Key Highlights

● Second-quarter charging network revenue rose 19% to $61.4 million from $51.8 million.

● Total revenue fell 16% to $82.6 million, and the net loss widened to $46.3 million.

● Stalls in operation reached 5,380 at June 30, 2026, up 24% from 4,350.

● The 2026 guidance targets total revenue of $400 million to $430 million.

EVgo Inc (NASDAQ:EVGO) reported second-quarter 2026 results on August 5, 2026 that pulled in opposite directions. The core charging business grew, yet total revenue fell and the net loss widened, which is why investors are weighing the quality of the growth as well as its pace.

EVgo operates a network of fast chargers for electric vehicles across the United States. Alongside its public network, it builds chargers for autonomous-vehicle fleets and runs a business called eXtend, which builds charging sites for other parties.

What the quarter showed

For the three months ended June 30, 2026, total revenue was $82.6 million, down 16% from $98.0 million a year earlier. Six-month revenue, however, was $192.2 million, up 11%. Charging network revenue, the line closest to day-to-day customer use, rose 19% to $61.4 million from $51.8 million.

Network throughput increased 13% to 99 gigawatt-hours from 88 gigawatt-hours. Average daily throughput per stall on the public network eased slightly to 276 kilowatt-hours from 281, which suggests growth is coming from more chargers rather than busier ones. Six-month throughput was 190 gigawatt-hours, up 10% on the first half of 2025.

The company had 5,380 stalls in operation at June 30, 2026, up 24% from 4,350. That comprised 3,930 on its public network, 120 serving autonomous vehicles and 1,330 under eXtend. In the quarter it added 280 new fast-charging stalls and removed 175 older ones under its Renew program.

Losses and cash

The net loss for the quarter was $46.3 million, compared with $29.8 million in the second quarter of 2025. Adjusted EBITDA, a measure that strips out certain costs, was a loss of $10.6 million, against a loss of $1.9 million a year earlier. For the first six months, the net loss was $83.3 million and adjusted EBITDA was a loss of $18.1 million.

Cash and cash equivalents were $121.8 million at June 30, 2026, down from $151.0 million at the end of 2025, with a further $61.7 million of current restricted cash and $14.1 million of non-current restricted cash. The balance sheet showed long-term debt of $293.7 million, excluding $3.6 million due within a year. The release refers to a loan from the US Department of Energy.

Guidance and management view

The company's updated guidance for 2026 is for 1,350 to 1,625 new stalls, total revenue of $400 million to $430 million, and adjusted EBITDA between a loss of $25 million and a loss of $5 million.

Chief executive Badar Khan said EVgo "delivered another quarter of solid execution, with 19% charging network revenue growth." Trade coverage focused on the fall in total revenue, a reminder that the headline figure and the charging figure tell different stories.

Risks and what to watch

The main risks are visible in the figures. Losses widened, cash fell by about $29 million over six months, and the company has a substantial debt load while it keeps building. Throughput per stall slipped, and the revenue decline shows how lumpy income from third-party construction work can be. Charging network revenue growth also has to be set against the cost of the new stalls driving it, and the company's own adjusted EBITDA guidance still allows for a loss across the full year.

The Third-Quarter Report Is the Next Test

EVgo's second quarter pulled in two directions: charging network revenue rose 19% to $61.4 million and network throughput increased 13%, while total revenue fell 16% to $82.6 million and the net loss widened to $46.3 million. Stalls in operation reached 5,380, up 24%, and cash and cash equivalents fell to $121.8 million from $151.0 million at the end of 2025.

The next checkpoint is the third-quarter 2026 report, which the company would normally publish in the fall. Investors will look at whether charging network revenue growth holds, whether throughput per stall stabilizes, and whether adjusted EBITDA remains inside the guided range of a loss between $25 million and $5 million.