EVgo Cuts 2026 New Charging-Stall Target 20%–22% as Q3 Network Expands

Filing update — November 9, 2026: EVgo's third-quarter Form 10-Q breaks down the company's reported 29% year-over-year increase in charging-network revenue. Its separate automaker-related categories moved in opposite directions: Network, OEM rose $8.559 million while Charging, OEM fell $3.326 million. Taken together, their net increase was $5.233 million, equal to 32.7% of the $16.003 million increase across all charging-network categories. This is a comparison of reported accounting categories—not a measure of physical charging, a consumer price increase, or the amount of unused credits.¹²

EVgo lowered its full-year 2026 target for new fast-charging stalls by roughly one-fifth in its November 9 third-quarter report, even as its operating network continued to expand. The company now expects to add 1,075–1,275 stalls during 2026, down from 1,350–1,625 in its August 5 second-quarter outlook. Comparing the same lower and upper bounds, that is 275 fewer stalls (20.4%) and 350 fewer stalls (21.5%), respectively.²³

A second distinction matters to drivers: EVgo reported 5,530 total operating stalls as of September 30, but 4,020 were on the publicly accessible network EVgo owns and operates. The remainder were dedicated autonomous-vehicle fleet stalls or partner-network eXtend stalls. In other words, the company's headline total should not be read as 5,530 EVgo-owned public-access charging stalls.²

The revised 2026 outlook

Full-year 2026 guidance	August 5 Q2 report	November 9 Q3 report	Change between reported ranges
New charging stalls	1,350–1,625	1,075–1,275	275 fewer at low end; 350 fewer at high end
Total company revenue	$400m–$430m	$375m–$400m	$25m lower at low end; $30m lower at high end
Adjusted EBITDA, non-GAAP	−$25m to −$5m	−$30m to −$15m	$5m lower at low end; $10m lower at high end

At The Charger compared EVgo's August 5 and November 9 original issuer guidance. These are forward-looking annual ranges, not realized new-stall totals, canceled site counts, or audited final-year results.²³

EVgo's smaller annual new-stall outlook sits alongside its reduced revenue and adjusted-earnings expectations. It does not identify which planned locations, if any, will be postponed or removed from the construction pipeline. The revised adjusted EBITDA range remains negative and uses a non-GAAP metric; it should not be confused with the company's GAAP net loss.²³

What actually changed in the operating network

The company separately reported 160 newly added DC fast-charging stalls during Q3. Its period-end operating inventory, however, increased by 150 net stalls, from 5,380 at June 30 to 5,530 at September 30. Those are different measurements. The two releases alone do not explain the 10-stall gap, so it would be unsupported to describe it as ten confirmed charger closures.²³

EVgo-reported operational category	June 30, 2026	September 30, 2026	Net quarterly change
EVgo-owned public network	3,930	4,020	+90
EVgo-owned, AV-fleet-only network	120	120	0
eXtend partner-network stalls	1,330	1,390	+60
Total, all categories	5,380	5,530	+150

Calculated from the matching operational-stall categories in EVgo's Q2 and Q3 earnings releases. The eXtend category includes partner-built assets serviced through EVgo's network, rather than all being EVgo-owned public stations.²³

The company-owned public category made up 72.7% of the reported total as of September 30 (4,020 divided by 5,530). The 120 AV-network stalls are reserved for autonomous fleets, and eXtend is a distinct partner category. None of these aggregate figures independently verifies whether a particular location has a working charger available to a driver right now.²³

The distinction between operating and planned matters across EVgo's expansion announcements. Its first reported Chicago site with Tesla-operated Supercharger hardware was a specific November 5 opening; EVgo's separate prospective retail partnership additions and proposed 750-kW architecture are not evidence that those future installations were already operating in September.⁴²

More delivered electricity, but a different per-stall picture

EVgo reported 103 gigawatt-hours delivered on its public network in Q3, up from 99 GWh in Q2 (+4.0%) and 95 GWh in the year-earlier third quarter (+8.4%). Charging-network revenue also grew to $71.788 million, from $55.785 million a year earlier.²³

But average daily energy delivered per EVgo public-network stall moved differently: 283 kWh in Q3 2026, up from 276 kWh in Q2, yet below 295 kWh in Q3 2025. That is +2.5% quarter over quarter but −4.1% year over year. EVgo also said this metric increased 7% year over year after excluding energy from automaker-sponsored charging programs; that is the company's adjusted comparison, not a separately reproduced full data series.²³

These measures answer different questions. Total GWh is network-wide energy, while average daily kWh per public stall uses a narrower equipment denominator. Dividing total public-network GWh by all 5,530 operating stalls—including fleet-only and eXtend assets—would not reproduce the company's public-stall metric. Neither measure by itself establishes station uptime, payment reliability or guaranteed charging speed.²³

The filing's revenue breakdown: why the 29% increase needs context

EVgo's Form 10-Q Note 3 separates revenue recognized for the quarter ended September 30 into five categories. The year-on-year movements below are calculated from the company's reported figures in millions of dollars; they sum to the reported $16.003 million increase in charging-network revenue.¹²

Charging-network revenue category	Q3 2025	Q3 2026	Year-on-year change
Retail charging	$35.296m	$39.725m	+$4.429m
Commercial charging	$9.070m	$11.520m	+$2.450m
Charging, OEM	$6.417m	$3.091m	−$3.326m
Regulatory credit sales	$2.753m	$6.644m	+$3.891m
Network, OEM	$2.249m	$10.808m	+$8.559m
Total charging network	$55.785m	$71.788m	+$16.003m

ATC's differences from the two Q3 columns in EVgo's unaudited filing. Regulatory-credit sales and OEM-related accounting are not equivalent to electricity purchased at a charger. The two OEM rows are distinct and must not be evaluated by citing the larger one alone.¹

Combining both OEM categories, rather than just the growing one, gives $13.899 million in Q3 2026 versus $8.666 million a year earlier: a net +$5.233 million, or 32.7% of the overall $16.003 million increase. This is ATC's arithmetic, not a subtotal EVgo reports, a causal breakdown of all its growth, or a measure of driver credits lost.¹

In management's Q3 discussion, EVgo attributes the approximately $8.6 million increase in Network, OEM revenue principally to increased breakage revenue and, to a lesser extent, marketing revenue. The filing does not quantify breakage separately, so $8.6 million must not be described as the dollar value of expired or forfeited charging credits. The previous Q2 2026 Form 10-Q instead characterized that quarter's $4.8 million year-on-year Network, OEM increase as principally marketing, with breakage secondary. These are explanations of different quarterly comparisons, not evidence that a particular customer's credits or agreement changed between quarters.¹⁵

The Q3 filing separately reports $14.8 million of consideration received for charging credits with uncertain recognition timing; EVgo expects to recognize it as customers use credits over approximately 2.3 years. That future-recognition disclosure is not the Q3 breakage amount. Nor does charging-network revenue growth establish a similar increase in charging sessions, kWh dispensed or what drivers paid per kWh.¹²

For financial context, EVgo reported $91.417 million in total Q3 revenue, slightly below $92.299 million a year earlier despite charging-network revenue growth. Its GAAP net loss widened to $49.207 million from $28.356 million; its separately reported, non-GAAP adjusted EBITDA was negative $3.530 million, compared with negative $4.975 million a year earlier. Those different measures should not be conflated into a claim that the company achieved GAAP profitability.²

Sources

Footnotes

1. EVgo Inc., Form 10-Q for quarter ended September 30, 2026, filed November 9, 2026, Note 3 and MD&A. Original SEC filing; the source's relevant accounting table and discussion were checked against a labeled full-text reproduction because the original SEC HTML did not render in the M20 web check. Original issuer's unaudited revenue disaggregation and explanatory driver language; does not supply breakage-only dollars or named customer outcomes. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶

2. EVgo Inc., “EVgo Inc. Reports Third Quarter 2026 Results,” November 9, 2026 (06:00 ET). Original issuer earnings release. Quarter ended September 30; source for Q3 reported operating stall categories, energy, financial results, Q3 new-stall additions and revised annual guidance. Company-reported unaudited quarterly data; guidance and future equipment timelines are forward-looking. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹ ↩¹⁰ ↩¹¹ ↩¹² ↩¹³ ↩¹⁴ ↩¹⁵

3. EVgo Inc., “EVgo Inc. Reports Second Quarter 2026 Results,” August 5, 2026. Original issuer earnings release. Quarter ended June 30; source for historical stall-category counts, public-network GWh, public-stall throughput and previously stated 2026 new-stall, revenue and non-GAAP adjusted EBITDA guidance. Same-issuer historical baseline, not independent station testing. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹

4. EVgo Inc., “EVgo Opens First Supercharger Site as Part of Network Expansion,” November 5, 2026. Original Chicago opening announcement. Context for prior separately reported operating site. A company opening announcement does not verify today's live uptime or establish whether proposed partner additions already exist. ↩

5. EVgo Inc., Form 10-Q for quarter ended June 30, 2026, filed August 2026. Original SEC filing. Directly checked issuer discussion of the preceding quarter's OEM network revenue drivers. Different comparison period; not evidence of changed OEM credit terms. ↩