EVgo (EVGO) Stock Forecast & Price Target

EVgo is supported by a stronger growth runway after its 8/5 partnership with Tesla, which brings EVgo-branded V4 Superchargers capable of up to 500kW/1000 Volts, expected to add up to 200 miles of range in 15 minutes and more than double its addressable market. Its operating momentum also looks solid, with 2Q26 network throughput of 99 GWh, ~20% charger utilization, 280 new DCFC stalls added, and more than 1.8M customer accounts, while the Brixmor expansion adds over 500 stalls across more than 90 properties. Although margins have faced pressure from energy and infrastructure costs and the DOE loan cap was reduced to $750mm, management expects these headwinds to be temporary and sees operational leverage, new-stall maturation, and renewable-credit monetization supporting long-term expansion.

EVgo is pressured by a slower-than-expected EV demand environment that forced it to cut FY26 revenue guidance to $400M-$430M from $410M-$470M and reduce FY26 adjusted EBITDA to ($25M)-($5M), while total new stalls were also revised lower to 1,350-1,625. Although 2Q26 network throughput reached 99 GWh and stalls rose to 5,380, utilization near 20% and 1Q26 throughput per stall of 257 kWh per day suggest the economics of new deployments are ramping more gradually than hoped. The business remains capital-intensive, free cash flow is still negative, unrestricted cash fell to $122.4M from $151M, and dependence on incentives plus competition and dilution risk leave limited margin for error.