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Here are 1-3 brief analogies for EVgo:

• Shell for electric vehicles.
• Verizon for EV charging networks.

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• Public Fast Charging Network: EVgo operates and provides access to its network of direct current (DC) fast chargers for individual electric vehicle drivers.
• OEM Charging Services: The company offers specialized charging and related services to original equipment manufacturers (OEMs).
• Fleet and Rideshare Charging Services: EVgo provides tailored public and dedicated charging solutions for commercial fleets and rideshare operators.
• Charging as a Service (CaaS): This includes comprehensive charging solutions and dedicated infrastructure management for businesses and fleets.
• Ancillary Driver Services: Value-added services for drivers, such as digital application customization, loyalty programs, and charging reservations, are also provided.
• eXtend™ Infrastructure & Operations: Through its eXtend™ platform, EVgo offers services like EV supply equipment installation, networking, operations, maintenance, and project management to clients.

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EVgo (EVGO) Major Customers

EVgo sells primarily to individuals who own or operate electric vehicles. The company offers electricity directly to drivers through its publicly available networked chargers. While EVgo has partnerships with other companies (Original Equipment Manufacturers, fleet operators), the ultimate consumers of the charging services on its public network are individuals.

The up to three categories of customers that EVgo serves are:

• Individual EV Drivers: These are personal electric vehicle owners who utilize EVgo's public DC fast charging network for their daily charging needs, paying for electricity directly.
• Rideshare and Commercial Fleet Drivers: This category includes individuals who drive for rideshare services (e.g., Uber, Lyft) or other commercial fleets (e.g., delivery services) and rely on EVgo's network to charge their work vehicles. EVgo specifically highlights "fleet and rideshare public charging services," indicating a targeted offering for these users.
• Drivers with OEM-Partnership Benefits: Individual owners of electric vehicles from manufacturers (Original Equipment Manufacturers) that have partnerships with EVgo. These drivers often benefit from integrated services, potential charging credits, or preferred rates facilitated by the OEM agreement, even though they are still direct consumers of EVgo's electricity.

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• Tritium DCFC Limited (DCFC)
• Delta Electronics, Inc. (2308.TW)
• ABB Ltd (ABB)
• Siemens AG (SIE.DE)

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Badar Khan, Chief Executive Officer & Director

Mr. Khan has served as the Chief Executive Officer of EVgo since November 2023 and as a member of its board of directors since May 2022. He brings over 25 years of experience in the energy sector, driving innovation and leveraging technology. Prior to EVgo, he was a Senior Advisor with Global Infrastructure Partners, a leading independent infrastructure fund manager. From 2017 to 2022, Mr. Khan was with National Grid, most recently as President of National Grid USA, overseeing electricity, natural gas, and clean energy solutions for over 20 million people. Previously, he was Chief Executive Officer of Direct Energy, where he led significant growth, reaching over $15 billion in revenue through multiple acquisitions and partnerships. He also served as an officer of a startup private retail energy company in the U.S. Mr. Khan worked in management consulting with Deloitte Consulting and KPMG London and began his career with Jaguar Cars. He currently serves on the Board of Directors of CRH plc and the advisory board of Zero Infinity Partners, an early-stage venture capital firm.

Paul Dobson, Chief Financial Officer

Mr. Dobson was appointed Chief Financial Officer of EVgo, effective October 1, 2024. He possesses over three decades of experience in finance and operations, particularly within the energy sector. Most recently, Mr. Dobson served as CFO of Ballard Power Solutions. Prior to that, he held roles as Interim President and CEO and CFO of Hydro One. From 2014-2018, he was CFO and COO of Direct Energy Ltd., a provider of electricity, natural gas, and home services across the U.S. and Canada, and held senior leadership positions within the Centrica Group. He also spent ten years in various finance, strategy, and business development roles at CIBC. Mr. Dobson serves as a member of the Board of Directors of Methanex Corporation.

Dennis Kish, President

Mr. Kish has served as President of EVgo since January 2024, having previously been the Chief Operating Officer since January 2022. He brings over 30 years of experience in the high technology and infrastructure sectors. Before joining EVgo, Mr. Kish served as President of Google Fiber, where he oversaw the development of distributed fiber optic networks. He also held positions as Senior Vice President & General Manager at Qualcomm and NXP, delivering billions of semiconductor chips to the wireless market.

Martin Sukup, Executive Vice President, Engineering

Mr. Sukup joined EVgo as Executive Vice President of Engineering in August 2024. He brings 14 years of experience from Tesla, where he held leadership positions in residential product architecture and charging systems. At Tesla, he was responsible for delivering multiple generations of Superchargers and other AC charging products.

Jonathan Lang, Senior Vice President, Information Technology

Mr. Lang is the Senior Vice President of Information Technology at EVgo, where he leads the development of EVgo's operating platform and manages cybersecurity risk strategy. Prior to EVgo, he was the Managing Principal for Merritt Brook Inc., providing advisory services to financial services firms. His previous roles include CIO/CTO for various firms such as Colony Capital, Aircastle, and Paloma Partners.

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Here are the key risks to EVgo's business:

1. Intense Competition: The electric vehicle (EV) charging market is experiencing increasing competition from other dedicated charging companies, automakers developing their own networks, and even traditional energy companies. This intensifying competition, particularly with the opening of networks like Tesla's Supercharger to non-Tesla vehicles, could erode EVgo's market share, put pressure on pricing, and lead to decreased utilization rates of its charging stations.
2. Unprofitability and High Capital Expenditure: EVgo has a history of operating losses and negative operating cash flows, with significant investments required to build and expand its charging infrastructure. While the company has secured substantial loans for expansion, these high capital expenditures can affect short-term profitability and financial resources, potentially necessitating further capital raises that could dilute existing shareholders. EVgo has projected negative adjusted EBITDA for upcoming years, indicating continued financial challenges on its path to consistent profitability.
3. Execution Risks of Expansion Plans and Dependence on EV Adoption: EVgo's growth strategy relies heavily on ambitious expansion plans, such as deploying thousands of new charging stalls. The execution of these plans is subject to significant risks, including potential delays in permitting processes, challenges in securing optimal locations, and disruptions in the supply chain for necessary equipment. Furthermore, the company's success is highly dependent on the continued rapid adoption of and demand for EVs. A slowdown in EV adoption rates directly impacts station utilization and revenue, making it harder for EVgo to meet its growth targets and achieve profitability.

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The establishment of a joint venture by major automotive manufacturers (including GM, BMW, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis) to build a competing, extensive high-power charging network in North America represents a clear emerging threat. This consortium, with its deep pockets, potential for preferential access or pricing for its own brands, and direct integration into vehicle ecosystems, could significantly impact the market share and competitive standing of independent public charging network operators like EVgo.

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EVgo (symbol: EVGO) operates in the electric vehicle (EV) charging sector, with its primary services centered around direct current (DC) fast charging, as well as offerings for original equipment manufacturers (OEMs), fleets, and charging-as-a-service (CaaS).

The addressable markets for EVgo's main products and services in the United States are as follows:

• EV Charging Infrastructure Market (U.S.): The overall U.S. electric vehicle charging infrastructure market was valued at approximately $5.09 billion in 2024 and is projected to reach $24.07 billion by 2030, growing at a compound annual growth rate (CAGR) of 30.3% from 2025 to 2030. Charge Point Operators (CPOs), which build, operate, and maintain EV charging stations, are estimated to account for a significant portion of this market's value, potentially reaching $65 billion in revenues by 2040. The fast charger segment alone accounted for 60.36% of the U.S. electric vehicle charging infrastructure market in 2024.
• DC Fast Charging Network (U.S.): As of March 1, 2026, there were 70,017 public DC fast-charging ports (stalls) in the United States. The U.S. DC fast electric vehicle charging station market is projected to surpass $2 billion by 2034.
• Fleet Charging Market (U.S.): The fleet charging market in the U.S. was estimated at $5.03 billion (USD 5028.11 million) in 2024 and is projected to grow to approximately $49.55 billion (USD 49548.24 million) by 2035, exhibiting a CAGR of 23.1% from 2025 to 2035. North America currently represents the largest market for fleet charging, holding approximately 45% of the global share.
• EV Charging as a Service (CaaS) Market (U.S.): The U.S. EV Charging as a Service market is estimated at $268.32 million in 2025 and is projected to reach $425.88 million by 2030, with a CAGR of 9.67%. Another estimate places the U.S. CaaS market size at $235.6 million in 2024, projected to grow to $546.1 million by 2033, with a CAGR of 9.5%. This market includes services for commercial fleets and automotive OEMs.

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EVgo (EVGO) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Expanded Charging Network and Stall Deployment: EVgo plans a significant expansion of its charging infrastructure, targeting the deployment of 1,400 to 1,650 new stalls in 2026. This includes public, dedicated, and eXtend stalls, building on the more than 1,200 operational stalls added in 2025, which brought the total to 5,100. The company is also focusing on expanding its presence at local retailers, such as Kroger, in 2026.
2. Growth in EV Adoption and Network Throughput: The ongoing adoption of electric vehicles in the U.S. serves as a robust long-term growth driver. EVgo's network throughput (energy dispensed) saw substantial increases, rising 32% year-over-year for the full year 2025 and 18% in Q4 2025, reaching 366 gigawatt-hours. This indicates growing usage and demand for their charging services.
3. Rollout of NACS (North American Charging Standard) Connectors: EVgo is actively integrating the North American Charging Standard (NACS) into its network. The company expects to add over 400 NACS connectors by the end of 2026, which is anticipated to more than double its addressable market by allowing more EV drivers to charge without adapters.
4. Increasing Customer Base and Network Utilization: The company continues to grow its customer accounts, adding over 93,000 new accounts in Q4 2025 to reach a total of 1.6 million. Concurrently, EVgo has achieved a notable network utilization rate of 24% in Q4 2025, which is considered high within the industry, demonstrating efficient use of its expanding infrastructure.
5. Strategic Partnerships and Evolution of Ancillary Services: While certain pilot contracts for eXtend services are winding down, leading to a projected year-over-year decline in eXtend revenue for 2026, EVgo's broader ancillary services and partnerships remain an avenue for growth. The company's focus on leveraging key partnerships and developing next-generation charging architecture are expected to create long-term value.

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Share Issuance

• EVgo issued 40,000,000 shares of Class A common stock to PIPE Investors for an aggregate of $400,000,000 as part of its business combination on July 1, 2021.
• The company established an "at the market" (ATM) program on November 10, 2022, allowing it to sell up to $200 million of Class A common stock, with 1,588,340 shares sold in the fourth quarter of 2022.
• A secondary offering of 23,000,000 shares of Class A common stock closed on December 18, 2024.

Inbound Investments

• EVgo secured a commercial bank loan facility of up to $300 million in July 2025, with $225 million committed, to accelerate its nationwide deployment of high-power charging infrastructure.

Outbound Investments

• EVgo acquired PlugShare for $25 million in cash on July 9, 2021, which included the repayment of $3 million of indebtedness.

Capital Expenditures

• GAAP capital expenditures for the full year 2025 were $116,707 thousand, a 23% increase year-over-year. Net capital expenditures for 2025, after capital offsets, totaled $76 million.
• EVgo added over 1,200 new stalls to its network in 2025, including 500 in Q4 2025, increasing its total operational stalls to 5,100 by year-end, focusing on expanding the DC fast-charging network.
• For 2026, EVgo expects capital spending in the high $100 million to $200 million range, targeting the deployment of 1,400–1,650 new stalls and over 400 NACS (North American Charging Standard) connectors to double its addressable market.