The strong revenue beat vs consensus is positive, but the sharp sequential drop in Q2 guidance ($75-$85M vs Q1's $109.5M) signals a lumpy non-charging revenue stream that may disappoint. Monitor the Q2 10-Q for cash burn trajectory and DOE loan drawdown pace — the $150M cash position gives ~4 quarters of runway at current burn rates.
Price Chart
Executive Summary
EVgo reported Q1 2026 revenue of $109.5M, a 45% YoY increase, but net loss widened 41% to -$37.0M and operating cash flow burned -$35.4M (vs -$10.2M a year ago). The company affirmed full-year 2026 guidance of $410-$470M revenue and -$20M to +$20M Adjusted EBITDA, but initiated soft Q2 guidance of $75-$85M revenue, implying a sharp sequential decline. Revenue beat the $88.1M consensus estimate, but the deteriorating cash position and widening losses offset the top-line growth.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $109.5M, up 45% YoY from $75.3M, beating consensus estimate of $88.1M
- Charging network revenue $55.7M, up 18% YoY; non-charging revenue (eXtend + AV/ancillary) surged 91% to $53.8M
- GAAP net loss widened to -$37.0M from -$26.2M YoY; net loss per share -$0.12 vs -$0.09
- Operating cash flow worsened to -$35.4M from -$10.2M YoY; cash & restricted cash fell to $150.0M from $210.7M at year-end 2025
- Adjusted EBITDA was -$7.5M vs -$5.9M YoY; GAAP gross margin contracted 60bps to 11.8%
- Affirmed FY2026 guidance: revenue $410-$470M, Adjusted EBITDA -$20M to +$20M
- Initiated Q2 2026 guidance: revenue $75-$85M, Adjusted EBITDA -$12.5M to -$7.5M — implying significant sequential revenue decline from Q1's $109.5M
- Amended DOE loan to $750M ($625M borrowings + $125M capitalized interest) in April 2026
- Ended Q1 with 5,280 stalls in operation, up 25% YoY; added 200+ new DC fast charging stalls in the quarter
Financial Impact
Revenue beat consensus by ~24% ($109.5M vs $88.1M), but net loss widened 41% and operating cash burn tripled to -$35.4M
Risk Factors
- Q2 guidance implies ~25% sequential revenue decline from Q1, driven by expected seasonality in non-charging revenue
- Operating cash burn of -$35.4M in Q1 is unsustainable; cash position fell 29% from year-end 2025
- GAAP gross margin contracted 60bps YoY to 11.8%; Adjusted Gross Margin fell 660bps to 27.1%
- DOE loan amendment to $750M provides liquidity but increases leverage and interest expense (up 474% YoY to $3.0M)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001821159-26-000009 |
| Document: evgo-20260505.htm | 0001821159-26-000009 |
| Document: 0001821159-26-000009-index-headers.html | 0001821159-26-000009 |
| Document: 0001821159-26-000009-index.html | 0001821159-26-000009 |
| Document: 0001821159-26-000009.txt | 0001821159-26-000009 |
| 8-K Data (Synthetic) | 0001821159-26-000009 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 19, 2026 22w ago | 8-K | $0.0110 $0.004900 | ▼ −55.45% | ▼ −56.20% | — |
May 5, 2026 25w ago | 8-K | $0.0200 $0.009000 | ▼ −55.00% | ▼ −59.95% | — |
Apr 3, 2026 29w ago | DEFA14A | $0.0220 $0.0140 | ▼ −36.36% | ▼ −45.35% | — |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers