EVgo has reached a milestone, posting its first annual profit with $12 million in adjusted EBITDA for 2025. The company's fourth-quarter performance drove this achievement, generating $24 million in adjusted EBITDA on $118.4 million in revenue, a 75% increase from the previous year. Gross margins expanded dramatically by 2350 basis points to 38%, signaling improved operational efficiency.

Despite slowing EV sales in the US after federal tax credit changes, EVgo's network utilization has soared. CEO Badar Khan credits the company's strategy of placing chargers where people naturally spend time - grocery stores, workplaces, and errand locations. This approach has led to a six-fold increase in utilization rates, with demand per stall now five times higher than most competitors. The company's network includes 5,100 operational stalls, with 62% being DC fast chargers, the preferred option for road-tripping EV owners.

EVgo faces the classic growth challenge of balancing profitability with expansion. While the company has achieved operational profitability, depreciation and amortization costs from rapid network growth continue to impact reported earnings. Khan emphasizes that focusing on charger efficiency, reliability, and uptime helps offset these costs, positioning EVgo as one of the industry's top three players alongside Tesla and Electrify America.