EVgo Well Positioned for the Future; Reports Strong Q2 2025 Results

On Tuesday August 5, EVgo posted its Q2 2025 investor relations presentation, which included some very interesting charging industry numbers and metrics — that were also consistent with the data and analysis in our Paren Q2 2025 State of the Industry Report (SOTI).

EVgo's utilization rate (measured as the number of charging minutes a day a stall is dispensing kWh/1,440 [minutes per day]) actually declined two percentage points to 22% in Q2 from 24% in Q1. In our Q2 SOTI report, we saw a US average decline to 16.1% from 16.6% in Q1 (this includes a wide variety of CPOs/networks and station configurations).

However, despite a drop in utilization rate, EVgo saw its kWh Per Stall/Per Day (throughput) increase to 281 from 266 in Q1. Secondly, Average Revenue Per Stall/Per Day rose to $165 versus $140 in Q1. And thirdly, Average Revenue Per kWh increased to $0.59 from $0.55 in Q1.

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So what’s going on? If utilization dropped 8.3% and two percentage points for EVgo, why are throughput (up 5.6%), revenue per stall (up 17.9%), and average revenue per kWh (up 7.3%) all up a decent percentage?

Following are some of the factors:

• EVgo saw an increase of $0.04 in its average price per kWh, although some of this may simply be due to more of the company’s stations using time-of-use (TOU) pricing leading to an average higher price paid during peak afternoon hours.
• EVgo also launched seasonal-based pricing in select markets to account for increasing utility prices (e.g., the higher revenue per kWh).
• EVgo (and CPOs in general) are seeing increasing EV charge rates due to newer EVs having higher maximum kW charging capacity, and better charging curves.
• Q2 months (April, May, and June) are warmer than January through March leading to batteries charging more quickly, which leads to less actual time charging and as a result, lower time-based utilization.
• 57% of EVgo’s stalls have 350 kW chargers, up 16 percentage points from 41% at the end of Q2 2024, and up 5 percentage points from 52% in Q1 2025. As newer EVs can increasingly charge at higher power levels (e.g., 200+ kW) and have better charging curves, EVs charging on EVgo’s Delta 350 kW chargers can add more range more quickly. This leads to higher throughput, but in shorter charging sessions and hence lower time-based utilization.

Interestingly, EVgo had its lowest QoQ increase in the number of stalls (2.6%) in several years, so at a broad level, the number of new stations/ports may not have contributed much to the lower utilization, unless they were opened late in the quarter and/or in lower-utilization markets. But it is also possible that the growing number of new stations from the likes of IONNA, Mercedes-Benz HPC, bp pulse, Tesla, and others may have contributed to some market-share shifts.

Under the leadership of CEO Badar Khan, with solid execution, and now the closing of commercial bank financing for up to $300M on top of the DOE Programs Office (LPO) $1.25 billion loan, EVgo has funding available to deploy 9,000 new charging stalls and appears well positioned to be among the winners in the industry. The company also has stated plans to deploy from 10,550 to 12,000 new stalls between 2026 and 2030 — likely keeping the company among the top three US CPOs by port count the rest of this decade.

For many years in the DC fast charging space the mantra was “build it and they will come” (while you wait for utilization to climb). Now that average utilization rates are north of 20% for many CPOs (including EVgo), combined with huge growth in new stations/ports being deployed, and major new well-capitalized players entering the market — customer acquisition, experience, and retention along with price optimization and cost management become paramount.

And yes, marketing is going to become hugely important. And on that note, I was interested to see this note in EVgo’s investor presentation:

“Built and deployed first AI agents for creative, targeting and campaign management”

As someone who spent about 35 years of my career in marketing I think this next phase of the industry is going to be fascinating to watch especially as the new “Charging 2.0” giants scale up deployment and leverage their locations, amenities, on-site staff, and powerful brands and reputation. I expect to see signage, partnerships, loyalty programs, digital and social media and other marketing programs emerge as CPOs battle for market share. And it appears that EVgo is already preparing for the modern version of “gas wars.”

We at Paren are immensely excited about the changes happening in the industry and how CPOs will compete differently in the future. We stand ready (and are already working with some of the leading companies in the industry) to help companies in need of comprehensive and reliable data to make smarter decisions, including session, utilization, reliability, pricing and amenities. Reach out if you’d like to schedule a discovery call and demo.

By Loren McDonald, Chief Analyst - Paren