EVgo (EVGO) Stock Forecast & Price Target

EVgo is supported by strong operating momentum, with 2Q26 network throughput of 99 GWh, average utilization near 20%, and a growing base of 5,380 stalls after adding 280 DC fast-charging stalls in 2Q26. Its outlook is strengthened by strategic partnerships, especially the Tesla agreement that could more than double the addressable market and the expanded Brixmor rollout of over 500 stalls, which should improve site density and brand reach. Although 2026 revenue guidance was cut to $400M-$430M amid weaker EV demand, the business still benefits from a large installed network, >1.8M customer accounts, and long-term secular demand for charging infrastructure.

EVgo is facing a softer-than-expected core charging trajectory, as 2Q26 revenue guidance was cut to $400M-$430M from $410M-$470M and FY26 adjusted EBITDA guidance was lowered to a range of ($25M)-($5M), signaling weaker operating leverage than anticipated. Despite 1Q26 total revenue of $110M, the beat was driven mainly by non-charging items, while network charging revenue of $56M and throughput of 91 GWh undershot expectations, suggesting the underlying charging business is still not ramping efficiently. With total new stalls now expected at 1,350-1,625 by year-end and the company still not generating positive free cash flow, EVgo remains exposed to capital intensity, dilution risk, and reliance on incentives amid competitive pressure.