation, instability in the financial services sector, supply-chain disruptions, governmental implementation of tariffs or other changes in restrictions on trade and efforts to reduce inflation and any recession will largely depend on future developments, which are highly uncertain and cannot be reasonably estimated at this time. In addition, continued long lead times of grid equipment such as transformers may impact our development cycle.
Current wording
The current economic environment remains uncertain, and the extent to which our operating and financial results for future periods will be impacted by the conflict in Ukraine and tensions in the Middle East region, rates of inflation, instability in the financial services sector, supply-chain disruptions, governmental implementation of tariffs or other changes in restrictions on trade and efforts to reduce inflation and any recession will largely depend on future developments, which are highly uncertain and cannot be reasonably estimated at this time. In addition, continued long lead times of grid equipment such as transformers may impact our development cycle.
Previous wording
The OBBBA, signed into law on July 4, 2025, makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. We are currently do not expect the OBBBA to have a material impact on our condensed consolidated financial statements.
Current wording
The OBBBA, signed into law on July 4, 2025, makes permanent key elements of the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. We currently do not expect the OBBBA to have a material impact on our condensed consolidated financial statements.
Previous wording
The U.S. federal government and some state and local governments provide incentives to end users and owners of EVs and EV charging stations in the form of rebates, tax credits, low-cost funding and other financial incentives that promote EV adoption and related EV charging infrastructure. However, tax incentives may expire, grant programs will end when the allocated funding from the IIJA or other funding sources are exhausted or may be impacted as a matter of potential change in regulatory or legislative policy. In particular, OBBBA will lead to a sunset of federal incentives for EV purchases after September 30, 2025, and the federal tax credits for alternative fuels such as EV charging will terminate for any locations placed in service after June 30, 2026.
Current wording
The U.S. federal government and some state and local governments provide incentives to end users and owners of EVs and EV charging stations in the form of rebates, tax credits, low-cost funding and other financial incentives that promote EV adoption and related EV charging infrastructure. However, tax incentives may expire, grant programs will end when the allocated funding from the IIJA or other funding sources are exhausted or may be impacted as a matter of potential change in regulatory or legislative policy. In particular, OBBBA led to a sunset of federal incentives for EV purchases after September 30, 2025, and the federal tax credits for alternative fuels such as EV charging will terminate for any locations placed in service after June 30, 2026.
Previous wording
We rely on numerous internally developed technologies, including through a joint development agreement with Delta, and externally sourced hardware and software technologies to operate our network and generate earnings. We engage a variety of third-party vendors for non-proprietary hardware and software components and software-as-a-service elements. Our ability to continue to integrate our technology stack with technological advances in the wider EV ecosystem including EV model characteristics, charging standards, charging hardware, software and battery chemistries and value-added customer services will determine our sustained competitiveness in offering charging services. There is a risk that some or all of the components of the EV technology ecosystem will become obsolete and that we will be required to make significant investments to continue to effectively operate our business. For example, SAE International, a standards-developing organization for automotive engineering professionals, has recently approved the SAE J3400 industry standard (also known as NACS) for production. We began adding NACS connectors to our fast-charging network in early 2025 and intend to continue this effort; however, continued integration of NACS connectors in future charger installations and on certain existing chargers will require investment and management attention to select chargers which properly balance expectations of existing customers while attracting new users who prefer to use NACS connectors.
Current wording
We rely on numerous internally developed technologies, including through a joint development agreement with Delta, and externally sourced hardware and software technologies to operate our network and generate earnings. We engage a variety of third-party vendors for non-proprietary hardware and software components and software-as-a-service elements. As a result of any defects, errors, bugs, malfunctions, or excessive wear to these hardware and/or software components, our stall availability and/or performance may be impacted, which could materially and adversely affect our business, financial condition and results of operations. Our ability to continue to integrate our technology stack with technological advances in the wider EV ecosystem including EV model characteristics, charging standards, charging hardware, software and battery chemistries and value-added customer services will determine our sustained competitiveness in offering charging services. There is a risk that some or all of the components of the EV technology ecosystem will become obsolete and that we will be required to make significant investments to continue to effectively operate our business. For example, SAE International, a standards-developing organization for automotive engineering professionals, recently approved the SAE J3400 industry standard (also known as NACS) for production. We began adding NACS connectors to our fast-charging network in early 2025 and intend to continue this effort; however, continued integration of NACS connectors in future charger installations and on certain existing chargers will require investment and management attention to select chargers which properly balance expectations of existing customers while attracting new users who prefer to use NACS connectors.
Previous wording
Total revenue for the three months ended June 30, 2025 increased $31.4 million, or 47%, to $98.0 million compared to $66.6 million for the three months ended June 30, 2024. As further discussed below, the increase in revenue was primarily due to a $10.4 million increase in retail charging revenue, a $9.7 million increase in eXtend revenue, and a $5.4 million increase in ancillary revenue, and a $4.3 million increase in OEM charging revenue.
Current wording
Total revenue for the three months ended September 30, 2025 increased $24.8 million, or 37%, to $92.3 million compared to $67.5 million for the three months ended September 30, 2024. As further discussed below, the increase in revenue was primarily due to a $10.0 million increase in eXtend revenue, an $8.6 million increase in retail charging revenue, a $2.1 million increase in OEM charging revenue, and a $1.5 million increase in commercial charging revenue.
Previous wording
*Charging Revenue, Retail.*Charging revenue, retail, for the three months ended June 30, 2025 increased $10.4 million, or 47%, to $32.8 million compared to $22.3 million for the three months ended June 30, 2024. Period-over-period growth was primarily due toincreases in pricing and an overall increase in throughput volume from a greater number of customers.
Current wording
*Charging Revenue, Retail.*Charging revenue, retail, for the three months ended September 30, 2025 increased $8.6 million, or 32%, to $35.3 million compared to $26.7 million for the three months ended September 30, 2024. Period-over-period growth was primarily due toan overall increase in throughput volume from a greater number of customers and, to a lesser extent, increases in pricing.
Previous wording
Charging Revenue, Commercial. Charging revenue, commercial, for the three months ended June 30, 2025 increased $2.4 million, or 39%, to $8.6 million compared to $6.2 million for the three months ended June 30, 2024. Period-over-period growth was primarily due tohigher charging volumes from a greater number of public fleet customers, more throughput per customer and increases in pricing.
Current wording
Charging Revenue, Commercial. Charging revenue, commercial, for the three months ended September 30, 2025 increased $1.5 million, or 20%, to $9.1 million compared to $7.6 million for the three months ended September 30, 2024. Period-over-period growthwas primarily due to higher charging volumes from a greater number of public fleet customers and, to a lesser extent, more throughput per customer and increases in pricing.
Previous wording
*Charging Revenue, OEM.*Charging revenue, OEM, for the three months ended June 30, 2025 increased $4.3 million, or 117%, to $7.9 million compared to $3.6 million for the three months ended June 30, 2024. Period-over-period growth was primarily due toa greater number of customer enrollments from our OEM partners.
Current wording
*Charging Revenue, OEM.Charging revenue, OEM, for the three months ended September 30, 2025 increased $2.1 million, or 49%, to $6.4 million compared to $4.3 million for the three months ended September 30, 2024. *Period-over-period growth was primarily due toa greater number of customer enrollments from our OEM partners and, to a lesser extent, more throughput per customer.
Previous wording
*Regulatory Credit Sales.*Regulatory credit sales for the three months ended June 30, 2025 increased $0.7 million, or 40%, to $2.5 million compared to $1.7 million for the three months ended June 30, 2024 due toincreased throughput resulting in additional credit generation.
Current wording
*Regulatory Credit Sales.Regulatory credit sales for the three months ended September 30, 2025 increased $0.6 million, or 26%, to $2.8 million compared to $2.2 million for the three months ended September 30, 2024 *due toincreased throughput resulting in additional credit generation.
Previous wording
*Network Revenue, OEM.*Network revenue, OEM, for the three months ended June 30, 2025 decreased $1.5 million, or 93%, to $0.1 million compared to $1.6 million for the three months ended June 30, 2024. The period-over-period decrease was primarily due to decreased breakage realized during the three months ended June 30, 2025 related to an OEM program that ended during the three months ended June 30, 2025.
Current wording
*Network Revenue, OEM.*Network revenue, OEM, for the three months ended September 30, 2025 increased $1.0 million, or 76%, to $2.2 million compared to $1.3 million for the three months ended September 30, 2024. The period-over-period increase was primarily due to increased breakage realized during the three months ended September 30, 2025 related to more expired credits during the three months ended September 30, 2025 as compared to the same prior-year period.
Previous wording
eXtend Revenue. eXtend revenue for the three months ended June 30, 2025 increased $9.7 million, or 35%, to $37.4 million compared to $27.7 million for the three months ended June 30, 2024. The increase was primarily due to a $9.9 million increase in equipment sales and a $0.6 million in consulting revenue, partially offset by $1.4 million in lower construction projects in process or completed in the current period compared to the same prior-year period.
Current wording
eXtend Revenue. eXtend revenue for the three months ended September 30, 2025 increased $10.0 million, or 46%, to $31.9 million compared to $21.9 million for the three months ended September 30, 2024. The increase was primarily due to a $6.1 million increase due to construction projects in process or completed, a $2.6 million increase due to hardware revenue, and a $0.5 million increase in both operating and maintenance revenue and consulting revenue.
Previous wording
*Ancillary Revenue.*Ancillary revenue for the three months ended June 30, 2025 increased $5.4 million, or 157%, to $8.8 million compared to $3.4 million for the three months ended June 30, 2024. The increase was primarily due to $5.3 million of revenue recognized from a sales-type lease arrangement with a dedicated fleet customer during the three months ended June 30, 2025 combined with a $0.7 million increase in other revenue for dedicated fleet customers, partially offset by a $0.3 million decrease in research revenue and a $0.2 million decrease in licensing revenue compared to the same prior-year period.
Current wording
*Ancillary Revenue.*Ancillary revenue for the three months ended September 30, 2025 increased $1.0 million, or 27%, to $4.6 million compared to $3.6 million for the three months ended September 30, 2024. The increase was primarily due to a $1.2 million increase in revenue related to dedicated fleets and a $0.6 million increase in equipment sales, partially offset by a $0.3 million decrease in licensing revenue.
Previous wording
Charging Network. Charging network cost of sales for the three months ended June 30, 2025 increased $9.5 million, or 41%, to $32.5 million compared to $23.1 million for the three months ended June 30, 2024. The increase in charging network cost was primarily due to a $5.9 million increase in energy costs resulting from increased throughput, a $2.2 million increase in maintenance costs, and a $0.9 million increase in fixed site-related costs due to the growth of our charging network.
Current wording
Charging Network. Charging network cost of sales for the three months ended September 30, 2025 increased $8.5 million, or 31%, to $36.1 million compared to $27.7 million for the three months ended September 30, 2024. The increase in charging network cost was primarily due to a $4.3 million increase in energy costs, driven primarily by higher throughput and a $4.2 million increase in non-energy costs resulting primarily from increased maintenance activities, rent expense and other costs due to the growth of our network.
Previous wording
Other. Other cost of sales for the three months ended June 30, 2025 increased $11.2 million, or 43%, to $37.2 million compared to $26.0 million for the three months ended June 30, 2024. The increase in other cost of sales was primarily due to an$8.4 million increase to support our eXtend revenue and a $2.8 million in costs for a sales-type lease arrangement with a dedicated fleet customer, which were partially offset by a $0.3 million decrease in costs related to ancillary construction revenue.
Current wording
Other. Other cost of sales for the three months ended September 30, 2025 increased $7.7 million, or 35%, to $29.7 million compared to $22.0 million for the three months ended September 30, 2024. The increase in other cost of sales was primarily due to a$7.3 million increase to support our eXtend revenue and a $0.6 million increase in costs related to equipment sales, partially offset by a $0.3 million decrease in costs related to ancillary construction revenue.
Previous wording
Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the three months ended June 30, 2025 increased $3.2 million, or 29%, to $14.3 million compared to $11.1 million for the three months ended June 30, 2024 due to the growth of our charging network.
Current wording
Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the three months ended September 30, 2025 increased $2.4 million, or 21%, to $13.9 million compared to $11.5 million for the three months ended September 30, 2024 due to the growth of our charging network.
Previous wording
Gross profit for the three months ended June 30, 2025 increased $7.5 million to $13.9 million, compared to $6.4 million for the three months ended June 30, 2024. Gross margin for the three months ended June 30, 2025 and 2024 was 14.2% and 9.6%, respectively.
Current wording
Gross profit for the three months ended September 30, 2025 increased $6.2 million to $12.6 million, compared to $6.4 million for the three months ended September 30, 2024. Gross margin for the three months ended September 30, 2025 and 2024 was 13.6% and 9.4%, respectively.
Previous wording
*General and Administrative Expenses.*General and administrative expenses for the three months ended June 30, 2025 increased $6.8 million, or 20%, to $40.6 million compared to $33.8 million for the three months ended June 30, 2024. The increase was primarily driven by a $4.3 million increase in payroll costs due to the increase in headcount, a $2.0 million increase in impairment expense, and a $0.9 million increase in software costs.
Current wording
*General and Administrative Expenses.General and administrative expenses for the three months ended September 30, 2025 increased $10.3 million, or 31%, to $43.4 million compared to $33.1 million for the three months ended September 30, 2024. The increase was primarily driven by a $4.3 million increase in payroll costs due to an increase in headcount, a $2.2 million increase in impairment expense, and a $1.5 million increase in loss on disposal of property and equipment, net of insurance recoveries, compared to the same prior-year period. *
Previous wording
*Depreciation, Amortization and Accretion.*Depreciation, amortization and accretion expenses for the three months ended June 30, 2025 decreased $0.8 million, or 17%, to $4.1 million compared to $5.0 million for the three months ended June 30, 2024. The decrease was primarily due to $0.7 million in decreased amortization related to intangible assets, and a $0.3 million decrease in amortization related to software.
Current wording
*Depreciation, Amortization and Accretion.Depreciation, amortization and accretion expenses for the three months ended September 30, 2025 decreased $1.8 million, or 36%, to $3.2 million compared to $5.0 million for the three months ended September 30, 2024. The decrease was primarily due to *$1.3 million in decreased amortization related to intangible assets and a $0.5 million decrease in amortization related to software.
Previous wording
During the three months ended June 30, 2025, we had an operating loss of $30.8 million, an improvement of $1.6 million, or 5%, compared to $32.4 million for the three months ended June 30, 2024. Operating margin for the three months ended June 30, 2025 was negative 31.4% compared to negative 48.6% for the three months ended June 30, 2024 primarily due to improved gross margin and improved leveraging of operating expenses.
Current wording
During the three months ended September 30, 2025, we had an operating loss of $34.1 million, an increase of $2.3 million, or 7%, compared to $31.8 million for the three months ended September 30, 2024. Operating margin for the three months ended September 30, 2025 was negative 36.9% compared to negative 47.1% for the three months ended September 30, 2024 primarily due to improved gross margin and improved leveraging of operating expenses.
Previous wording
Interest expense for the three months ended June 30, 2025 was $0.9 million, due to $1.4 million in paid-in-kind interest and $0.3 million from the amortization of deferred debt issuance costs related to our DOE Loan entered into in December 2024, partially offset by capitalized interest of$0.8 million. There was no interest expense incurred during the three months ended June 30, 2024.
Current wording
Interest expense for the three months ended September 30, 2025 was $1.9 million, due to $2.3 million in interest expense and $0.6 million from the amortization of deferred debt issuance costs, partially offset by capitalized interest of$1.0 million. There was no interest expense incurred during the three months ended September 30, 2024 as the Company had no long-term debt outstanding prior to 2025.
Previous wording
Other income (expense), net, for the three months ended June 30, 2025 and 2024 was de minimis.
Current wording
Other expense, net, for the three months ended September 30, 2025 and 2024 was de minimis.
Previous wording
For the three months ended June 30, 2025, there was a $0.2 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $0.8 million gain for the three months ended June 30 2024. The change between periods was primarily due to a smaller decrease in the fair value of the warrant and earnout liabilities during the three months ended June 30, 2025 compared to the same prior year period. See “Part I, Item 1: Financial Statements – Note 11 – Fair Value Measurements” for more information.
Current wording
For the three months ended September 30, 2025, there was a $0.6 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $3.3 million loss for the three months ended September 30, 2024. The change between periods was primarily due to a decrease in the fair value of the warrant liabilities during the three months ended September 30, 2025 compared to an increase in the same prior year period. See “Part I, Item 1: Financial Statements – Note 11 – Fair Value Measurements” for more information.
Previous wording
For the three months ended June 30, 2025 and 2024, our income taxes and effective tax rates were de minimis. As of June 30, 2025 and 2024, we maintained a full valuation allowance on our net deferred tax assets.
Current wording
For the three months ended September 30, 2025, our income tax benefit was $5.2 million compared to a de minimis income tax expense amount for the three months ended September 30, 2024. The income tax benefit for the three months ended September 30, 2025 was due to the benefit realized from the net proceeds received from the transfer of EVgo OpCo’s 2024 30C tax income credits. As of September 30, 2025 and 2024, we maintained a full valuation allowance on our net deferred tax assets.
Previous wording
Net loss attributable to Class A common stockholders for the three months ended June 30, 2025 was $13.0 million, compared to $10.4 million for the three months ended June 30 2024. Theincrease was primarily driven by a $2.4 million decrease in net loss attributable to redeemable noncontrolling interest as a result of their decreased ownership percentage impacted by the redemption of OpCo Units, which occurred in December 2024 and a $1.8 million decrease in other income, net, partially offset by the $1.6 million improvement in our operating loss compared to the same prior-year period.
Current wording
Net loss attributable to Class A common stockholders for the three months ended September 30, 2025 was $12.4 million, compared to $11.7 million for the three months ended September 30 2024. The increase was primarily driven by a $5.6 million decrease in net loss attributable to redeemable noncontrolling interest as a result of their decreased ownership percentage impacted by the redemption of OpCo Units, which occurred in December 2024, and the increased operating loss, partially offset by a $5.2 million increase in income tax benefit (expense) compared to the same prior-year period.
Previous wording
Results of Operations for the Six Months Ended June 30, 2025 and 2024
Current wording
Results of Operations for the Nine Months Ended September 30, 2025 and 2024
Previous wording
Total revenue for the six months ended June 30, 2025 increased $51.5 million, or 42%, to $173.3 million compared to $121.8 million for the six months ended June 30, 2024. As further discussed below, the increase in revenue was primarily due to a $22.1 million increase in retail charging revenue, a $14.1 million increase in eXtend revenue, a $6.8 million increase in OEM charging revenue, a $5.7 million increase in ancillary revenue, and a $5.1 million increase in commercial charging revenue.
Current wording
Total revenue for the nine months ended September 30, 2025 increased $76.3 million, or 40%, to $265.6 million compared to $189.3 million for the nine months ended September 30, 2024. As further discussed below, the increase in revenue was primarily due to a $30.8 million increase in retail charging revenue, a $24.1 million increase in eXtend revenue, an $8.9 million increase in OEM charging revenue, a $6.7 million increase in ancillary revenue, and a $6.6 million increase in commercial charging revenue.
Previous wording
*Charging Revenue, Retail.*Charging revenue, retail, for the six months ended June 30, 2025 increased $22.1 million, or 54%, to $62.8 million compared to $40.7 million for the six months ended June 30, 2024. Period-over-period growth was primarily due to an overall increase in throughput volume from a greater number of customers and more throughput per customer.
Current wording
*Charging Revenue, Retail.Charging revenue, retail, for the nine months ended September 30, 2025 increased $30.8 million, or 46%, to $98.1 million compared to $67.3 million for the nine months ended September 30, 2024. *Period-over-period growthwas primarily due to an overall increase in throughput volume from a greater number of customers and, to a lesser extent, increases in pricing.
Previous wording
Charging Revenue, Commercial. Charging revenue, commercial, for the six months ended June 30, 2025 increased $5.1 million, or 45%, to $16.4 million compared to $11.3 million for the six months ended June 30, 2024. Period-over-period growth was primarily due tohigher charging volumes from a greater number of public fleet customers and more throughput per customer.
Current wording
Charging Revenue, Commercial. Charging revenue, commercial, for the nine months ended September 30, 2025 increased $6.6 million, or 35%, to $25.4 million compared to $18.9 million for the nine months ended September 30, 2024. Period-over-period growth was primarily due tohigher charging volumes from a greater number of public fleet customers and, to a lesser extent, more throughput per customer.
Previous wording
*Charging Revenue, OEM.*Charging revenue, OEM, for the six months ended June 30, 2025 increased $6.8 million, or 107%, to $13.2 million compared to $6.4 million for the six months ended June 30, 2024. Period-over-period growth was primarily due toa greater number of customer enrollments from our OEM partners and higher throughput per customer.
Current wording
*Charging Revenue, OEM.Charging revenue, OEM, for the nine months ended September 30, 2025 increased $8.9 million, or 83%, to $19.6 million compared to $10.7 million for the nine months ended September 30, 2024. *Period-over-period growth was primarily due toa greater number of customer enrollments from our OEM partners and, to a lesser extent, higher throughput per customer.
Previous wording
*Regulatory Credit Sales.*Regulatory credit sales for the six months ended June 30, 2025 increased $1.5 million, or 38%, to $5.2 million compared to $3.8 million for the six months ended June 30, 2024 due toincreased throughput resulting in additional credit generation.
Current wording
*Regulatory Credit Sales.Regulatory credit sales for the nine months ended September 30, 2025 increased $2.0 million, or 34%, to $8.0 million compared to $6.0 million for the nine months ended September 30, 2024 *due toincreased throughput resulting in additional credit generation.
Previous wording
*Network Revenue, OEM.*Network revenue, OEM, for the six months ended June 30, 2025 decreased $3.7 million, or 73%, to $1.4 million compared to $5.1 million for the six months ended June 30, 2024. The period-over-period decrease was primarily due to decreased breakage realized during the six months ended June 30, 2025 related to an OEM program that ended in 2025.
Current wording
*Network Revenue, OEM.Network revenue, OEM, for the nine months ended September 30, 2025 decreased $2.7 million, or 43%, to $3.6 million compared to $6.3 million for the nine months ended September 30, 2024. *The period-over-period decrease was primarily due to decreased breakage realized during the nine months ended September 30, 2025 related to an OEM program that ended in 2024.
Previous wording
eXtend Revenue. eXtend revenue for the six months ended June 30, 2025 increased $14.1 million, or 30%, to $60.9 million compared to $46.8 million forthe six months ended June 30, 2024. The increase was primarily due to a $10.4 million increase due to more construction projects in process or completed and, to a lesser extent, an increase due to the recognition of certain construction change order costs that were incurred in a prior year, an increase of $1.9 million in equipment sales, a $0.9 million increase in operating and maintenance revenue, and a $0.9 million increase in consulting revenue compared to the same prior-year period.
Current wording
eXtend Revenue. eXtend revenue for the nine months ended September 30, 2025 increased $24.1 million, or 35%, to $92.8 million compared to $68.7 million for the nine months ended September 30, 2024. The increase was primarily due to a $16.4 million increase due to construction projects in process or completed and, to a lesser extent, an increase due to the recognition of certain construction change order costs that were incurred in a prior year, a $4.5 million increase in hardware revenue, and a $1.4 million increase in both operating and maintenance revenue and consulting revenue.
Previous wording
*Ancillary Revenue.*Ancillary revenue for the six months ended June 30, 2025 increased $5.7 million, or 73%, to $13.5 million compared to $7.8 million for the six months ended June 30, 2024. The increase was primarily due to $5.3 million of revenue recognized from a sales-type lease arrangement with a dedicated fleet customer during the six months ended June 30, 2025 combined with a $3.0 million increase in other revenue from dedicated fleet customers, partially offset by a $1.4 million decrease in equipment sales and a $0.7 million decrease in construction revenue compared to the same prior-year period.
Current wording
*Ancillary Revenue.Ancillary revenue for the nine months ended September 30, 2025 increased $6.7 million, or 59%, to $18.1 million compared to $11.4 million for the nine months ended September 30, 2024.The increase was primarily due to a $5.6 million increase in financed sales lease revenue, a $2.5 million increase in lease revenue from dedicated fleet customers, $0.7 million in increased utilization fees, and a $0.6 million increase in advertising revenue, partially offset by a $0.9 million decrease in construction revenue, a $0.8 million decrease in equipment sales, and a $0.6 million decrease in sublease income. *
Previous wording
Charging Network. Charging network cost of sales for the six months ended June 30, 2025 increased $20.4 million, or 49%, to $62.2 million compared to $41.8 million for the six months ended June 30, 2024. The increase in charging network cost was primarily due to a $13.2 million increase in energy costs resulting from increased throughput, a $3.9
Current wording
Charging Network. Charging network cost of sales for the nine months ended September 30, 2025 increased $28.8 million, or 42%, to $98.3 million compared to $69.4 million for the nine months ended September 30, 2024. The increase in charging network cost was primarily due to a $17.5 million increase in energy costs resulting from increased
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Current report — wording carried from elsewhere
On April 5, 2012, the JOBS Act was signed into law. The JOBS Act includes provisions that, among other things, relax certain reporting requirements for qualifying public companies. Following the CRIS Business Combination, we qualified
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
For the six months ended June 30, 2025 and 2024, our income taxes and effective tax rates were de minimis. As of June 30, 2025 and 2024, we maintained a full valuation allowance on our net deferred tax assets.
Previous report — wording carried elsewhere
Net loss attributable to Class A common stockholders for the six months ended June 30, 2025 was $24.4 million, compared to $20.2 million for the six months ended June 30, 2024. Theincrease was primarily driven by the decreased net loss attributable to redeemable noncontrolling interest as a result of their decreased ownership percentage impacted by the redemption of OpCo Units, which occurred in December 2024, partially offset by the $1.2 million increase in other income, net.
Previous report — wording carried elsewhere
elements in an arrangement or, in our determination, to the relative SSP for these elements, could materially affect the amount of earned and unearned revenue reflected in our condensed consolidated financial statements.