EVgo (EVGO) Stock Forecast & Price Target

EVgo is supported by a stronger competitive and structural growth profile, highlighted by its Tesla partnership to deploy EVgo-branded V4 Superchargers capable of up to 500kW/1000 Volts and adding up to 200 miles of range in 15 minutes, which management says could more than double its addressable market. The company is also deepening site access through Brixmor with >500 additional stalls across >90 properties, while 2Q26 network throughput reached 99 GWh, customer accounts exceeded 1.8M, and the network grew to 5,380 stalls, underscoring expanding scale and demand. Although margins were pressured by higher energy and infrastructure costs, utilization near 20% remains among the industry’s highest, and management expects long-term margin expansion as new stalls mature and operating leverage improves.

EVgo is facing a weaker fundamental backdrop as FY26 revenue guidance was cut to $400M-$430M and Adj. EBITDA was also revised lower, reflecting slower EV demand and a reduced stall deployment plan for year-end. Despite 2Q26 revenue of about $82.6M and 99 GWh throughput, gross margin was only 8.9% and Adj. EBITDA remained negative at roughly ($10.6M), underscoring limited operating leverage. With capital-intensive buildout, ~$40.3M of quarterly free cash outflow, and liquidity partly dependent on financing and regulatory credits, the business still carries meaningful dilution and execution risk.