EVgo's third-quarter numbers, released Nov. 9, 2026, show two different trends. The company's core business of selling electricity to drivers at DC fast chargers kept growing at double-digit rates. The company as a whole took in slightly less revenue than a year earlier and lost substantially more money.
Charging network revenue was $72 million, up 29% from the year-earlier quarter. EVgo says that makes 19 consecutive quarters of double-digit growth in that line. Total revenue was $91.4 million ($91,417,000), down 1% from $92.3 million ($92,299,000) a year earlier, according to the company's earnings release filed with the SEC as Exhibit 99.1 to a Form 8-K. Rallies reported that total revenue came in below an analyst estimate of $94.48 million.
The net loss was $49.2 million ($49,207,000), or $0.14 per share, compared with $28.4 million ($28,356,000) a year earlier. Adjusted EBITDA, a non-GAAP measure that leaves out items including share-based compensation and impairment expense, was a loss of $3.5 million, smaller than the $5.0 million loss a year ago.
This article covers the earnings report only.
The quarter in numbers
| Metric (Q3 2026) | Value | Year-over-year |
|---|---|---|
| Total revenue | $91.4M | -1% (from $92.3M) |
| Charging network revenue | $72M | +29% |
| Network throughput | 103 GWh | +8% |
| Stalls in operation (Sept. 30, 2026) | 5,530 | +20% |
| New DC fast stalls added in quarter | 160 | — |
| Avg. daily throughput per stall (public network) | 283 kWh | from 295 kWh (up 7% excluding OEM programs) |
| Customer accounts | 1.9M+ | +95,000 in the quarter |
| Gross margin / adjusted gross margin | 14.9% / 35.4% | from 13.6% / 28.9% |
| Net loss | $49.2M | from $28.4M (+74%) |
| Adjusted EBITDA | -$3.5M | from -$5.0M |
Source: EVgo Q3 2026 earnings release (SEC Form 8-K Exhibit 99.1), Nov. 9, 2026.
Why total revenue fell while charging revenue grew
Charging revenue, now $72 million, made up most of the $91.4 million total. The rest comes from EVgo's other businesses, and at least one of them shrank sharply. Panabee reports that revenue from eXtend, the program under which EVgo builds charging stations for partners, fell 49% year over year to $16.2 million. A 29% rise in charging revenue and a 49% drop in eXtend roughly netted out to a 1% decline in total revenue.
The utilization numbers are mixed. Energy delivered across the network rose 8% to 103 GWh. The stall count grew faster, by 20%. EVgo reported average daily throughput per stall for its public network of 283 kWh, down from 295 kWh a year earlier. EVgo says that per-stall figure was up 7% when throughput from OEM charging programs is excluded.
Where the bigger loss came from
The net loss widened 74%, and Panabee points to two main causes. General and administrative expense rose 39% to $60.2 million. The company also recorded $15.9 million in impairments, including a $10.6 million write-down of excess and obsolete charging equipment. Adjusted EBITDA excludes impairment expense and other items, so it moved in the opposite direction from the GAAP net loss.
The balance sheet also changed. Panabee reports long-term debt of $316.6 million at Sept. 30, 2026, up from $206.5 million at the end of 2025. Quarterly interest expense rose 127% to $4.3 million, a figure that also appears in the release's income statement.
Capital spending in the quarter was $34.8 million on a GAAP basis, according to the release. Net of capital offsets, the release puts it at $24.2 million. EVgo also said it sold its 2025 portfolio of 30C income tax credits for $7.7 million net of transaction costs.
Full-year 2026 outlook
For full-year 2026, EVgo's updated guidance, as stated in the release and reported by Rallies, is:
- Total revenue of $375 million to $400 million
- Adjusted EBITDA of negative $30 million to negative $15 million
- 1,075 to 1,275 new stalls
The stall figure is a target, not a count of stalls already open. As of the end of the third quarter, EVgo reported 5,530 stalls in operation.
Hardware and site pipeline
The release separates what is operating today from what is planned:
- Operating: More than 290 NACS (J3400) connectors as of Nov. 6, 2026. The release says the first EVgo v4 Supercharger site is live in the Chicago area.
- Planned: EVgo's next-generation charging architecture, which it says is capable of delivering up to 750 kW, has deployments anticipated to begin in 2027.
- Partnerships: EVgo says it grew its relationships with Brixmor and Regency Centers to bring more than 900 new fast chargers to grocery-anchored shopping centers. The release describes this as a goal of the partnerships, not as installed hardware.
What the stall count includes
The 5,530 total is not the number of stalls open to the public. The release breaks it down as of Sept. 30, 2026: 4,020 stalls on the EVgo public network, 120 stalls on an AV network available only to autonomous-vehicle fleet customers, and 1,390 eXtend stalls. The release describes eXtend stalls as stations built through partnerships for use by their customers, with assets serviced through, and often co-branded with, EVgo's national network. The 4,020 public-network figure was up 13% from 3,570 a year earlier.
The LS Power proposal
On Nov. 2, EVgo's board received an unsolicited, non-binding proposal from LS Power Equity Advisors to acquire all Class A common shares not currently owned by LS Power for $2.00 per share in cash. The board has established a special committee of independent and disinterested directors to review it. The release states that no decisions have been made on EVgo's response and that there is no assurance any agreement will be signed or any transaction completed.
What It Means for Drivers
Nothing in the earnings release announces a change to where EVgo customers can charge today. At the end of the third quarter, the EVgo public network had 4,020 stalls in operation, and the company overall reported 5,530 stalls in operation, 20% more than a year earlier. EVgo added 160 new DC fast stalls during the quarter.
Drivers of vehicles with native NACS ports have a growing number of EVgo connectors to choose from. More than 290 NACS connectors were in operation as of Nov. 6, 2026, and the release says the first EVgo v4 Supercharger site is live in the Chicago area. The 750 kW architecture is anticipated to begin deploying in 2027 and is not available yet. The 900-plus chargers tied to the Brixmor and Regency Centers relationships are also not described as in service, and the release gives no opening dates for them.
The release does not announce any change to per-kWh or per-minute pricing. Drivers should check current rates for a specific station in the EVgo app or at the charger.
The LS Power proposal is non-binding and under review by a special committee, and no decision has been announced. The sources give no details on how any eventual transaction would affect stations, memberships or accounts. This article is not investment advice.
