EVgo Reports 29% Revenue Growth and Reduced 2026 Capital Expenditure Targets
During its third-quarter 2026 earnings call, EVgo (EVGO) reported a 29% year-over-year increase in core charging network revenue, reaching $72 million. The company is pivoting toward tighter capital discipline by reducing its planned 2026 infrastructure capital expenditure by approximately $100 million, focusing instead on high-utilization locations to protect operating cash flow. A significant strategic shift involves the deployment of North American Charging Standard (NACS) connectors. Management noted that NACS stalls delivered a 35% higher charge rate than existing CCS stalls in Q3, significantly expanding the company's addressable market by accommodating Tesla and other NACS-compatible vehicles without adapters. To further accelerate profitability, EVgo is implementing cost controls to reduce general and administrative overhead.
Tickers: $EVGO
Topics: capital expenditure reduction EV charging infrastructure NACS adoption revenue growth