EVgo Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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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, 2026 · Filed Nov 9, 2026
EVGO$1.84+0.5%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001821159-26-000019
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001821159-26-000034
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 173 previous paragraphs and 182 current paragraphs.
114 unchanged; 46 reworded; 22 added; 9 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 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 (22)
Current report
Recent Developments
Current report
Unsolicited Take Private Proposal
Current report
On November 2, 2026, our Board of Directors received the Proposal from LS Power. LS Power currently holds approximately 56% of the combined voting power of our outstanding common stock. A copy of the Proposal was filed as Exhibit 99.2 to our Current Report on Form 8-K filed with the SEC on November 2, 2026.
Current report
The Board has established a special committee composed of independent and disinterested directors to review and evaluate the Proposal. The special committee is authorized to retain independent advisors, including independent legal and financial advisors, to assist it in its work. No decisions have been made with respect to our response to the Proposal. There can be no assurance that any definitive agreement relating to any proposed transaction will be executed or as to the terms thereof, or that any transaction will be approved or consummated. We do not intend to comment further or disclose any developments regarding the Proposal unless and until we deem further disclosure is appropriate or required. For additional information, see Part II, Item 1A, “Risk Factors” in this Quarterly Report.
Current report
Factors Affecting Throughput
Current report
Throughput per Stall Drivers
Current report
Daily throughput per stall measures the average kilowatt-hours dispensed per stall per day. It is a key driver of our charging network revenue and gross margin. Because we sell electricity to drivers primarily on a per-kWh basis, higher throughput directly increases charging revenue, and because many of our costs per stall are fixed, higher throughput spreads those costs over more kWhs and improves gross margin. Throughput also guides where and how we deploy new stalls. Total public network throughput increased 8% to 103 GWh in the third quarter of 2026, from 95 GWh in the third quarter of 2025, reflecting our larger network. However, due to unexpected weaker demand that became apparent in the late summer driving season and lower utilization at our lower-power legacy stalls and certain mature sites, throughput was below our expectations, resulting in throughput per stall of 283 kWh in the third quarter of 2026, down 4% from 295 kWh in the third quarter of 2025. Part of the decline reflects the expiration of OEM charging credits, which certain automakers provided to purchasers of their new vehicles as complimentary charging on our network. Those sessions have historically been the lowest-margin part of our charging business, and most of these programs are winding down. Throughput from OEM charging credits fell to 13 kWh per stall per day in the third-quarter of 2026 from 42 kWh in the third quarter of 2025. Excluding these credits, daily throughput per stall rose 7%, to 270 kWh from 253 kWh.
Current report
Site Design
Current report
Our charging revenue is driven primarily by the number of stalls in operation and daily throughput per stall, which depends significantly on the quality of our sites and our site selection, including proximity to retail, restaurants and other everyday destinations where drivers already spend time, the strength of our site host relationships and the number of stalls and charging power at each site. Our higher-power stalls have generally delivered higher throughput per stall than our lower-power legacy equipment, and we are focusing our deployment on larger sites, with an average of approximately nine stalls per site, in locations we expect to support higher throughput per site, while removing lower-power legacy equipment under our Renew program. As a result, we expect to open fewer new sites in the near term than we have historically. Site size and connector mix also affect both the capital cost of a site and the throughput it can support. As described under “–Technology Risks,” we offer both NACS and CCS connectors on our network, and the mix of connector types at a site influences the share of EV drivers who can use it. In August 2026, we entered into an agreement with Tesla under its Supercharger for Business program to deploy EVgo-owned and branded Tesla V4 Superchargers (“EVgo Superchargers”) on our network. However, the pace at which EVgo Supercharger sites come online depends on factors outside our control, and these sites have come online more slowly than we anticipated. Further delays could adversely affect our business and results of operations.
Current report
Industry & Global Trends
Current report
Government Programs & Regulatory Credits
Current report
Other. Other cost of sales for the three months ended September 30, 2026 decreased $14.3 million, or 48%, to $15.3 million compared to $29.7 million for the three months ended September 30, 2025. The decrease in other cost of sales was primarily due to a $13.4 million decrease in eXtend cost of sales due to lower construction project activity and lower equipment sales and a $0.7 million decrease related to an equipment sale in the prior period that did not recur in the current period.
Current report
General and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2026 increased $16.7 million, or 39%, to $60.2 million compared to $43.4 million for the three months ended September 30, 2025. The increase was primarily driven by a $13.1 million increase in impairment expense, reflecting an equipment write-off and, to a lesser extent, charges related to abandoned projects, as well as a $1.5 million increase in payroll costs, due to increased headcount, and a $0.9 million increase in software costs.
Current report
Other Expense, Net
Current report
Other expense, net, for the three months ended September 30, 2026 and 2025 was de minimis.
Current report
Income Tax Benefit, Net
Current report
Income tax benefit, net for the three months ended September 30, 2026 decreased $2.2 million, or 42%, to $3.0 million compared to $5.2 million for the three months ended September 30, 2025. The income tax benefit for the three months ended September 30, 2026 was due to the benefit realized from the net proceeds received from the transfer of EVgo OpCo’s 2025 30C income tax credits and 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 income tax credits. As of September 30, 2026 and 2025, we maintained a full valuation allowance on our net deferred tax assets.
Current report
Results of Operations for the Nine Months Ended September 30, 2026 and 2025
Current report
Other Income (Expense), Net
Current report
Other income (expense), net, for the nine months ended September 30, 2026 and 2025 was de minimis.
Current report
Income Tax Benefit, Net
Current report
30C Tax Credits
Removed paragraphs (9)
Previous report
General and Administrative Expenses. General and administrative expenses for the three months ended June 30, 2026 increased $3.8 million, or 9%, to $44.4 million compared to $40.6 million for the three months ended June 30, 2025. The increase was primarily driven by a $1.2 million increase in project expenses, a $1.1 million increase in loss on disposal of property and equipment, net of insurance recoveries, a $1.0 million increase in software costs, a $0.9 million increase in bad debt expense and a $0.7 million increase in marketing and advertising expense, partially offset by a $1.5 million decrease in impairment expense.
Previous report
Other Income, Net
Previous report
Other income, net, for the three months ended June 30, 2026 and 2025 was de minimis.
Previous report
Income Tax Benefit (Expense), Net
Previous report
Results of Operations for the Six Months Ended June 30, 2026 and 2025
Previous report
Other Income, Net
Previous report
Other income, net, for the six months ended June 30, 2026 and 2025 was de minimis.
Previous report
Income Tax Benefit (Expense), Net
Reworded paragraphs (46)
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, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025 included elsewhere in this Quarterly Report and the audited consolidated financial statements and related notes thereto as of and for the years ended December 31, 2025 and 2024 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, 2026 and December 31, 2025 and for the three and nine months ended September 30, 2026 and 2025 included elsewhere in this Quarterly Report and the audited consolidated financial statements and related notes thereto as of and for the years ended December 31, 2025 and 2024 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
Our revenue growth is largely a result of the adoption and continued acceptance and usage of passenger and commercial EVs, which we believe drives the demand for electricity, charging infrastructure and charging services. The market for EVs is still rapidly evolving and, although demand for EVs has grown in recent years, there is no guarantee of such future demand. Third-party industry forecasts for the number of battery electric vehicles in operation in the United States have been revised downward over the past several quarters, reflecting, among other factors, the impact of changes in government incentive programs, including the enactment of the OBBBA and the termination of the 30C income tax credit. The pace of new customer additions to our network has also moderated in recent quarters, consistent with these broader market trends. While BEV adoption is expected to continue to grow, the pace of that growth may be slower than previously anticipated, which could affect the near-term demand for our charging services and the rate at which we realize expected returns on our infrastructure investments. Factors impacting the adoption of EVs include perceptions about EV features, quality, safety, performance and cost; perceptions about the limited range over which EVs may be driven on a single battery charge; availability of services for EVs; consumers’ perception about the convenience, speed, reliability and cost of EV charging; volatility in the price of gasoline and diesel; EV supply chain shortages and disruptions including, but not limited to, availability of certain components (e.g., semiconductors and critical raw materials necessary for the production of EVs and EV batteries), the ability of EV OEMs to ramp-up EV production and/or allocate sufficient quantities of EV models to the U.S. market; domestic content requirements or other policy constraints; availability of batteries and battery materials; availability, cost and desirability of other alternative fuel vehicles, including plug-in hybrid EVs and high fuel-economy gasoline and diesel-powered vehicles; increases in fuel efficiency; regulations applicable to vehicle emissions and fuel economy; and availability of federal and state credits for EV purchases. In addition, macroeconomic factors could impact demand for EVs, particularly since the sales price of EVs can be more expensive than traditional gasoline-powered vehicles. If the market for EVs does not develop as expected or if there is any slowdown or delay in overall adoption of EVs, our business, financial condition and results of operations may be materially and adversely affected.
Current wording
Our revenue growth is largely a result of the adoption and continued acceptance and usage of passenger and commercial EVs, which we believe drives the demand for electricity, charging infrastructure and charging services. The market for EVs is still rapidly evolving and, although demand for EVs has generally grown in recent years, new EV sales in the U.S. have declined year over year since the expiration of the federal EV tax credit on September 30, 2025, and there is no guarantee of such future demand. Third-party industry forecasts for the number of battery electric vehicles in operation in the United States have been revised downward over the past several quarters, reflecting, among other factors, the impact of changes in government incentive programs, including the enactment of the OBBBA and the termination of the 30C income tax credit. The pace of new customer additions to our network has also moderated in recent quarters, consistent with these broader market trends. While EV adoption is expected to continue to grow, the pace of that growth may be slower than previously anticipated, which could affect the near-term demand for our charging services and the rate at which we realize expected returns on our infrastructure investments. Factors impacting the adoption of EVs include perceptions about EV features, quality, safety, performance and cost; perceptions about the limited range over which EVs may be driven on a single battery charge; availability of services for EVs; consumers’ perception about the convenience, speed, reliability and cost of EV charging; volatility in the price of gasoline and diesel; EV supply chain shortages and disruptions including, but not limited to, availability of certain components (e.g., semiconductors and critical raw materials necessary for the production of EVs and EV batteries), the ability of EV OEMs to ramp-up EV production and/or allocate sufficient quantities of EV models to the U.S. market; domestic content requirements or other policy constraints; availability of batteries and battery materials; availability, cost and desirability of other alternative fuel vehicles, including plug-in hybrid EVs and high fuel-economy gasoline and diesel-powered vehicles; increases in fuel efficiency; regulations applicable to vehicle emissions and fuel economy; and availability of federal and state credits for EV purchases. In addition, macroeconomic factors could impact demand for EVs, particularly since the sales price of EVs can be more expensive than traditional gasoline-powered vehicles. If the market for EVs does not develop as expected or if there is any further slowdown or delay in overall adoption of EVs, our business, financial condition and results of operations may be materially and adversely affected.
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. 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.
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, 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
We believe that EV charging is subject to seasonality related to driving, travel and economic activity that impacts demand for charging. For example, Americans typically drive more miles in the summer months and fewer in the winter months, especially in January and February. Our rideshare drivers also typically experience lower activity levels in the first quarter. Lastly, we experience seasonality in our electric costs as many electric utilities charge higher rates in the summer (typically defined as a four-month period starting in June), than the rest of the year.
Current wording
We believe that EV charging is subject to seasonality related to driving, travel and economic activity that impacts demand for charging. For example, Americans typically drive more miles in the summer months and fewer in the winter months, especially in January and February. We base certain assumptions about our business on our expectations regarding the seasonality of driver behavior. Utilization in the summer of 2026 was below our expectations, which adversely affected our results of operations for the quarter ended September 30, 2026. See “–Throughput per Stall Drivers” below. If utilization does not meet our expectations in future periods, particularly in the peak summer months, our business and results of operations may be adversely affected. Our rideshare drivers also typically experience lower activity levels in the first quarter. Lastly, we experience seasonality in our electric costs as many electric utilities charge higher rates in the summer (typically defined as a four-month period starting in June), than the rest of the year.
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 currently do not expect the OBBBA to have a material impact on our condensed consolidated financial statements, even when considering the sunset of the 30C income tax credit for EV charging to take place on June 30, 2026 as a result of its passage.
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. Apart from its effect on EV demand discussed under “EV Sales,” we currently do not expect the tax provisions of the OBBBA, including the sunset of the 30C income tax credit for EV charging that took place on June 30, 2026, to have a material direct impact on our condensed consolidated financial statements.
Previous wording
Additional legislative or regulatory actions under the current administration of 119th Congress, if pursued, could impact the availability or value of these incentives. Further, the impact government EV initiatives, including regulatory requirements and restrictions that may impact our ability and our competitors' ability to take advantage of such initiatives, cannot be known with any certainty at this time, and we may not reap any or all of the expected benefits of these initiatives if material changes are made to these laws or the regulations, which could negatively affect the EV market and adversely impact our business operations and expansion potential.
Current wording
Additional legislative or regulatory actions by the current administration or the 119th Congress, if pursued, could impact the availability or value of these incentives. Further, the impact of government EV initiatives, including regulatory requirements and restrictions that may impact our ability and our competitors' ability to take advantage of such initiatives, cannot be known with any certainty at this time, and we may not reap any or all of the expected benefits of these initiatives if material changes are made to these laws or the regulations, which could negatively affect the EV market and adversely impact our business operations and expansion potential.
Previous wording
Total revenue for the three months ended June 30, 2026 decreased $15.4 million, or 16%, to $82.6 million compared to $98.0 million for the three months ended June 30, 2025. As further discussed below, the decrease in total revenue was primarily due to a $19.4 million decrease in eXtend revenue and a $5.6 million decrease in AV and ancillary revenue, partially offset by a $9.6 million increase in charging network revenue.
Current wording
Total revenue for the three months ended September 30, 2026 decreased $0.9 million, or 1%, to $91.4 million compared to $92.3 million for the three months ended September 30, 2025. As further discussed below, the decrease in total revenue was primarily due to a $15.7 million decrease in eXtend revenue and a $1.2 million decrease in AV and ancillary revenue, partially offset by a $16.0 million increase in charging network revenue.
Previous wording
Total Charging Network. Total charging network increased $9.6 million, or 19%, to $61.4 million for the three months ended June 30, 2026 compared to $51.8 million for the three months ended June 30, 2025. Period-over-period growth was primarily due to a $4.8 million increase in network revenue, OEM, due to increased marketing revenue, and to a lesser extent, increased breakage revenue, a $2.2 million increase in commercial charging revenue, due to an overall increase in throughput volume from a greater number of public fleet customers, and a $2.2 million increase in regulatory credit sales, due to increased throughput resulting in additional credit generation and improved market prices.
Current wording
Total Charging Network. Total charging network increased $16.0 million, or 29%, to $71.8 million for the three months ended September 30, 2026 compared to $55.8 million for the three months ended September 30, 2025. Period-over-period growth was primarily due to a $8.6 million increase in network revenue, OEM, due to increased breakage revenue, and to a lesser extent, increased marketing revenue, a $4.4 million increase in retail charging revenue, primarily attributable to higher pay-per-use revenue, and to a lesser extent, increased retail charging usage, and a $3.9 million increase in regulatory credit sales, due to increased prices, as well as the sale of regulatory credits outside of California.
Previous wording
eXtend Revenue. eXtend revenue for the three months ended June 30, 2026 decreased $19.4 million, or 52%, to $18.0 million compared to $37.4 million for the three months ended June 30, 2025. The decrease was primarily due to a $17.5 million decrease in equipment sales, reflecting lower equipment needs relative to the prior period, a $2.2 million decrease in construction revenue due to lower construction projects in process or completed, partially offset by a $0.7 million increase in operating and maintenance revenue.
Current wording
eXtend Revenue. eXtend revenue for the three months ended September 30, 2026 decreased $15.7 million, or 49%, to $16.2 million compared to $31.9 million for the three months ended September 30, 2025. The decrease was primarily due to a $13.8 million decrease in construction revenue, due to lower construction project activity and a $2.6 million decrease in equipment sales reflecting lower equipment needs relative to the prior period, partially offset by a $1.2 million increase in operating and maintenance revenue.
Previous wording
AV and Ancillary Revenue. AV and ancillary revenue for the three months ended June 30, 2026 decreased $5.6 million, or 64%, to $3.2 million compared to $8.8 million for the three months ended June 30, 2025. The decrease was primarily due to a $5.3 million decrease in revenue recognized from sales-type lease arrangements with dedicated fleet customers during the three months ended June 30, 2026.
Current wording
AV and Ancillary Revenue. AV and ancillary revenue for the three months ended September 30, 2026 decreased $1.2 million, or 25%, to $3.4 million compared to $4.6 million for the three months ended September 30, 2025. The decrease was primarily due to a $0.8 million decrease in revenue recognized on equipment sales in the prior period that did not recur in the current period and a $0.4 million decrease in revenue recognized from sales-type lease arrangements with dedicated fleet customers in the prior period that did not recur in the current period.
Previous wording
Charging Network. Charging network cost of sales for the three months ended June 30, 2026 increased $6.7 million, or 21%, to $39.2 million compared to $32.5 million for the three months ended June 30, 2025. The increase in charging network cost of sales was primarily due to a $3.5 million increase in non-energy costs resulting primarily from increased maintenance activities and rent and related expenses due to the growth of our network and a $3.2 million increase in energy costs, driven primarily by higher throughput.
Current wording
Charging Network. Charging network cost of sales for the three months ended September 30, 2026 increased $7.7 million, or 21%, to $43.8 million compared to $36.1 million for the three months ended September 30, 2025. The increase in charging network cost of sales was primarily due to a $4.2 million increase in energy costs from higher throughput, as well as an increase in utility rates and a $3.5 million increase in non-energy costs, resulting primarily from increased maintenance activities, rent and related expenses due to the growth of our network.
Previous wording
Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the three months ended June 30, 2026 increased $4.5 million, or 31%, to $18.8 million compared to $14.3 million for the three months ended June 30, 2025 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, 2026 increased $4.7 million, or 34%, to $18.7 million compared to $13.9 million for the three months ended September 30, 2025 due to the growth of our charging network.
Previous wording
Gross profit for the three months ended June 30, 2026 decreased $6.6 million to $7.3 million, compared to $13.9 million for the three months ended June 30, 2025. Gross margin for the three months ended June 30, 2026 and 2025 was 8.9% and 14.2%, respectively.
Current wording
Gross profit for the three months ended September 30, 2026 increased $1.0 million to $13.6 million, compared to $12.6 million for the three months ended September 30, 2025. Gross margin for the three months ended September 30, 2026 and 2025 was 14.9% and 13.6%, respectively.
Previous wording
Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the six months ended June 30, 2026 decreased $1.8 million, or 22%, to $6.4 million compared to $8.2 million for the six months ended June 30, 2025. The decrease was primarily due to a $1.5 million decrease in amortization related to intangible assets, a $0.7 million decrease in amortization related to software, and a $0.2 million increase in accretion.
Current wording
Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the three months ended September 30, 2026 decreased $0.3 million, or 10%, to $2.9 million compared to $3.2 million for the three months ended September 30, 2025. The decrease was primarily due to a $0.4 million decrease in amortization related to software and a $0.1 million decrease in amortization related to intangible assets, partially offset by a $0.2 million increase in accretion expense.
Previous wording
During the three months ended June 30, 2026, we had an operating loss of $40.1 million, an increase of $9.3 million, or 30%, compared to $30.8 million for the three months ended June 30, 2025. Operating margin for the three months ended June 30, 2026 was negative 48.6% compared to negative 31.4% for the three months ended June 30, 2025 primarily due to reduced gross margin and reduced leveraging of operating expenses.
Current wording
During the three months ended September 30, 2026, we had an operating loss of $49.4 million, an increase of $15.4 million, or 45%, compared to $34.1 million for the three months ended September 30, 2025. Operating margin for the three months ended September 30, 2026 was negative 54.1% compared to negative 36.9% for the three months ended September 30, 2025 primarily due to reduced gross profit and reduced leveraging of operating expenses.
Previous wording
Interest expense for the three months ended June 30, 2026 increased $7.2 million, or 797%, to $8.2 million compared to $0.9 million for the three months ended June 30, 2025. The increase was due to higher interest expense incurred related to the DOE Loan and Credit Agreement, which is presented net of amounts capitalized to property and equipment, due to higher debt balances on both the DOE Loan and Credit Agreement.
Current wording
Interest expense for the three months ended September 30, 2026 increased $2.4 million, or 127%, to $4.3 million compared to $1.9 million for the three months ended September 30, 2025. The increase was due to higher interest expense incurred related to the DOE Loan and Credit Agreement, which is presented net of amounts capitalized to property and equipment, due to higher debt balances on both the DOE Loan and Credit Agreement.
Previous wording
Interest income for the three months ended June 30, 2026 decreased $0.3 million, or 17% to $1.4 million compared to $1.7 million for the three months ended June 30, 2025. The decrease was primarily due to lower interest rates during the three months ended June 30, 2026 compared to the same prior-year period.
Current wording
Interest income for the three months ended September 30, 2026 decreased $0.5 million, or 25%, to $1.4 million compared to $1.8 million for the three months ended September 30, 2025. The decrease was primarily due to lower cash balances during the three months ended September 30, 2026 compared to the same prior-year period.
Previous wording
For the three months ended June 30, 2026, there was a $0.3 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $0.2 million gain for the three months ended June 30, 2025. The change between periods was primarily due to a decrease in the fair value of the warrant and earnout liabilities during the three months ended June 30, 2026 compared to the same prior-year period. The Public Warrants and the Private Placement Warrants expired July 1, 2026. See “Part I, Item 1: Financial Statements — Note 11 — Fair Value Measurements” for more information.
Current wording
For the three months ended September 30, 2026, there was a $0.2 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $0.6 million gain for the three months ended September 30, 2025. The change between periods was primarily due to a decrease in the fair value of the warrant and earnout liabilities during the three months ended September 30, 2026 compared to the same prior-year period. The Public Warrants and the Private Placement Warrants expired July 1, 2026. See “Part I, Item 1: Financial Statements — Note 11 — Fair Value Measurements” for more information.
Previous wording
Net loss attributable to Class A common stockholders for the three months ended June 30, 2026 was $20.8 million, compared to $13.0 million for the three months ended June 30, 2025. The increase was primarily driven by a $9.3 million increase in operating loss and a $7.2 million increase in interest expense, partially offset by a $8.7 million increase in net loss attributable to redeemable noncontrolling interest.
Current wording
Net loss attributable to Class A common stockholders for the three months ended September 30, 2026 was $20.3 million, compared to $12.4 million for the three months ended September 30, 2025. The increase was primarily driven by a $15.4 million increase in operating loss and a $2.4 million increase in interest expense, partially offset by a $13.0 million increase in net loss attributable to redeemable noncontrolling interest.
Previous wording
Total revenue for the six months ended June 30, 2026 increased $18.9 million, or 11%, to $192.2 million compared to $173.3 million for the six months ended June 30, 2025. As further discussed below, the increase in revenue was primarily due to a $18.2 million increase in charging network revenue and a $10.3 million increase in AV and ancillary revenue, partially offset by a $9.7 million decrease in eXtend revenue.
Current wording
Total revenue for the nine months ended September 30, 2026 increased $18.0 million, or 7%, to $283.6 million compared to $265.6 million for the nine months ended September 30, 2025. As further discussed below, the increase in revenue was primarily due to a $34.2 million increase in charging network revenue and a $9.1 million increase in AV and ancillary revenue, partially offset by a $25.4 million decrease in eXtend revenue.
Previous wording
Total Charging Network. Total charging network increased $18.2 million, or 18%, to $117.1 million for the six months ended June 30, 2026 compared to $98.9 million for the six months ended June 30, 2025. Period-over-period growth was primarily due to a $8.8 million increase in retail charging revenue due to an overall increase in throughput volume from a greater number of customers, and to a lesser extent, increases in pricing, a $8.4 million increase in network revenue, OEM due to increased marketing revenue, and to a lesser extent, increased breakage revenue, and a $3.3 million increase in commercial charging revenue due to an overall increase in throughput volume from a greater number of public fleet customers, partially offset by a $5.0 million decrease in charging revenue, OEM due to a reduction in customers, as certain OEM agreements expire.
Current wording
Total Charging Network. Total charging network increased $34.2 million, or 22%, to $188.9 million for the nine months ended September 30, 2026 compared to $154.7 million for the nine months ended September 30, 2025. Period-over-period growth was primarily due to a $17.0 million increase in network revenue, OEM due to increased breakage revenue, as well as increased marketing revenue, a $13.2 million increase in retail charging revenue due to an increase in overall retail network usage, due to increased throughput volume, and to a lesser extent, increases in pricing and a $6.6 million increase in regulatory credit sales due to increased pricing, as well as increased throughput resulting in additional credit generation and improved market prices, partially offset by a $8.3 million decrease in charging revenue, OEM due to a reduction in eligible customers, as certain OEM agreements expired.
Previous wording
eXtend Revenue. eXtend revenue for the six months ended June 30, 2026 decreased $9.7 million, or 16%, to $51.2 million compared to $60.9 million for the six months ended June 30, 2025. The decrease was primarily due to a $14.4 million decrease in equipment sales reflecting lower equipment needs relative to the prior period, partially offset by a $3.9 million increase in construction revenue due to higher construction projects in process or completed.
Current wording
eXtend Revenue. eXtend revenue for the nine months ended September 30, 2026 decreased $25.4 million, or 27%, to $67.4 million compared to $92.8 million for the nine months ended September 30, 2025. The decrease was primarily due to a $17.0 million decrease in equipment sales reflecting lower equipment needs relative to the prior period and a $9.9 million decrease in construction revenue due to lower construction project activity.
Previous wording
AV and ancillary Revenue. AV and ancillary revenue for the six months ended June 30, 2026 increased $10.3 million, or 76%, to $23.8 million compared to $13.5 million for the six months ended June 30, 2025.The increase was primarily due to a $11.9 million increase in revenue recognized from sales-type lease arrangements with dedicated fleet customers, partially offset by a $1.0 million decrease in operating lease revenue.
Current wording
AV and ancillary Revenue. AV and ancillary revenue for the nine months ended September 30, 2026 increased $9.1 million, or 50%, to $27.3 million compared to $18.1 million for the nine months ended September 30, 2025. The increase was primarily due to a $11.5 million increase in revenue recognized from sales-type lease arrangements with dedicated fleet customers, partially offset by a $1.2 million decrease in operating lease revenue and a $0.9 million decrease in revenue recognized on equipment sales in the prior period that did not recur in the current period.
Previous wording
Charging Network. Charging network cost of sales for the six months ended June 30, 2026 increased $12.7 million , or 20%, to $74.8 million compared to $62.2 million for the six months ended June 30, 2025. The increase in charging network cost was primarily due to a $7.0 million increase in non-energy costs resulting primarily from increased maintenance activities and rent and related expenses due to the growth of our network and a $5.7 million increase in energy costs from higher throughput.
Current wording
Charging Network. Charging network cost of sales for the nine months ended September 30, 2026 increased $20.4 million, or 21%, to $118.7 million compared to $98.3 million for the nine months ended September 30, 2025. The increase in charging network cost was primarily due to a $10.3 million increase in non-energy costs resulting primarily from increased maintenance activities, rent and related expenses due to the growth of our network and a $9.9 million increase in energy costs from higher throughput, as well as additional costs from utility rate increases.
Previous wording
Other. Other cost of sales for the six months ended June 30, 2026 increased $4.0 million, or 7%, to $61.6 million compared to $57.6 million for the six months ended June 30, 2025. The increase in other cost of sales was primarily due to a $10.2 million increase in costs of sales related to revenue recognized from a sales-type lease arrangement with dedicated fleet customers, partially offset by a $6.1 million decrease in costs to support our eXtend revenue.
Current wording
Other. Other cost of sales for the nine months ended September 30, 2026 decreased $10.4 million, or 12%, to $76.9 million compared to $87.3 million for the nine months ended September 30, 2025. The decrease in other cost of sales was primarily due to a $19.5 million decrease in costs to support our eXtend revenue, partially offset by a $10.1 million increase in costs of sales related to revenue recognized from a sales-type lease arrangement with dedicated fleet customers.
Previous wording
Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the six months ended June 30, 2026 increased $5.1 million, or 17%, to $35.4 million compared to $30.3 million for the six months ended June 30, 2025 due to the growth of our charging network.
Current wording
Depreciation, Net of Capital-Build Amortization. Depreciation, net of capital-build amortization, for the nine months ended September 30, 2026 increased $9.9 million, or 22%, to $54.1 million compared to $44.2 million for the nine months ended September 30, 2025 due to the growth of our charging network.
Previous wording
Gross profit for the six months ended June 30, 2026 decreased $2.9 million to $20.3 million, compared to $23.2 million for the six months ended June 30, 2025. Gross margin for the six months ended June 30, 2026 and 2025 was 10.6% and 13.4%, respectively.
Current wording
Gross profit for the nine months ended September 30, 2026 decreased $1.9 million to $33.9 million, compared to $35.8 million for the nine months ended September 30, 2025. Gross margin for the nine months ended September 30, 2026 and 2025 was 12.0% and 13.5%, respectively.
Previous wording
General and Administrative Expenses. General and administrative expenses for the six months ended June 30, 2026 increased $11.1 million, or 14%, to $90.4 million compared to $79.2 million for the six months ended June 30, 2025. The increase was primarily driven by a $2.0 million increase in software costs, a $1.6 million increase in payroll costs due to an increase in headcount, a $1.4 million increase in project expenses, a $1.3 million increase in impairment expense, a $1.3 million increase in bad debt expense, and a $0.9 million increase in marketing and advertising expense.
Current wording
General and Administrative Expenses. General and administrative expenses for the nine months ended September 30, 2026 increased $27.9 million, or 23%, to $150.5 million compared to $122.6 million for the nine months ended September 30, 2025. The increase was primarily driven by a $14.4 million increase in impairment expense reflecting an equipment write-off and, to a lesser extent, charges related to abandoned projects, a $3.1 million increase in payroll costs due to increased headcount, a $2.9 million increase in software costs, a $1.8 million increase in project expenses, a $1.6 million increase in bad debt expense, and a $1.5 million increase in marketing and advertising expense.
Previous wording
Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the three months ended June 30, 2026 decreased $1.0 million, or 24%, to $3.1 million compared to $4.1 million for the three months ended June 30, 2025. The decrease was primarily due to $0.7 million in decrease in amortization related to intangible assets and a $0.4 million decrease in amortization related to software.
Current wording
Depreciation, Amortization and Accretion. Depreciation, amortization and accretion expenses for the nine months ended September 30, 2026 decreased $2.1 million, or 19%, to $9.3 million compared to $11.5 million for the nine months ended September 30, 2025. The decrease was primarily due to a $1.5 million decrease in amortization related to intangible assets, a $1.1 million decrease in amortization related to software, partially offset by a $0.4 million increase in accretion.
Previous wording
During the six months ended June 30, 2026, we had an operating loss of $76.5 million, an increase of $12.3 million, or 19%, compared to $64.2 million for the six months ended June 30, 2025. Operating margin for the six months June 30,
Current wording
During the nine months ended September 30, 2026, we had an operating loss of $125.9 million, an increase of $27.6 million, or 28%, compared to $98.3 million for the nine months ended September 30, 2025. Operating margin for the nine months ended September 30, 2026 was negative 44.4% compared to negative 37.0% for the nine months ended September 30, 2025 primarily due to reduced gross profit and reduced leveraging of operating expenses.
Previous wording
Interest expense for the six months ended June 30, 2026 increased $9.7 million, or 680%, to $11.1 million, compared to $1.4 million for the six months ended June 30, 2025. The increase was due to higher interest expense incurred related to the DOE Loan and Credit Agreement, which is presented net of amounts capitalized to property and equipment, due to higher debt balances on both the DOE Loan and Credit Agreement.
Current wording
Interest expense for the nine months ended September 30, 2026 increased $12.1 million, or 364%, to $15.4 million, compared to $3.3 million for the nine months ended September 30, 2025. The increase was primarily due to the write-off of debt issuance costs resulting from the amendment of the DOE Loan during the second quarter of 2026, as well as higher interest expense incurred related to the DOE Loan and Credit Agreement, which is presented net of amounts capitalized to property and equipment, due to higher debt balances on both the DOE Loan and Credit Agreement.
Previous wording
Interest income for the six months ended June 30, 2026 decreased $0.6 million, or 18%, to $2.8 million compared to $3.4 million for the six months ended June 30, 2025. The decrease was primarily due to lower interest rates during the six months ended June 30, 2026 compared to the same prior-year period.
Current wording
Interest income for the nine months ended September 30, 2026 decreased $1.1 million, or 20%, to $4.2 million compared to $5.3 million for the nine months ended September 30, 2025. The decrease was primarily due to lower cash balances, combined with lower interest rates during the nine months ended September 30, 2026 compared to the same prior-year period.
Previous wording
For six months ended June 30, 2026, there was a $1.2 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $6.3 million gain for the six months ended June 30, 2025. The change between periods was primarily due to a smaller decrease in the fair value of the warrant and earnout liabilities during the six months ended June 30, 2026 compared to the same prior-year period. The Public Warrants and the Private Placement Warrants expired July 1, 2026. See “Part I, Item 1: Financial Statements — Note 11 — Fair Value Measurements” for more information.
Current wording
For nine months ended September 30, 2026, there was a $1.4 million gain resulting from the change in fair values of warrant and earnout liabilities compared to a $6.8 million gain for the nine months ended September 30, 2025. The change between periods was primarily due to a smaller decrease in the fair value of the warrant and earnout liabilities during the nine months ended September 30, 2026 compared to the same prior-year period. The Public Warrants and the Private Placement Warrants expired July 1, 2026. See “Part I, Item 1: Financial Statements — Note 11 — Fair Value Measurements” for more information.
Previous wording
For the three months ended June 30, 2026 and 2025, our income tax (benefit) expense was de minimis. As of June 30, 2026 and 2025, we maintained a full valuation allowance on our net deferred tax assets.
Current wording
For the nine months ended September 30, 2026, our income tax benefit was $3.3 million compared to income tax benefit of $5.1 million for the nine months ended September 30, 2025. The income tax benefit for the nine months ended September 30, 2026 was due to the benefit realized from the net proceeds received from the transfer of EVgo OpCo’s 2025 30C income tax credits and 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 income tax credits. As of September 30, 2026 and 2025, we maintained a full valuation allowance on our net deferred tax assets.
Previous wording
Net loss attributable to Class A common stockholders for the six months ended June 30, 2026 was $37.2 million, compared to $24.4 million for the six months ended June 30, 2025. The increase was primarily driven by a $12.3 million increase in operating loss, a $9.7 million increase in interest expense and a $5.0 million increase in gain from changes in the fair value of warrant and earnout liabilities, partially offset by a $14.4 million increase in net loss attributable to redeemable noncontrolling interest.
Current wording
Net loss attributable to Class A common stockholders for the nine months ended September 30, 2026 was $57.5 million, compared to $36.7 million for the nine months ended September 30, 2025. The increase was primarily driven by a $27.6 million increase in operating loss, a $12.1 million increase in interest expense and a $5.5 million increase in gain from changes in the fair value of warrant and earnout liabilities, partially offset by a $27.4 million increase in net loss attributable to redeemable noncontrolling interest.
Previous wording
We have a history of operating losses and negative operating cash flows. As of June 30, 2026, we had $197.7 million of cash, cash equivalents and restricted cash and working capital of $148.1 million. As of December 31, 2025, we had $210.7 million of cash, cash equivalents and restricted cash and working capital of $161.2 million. Our net cash outflow for the three and six months ended June 30, 2026 was $13.1 million. We believe our cash, cash equivalents, and restricted cash on hand as of June 30, 2026 are sufficient to meet our current working capital and capital expenditure requirements for a period of at least twelve months from the filing date of this Quarterly Report.
Current wording
We have a history of operating losses and negative operating cash flows. As of September 30, 2026, we had $167.5 million of cash, cash equivalents and restricted cash and working capital of $112.3 million. As of December 31, 2025, we had $210.7 million of cash, cash equivalents and restricted cash and working capital of $161.2 million. Our net cash outflow for the nine months ended September 30, 2026 was $43.3 million. We believe our cash, cash equivalents, and restricted cash on hand as of September 30, 2026 are sufficient to meet our current working capital and capital expenditure requirements for a period of at least twelve months from the filing date of this Quarterly Report.
Previous wording
As of June 30, 2026, the outstanding balance under the DOE Loan was $226.1 million, which includes $10.3 million in paid-in-kind interest. As of June 30, 2026, Swift Borrower had $409.0 million of principal available to borrow under the DOE Loan, subject to the satisfaction of conditions contained in the Guarantee Agreement. The weighted average interest rate on the outstanding amounts under the DOE Loan as of June 30, 2026 was 5.63%.
Current wording
As of September 30, 2026, the outstanding balance under the DOE Loan was $229.4 million, which includes $13.5 million in paid-in-kind interest. As of September 30, 2026, Swift Borrower had $409.0 million of principal available to borrow under the DOE Loan, subject to the satisfaction of conditions contained in the Guarantee Agreement. The weighted average interest rate on the outstanding amounts under the DOE Loan as of September 30, 2026 was 5.63%.
Previous wording
Services pursuant to the terms of the Credit Agreement and pay for certain transaction costs. The Loans are expected to support more than 1,900 stalls nationwide, including the buildout of more than 1,500 new stalls and 400 stalls that EVgo Services contributed from its existing public network to Voyager Borrower as collateral in connection with the initial borrowing. Under the terms of the Credit Agreement, EVgo Services may contribute additional stalls or cash to Voyager Borrower from time to time during the Voyager Availability Period. EVgo Services will provide charge point operator services to Voyager Borrower in connection with the project for the duration of the Credit Agreement.
Current wording
All proceeds from the Credit Agreement will be used to reimburse EVgo Services for up to 60% of certain costs associated with the construction, installation and deployment of the stalls contributed to Voyager Borrower by EVgo Services pursuant to the terms of the Credit Agreement and pay for certain transaction costs. The Loans are expected to support more than 1,900 stalls nationwide, including the buildout of more than 1,500 new stalls and 400 stalls that EVgo Services contributed from its existing public network to Voyager Borrower as collateral in connection with the initial borrowing. Under the terms of the Credit Agreement, EVgo Services may contribute additional stalls or cash to Voyager Borrower from time to time during the Voyager Availability Period. EVgo Services will provide charge point operator services to Voyager Borrower in connection with the project for the duration of the Credit Agreement.
Previous wording
As of June 30, 2026, the outstanding balance under the Loan was $71.1 million. As of June 30, 2026, Voyager Borrower had $153.4 million of principal remaining available to borrow under the Commitments, subject to the satisfaction of customary conditions. The weighted average interest rate on the outstanding amounts under the Credit Agreement as of June 30, 2026 was 6.98%.
Current wording
As of September 30, 2026, the outstanding balance under the Loan was $87.2 million. As of September 30, 2026, Voyager Borrower had $136.4 million of principal remaining available to borrow under the Commitments, subject to the satisfaction of customary conditions. The weighted average interest rate on the outstanding amounts under the Credit Agreement as of September 30, 2026 was 7.05%.
Previous wording
The Company has historically benefitted from the availability of 30C income tax credits, which effectively subsidizes the cost of placing our charging stations in service. The IRA revised the 30C income tax credits to extend the credit until December 31, 2032, introduce the concept of transferability of such tax credits, expand the credit such that it is capped at $100,000 per item and increase eligibility requirements to require installation of EV charging stations in certain census tracts along with meeting prevailing wage and apprenticeship requirements, among other changes. The OBBBA accelerated the phase-out of IRA credits and 30C income tax credits are now scheduled to expire on June 30, 2026 for any property placed in service after that date. The Company did not transfer any 30C income tax credits during the three or six months ended June 30, 2026.
Current wording
The Company has historically benefitted from the availability of 30C income tax credits, which effectively subsidizes the cost of placing our charging stations in service. The IRA revised the 30C income tax credits to extend the credit until December 31, 2032, introduce the concept of transferability of such tax credits, expand the credit such that it is capped at $100,000 per item and increase eligibility requirements to require installation of EV charging stations in certain census tracts along with meeting prevailing wage and apprenticeship requirements, among other changes. The OBBBA accelerated the phase-out of IRA credits and 30C income tax credits expired on June 30, 2026 for any property placed in service after that date. During the three months ended September 30, 2026, the Company sold EVgo OpCo’s 2025 30C income tax credits. Net cash proceeds for the 2025 credits were approximately $7.7 million.
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Previous report — wording carried elsewhere
Other. Other cost of sales for the three months ended June 30, 2026 decreased $20.0 million, or 54%, to $17.2 million compared to $37.2 million for the three months ended June 30, 2025. The decrease in other cost of sales was primarily due to a $17.1 million decrease in costs to support our eXtend revenue and a $2.7 million decrease in costs of sales related to revenue recognized from a sales-type lease arrangement with dedicated fleet customers.
Previous report — wording carried elsewhere
2026 was negative 39.8% compared to negative 37.0% for the six months ended June 30, 2025 primarily due to reduced gross margin and reduced leveraging of operating expenses.
Previous report — wording carried elsewhere
For the six months ended June 30, 2026, our income tax benefit was $0.2 million compared to income tax expense of $0.1 million for the six months ended June 30, 2025. As of June 30, 2026 and 2025, we maintained a full valuation allowance on our net deferred tax assets.
Previous report — wording carried elsewhere
All proceeds from the Credit Agreement will be used to reimburse EVgo Services for up to 60% of certain costs associated with the construction, installation and deployment of the stalls contributed to Voyager Borrower by EVgo