EVgo Mixed 2Q Results; FY26 Guidance Lowered; TSLA Partnership Expands TAM

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

EVgo

Mixed 2Q Results; FY26 Guidance Lowered; TSLA

Partnership Expands TAM

EVGO reported 2Q26 results that were broadly in line with JPMe but mixed versus

the Street, with revenue roughly in line while throughput and adjusted gross profit

came in below consensus. The headline of the quarter was the announced

agreement with Tesla to deploy EVgo-branded Superchargers, which management

framed as a strategic inflection that more than doubles the company's addressable

market. FY26 guidance was revised lower on both revenue and adj. EBITDA,

reflecting a more selective build program and a slower-than-expected ramp of the

2025 stall cohort. Additionally, management introduced an illustrative 2028

scenario as a credibility waypoint on the path to unchanged ~$500mm in adj.

EBITDA by 2030, noting that mature 350kW stalls are already tracking at the

throughput levels assumed in that scenario. We are slightly adjusting our estimates

for the results and updated guidance. Maintain Underweight.

Underweight

EVGO, EVGO US

Price (04 Aug 26):$1.73

Clean Energy, Power Infrastructure,

and Sustainable Investing

Mark Strouse, CFA AC

(1-212) 622-8244

Michael G Fairbanks

(1-212) 622-4908

Anna Zhu

Mixed results, in line with JPMe. 2Q26 revenue was roughly in line with both

JPMe and the Street, supported by 19% y/y charging network revenue growth

—the 18th consecutive quarter of double-digit y/y charging revenue growth.

However, throughput of 99 GWh missed JPMe by ~5% and the Street by ~13%,

with the CFO attributing softness to a slower ramp of the 2025 vintage stall

cohort, ongoing weakness in legacy low-power equipment, and lower

contribution from OEM charging credit programs winding down through yearend. Adj. gross profit of $26mm was in line with JPMe but missed the Street

by ~14%, with adj. gross margin of 32% coming in below the Street's ~38%

estimate. Non-charging revenue was a notable drag, with eXtend down 52%

y/y and AV/ancillary down 64% y/y. Adj. EBITDA of $(10.6)mm was in line

with JPMe and slightly below the Street. See the table on page 2 below for more

details on the results.

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