EVgo (EVGO), which operates electric vehicle charging stations across the U.S., reported record revenue for the first quarter as demand for EV infrastructure continues to grow.
In the first quarter of 2025, the company brought in $75.3 million in revenue, up 36% from the same period last year. That’s the highest quarterly revenue in EVgo’s history.
The company posted an operating loss of $5.9 million, which was smaller than analysts expected. Wall Street had projected a loss of $6.6 million on $71.5 million in sales, according to FactSet.
A key measure of usage, called “network throughput” — which tracks how much electricity drivers are using at EVgo’s stations — hit 83 gigawatt-hours, up 60% from last year.
At the end of the quarter, EVgo had 4,240 active charging stalls nationwide, a 32% increase from the same time last year. The company also added over 119,000 new customers in the first quarter, bringing its total to 1.4 million.
EVgo maintained its full-year revenue forecast of $340 million to $360 million. It also reaffirmed its goal of turning a profit on an adjusted operating basis by the end of 2025.
“EVgo once again achieved a record level of revenues, starting 2025 off on a strong foundation,” CEO Badar Khan said.
“We continue to build the fast-charging infrastructure needed across the country, and our strong financial position puts us in a good place to meet rising demand.”
Wall Street welcomes Q1 results
In light of Q1’s earnings, EVgo’s stock jumped 32.5% on Tuesday. Still, the stock is down 9.4% so far this year and has fallen nearly 45% over the past six months.
Much of that decline — and the broader sell-off in EV stocks — comes from policy uncertainty.
Since President Trump returned to office, he has pledged to roll back clean energy subsidies passed under the previous administration.
“We will end the Green New Deal, and we will revoke the electric-vehicle mandate, saving our auto industry and keeping my sacred pledge to our great American auto workers,” Trump said during his inaugural address.
“You’ll be able to buy the car of your choice,” he bluntly summarized his agenda.
Politics aside, analysts say the EV market is still growing. The U.S. electric vehicle market is expected to reach $137.4 billion by 2028, according to industry estimates.
In the first quarter of 2025, EVs accounted for 7.5% of all U.S. car sales, up from the same period last year, though down slightly from 8.7% in Q4. Total EV sales rose 11.4% year-over-year, with 294,250 units sold.
Khan expressed confidence that EVgo can withstand the political curveballs.
“We anticipate being minimally impacted by tariffs,” he said, “and we remain focused on reaching break-even in 2025 while continuing to invest in improving the charging experience.”
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