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Share-Based Compensation - Stock Option (Details) - Stock options shares in Thousands	3 Months Ended
	Mar. 31, 2026 shares
Share-Based Compensation
Unrecognized compensation cost, weighted average period	7 months 6 days
Stock options exercised	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Lease Accounting - Lessee Accounting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease, Cost [Abstract]
Total operating and variable lease costs	$ 6,036	$ 5,023
Future fixed minimum payments
2026	13,612
2027	20,175
2028	20,143
2029	20,254
2030	19,689
Thereafter	80,423
Total undiscounted operating lease payments	174,296
Imputed interest	(63,346)
Total discounted operating lease liabilities	$ 110,950
Weighted-average remaining lease term (in years)	8 years 7 months 6 days	8 years 8 months 12 days
Weighted-average discount rate	10.70%	9.30%
Cash paid for amounts included in measurement of operating lease liabilities	$ 3,814	$ 3,836
ROU assets obtained in exchange for new operating lease liabilities	6,139	3,801
Lease
Lessee, Lease, Description [Line Items]
Operating lease commitments	$ 58,100
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	15 years
Renewal term for most of the leases	5 years
Renewal term for certain leases	30 years
Charging network cost of sales
Lease, Cost [Abstract]
Operating lease costs	$ 3,570	2,661
Variable lease costs	568	530
Other cost of sales
Lease, Cost [Abstract]
Operating lease costs	738	690
General and administrative expenses
Lease, Cost [Abstract]
Operating lease costs	1,155	1,129
Variable lease costs	$ 5	$ 13

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References to GAAP issued by the Financial Accounting Standards Board (“FASB”) in these notes to the condensed consolidated financial statements are to the FASB Accounting Standards Codification

(“ASC”). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany transactions have been eliminated in consolidation.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026, or any other period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Annual Report.

GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude and timing, certain subsequent events may be required to be reflected in the condensed consolidated financial statements at the balance sheet date and/or be required to be disclosed in the notes to the condensed consolidated financial statements. The Company has evaluated subsequent events accordingly.

Use of Estimates

The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of EVgo’s condensed consolidated financial statements requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and related disclosures of contingent assets and liabilities. Significant estimates made by management include, but are not limited to, variable consideration estimates and stand-alone selling prices (“SSP”) for performance obligations for revenue, valuation allowances for deferred tax assets, depreciable lives of property and equipment and intangible assets, costs associated with asset retirement obligations, the fair value of operating lease right-of-use (“ROU”) assets and liabilities, share-based compensation, earnout liability and warrant liabilities, and the fair value of long-term debt. Management bases these estimates on its historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results experienced may vary materially and adversely from EVgo’s estimates. Revisions to estimates are recognized prospectively.

Concentration of Business and Credit Risk

The Company maintains its cash accounts in commercial banks. Cash balances held in a commercial bank are secured by the Federal Deposit Insurance Corporation up to $250,000. A portion of deposit balances may exceed federal insurance limits. The Company has not experienced any losses on such accounts. The Company mitigates its risk with respect to cash by maintaining its deposits at high-quality financial institutions and monitoring the credit ratings of those institutions.

The Company had one customer that comprised 33.6% of the Company’s net accounts receivable as of March 31, 2026. The Company had one customer that comprised 40.4% of the Company’s net accounts receivable as of December 31, 2025. For the three months ended March 31, 2026 two customers represented 46.8% of total revenue. For the three months ended March 31, 2025, one customer represented 31.1% of total revenue. The loss, non-renewal, or material reduction in business from any such significant customer could have a material adverse effect on the Company's revenue, results of operations, and cash flows.

In addition to customer concentration, the Company's charging operations are geographically concentrated, which exposes the Company to region-specific operational and economic risks. For the three months ended March 31, 2026 and 2025, 55.1% and 50.4%, respectively, of charging revenues were generated in California.

For the three months ended March 31, 2026, one vendor provided 83.4% of EVgo’s total charging equipment. For the three months ended March 31, 2025, two vendors provided 84.5% of EVgo's charging equipment.

Reclassifications

During the first quarter of 2026, certain disaggregated charging network revenue amounts in the condensed consolidated statements of comprehensive loss have been aggregated. The disaggregated charging network revenue disclosure has been moved from the condensed consolidated statements of comprehensive loss to Note 3. This reclassification had no impact on the reported total charging network revenue. Previously reported amounts have been updated to conform to the current period presentation.

Cash, Cash Equivalents and Restricted Cash

Cash and restricted cash, current and noncurrent, include cash held in cash depository accounts in major banks in the U.S. and are stated at cost. Cash equivalents are carried at fair value and are primarily invested in money market funds. Cash that is held by a financial institution and has restrictions on its availability to the Company is classified as current and noncurrent restricted cash.

As of March 31, 2026 and December 31, 2025, the Company restricted cash associated with long-term debt of $27.1 million (of which $12.3 million was noncurrent) and $59.1 million (of which $10.2 million was noncurrent), respectively (see Note 8). The Company had unused letters of credit, which were collateralized with cash classified as restricted cash on the Company's condensed consolidated balance sheets of $0.4 million as of March 31, 2026 and December 31, 2025, associated with the construction of its charging stations. The Company also had $0.2 million in restricted cash as of March 31, 2026 and December 31, 2025, related to a credit card agreement.

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are amounts due from customers under normal trade terms. Payment terms for accounts receivable related to capital-build agreements are specified in the individual agreements and vary depending on the counterparty. Management reviews accounts receivable on a recurring basis to determine if any accounts receivable will potentially be uncollectible. The Company reserves for any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts. After all internal attempts to collect an account receivable have failed, the Company places the outstanding balance with a third-party collection agency and the account receivable is written off against the allowance for doubtful accounts. The Company also writes off any accounts receivables that are suspected of being related to misuses. Unbilled contract receivables, for which performance obligations have been met, were $3.4 million and $3.8 million as of March 31, 2026 and December 31, 2025, respectively.

Lease Accounting – Sales Type Leases

Gain (loss) from sales-type leases, which is recognized at lease commencement when control transfers to the lessee and collectibility is considered probable, equals the sales price (fair value or lease receivable, if lower) less the carrying value of the asset and deferred initial direct costs (cost of sales). The sales price is included in AV and ancillary revenue and the related cost of sales is included in other cost of sales. If collectibility is not considered probable at lease commencement, the asset is not derecognized and lease payments received are recorded as a deposit liability until either: (a) collectibility becomes probable, or (b) the lease is terminated or the asset is repossessed and payments are nonrefundable. At that point, the asset and liability are derecognized, and a net investment in lease and sale income (loss) is recognized. If collectibility is initially probable but the lessee’s credit quality later deteriorates, the net investment in lease is assessed for impairment, and a charge may be recorded.

Segment Reporting

The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by its CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates in one operating and reportable segment.

The following table presents disaggregated general and administrative expenses:


	Three Months Ended March 31,
(in thousands)	2026		2025
Operations/network operations	$	15,239	$	12,636
Other general and administrative	13,553		11,891
Technology and development	11,702		9,356
Sales and marketing	5,511		4,745
General and administrative expenses	$	46,005	$	38,628

Newly Adopted Accounting Standards

In July 2025, the FASB issued ASU 2025-05, ASC Subtopic 326 “Financial Instruments — Credit Losses” (“ASU 2025-05”), which provides a practical expedient that allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within annual reporting periods. The Company adopted ASU 2025-05 as of January 1, 2026 and elected to utilize the practical expedient. The adoption of ASU 2025-05 and the election of the practical expedient did not have a material impact on the condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, ASC Subtopic 350 “Intangibles — Goodwill and Other — Internal-Use Software” (“ASU 2025-06”), which provides targeted improvements to the accounting for internal-use software by eliminating stage-based rules for cost capitalization and replacing them with a principles-based framework aligned with modern software development practices. The update also clarifies the disclosure framework for capitalized software costs and is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Company early adopted ASU 2025-06 as of January 1, 2026 using the prospective transition approach. The adoption of ASU 2025-06 did not have a material impact on the condensed consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, ASC Subtopic 270 “Narrow-Scope Improvements” (“ASU 2025-11”), which clarifies the guidance in Subtopic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods and annual periods beginning after December 15, 2027. The Company early adopted ASU 2025-11 prospectively as of January 1, 2026. The adoption of ASU 2025-11 did not have a significant impact on the interim disclosures in the condensed consolidated financial statements.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, ASC Subtopic 220 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (“ASU 2024-03”) which requires that, in each interim and annual reporting period, an entity disclose more information about the components of certain expense captions than is currently disclosed in the financial statements. In January 2025, the FASB issued ASU 2025-01, ASC Subtopic 220 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (“ASU 2025-01”), which clarified the effective date of ASU 2024-03, in which the amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures.

In December 2025, the FASB issued ASU 2025-10, ASC Subtopic 832 “Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. ASU 2025-10 provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. ASU 2025-10 also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. The effective date for public companies is fiscal years beginning after December 15, 2028, including interim periods within those annual periods. The Company is currently evaluating the effect that the adoption of this ASU will have on its condensed consolidated financial statements.

Description of Business and Nature of Operations	3 Months Ended
Description of Business and Nature of Operations	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Nature of Operations	Description of Business and Nature of Operations EVgo Inc. (“EVgo” or the “Company”) owns and operates a public direct current (“DC”) fast charging network for electric vehicles (“EVs”) in the United States (“U.S.”). EVgo’s network of charging stations provides EV charging infrastructure to consumers and businesses. Its network is capable of charging all EV models and charging standards currently available in the U.S. EVgo partners with automotive original equipment manufacturers (“OEMs”), fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, gas stations, parking lot operators, governments and other organizations and property owners in order to locate and deploy its EV charging infrastructure. EVgo Services LLC (“EVgo Services”) was formed in October 2010 as NRG EV Services, LLC, a Delaware limited liability company and wholly owned subsidiary of NRG Energy, Inc., an integrated power company based in Houston, Texas (“NRG”). On June 17, 2016, NRG sold a majority interest in EVgo Services to Vision Ridge Partners. On January 16, 2020, EVgo Holdco, LLC (“EVgo Holdco”), a Delaware limited liability company and a subsidiary of LS Power Equity Partners IV, L.P. (“LS Power”), completed an acquisition of EVgo Services pursuant to the merger agreement among EVgo Services, its investors and EVgo Holdco, whereby EVgo Services became a wholly-owned subsidiary of EVgo Holdco, resulting in a change in control of EVgo Services (the “Holdco Merger”). LS Power formed EVgo Holdings, LLC (“EVgo Holdings”) and EVgo Holdco as part of the transaction. EVgo Inc. was incorporated in Delaware on August 4, 2020 under the name “Climate Change Crisis Real Impact I Acquisition Corporation” (“CRIS”) and was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On October 2, 2020, the Company completed its initial public offering (the “Initial Public Offering”). Simultaneously with the closing of the Initial Public Offering, the Company completed the sale of the 6,600,000 warrants (the “Private Placement Warrants”) at $1.00 in a private placement to Climate Change Crisis Real Impact I Acquisition Holdings, LLC (the “Sponsor”). On July 1, 2021 (the “CRIS Close Date”), the Company consummated the business combination (the “CRIS Business Combination”) with CRIS, CRIS Thunder Merger LLC (“Thunder Sub”), EVgo Holdings, EVgo Holdco and EVgo OpCo, LLC (“EVgo OpCo” and together with EVgo Holdings and EVgo Holdco, the “EVgo Parties”) pursuant to the business combination agreement dated January 21, 2021. Following the CRIS Close Date, the combined company was organized in an “Up-C” structure in which the business of EVgo Holdco and its subsidiaries are held by EVgo OpCo and continue to operate through the subsidiaries of EVgo Holdco and in which the Company’s only direct assets consist of equity interests in Thunder Sub, and the only assets of Thunder Sub are the common units in EVgo OpCo (“EVgo OpCo Units”). On May 22, 2023, in connection with an underwritten equity offering, EVgo Member Holdings, LLC, an affiliate of EVgo Holdings, the Company’s controlling stockholder, purchased 5,882,352 shares of the Company’s Class A common stock, par value $0.0001 per share (“Class A common stock”). As the sole managing member of EVgo OpCo, Thunder Sub operates and controls all of the business and affairs of EVgo OpCo and through EVgo OpCo and its subsidiaries, conducts its business. Accordingly, the Company consolidates the financial results of EVgo OpCo and records a redeemable noncontrolling interest in its condensed consolidated financial statements to reflect the EVgo OpCo Units that are owned by EVgo Holdings. Each EVgo OpCo Unit, together with one share of Class B common stock, is redeemable, subject to certain conditions, for either one share of Class A common stock, or, at EVgo OpCo’s election, the cash equivalent to the market value of one share of Class A common stock, pursuant to the Amended and Restated LLC Agreement of EVgo OpCo dated July 1, 2021 (the “EVgo OpCo A&R LLC Agreement”).

Fair Value Measurements - Long Term Debt - Schedule of Assumptions of the Liability (Details)	Mar. 31, 2026
Credit spread (semi-annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long term debt, measurement input	0.013

Share-Based Compensation - Schedule of Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation
Total share-based compensation expense	$ 4,245	$ 5,494
Other cost of sales
Share-Based Compensation
Total share-based compensation expense	99	92
General and administrative expenses
Share-Based Compensation
Total share-based compensation expense	$ 4,146	$ 5,402

Share-Based Compensation - Schedule of PSU Awards and MSU Awards Key Assumptions (Details) - MSUs	3 Months Ended
	Mar. 31, 2026
Assumptions
Risk-free interest rate	3.80%
Expected dividend yield	0.00%
Expected volatility	87.00%
Cost of equity	14.00%
Remaining time to performance period end date (in years)	5 years

Lease Accounting - Lessor Accounting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AV and ancillary revenue
Operating lease income	$ 1,109	$ 2,071
Ancillary revenue, Income Statement Location	Total revenue	Total revenue
Sublease income	$ 77	$ 37
Total operating lease income	1,186	$ 2,108
Future minimum rental payments due to lessor under operating leases (including subleases)
2026	1,321
2027	946
2028	946
2029	946
2030	946
Thereafter	4,218
Total	$ 9,323
Minimum
Lessor, Lease, Description [Line Items]
Initial lease terms	1 year
Maximum
Lessor, Lease, Description [Line Items]
Initial lease terms	10 years

Asset Retirement Obligations

3 Months Ended

Mar. 31, 2026

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Asset retirement obligations represent the present value of the estimated costs to remove the charging stations and other equipment and restore the sites to the condition prior to installation. The Company reviews estimates of removal costs on an ongoing basis. Asset retirement obligation activity was as follows:


(in thousands)	March 31, 2026
Beginning balance	$	30,868
Liabilities incurred	488
Accretion expense	795

Liabilities settled	(272)
Ending balance	$	31,879

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property, Equipment and Software, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Software, Net

Property, equipment and software, net, consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Charging stations	$	546,858	$	545,655
Construction in process	110,368		101,737
Software	28,356		27,913
Office equipment, vehicles and other	2,295		2,118
Total property, equipment and software	687,877		677,423
Less: accumulated depreciation and amortization	235,502		216,676
Property, equipment and software, net	$	452,375	$	460,747

Schedule of Depreciation, Amortization, Impairment Expense and Loss on Disposal of Property and Equipment, Net of Insurance Recoveries

Depreciation, amortization, impairment expense and loss on disposal of property and equipment, net of insurance recoveries, consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Cost of sales
Depreciation of property and equipment	$	19,864	$	18,843
Amortization of capital-build liability	(3,287)		(2,888)
General and administrative expenses
Depreciation of property and equipment	198		84
Amortization of software	1,110		1,434
Impairment expense	3,664		903
Loss on disposal of property and equipment, net of insurance recoveries	97		296
	$	21,646	$	18,672

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 109,531	$ 75,287
Total charging network
Disaggregation of Revenue [Line Items]
Total revenue	55,717	47,098
Charging, retail
Disaggregation of Revenue [Line Items]
Total revenue	33,786	30,015
Charging, commercial
Disaggregation of Revenue [Line Items]
Total revenue	8,814	7,783
Charging, OEM
Disaggregation of Revenue [Line Items]
Total revenue	4,775	5,258
Regulatory credit sales
Disaggregation of Revenue [Line Items]
Total revenue	3,280	2,786
Network, OEM
Disaggregation of Revenue [Line Items]
Total revenue	5,062	1,256
Total non-charging network
Disaggregation of Revenue [Line Items]
Total revenue	53,814	28,189
eXtend
Disaggregation of Revenue [Line Items]
Total revenue	33,187	23,488
Ancillary
Disaggregation of Revenue [Line Items]
Total revenue	$ 20,627	$ 4,701

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation

Schedule of Stock-based Compensation Expense

The following table sets forth the Company’s total share-based compensation expense included in the Company’s condensed consolidated statements of comprehensive loss:


	Three Months Ended March 31,
(in thousands)	2026		2025
Other cost of sales	$	99	$	92
General and administrative expenses	4,146		5,402
Total share-based compensation expense	$	4,245	$	5,494

Schedule of Options Activity

The following table summarizes stock option activity:


(shares in thousands)	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	436	$	7.53	7.2 years	$	18

Outstanding and expected to vest as of March 31, 2026	436	$	7.53	7.0 years	$	—

Exercisable as of March 31, 2026	396	$	8.01	6.9 years	$	—

Service-Based Awards

Share-Based Compensation

Schedule of RSU Activity

The table below represents the Company’s restricted stock units (“RSU”) activity:


(shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	16,222	$	3.05
Granted	568	$	3.07
Vested	(5,695)	$	3.18
Forfeited	(454)	$	2.87
Nonvested and outstanding as of March 31, 2026	10,641	$	2.99

MSUs

Share-Based Compensation

Schedule of RSU Activity

The table below represents the Company’s market-based restricted stock units (“MSU”) activity:


(shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	1,113	$	2.23
Granted	66	$	2.61
Forfeited	(71)	$	3.43
Vested	(28)	$	2.42
Nonvested as of March 31, 2026	1,080	$	2.17

Expected to vest as of March 31, 2026	104	$	2.39

Schedule of Assumptions Used for Grants of Awards

The following assumptions were used for the MSU grants issued during the three months ended March 31, 2026:


Risk-free interest rate	3.8	%
Expected dividend yield	—	%
Expected volatility	87	%
Cost of equity	14	%
Remaining time to performance period end date (in years)	5.0

PSUs

Share-Based Compensation

Schedule of PSU Activity

The table below represents the Company’s PSU activity under the 2021 Incentive Plan:


(shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	3,795	$	2.68


Forfeited	(872)	$	2.54
Nonvested as of March 31, 2026	2,923	$	2.72

Expected to vest as of March 31, 2026	2,923	$	2.72

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies
Restricted cash, noncurrent	$ 12,253	$ 10,227	$ 5,801	$ 0
Asset Pledged as Collateral \| DOE Loan & Term Facility
Summary of Significant Accounting Policies
Restricted cash	27,100	59,100
Restricted cash, noncurrent	12,300	10,200
Asset Pledged as Collateral \| Construction of Charging Stations
Summary of Significant Accounting Policies
Restricted cash	400	400
Asset Pledged as Collateral \| Credit Card Agreement
Summary of Significant Accounting Policies
Restricted cash	$ 200	$ 200

Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Schedule of Reconciliation of Changes in Redeemable Noncontrolling Interest

The following is a reconciliation of changes in the redeemable noncontrolling interest:


(in thousands)
Balance as of December 31, 2025	$	502,848


Net loss attributable to redeemable noncontrolling interest	(20,560)
Adjustment to revise redeemable noncontrolling interest to its redemption value at period-end	(168,361)
Balance as of March 31, 2026	$	313,927

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Earnings Per Common Share

The following table sets forth the computation of basic and diluted net income loss per share:


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Numerator
Net loss	$	(36,980)	$	(26,227)
Less: net loss attributable to redeemable noncontrolling interest	(20,560)		(14,865)
Comprehensive loss attributable to Class A common stockholders	(16,420)		(11,362)
Less: net loss attributable to participating securities	(85)		(62)
Loss attributable to Class A common stockholders, basic and diluted	$	(16,335)	$	(11,300)

Denominator
Weighted average Class A common stock outstanding	138,647		132,513
Weighted average unvested Earnout Shares outstanding	(719)		(719)
Weighted average Class A common stock outstanding, basic and diluted	137,928		131,794

Loss per share attributable to Class A common stockholders, basic and diluted	$	(0.12)	$	(0.09)

Schedule of Antidilutive Securities Excluded From Computation of Diluted EPS

For the periods in which EPS is presented, the Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to Class A common stockholders since their impact would have been antidilutive:


	Three Months Ended March 31,
(in thousands)	2026	2025
Public Warrants	14,949	14,949
Private Placement Warrants	3,149	3,149
RSUs	10,641	16,669
MSUs	104	236
PSUs	2,231	1,854
Stock options	436	436
	31,510	37,293

Share-Based Compensation - Schedule of Performance-Based Awards (Details) - PSUs - 2021 Incentive Plan shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Nonvested as of beginning (in shares) \| shares	3,795
Forfeited (in shares) \| shares	(872)
Nonvested as of ending (in shares) \| shares	2,923
Nonvested and expected to vest as of ending (in shares) \| shares	2,923
Weighted Average Grant Date Fair Value
Nonvested as of beginning (in dollars per share) \| $ / shares	$ 2.68
Forfeited (in dollars per share) \| $ / shares	2.54
Nonvested as of ending (in dollars per share) \| $ / shares	2.72
Nonvested and expected to vest as of ending (in dollars per share) \| $ / shares	$ 2.72

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table disaggregates by our categories indicated for the dates below:


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenue
Charging, retail	$	33,786	$	30,015
Charging, commercial	8,814		7,783
Charging, OEM	4,775		5,258
Regulatory credit sales	3,280		2,786
Network, OEM	5,062		1,256
Total charging network	55,717		47,098
eXtend	33,187		23,488
Ancillary	20,627		4,701
Total non-charging network	53,814		28,189
Total revenue	$	109,531	$	75,287

The following table provides information about contract assets and liabilities from contracts with customers:


					Change
(dollars in thousands)	March 31, 2026		December 31, 2025		$		%
Contract assets	$	6,840	$	1,715	$	5,125	299	%
Contract liabilities	$	93,808	$	102,771	$	(8,963)	(9)	%

The balance of contract assets is driven by the difference in timing of when revenue is recognized from performance obligations satisfied in the current reporting period and when amounts are invoiced to the customer. The balance of contract liabilities is driven by the difference in timing between when cash is received pursuant to a contract and when the Company’s performance obligations under the contract are satisfied.

The following table provides the activity for the contract liabilities recognized:


(in thousands)	March 31, 2026
Beginning balance	$	102,771
Additions	26,200
Recognized in revenue	(35,163)
Changes in estimate of transaction price	—
Ending balance	$	93,808

Revenues include the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Amounts included in the beginning of period contract liabilities balance	$	12,151	$	12,058
Amounts associated with performance obligations satisfied in previous periods	$	—	$	36

It is anticipated that deferred revenue as of March 31, 2026 will be recognized in the following periods ending December 31:


(in thousands)
2026	$	17,666
2027	19,575
2028	14,842
2029	4,056

	$	56,139

As of March 31, 2026, there was $18.4 million in consideration received for charging credits, for which the timing of revenue recognition is uncertain. The Company expects to recognize revenue for these amounts as customers use their charging credits over the next 2.8 years.

ASC 606 does not require disclosure of the transaction price to remaining performance obligations if the contract contains variable consideration allocated entirely to a wholly unsatisfied performance obligation. Under many customer contracts, each unit of product represents a separate performance obligation and therefore future volumes are wholly unsatisfied and thus disclosure of the transaction price allocated to a wholly unsatisfied performance obligation is not required. Under these contracts, variability arises as both volume and pricing are not known until the product is delivered. As of March 31, 2026 and December 31, 2025, there was $19.3 million in variable consideration for wholly unsatisfied performance obligations, which is included in deferred revenue on the condensed consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligations Activity

Asset retirement obligation activity was as follows:


(in thousands)	March 31, 2026
Beginning balance	$	30,868
Liabilities incurred	488
Accretion expense	795

Liabilities settled	(272)
Ending balance	$	31,879

Summary of Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Allowance for accounts receivable	$ 70	$ 75
Unbilled contract receivables	$ 3,400	$ 3,800

Revenue Recognition - Schedule of Deferred Revenue to Be Recognized (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue - Remaining performance obligation	$ 56,139
Variable consideration - Deferred revenue	19,300	$ 19,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue - Remaining performance obligation	$ 17,666
Revenue - Remaining performance obligation satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 \| Charging credits program
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue - Remaining performance obligation	$ 18,400
Revenue - Remaining performance obligation satisfaction period	2 years 9 months 18 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue - Remaining performance obligation	$ 19,575
Revenue - Remaining performance obligation satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue - Remaining performance obligation	$ 14,842
Revenue - Remaining performance obligation satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue - Remaining performance obligation	$ 4,056
Revenue - Remaining performance obligation satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue - Remaining performance obligation satisfaction period	1 year

Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Cost

The Company’s lease costs consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Operating lease costs
Charging network cost of sales	$	3,570	$	2,661
Other cost of sales	738		690
General and administrative expenses	1,155		1,129
Variable lease costs
Charging network cost of sales	568		530

General and administrative expenses	5		13
Total operating and variable lease costs	$	6,036	$	5,023

Schedule of Maturities of Operating Lease Liabilities

As of March 31, 2026, the maturities of operating lease liabilities for the periods ending December 31, were as follows:


(in thousands)
2026	$	13,612
2027	20,175
2028	20,143
2029	20,254
2030	19,689

Thereafter	80,423
Total undiscounted operating lease payments	174,296
Imputed interest	(63,346)
Total discounted operating lease liabilities	$	110,950

Schedule of Other Supplemental and Cash Flow Information

Other supplemental and cash flow information consisted of the following:


	Three Months Ended March 31,
(dollars in thousands)	2026			2025
Weighted-average remaining lease term (in years)	8.6			8.7
Weighted-average discount rate	10.7		%	9.3		%
Cash paid for amounts included in measurement of operating lease liabilities	$	3,814		$	3,836
ROU assets obtained in exchange for new operating lease liabilities	$	6,139		$	3,801

Schedule of Operating Lease Income

The Company’s operating lease income consisted of the following components:


	Three Months Ended March 31,
(in thousands)	2026		2025
AV and ancillary revenue
Operating lease income	$	1,109	$	2,071
Sublease income	77		37
	$	1,186	$	2,108

Schedule of Future Minimum Rental Payments Due to as Lessor Under Operating Leases (Including Subleases)

As of March 31, 2026, future minimum rental payments due to the Company as lessor under operating leases (including subleases) for the periods ending December 31, were as follows:


(in thousands)
2026	$	1,321
2027	946
2028	946
2029	946
2030	946
Thereafter	4,218
	$	9,323

Schedule of the Charging Stations and Subleased Host Sites Leased to Third Parties

The components of charging stations and subleased host sites leased to third parties under operating leases, which are included within the Company’s property and equipment, net, and operating lease ROU assets were as follows as of:


(in thousands)	March 31, 2026		December 31, 2025
Charging stations	$	2,193	$	13,018
Accumulated depreciation	(1,633)		(3,151)
Property and equipment, net	$	560	$	9,867

Operating lease ROU assets	$	6,862	$	2,090

Schedule of Sales-Type Leases Income

The following table presents amounts included the condensed consolidated statements of comprehensive loss related to income generated from sales-type leases:


(in thousands)	Three Months Ended March 31, 2026
AV and ancillary revenue	$	17,176
Other cost of sales	(12,855)
Gross margin	$	4,321

Schedule of Annual Minimum Discounted Lease Payment Receipts Under Our Sales-type Leases

Minimum discounted lease payments due under sales-type leases were as follow as of March 31, 2026 for the periods ending December 31:


(in thousands)
2026	$	2,159
2027	2,879
2028	2,879
2029	2,879
2030	2,879
2031	2,214
Thereafter	2,646
Total expected sales-type lease payments	$	18,535
Less: imputed interest	(1,604)
Total net investment in sales-type leases	$	16,931

Schedule of Sales-type Lease Activity Related Amounts Included in the Consolidated Balance Sheets

The following table presents amounts included in the condensed consolidated balance sheets related to sales-type leases:


(in thousands)	March 31, 2026
Prepaid and other current assets
Net investment in lease, current	$	2,557
Other assets
Net investment in lease, noncurrent	14,374
Total sales-type lease assets	$	16,931

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	$ 143,000,000.0
Carrying value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	142,600,000
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Fair Value Measurements - Private Placement Warrant liability - Schedule of Assumptions of the Liability (Details) - Private Placement Warrants	Mar. 31, 2026 $ / shares yr	Dec. 31, 2025 $ / shares yr
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	1.72	2.91
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0037	0.0036
Expected restriction period (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| yr	0.25	0.50
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	182	120
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0	0
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	11.50	11.50

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Note 17 — Subsequent Events See “Item 5 - Other Information” for a description of the amendment of the DOE Loan entered into as of April 29, 2026.

Summary of Significant Accounting Policies - Concentration of Business and Credit Risk (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) customer vendor	Mar. 31, 2025 customer individual	Dec. 31, 2025 customer
Concentration Risk [Line Items]
Cash balances insured by FDIC \| $	$ 250,000
Total Accounts Receivable \| Customer Concentration Risk \| Major Customers
Concentration Risk [Line Items]
Number of customers	1		1
Concentration risk percentage	33.60%		40.40%
Total Revenue \| Customer Concentration Risk \| Major Customers
Concentration Risk [Line Items]
Number of customers	2	1
Concentration risk percentage	46.80%	31.10%
Total Revenue \| Geographic Concentration Risk \| CALIFORNIA
Concentration Risk [Line Items]
Concentration risk percentage	55.10%	50.40%
Total charging equipment \| Supplier Concentration Risk \| Major Supplier
Concentration Risk [Line Items]
Concentration risk percentage	83.40%	84.50%
Number of vendors	1	2

Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Liabilities
Total liabilities	$ 436	$ 1,392
Level 1 \| Warrant liability — Public Warrants
Assets
Warrants and Rights Outstanding	359	1,121
Level 3 \| Earnout liability
Assets
Business Combination, Contingent Consideration, Liability	0	22
Level 3 \| Warrant liability — Private Placement Warrants
Assets
Warrants and Rights Outstanding	77	249
Money market funds \| Level 1
Assets
Cash equivalents	$ 92,125	$ 102,125

Lease Accounting - Sale Type Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Sales-type Lease, Lease Income [Abstract]
AV and ancillary revenue	$ 17,176
Other cost of sales	(12,855)
Gross margin	4,321	$ 0
Annual minimum undiscounted lease payment receipts
2026	2,159
2027	2,879
2028	2,879
2029	2,879
2030	2,879
2031	2,214
Thereafter	2,646
Total expected sales-type lease payments	18,535
Less: imputed interest	1,604
Total net investment in sales-type leases	16,931
Amounts included in the consolidated balance sheets related to sales-type lease activity
Total sales-type lease assets	16,931
Leased assets of lessor derecognized	12,900
Net investment in sales-type lease arrangements recognized	17,200
Net investment in leases recognized during the period	0
Prepaids and other current assets
Amounts included in the consolidated balance sheets related to sales-type lease activity
Net investment in lease, current	2,557
Other assets
Amounts included in the consolidated balance sheets related to sales-type lease activity
Net investment in lease, noncurrent	$ 14,374

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Pilot Infrastructure Agreement On July 5, 2022, EVgo entered into a charging infrastructure agreement (the “Pilot Infrastructure Agreement”) and an operations and maintenance agreement (the “Pilot O&M Agreement”) with Pilot Travel Centers LLC (the “Pilot Company”) and General Motors LLC (“GM”) to build, operate, and maintain up to 2,000 stalls served by DC chargers that the Pilot Company will own. The stalls will be located at the Pilot Company sites across the U.S. Pursuant to the Pilot Infrastructure Agreement, EVgo is required to meet certain construction milestones measured by the number of sites commissioned, and the Pilot Company is required to make certain payments each month based on completion of pre-engineering and development work, the progress of construction at each site and for each charger that EVgo procures. Subject to extensions of time for specified excusable events, if EVgo is unable to meet its commissioning obligations, the Pilot Company will be entitled to liquidated damages calculated per day, subject to a cap of $30,000 at each site. The Pilot Infrastructure Agreement includes customary events of default such as those resulting from insolvency, material breaches, and extended unexcused noncompliance, in each case subject to applicable notice and cure periods and other customary limitations on the parties’ ability to seek available remedies, including early termination. Additional provisions that may permit or cause early termination include the Pilot Company’s right to terminate after 1,000 stalls have been completed, the inability of EVgo to secure certain chargers and a material increase in the price of chargers due to a change in law. If the Pilot Company elects to terminate the Pilot Infrastructure Agreement after 1,000 stalls have been completed, the Pilot Company must pay EVgo a termination fee per stall for those not built; such fee varies based on the number of stalls already built. If EVgo is wholly or partially unable to perform its obligations under the Pilot Infrastructure Agreement due to certain circumstances outside its control, including delays by permitting authorities and utilities or certain force majeure events, such inability will not be considered a breach or default under the Pilot Infrastructure Agreement. Under the Pilot O&M Agreement, EVgo is required to perform operations, maintenance and networking services on stalls built and commissioned under the Pilot Infrastructure Agreement in exchange for payment of a monthly fee by the Pilot Company to EVgo. Similar to the Pilot Infrastructure Agreement, the Pilot O&M Agreement includes customary events of default and related remedies. Delta Charger Supply Agreement and Purchase Order On July 12, 2022, EVgo entered into a General Terms and Conditions for Sale of EV Charger Products (the “Delta Charger Supply Agreement”) with Delta Electronics, Inc. (“Delta”), including an initial purchase order (the “Purchase Order”), pursuant to which EVgo will purchase and Delta will sell EV chargers manufactured by Delta in specified quantities at certain delivery dates. EVgo expects to use a portion of the chargers purchased under the Purchase Order to meet the requirements of the Pilot Infrastructure Agreement. EVgo is required to purchase a minimum of 1,000 chargers from Delta under the Purchase Order and may, at EVgo’s election, increase the number of chargers it purchases from Delta to 1,100.The Purchase Order was amended in August 2023 to provide for certain Delta chargers to be manufactured in Delta’s facility in Plano, Texas rather than in Taiwan. General Motors Agreement On July 20, 2020, EVgo entered into a contract with GM (as amended from time to time, the “GM Agreement”) to build fast charger stalls that EVgo will own and operate as part of the Company’s public network. The GM Agreement has been amended several times, to among other things, expand the overall number of charger stalls to be installed from 2,750 to 2,850, adjust charger stall installation targets, extend the completion deadline to June 30, 2028, provide for a payment of $7,000,000 in December 2022 in exchange for EVgo’s agreement to apply certain branding decals on the fast chargers funded by GM pursuant to the GM Agreement and additional payments for changes to GM’s charger branding, maintain a specified uptime percentage (described below) over the term of the agreement, and provide certain charging credits to GM EV customers. A certain portion of the charger stalls that EVgo is required to build are required to have additional specifications including increased stall count, hardware requirements, canopies and other features agreed between GM and EVgo (“Flagship Stalls”). Pursuant to the GM Agreement, EVgo is required to meet certain quarterly milestones measured by the number of charger stalls completed, and GM is required to make certain payments based on charger stalls completed. Under the GM Agreement, EVgo is required to install a total of 2,850 charger stalls by June 30, 2028, 82.5% of which were required to be installed by March 31, 2026. Meeting the quarterly milestones will require additional funds beyond the amounts committed by GM, and EVgo may face delays in construction, commissioning or aspects of installation of the charger stalls the Company is obligated to develop. EVgo is also required to maintain network availability (i.e., the percentage of time a charger is operational and available on the network) of at least 97% across Flagship Stalls and 95% across the rest of the GM network. In addition to the capital-build program, EVgo is committed to providing GM EV customers with a certain aggregate amount of charging credits. The GM Agreement is subject to early termination in certain circumstances, including in the event EVgo fails to meet the quarterly charger stall-installation milestones or maintain the specified level of network availability. If GM opts to terminate the agreement, EVgo may not be entitled to receive continued payments from GM and instead may be required to pay liquidated damages to GM. In the event EVgo fails to meet a charger stall-installation milestone or maintain the required network availability in a calendar quarter, GM has the right to provide EVgo with a notice of such deficiency within 30 days of the end of the quarter. If the same deficiency still exists at the end of the quarter immediately following the quarter for which a deficiency notification was delivered, GM may immediately terminate the agreement and seek pre-agreed liquidated damages. Under the terms of the GM Agreement, the Company and GM can agree to adjust quarterly charger stall installation milestones from time to time, provided that the quarterly targets for an applicable calendar year must equal the total annual target under the GM Agreement for such year. Indemnifications and Guarantees In the normal course of business and in conjunction with certain agreements, the Company has entered into contractual arrangements through which it may be obligated to indemnify the other party with respect to certain matters. These arrangements can include provisions whereby the Company has joint and several liability in relation to the performance of certain contractual obligations along with third parties also providing services and products for a specific project. In addition, the Company’s arrangements may include warranties that its services will substantially operate in accordance with the stated requirements. Indemnification provisions are also included in arrangements under which EVgo agrees to hold the indemnified party harmless with respect to third-party claims related to such matters as title to assets sold or licensed or certain intellectual property rights. The Company also has indemnification obligations to other parties, including customers, lessors, and parties to other transactions with EVgo, with respect to certain matters. EVgo has agreed to indemnify against losses arising from a breach of representations or covenants or out of intellectual property infringement or the occurrence of certain specified conditions or other claims made against certain parties. These agreements may limit the time or circumstances within which an indemnification claim can be made and the amount of the claim. Historically, indemnity payments made by the Company have not had a material effect on its condensed consolidated financial statements. In addition, the Company has entered into indemnification agreements with its officers and directors, and its Amended and Restated Bylaws contain similar indemnification obligations to its agents. To date, EVgo has not been required to make any significant payment under any of the arrangements described above. The Company has assessed the current status of performance/payment risk related to arrangements with limited guarantees, warranty obligations, unspecified limitations, indemnification provisions, letters of credit and surety bonds, and believes that any potential payments would be immaterial to the condensed consolidated financial statements, as a whole. Legal Proceedings In the ordinary course of the Company’s business, the Company may be subject to lawsuits, investigations, claims and proceedings, including, but not limited to, contractual disputes with vendors and customers and liabilities related to employment, health and safety matters. The Company accrues for losses that are both probable and reasonably estimable. Loss contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex and subject to change. Contingent liabilities arising from ordinary course litigation are not expected to have a material adverse effect on the Company’s financial position. However, future events or circumstances, currently unknown to management, may potentially have a material effect on the Company’s financial position, liquidity or results of operations in any future reporting period. Purchase Commitments As of March 31, 2026, EVgo had $78.5 million in outstanding purchase order commitments to EVgo’s contract manufacturers and component suppliers for charging equipment, of which $75.0 million were short-term in nature. In certain instances, EVgo is permitted to cancel, reschedule or adjust these orders. As of March 31, 2026, EVgo also had $18.9 million in real property purchase commitments.

Revenue Recognition - Schedule of Contract Assets and Liabilities and Liabilities Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract assets	$ 6,840	$ 1,715
Contract liabilities	93,808	$ 102,771
Change in contract assets	5,125
Change in contract liabilities	$ (8,963)
Change in contract assets (as percentage)	299.00%
Change in contract liabilities (as percentage)	(9.00%)
Change in contract liabilities
Beginning balance	$ 102,771
Additions	26,200
Recognized in revenue	(35,163)
Changes in estimate of transaction price	0
Ending balance	$ 93,808

Long-Term Debt - Credit Agreement (Details) - EVgo Voyager Borrower LLC (Subsidiary of the Company) $ in Millions	Jul. 23, 2025 USD ($) stall	Mar. 31, 2026 USD ($)
Voyager credit agreement
Long-Term Debt
Term facility, maximum borrowing capacity	$ 300.0
Minimum percentage of original aggregate amount (as a percent)	95.00%
Maximum percentage of proceeds to be used for reimbursement of certain costs (as a percent)	60.00%
Number of stalls expected to get support from this loan arrangement \| stall	1,900
Estimate number of new stalls to be deploy from this loan arrangement \| stall	1,500
Number of stalls contributed as collateral \| stall	400
Loan outstanding		$ 69.0
Unused borrowing capacity amount		$ 155.8
Interest rate (as a percent)		6.95%
Voyager credit agreement, Commitments
Long-Term Debt
Term facility, maximum borrowing capacity	$ 225.0
Voyager credit agreement, Incremental Facility
Long-Term Debt
Term facility, maximum borrowing capacity	$ 75.0
Closing date until the fourth anniversary \| SOFR
Long-Term Debt
Basis spread on variable rate (as a percent)	3.25%
Closing date until the fourth anniversary \| ABR
Long-Term Debt
Basis spread on variable rate (as a percent)	2.25%
Period from fourth anniversary of closing date and thereafter \| SOFR
Long-Term Debt
Basis spread on variable rate (as a percent)	3.50%
Period from fourth anniversary of closing date and thereafter \| ABR
Long-Term Debt
Basis spread on variable rate (as a percent)	2.50%

Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Intangible Assets, Net
Gross Carrying Amount	$ 60,500		$ 60,500
Accumulated Amortization	(29,274)		(28,079)
Net Carrying Value	31,226		32,421
Amortization of intangible assets	1,200	$ 2,000
Site Host relationships
Intangible Assets, Net
Gross Carrying Amount	41,500		41,500
Accumulated Amortization	(21,475)		(20,611)
Net Carrying Value	$ 20,025		$ 20,889
Remaining Weighted Average Amortization Period	5 years 9 months 18 days		6 years 1 month 6 days
Developed technology
Intangible Assets, Net
Gross Carrying Amount	$ 14,000		$ 14,000
Accumulated Amortization	(5,925)		(5,673)
Net Carrying Value	$ 8,075		$ 8,327
Remaining Weighted Average Amortization Period	8 years 3 months 18 days		8 years 6 months
Trade name
Intangible Assets, Net
Gross Carrying Amount	$ 5,000		$ 5,000
Accumulated Amortization	(1,874)		(1,795)
Net Carrying Value	$ 3,126		$ 3,205
Remaining Weighted Average Amortization Period	10 years 3 months 18 days		10 years 6 months

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Interest payable and paid-in-kind	$ 3,287	$ 1,005
Amortization of deferred debt issuance costs	708	341
Total interest expense, before capitalization	$ 3,995	$ 1,346

Property, Equipment and Software, Net - Schedule of Allocation of Depreciation and Amortization of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Equipment and Software, Net
Depreciation, amortization, impairment expense, and loss on disposal of property and equipment, net of insurance recoveries	$ 21,646	$ 18,672
Cost of sales
Property, Equipment and Software, Net
Depreciation of property and equipment	19,864	18,843
Amortization of capital-build liability	(3,287)	(2,888)
General and administrative expenses
Property, Equipment and Software, Net
Depreciation of property and equipment	198	84
Amortization of software	1,110	1,434
Impairment expense	3,664	903
Loss on disposal of property and equipment, net of insurance recoveries	$ 97	$ 296

Equity	3 Months Ended
Equity	Mar. 31, 2026
Equity [Abstract]
Equity	Equity ATM Program On November 10, 2022, EVgo entered into a Distribution Agreement with J.P. Morgan Securities LLC, Evercore Group L.L.C. and Goldman Sachs & Co. LLC as sales agents, pursuant to which the Company may sell up to $200.0 million of shares of Class A common stock in “at the market” transactions at prevailing market prices (the “ATM Program”). As of March 31, 2026, the Company had $183.5 million of remaining capacity under the ATM Program. The Company ceased to be eligible to conduct certain delayed or continuous offerings pursuant to Rule 415 under its previous Form S-3 (No. 333-266753) in August 2025.

- Definition

The entire disclosure for equity.

+ References

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 28, 2026
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-39572
Entity Registrant Name	EVgo Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2326098
Entity Address, Address Line One	1661 East Franklin Avenue
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	877
Local Phone Number	494-3833
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001821159
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	EVGO
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		141,059,365
Redeemable Warrants For Class Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
Trading Symbol	EVGOW
Security Exchange Name	NASDAQ
Class B Common Stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		172,800,000

Lease Accounting - Schedule of Components of Charging Stations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Property, Plant, and Equipment, Lessor Asset under Operating Lease
Charging stations	$ 2,193	$ 13,018
Accumulated depreciation	(1,633)	(3,151)
Property and equipment, net	560	9,867
Operating lease ROU assets	$ 6,862	$ 2,090

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes consists primarily of income taxes related to federal and state jurisdictions where business is conducted through the Company’s ownership in EVgo OpCo. All income (loss) before income taxes is primarily generated in the U.S. the Company’s provision for income taxes reflects the impact of a full valuation allowance on its deferred tax assets and a significant portion of income (loss) being allocated to a nontaxable partnership. The Company records a valuation allowance to reduce deferred tax assets when it is more likely than not that the tax benefit will not be realized. Management considers all available material evidence, both positive and negative, in assessing the appropriateness of a valuation allowance for the Company’s deferred tax assets, including the generation of future taxable income, the timing of the reversal of deferred tax liabilities and other available material evidence. After consideration of all available evidence, management believes that significant uncertainty exists with respect to the future realization of the Company’s deferred tax assets and has therefore established a full valuation allowance against its net deferred tax assets as of March 31, 2026 and December 31, 2025. The Company files income tax returns in the U.S. federal, state and local jurisdictions and is subject to examination by the various taxing authorities for all periods since its inception due to its tax loss carryforwards. As of March 31, 2026 and December 31, 2025, there were no unrecognized tax benefits for uncertain tax positions, nor any amounts accrued for interest and penalties. On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into law and offers tax incentives targeting energy transition and renewables. The alternative fuel refueling property credit under Section 30C of the Internal Revenue Code, which includes EV charging stations (the “30C Credit”), was reinstated in 2022 and extended to apply to any property placed in service beginning January 1, 2023 and before January 1, 2033. The credit amount is calculated as 6% of the eligible costs of the alternative fuel refueling property with a potential higher tax credit rate of 30% of the eligible costs of the alternative fuel refueling property if specified prevailing wage and registered apprenticeship requirements are met during construction of the property, with a maximum credit amount of $100,000 per item of property. Under the IRA, 30C income tax credits may be transferred for cash consideration in the taxable year the credit is generated. The U.S. Department of the Treasury and the Internal Revenue Service have been granted broad authority to issue regulations or guidance that could clarify how these tax credits are calculated. On July 4, 2025, H.B. 1, 119th Congress (2025), also referred to as the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. In particular, OBBBA will lead to a sunset of federal incentives for EV purchases after September 30, 2025, and the federal tax credits for alternative fuels such as EV charging will terminate for any locations placed in service after June 30, 2026. EVgo does not expect OBBBA to have a material impact on its condensed consolidated financial statements due to the full valuation allowance currently being maintained.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Redeemable Noncontrolling Interest - Narrative (Details)		3 Months Ended
	Dec. 16, 2024 shares	Mar. 31, 2026 Vote shares	Dec. 31, 2025 shares
EVgo OpCo \| EVgo Holdings
Redeemable Noncontrolling Interest
Percentage of interest held		55.20%	56.20%
EVgo Opco Units
Redeemable Noncontrolling Interest
Redeemable stock conversion ratio		1
EVgo Opco Units \| EVgo Holdings
Redeemable Noncontrolling Interest
Units owned (in shares)		172,800,000	172,800,000
EVgo Opco Units \| Stock and unit Purchase Agreement ("SPA") \| EVgo Holdings \| EVgo Inc. and EVgo OpCo
Redeemable Noncontrolling Interest
Redeemed units (in shares)	23,000,000
Class A Common Stock
Redeemable Noncontrolling Interest
Common shares subject to possible forfeiture		718,750	718,750
Class A Common Stock \| Stock and unit Purchase Agreement ("SPA") \| EVgo Holdings \| EVgo Inc. and EVgo OpCo
Redeemable Noncontrolling Interest
Issuance of Class A common stock under the ATM, net of issuance costs (in shares)	23,000,000
Class B Common Stock \| EVgo Holdings
Redeemable Noncontrolling Interest
Number of votes per share \| Vote		1
Class B Common Stock \| Stock and unit Purchase Agreement ("SPA") \| EVgo Holdings \| EVgo Inc. and EVgo OpCo
Redeemable Noncontrolling Interest
Number of shares redeemed (in shares)	23,000,000

Property, Equipment and Software, Net - Schedule Of Property, Equipment And Software, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Equipment and Software, Net
Total property, equipment and software	$ 687,877	$ 677,423
Less: accumulated depreciation and amortization	(235,502)	(216,676)
Property, equipment and software, net	452,375	460,747
Charging stations
Property, Equipment and Software, Net
Total property, equipment and software	546,858	545,655
Construction in process
Property, Equipment and Software, Net
Total property, equipment and software	110,368	101,737
Software
Property, Equipment and Software, Net
Total property, equipment and software	28,356	27,913
Office equipment, vehicles and other
Property, Equipment and Software, Net
Total property, equipment and software	$ 2,295	$ 2,118

Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

As of March 31, 2026 and December 31, 2025, EVgo Holdings held 172,800,000 EVgo OpCo Units in EVgo OpCo (reflecting the exclusion of 718,750 shares of Class A common stock held by other entities that were subject to possible forfeiture) and the same number of shares of Class B common stock, representing a 55.2% and 56.2% interest, respectively, in the Company. EVgo Holdings is entitled to one vote per share of Class B common stock but is not entitled to receive dividends or any assets upon liquidation, dissolution, distribution or winding-up of the Company. Each EVgo OpCo Unit is redeemable, together with one share of Class B common stock, for either one share of Class A common stock or, at EVgo OpCo’s election, the cash equivalent market value of one share of Class A common stock in accordance with the terms of the of the EVgo OpCo A&R LLC Agreement.

The redeemable noncontrolling interest held by EVgo Holdings in EVgo OpCo, through its ownership of EVgo OpCo Units, was initially measured at its carrying amount on the CRIS Close Date. Net income or loss and other comprehensive

income or loss are attributed to the redeemable noncontrolling interest during each reporting period based on its ownership percentage, as appropriate. Subsequent to that, the redeemable noncontrolling interest is measured at its fair value (i.e., based on the Class A common stock price) at the end of each reporting period, exclusive of the par value of the related Class B common stock, with the remeasurement amount being no less than the initial carrying amount, as adjusted for the redeemable noncontrolling interest’s share of net income or loss and other comprehensive income or loss. The offset of any fair value adjustment is recorded to equity, with no impact to net income (loss).

As discussed in Note 1, EVgo entered into a SPA with EVgo OpCo and EVgo Holdings. Pursuant to the SPA, EVgo Inc. and EVgo OpCo agreed to redeem from EVgo Holdings 23,000,000 units of EVgo OpCo Units and 23,000,000 shares of Class B common stock. In exchange for the EVgo OpCo Units and shares of Class B common stock, EVgo Inc. and EVgo OpCo agreed to transfer 23,000,000 newly issued shares of Class A common stock to EVgo Holdings. The exchange was effected through the Secondary Offering, which closed on December 18, 2024.

The following is a reconciliation of changes in the redeemable noncontrolling interest:


(in thousands)
Balance as of December 31, 2025	$	502,848


Net loss attributable to redeemable noncontrolling interest	(20,560)
Adjustment to revise redeemable noncontrolling interest to its redemption value at period-end	(168,361)
Balance as of March 31, 2026	$	313,927

Summary of Significant Accounting Policies - Schedule of Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Disaggregated general and administrative expenses
Operations/network operations	$ 15,239	$ 12,636
Other general and administrative	13,553	11,891
Technology and development	11,702	9,356
Sales and marketing	5,511	4,745
General and administrative	$ 46,005	$ 38,628

Revenue Recognition - Schedule of Revenues Related to Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Amounts included in the beginning of period contract liabilities balance	$ 12,151	$ 12,058
Amounts associated with performance obligations satisfied in previous periods	$ 0	$ 36

Tax Receivable Agreement Liability	3 Months Ended
Tax Receivable Agreement Liability	Mar. 31, 2026
Tax Receivable Agreement Liability [Abstract]
Tax Receivable Agreement Liability	Tax Receivable Agreement Liability In connection with the CRIS Business Combination, EVgo entered into a tax receivable agreement (the “Tax Receivable Agreement”) with EVgo Holdings (along with permitted assigns, the “TRA Holders”) and LS Power Equity Advisors, LLC, as agent. The Tax Receivable Agreement generally provides for payment by the Company, Thunder Sub or any of their subsidiaries other than EVgo OpCo and its subsidiaries (“Company Group”) to the TRA Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income tax and franchise tax that the Company actually realizes (or is deemed to realize in certain circumstances) as a result of (i) certain increases in tax basis that occur as a result of the Company Group’s acquisition (or deemed acquisition for U.S. federal income tax purposes) of all or a portion of EVgo OpCo Units pursuant to any exercise of the Redemption Right and (ii) imputed interest deemed to be paid by the Company as a result of, and additional tax basis arising from, any payments the Company makes under the Tax Receivable Agreement. The Company Group will retain the benefit of any remaining net cash savings. If the Company Group elects to terminate the Tax Receivable Agreement early (or it is terminated early due to the Company Group’s failure to honor a material obligation thereunder or due to certain mergers, asset sales, other forms of business combinations or other changes of control), the Company Group is required to make an immediate payment equal to the present value of the anticipated future payments to be made by it under the Tax Receivable Agreement (based upon certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i) that the Company Group has sufficient taxable income on a current basis to fully utilize the tax benefits covered by the Tax Receivable Agreement and (ii) that any EVgo OpCo Units (other than those held by the Company Group) outstanding on the termination date or change of control date, as applicable, are deemed to be redeemed on such date). The redemption of EVgo OpCo Units that occurred in December 2024 is expected to produce favorable tax attributes for the Company. These tax attributes would not be available to the Company in the absence of the redemption. Amounts payable by the Company under the Tax Receivable Agreement are initially accrued against additional paid-in capital when it is probable that a liability has been incurred and the amount is estimable. Any subsequent changes to the liability are recorded as non-operating income (loss). If the liability is considered probable and estimable and is established for the first time as part of a reversal of a valuation allowance against deferred tax assets, the initial liability is accrued through non-operating income (loss). As of March 31, 2026, the Company does not expect any cash tax benefit from the tax attributes produced by the redemption and therefore no amounts have been accrued as the liability is not deemed probable. The potential unrecorded tax liability related to the redemption is $33.8 million as of March 31, 2026.

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-lived Intangible Assets, Net

Intangible assets, net and excluding fully amortized assets, consisted of the following as of March 31, 2026:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Remaining Weighted Average Amortization Period
Site Host relationships	$	41,500	$	(21,475)	$	20,025	5.8 years
Developed technology	14,000		(5,925)		8,075		8.3 years
Trade name	5,000		(1,874)		3,126		10.3 years
	$	60,500	$	(29,274)	$	31,226

Intangible assets, net and excluding fully amortized assets, consisted of the following as of December 31, 2025:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Remaining Weighted Average Amortization Period
Site Host relationships	$	41,500	$	(20,611)	$	20,889	6.1 years
Developed technology	14,000		(5,673)		8,327		8.5 years
Trade name	5,000		(1,795)		3,205		10.5 years
	$	60,500	$	(28,079)	$	32,421

Property, Equipment and Software, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Equipment and Software, Net

Property, equipment and software, net, consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Charging stations	$	546,858	$	545,655
Construction in process	110,368		101,737
Software	28,356		27,913
Office equipment, vehicles and other	2,295		2,118
Total property, equipment and software	687,877		677,423
Less: accumulated depreciation and amortization	235,502		216,676
Property, equipment and software, net	$	452,375	$	460,747

Depreciation, amortization, impairment expense and loss on disposal of property and equipment, net of insurance recoveries, consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Cost of sales
Depreciation of property and equipment	$	19,864	$	18,843
Amortization of capital-build liability	(3,287)		(2,888)
General and administrative expenses
Depreciation of property and equipment	198		84
Amortization of software	1,110		1,434
Impairment expense	3,664		903
Loss on disposal of property and equipment, net of insurance recoveries	97		296
	$	21,646	$	18,672

As of March 31, 2026 and December 31, 2025, property, equipment and software, net, included $287.4 million and $267.7 million of assets pledged as collateral, respectively with $18.2 million and $16.9 million of associated asset retirement obligations, respectively, related to the DOE Loan and Credit Agreement (See Note 8).

Fair Value Measurements - Earnout Liability - Schedule of Assumptions of the Liability (Details) - Earnout Liability	Mar. 31, 2026 $ / shares yr	Dec. 31, 2025 $ / shares yr
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input \| $ / shares	1.72	2.91
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	0.0037	0.0036
Expected restriction period (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input \| yr	0.25	0.50
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	85	100
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	0	0

Redeemable Noncontrolling Interest - Schedule of reconciliation of changes in redeemable noncontrolling interest (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 502,848
Net loss attributable to redeemable noncontrolling interest	(20,560)
Adjustment to revise redeemable noncontrolling interest to its redemption value at period-end	(168,361)
Ending balance	$ 313,927

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
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-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

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-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

+ Details

Property, Equipment and Software, Net - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Equipment and Software, Net
Property, equipment and software, net	$ 452,375	$ 460,747
ARO of assets pledged	18,200	16,900
Asset Pledged as Collateral \| DOE Loan & Term Facility
Property, Equipment and Software, Net
Property, equipment and software, net	$ 287,400	$ 267,700

Fair Value Measurements - Schedule of Changes in the Fair Value of Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Earnout Liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value as of beginning period	$ 22
Change in fair value of liability	(22)
Fair value as of ending period	0
Private Placement Warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair value as of beginning period	249
Change in fair value of liability	(172)
Fair value as of ending period	$ 77

Asset Retirement Obligations (Details) $ in Thousands	3 Months Ended
Asset Retirement Obligations (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 30,868
Liabilities incurred	488
Accretion expense	795
Liabilities settled	(272)
Ending balance	$ 31,879

Long-Term Debt - Schedule of Maturities (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Payments due on long-term debt
2026	$ 1,980
2027	3,460
2028	3,460
2029	3,460
2030	64,106
Thereafter	135,059
Long-term debt	$ 211,525

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 122,435	$ 151,000
Restricted cash, current	15,311	49,519
Accounts receivable, net of allowance of $70 and $75 as of March 31, 2026 and December 31, 2025, respectively	33,315	38,628
Accounts receivable, capital-build	19,637	19,461
Prepaids and other current assets	48,542	37,872
Total current assets	239,240	296,480
Restricted cash, noncurrent	12,253	10,227
Property, equipment and software, net	452,375	460,747
Operating lease right-of-use assets	109,314	102,966
Other assets	44,887	30,937
Intangible assets, net	31,226	32,421
Goodwill	31,052	31,052
Total assets	920,347	964,830
Current liabilities
Accounts payable	13,973	7,582
Accrued liabilities	39,920	59,924
Operating lease liabilities, current	7,957	7,765
Deferred revenue, current	47,800	55,060
Warrant liabilities, at fair value	436	1,370
Long-term debt, current	2,845	2,146
Other current liabilities	2,741	1,475
Total current liabilities	115,672	135,322
Operating lease liabilities, noncurrent	102,993	96,983
Asset retirement obligations	31,879	30,868
Capital-build liability	55,838	55,820
Deferred revenue, noncurrent	46,008	47,711
Long-term debt, noncurrent	208,680	204,316
Other long-term liabilities	6,615	7,866
Total liabilities	567,685	578,886
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest	313,927	502,848
Stockholders’ equity (deficit)
Preferred stock	0	0
Additional paid-in capital	11,450	7,753
Retained earnings (accumulated deficit)	27,254	(124,687)
Total stockholders’ equity (deficit)	38,735	(116,904)
Total liabilities, redeemable noncontrolling interest and stockholders’ equity (deficit)	920,347	964,830
Class A Common Stock
Stockholders’ equity (deficit)
Common stock	14	13
Class B Common Stock
Stockholders’ equity (deficit)
Common stock	$ 17	$ 17

Long-Term Debt - DOE Loan (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Long-Term Debt
Outstanding balance	$ 208,680	$ 204,316
DOE Loan
Long-Term Debt
Outstanding balance	142,600	140,600
Paid-in-kind interest	7,500	5,600
Unused borrowing capacity amount	$ 919,300	$ 919,300
Interest rate (as a percent)	5.62%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Tax Receivable Agreement Liability (Details) $ in Millions	3 Months Ended
Tax Receivable Agreement Liability (Details) $ in Millions	Mar. 31, 2026 USD ($)
Tax Receivable Agreement Liability [Abstract]
Net cash savings percentage owed to TRA Holders	85.00%
Amount accrued as per TRA	$ 0.0
Unrecorded tax liability	$ 33.8

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenue

Total revenue

$ 109,531

$ 75,287

Cost of sales

Charging network

35,599

29,609

Other

44,398

20,400

Depreciation, net of capital-build amortization

16,577

15,955

Total cost of sales

96,574

65,964

Gross profit

12,957

9,323

Operating expenses

General and administrative

46,005

38,628

Depreciation, amortization and accretion

3,298

4,095

Total operating expenses

49,303

42,723

Operating loss

(36,346)

(33,400)

Other (expense) income, net

Interest expense

(2,969)

(517)

Interest income

1,380

1,694

Other income (expense), net

(5)

Change in fair value of earnout liability

748

Change in fair value of warrant liabilities

934

5,344

Total other (expense) income, net

(622)

7,264

Loss before income tax expense

(36,968)

(26,136)

Income tax expense

(12)

(91)

Net loss

(36,980)

(26,227)

Less: net loss attributable to redeemable noncontrolling interest

(20,560)

(14,865)

Comprehensive loss attributable to Class A common stockholders

^[1]

$ (16,420)

$ (11,362)

Loss per share attributable to Class A common stockholders, basic (in dollars per share)

$ (0.12)

$ (0.09)

Loss per share attributable to Class A common stockholders, diluted (in dollars per share)

$ (0.12)

$ (0.09)

Total charging network

Revenue

Total revenue

$ 55,717

$ 47,098

Total non-charging network

Revenue

Total revenue

53,814

28,189

eXtend

Revenue

Total revenue

33,187

23,488

AV and ancillary

Revenue

Total revenue

$ 20,627

$ 4,701

[1]	Excludes $20.6 million of net loss attributable to redeemable noncontrolling interest.

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term Debt

As of March 31, 2026, payments due on long-term debt for the periods ending December 31, were as follows:


(in thousands)
2026	$	1,980
2027	3,460
2028	3,460
2029	3,460
2030	64,106
Thereafter	135,059
Long-term debt	$	211,525

Amortization of debt issuance costs, net of capitalized interest, is included in interest expense in the condensed consolidated statements of comprehensive loss for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, $28.2 million and $28.6 million, respectively, in deferred issuance costs was included in prepaids and other current assets and other assets on the condensed consolidated balance sheets in connection with the DOE Loan and the Credit Agreement, which are defined below.

Total interest expense, before capitalization, related to the Company’s long-term debt consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Interest payable and paid-in-kind	$	3,287	$	1,005
Amortization of deferred debt issuance costs	708		341

Total interest expense, before capitalization	$	3,995	$	1,346

During both the three months ended March 31, 2025 and 2026, the Company capitalized $1.0 million of amortization and interest expense to property and equipment related to the Company’s long-term debt.

DOE Loan

On December 12, 2024, EVgo Swift Borrower LLC (“Swift Borrower”), a Delaware limited liability company and subsidiary of the Company, entered into a guarantee agreement with the DOE as guarantor (“Guarantee Agreement”) for a term loan facility entered into by Swift Borrower with the Federal Financing Bank (“FFB”) (the “DOE Loan”). As of March 31, 2026, the outstanding balance under the DOE Loan was $142.6 million, which includes $7.5 million in paid-in-kind interest. As of March 31, 2026, Swift Borrower had $919.3 million of principal remaining available to borrow under the DOE Loan, subject to the satisfaction of conditions contained in the Guarantee Agreement. As of December 31, 2025, the outstanding balance under the DOE Loan was $140.6 million, which includes $5.6 million in paid-in-kind interest. As of December 31, 2025, Swift Borrower had $919.3 million of principal available to borrow under the DOE Loan, subject to the satisfaction of conditions contained in the Guarantee Agreement. The weighted average interest rate on amounts outstanding under the DOE Loan as of March 31, 2026 was approximately 5.62%.

Credit Agreement

On July 23, 2025 (“Voyager Closing Date”), EVgo Voyager Borrower LLC (the “Voyager Borrower”), a subsidiary of the Company, entered into a credit agreement (as it may be amended from time to time, the “Credit Agreement”) with the Lenders and other parties thereto from time to time. The Credit Agreement provides for a term facility of up to $300 million, consisting of (i) a $225 million committed term loan facility (the “Commitments”) with a maturity date of July 23, 2030 and (ii) a $75 million uncommitted incremental term loan facility (“Incremental Facility”). Voyager Borrower may borrow a loan (each, a “Loan”) two times in any calendar month under the Credit Agreement (each, a “Borrowing”) at any time beginning on the Voyager Closing Date and ending on the earliest of (i) the third anniversary of the Voyager Closing Date, (ii) the date on which Loans have been made in an amount greater than or equal to 95% of the original aggregate amount of the Commitments as of the Voyager Closing Date, and (iii) the date the Commitments are otherwise terminated under the Credit Agreement (the “Voyager Availability Period”). Borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including contribution to Voyager Borrower by EVgo Services of the EV fast charging stalls (the “Stalls”) to which the applicable Borrowing relates, delivery of a Borrowing notice and the ongoing accuracy of certain representations and warranties.

All proceeds from the Credit Agreement will be used to reimburse EVgo Services for up to 60% of certain costs associated with the construction, installation and deployment of the Stalls contributed to Voyager Borrower by EVgo Services pursuant to the terms of the Credit Agreement and pay for certain transaction costs. The Loans are expected to support more than 1,900 Stalls nationwide (the “Project”), including the buildout of more than 1,500 new Stalls and 400 Stalls that EVgo Services contributed from its existing public network to Voyager Borrower as collateral in connection with the Initial Borrowing, which is defined below. Under the terms of the Credit Agreement, EVgo Services may contribute additional Stalls or cash to Voyager Borrower from time to time during the Voyager Availability Period. EVgo Services will provide charge point operator services to Voyager Borrower in connection with the Project for the duration of the Credit Agreement.

Loans under the Credit Agreement may, at the election of Voyager Borrower, be in the form of a SOFR Loan or an ABR Loan (each as defined in the Credit Agreement). SOFR Loans bear interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus (i) 3.25% for the period from the Voyager Closing Date until and excluding the fourth anniversary of the Voyager Closing Date and (ii) 3.50% for the period from and including the fourth anniversary of the Voyager Closing Date and thereafter. ABR Loans bear interest at a rate per annum equal to ABR (as defined in the Credit Agreement) plus (i) 2.25% for the period from the Voyager Closing Date until and excluding the fourth anniversary of the Voyager Closing Date and (ii) 2.50% for the period from and including the fourth anniversary of the Voyager Closing Date and thereafter. Voyager Borrower began making quarterly interest payments in the year ended December 31, 2025.

Subject to certain conditions, including the existence of no events of default, Voyager Borrower may voluntarily prepay any or all of the principal outstanding under the Credit Agreement. Additionally, upon the occurrence of certain mandatory prepayment events set forth in the Credit Agreement, Voyager Borrower may be required to prepay certain amounts outstanding under the Credit Agreement. Voyager Borrower’s obligations to the Lenders under the Credit Agreement are required to be secured by a first priority security interest (subject to customary exceptions and permitted liens) in, among other things, the assets of Voyager Borrower and the equity interests of Voyager Borrower.

As of March 31, 2026, the outstanding balance under the Loan was $69.0 million. As of March 31, 2026, Voyager Borrower had $155.8 million of principal remaining available to borrow under the Commitments, subject to the satisfaction of customary conditions. The weighted average interest rate on the outstanding amounts under the Credit Agreement as of March 31, 2026 was 6.95%.

Share-Based Compensation - Schedule of Service Based RSU Activity and MSU activity (Details) - 2021 Incentive Plan shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Service-Based Awards
Number of Shares
Nonvested as of beginning (in shares) \| shares	16,222
Granted (in shares) \| shares	568
Vested (in shares) \| shares	(5,695)
Forfeited (in shares) \| shares	(454)
Nonvested as of ending (in shares) \| shares	10,641
Weighted Average Grant Date Fair Value
Nonvested as of beginning (in dollars per share) \| $ / shares	$ 3.05
Granted (in dollars per share) \| $ / shares	3.07
Vested (in dollars per share) \| $ / shares	3.18
Forfeited (in dollars per share) \| $ / shares	2.87
Nonvested as of ending (in dollars per share) \| $ / shares	$ 2.99
Market Based RSU's
Number of Shares
Nonvested as of beginning (in shares) \| shares	1,113
Granted (in shares) \| shares	66
Vested (in shares) \| shares	(28)
Forfeited (in shares) \| shares	(71)
Nonvested as of ending (in shares) \| shares	1,080
Nonvested and expected to vest as of ending (in shares) \| shares	104
Weighted Average Grant Date Fair Value
Nonvested as of beginning (in dollars per share) \| $ / shares	$ 2.23
Granted (in dollars per share) \| $ / shares	2.61
Vested (in dollars per share) \| $ / shares	2.42
Forfeited (in dollars per share) \| $ / shares	3.43
Nonvested as of ending (in dollars per share) \| $ / shares	2.17
Nonvested and expected to vest as of ending (in dollars per share) \| $ / shares	$ 2.39

Net Loss Per Share - Schedule of Basic and Diluted Net Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Numerator

Net loss

$ (36,980)

$ (26,227)

Less: net loss attributable to redeemable noncontrolling interest

(20,560)

(14,865)

Comprehensive loss attributable to Class A common stockholders

^[1]

(16,420)

(11,362)

Less: net loss attributable to participating securities

(85)

(62)

Loss attributable to Class A common stockholders, basic

(16,335)

(11,300)

Loss attributable to Class A common stockholders, diluted

$ (16,335)

$ (11,300)

Denominator

Weighted average Class A common stock outstanding (in shares)

138,647

132,513

Weighted average unvested Earnout Shares outstanding (in shares)

(719)

Weighted average Class A common stock outstanding, basic (in shares)

137,928

131,794

Weighted average Class A common stock outstanding, diluted (in shares)

137,928

131,794

Net loss per share

Loss per share attributable to Class A common stockholders, basic (in dollar per shares)

$ (0.12)

$ (0.09)

Loss per share attributable to Class A common stockholders, diluted (in dollar per share)

$ (0.12)

$ (0.09)

[1]	Excludes $20.6 million of net loss attributable to redeemable noncontrolling interest.

Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets, net and excluding fully amortized assets, consisted of the following as of March 31, 2026:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Remaining Weighted Average Amortization Period
Site Host relationships	$	41,500	$	(21,475)	$	20,025	5.8 years
Developed technology	14,000		(5,925)		8,075		8.3 years
Trade name	5,000		(1,874)		3,126		10.3 years
	$	60,500	$	(29,274)	$	31,226

Intangible assets, net and excluding fully amortized assets, consisted of the following as of December 31, 2025:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Remaining Weighted Average Amortization Period
Site Host relationships	$	41,500	$	(20,611)	$	20,889	6.1 years
Developed technology	14,000		(5,673)		8,327		8.5 years
Trade name	5,000		(1,795)		3,205		10.5 years
	$	60,500	$	(28,079)	$	32,421

Amortization of intangible assets was $1.2 million and $2.0 million for the three months ended March 31, 2026 and 2025, respectively.

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Basic and diluted earnings per common share (“EPS”) are computed using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating securities, according to dividends declared and participation rights in undistributed earnings. The Company’s unvested Earnout Shares are considered participating securities because they are legally issued on the grant date and holders have a non-forfeitable right to receive dividends.

Basic EPS is generally calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is generally calculated by dividing net income (loss) attributable to common stockholders adjusted for the effects of any dilutive securities by the weighted average number of common shares outstanding plus the additional dilution for all potentially dilutive securities. During loss periods, diluted loss per share is based on the weighted average number of common shares outstanding (basic), because the inclusion of common stock equivalents would be antidilutive.

The following table sets forth the computation of basic and diluted net income loss per share:


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Numerator
Net loss	$	(36,980)	$	(26,227)
Less: net loss attributable to redeemable noncontrolling interest	(20,560)		(14,865)
Comprehensive loss attributable to Class A common stockholders	(16,420)		(11,362)
Less: net loss attributable to participating securities	(85)		(62)
Loss attributable to Class A common stockholders, basic and diluted	$	(16,335)	$	(11,300)

Denominator
Weighted average Class A common stock outstanding	138,647		132,513
Weighted average unvested Earnout Shares outstanding	(719)		(719)
Weighted average Class A common stock outstanding, basic and diluted	137,928		131,794

Loss per share attributable to Class A common stockholders, basic and diluted	$	(0.12)	$	(0.09)

The Company’s potentially dilutive securities consist of the Company’s Public Warrants, Private Placement Warrants, RSUs, MSUs, PSUs, stock options and unvested Earnout Shares. For the periods in which EPS is presented, the Company excluded the following potential shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to Class A common stockholders since their impact would have been antidilutive:


	Three Months Ended March 31,
(in thousands)	2026	2025
Public Warrants	14,949	14,949
Private Placement Warrants	3,149	3,149
RSUs	10,641	16,669
MSUs	104	236
PSUs	2,231	1,854
Stock options	436	436
	31,510	37,293

Additionally, 718,750 unvested Earnout Shares were excluded from the computation of diluted EPS since the volume-weighted average price of the share did not equal or exceed at least $15.00 as of March 31, 2026 and 2025. There were 1.0 million MSUs that were excluded from the computation of diluted EPS as their market vesting conditions had not yet been met as of March 31, 2026 and 2025. There were 0.7 million and 1.9 million PSUs that were excluded from the computation of diluted EPS as their performance conditions had not yet been met as of March 31, 2026 and 2025, respectively.

Commitments and Contingencies (Details)				1 Months Ended	3 Months Ended
Commitments and Contingencies (Details)	Jul. 12, 2022 stall	Jul. 05, 2022 USD ($) stall	Jul. 20, 2020 stall	Dec. 31, 2022 USD ($)	Mar. 31, 2026 USD ($)	Jul. 19, 2020 stall
Purchase Commitment for Charging Equipment
Loss Contingency
Purchase order commitments outstanding \| $					$ 78,500,000
Purchase order commitments outstanding, short term \| $					75,000,000.0
Purchase Commitments For Real Property
Loss Contingency
Purchase order commitments outstanding \| $					$ 18,900,000
Pilot Flying J Agreement
Loss Contingency
Charger installation, maximum liquidated damages per site \| $		$ 30,000
Early termination rights, threshold charging stalls \| stall		1,000
Pilot Flying J Agreement \| Maximum
Loss Contingency
Threshold number of stalls to be built, operated and maintained \| stall		2,000
Delta Charger Supply Agreement and Purchase Order
Loss Contingency
Minimum number of chargers committed to be purchased \| stall	1,000
Maximum number of chargers to be purchased \| stall	1,100
GM Agreement
Loss Contingency
Number of charger stalls to be installed \| stall			2,850			2,750
Payment in exchange for agreement to apply certain branding decals \| $				$ 7,000,000
Percentage of Chargers required to be installed by September 30, 2025					82.50%
Charger station operational percentage benchmark of Flagship Stalls (as a percent)			95.00%
Network availability for Flagship stalls (as a percent)			97.00%
Written notice					30 days

Description of Business and Nature of Operations (Details) - $ / shares	May 22, 2023	Jul. 01, 2021	Oct. 02, 2020	Mar. 31, 2026	Dec. 31, 2025
Description of Business and Nature of Operations
Common stock par value (in dollars per share)				$ 0.0001	$ 0.0001
Class A Common Stock
Description of Business and Nature of Operations
Common stock par value (in dollars per share)				$ 0.0001	$ 0.0001
Conversion ratio		1
Class B Common Stock
Description of Business and Nature of Operations
Conversion ratio		1
Private Placement Warrants
Description of Business and Nature of Operations
Warrants issued (in shares)			6,600,000
Unit price (in dollars per share)			$ 1.00
Public offering \| Class A Common Stock
Description of Business and Nature of Operations
Common stock par value (in dollars per share)	$ 0.0001
Affiliated Entity \| Public offering \| Evgo Member Holdings \| Class A Common Stock
Description of Business and Nature of Operations
Issuance of Class A common stock under the ATM, net of issuance costs (in shares)	5,882,352

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the level within the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	March 31, 2026			December 31, 2025
(in thousands)	Level	Balance		Level	Balance
Cash equivalents
Money market funds	1	$	92,125	1	$	102,125
Liabilities
Earnout liability	3	$	—	3	$	22
Warrant liability — Public Warrants	1	359		1	1,121
Warrant liability — Private Placement Warrants	3	77		3	249
Total liabilities		$	436		$	1,392

Schedule of Changes in the Fair Value of Warrant and Earnout Liabilities

The following table presents a reconciliation for all liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3):


(in thousands)	Earnout Liability		Private Placement Warrant Liability
Fair value as of December 31, 2025	$	22	$	249
Change in fair value of liability	(22)		(172)
Fair value as of March 31, 2026	$	—	$	77

Long-term debt

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assumptions Used in Valuation of Liability

Assumptions used in the valuation of the DOE Loan were as follows as of March 31, 2026:


	March 31, 2026
Interest payment frequency	Quarterly
First interest payment date	March 15, 2030
Credit spread (semi-annual)	1.3	%
Risk-free interest rate	U.S. Constant Maturity Treasury

Earnout Liability

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assumptions Used in Valuation of Liability

The earnout liability was valued using the Monte Carlo simulation methodology. Assumptions used in the valuation of the earnout liability were as follows as of:


	March 31, 2026			December 31, 2025
Stock price	$	1.72		$	2.91
Risk-free interest rate	3.7%			3.6%
Expected restriction period (in years)	0.25			0.50
Expected volatility	85%			100%
Dividend rate	—		%	—		%

Warrant liability — Private Placement Warrants

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Assumptions Used in Valuation of Liability

Assumptions used in the valuation of the Private Placement Warrant liability using the Monte Carlo method simulation methodology are as follows:


	March 31, 2026			December 31, 2025
Stock price	$	1.72		$	2.91
Risk-free interest rate	3.7%			3.6%
Expected term (in years)	0.25			0.50
Expected volatility	182%			120%
Dividend rate	—		%	—		%
Exercise price	$	11.50		$	11.50

Share-Based Compensation - Service Based RSU Activity and MSU Activity (Narrative) (Details) - 2021 Incentive Plan $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Service-Based Awards
Share-Based Compensation
Total fair value vested	$ 18.1
Unrecognized compensation cost	$ 14.3
Unrecognized compensation cost, weighted average period	1 year 3 months 18 days
Market Based RSU's
Share-Based Compensation
Total fair value vested	$ 0.1
Unrecognized compensation cost	$ 0.6
Unrecognized compensation cost, weighted average period	1 year 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity (Details) - Class A Common Stock - ATM - USD ($) $ in Millions	Nov. 10, 2022	Mar. 31, 2026
Equity
Maximum value of shares available to be sold	$ 200.0
Remaining capacity available under the program		$ 183.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Net Loss Per Share - Schedule of antidilutive securities excluded from computation of diluted EPS (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Loss Per Share
Securities excluded from computation of diluted weighted average common shares (in shares)	31,510,000	37,293,000
Public Warrants
Net Loss Per Share
Securities excluded from computation of diluted weighted average common shares (in shares)	14,949,000	14,949,000
Private Placement Warrants
Net Loss Per Share
Securities excluded from computation of diluted weighted average common shares (in shares)	3,149,000	3,149,000
RSUs
Net Loss Per Share
Securities excluded from computation of diluted weighted average common shares (in shares)	10,641,000	16,669,000
MSUs
Net Loss Per Share
Securities excluded from computation of diluted weighted average common shares (in shares)	104,000	236,000
PSUs
Net Loss Per Share
Securities excluded from computation of diluted weighted average common shares (in shares)	2,231,000	1,854,000
Stock options
Net Loss Per Share
Securities excluded from computation of diluted weighted average common shares (in shares)	436,000	436,000
Earnout Shares
Net Loss Per Share
Earnout Shares were excluded from the computation (in shares)	718,750	718,750
Earnout triggering share price (in dollars per share)	$ 15.00	$ 15.00
MSUs
Net Loss Per Share
Securities excluded upon not meeting the vesting conditions (in shares)	1,000,000.0	1,000,000.0
PSUs
Net Loss Per Share
Securities excluded upon not meeting the vesting conditions (in shares)	700,000	1,900,000

Lease Accounting

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Lease Accounting

Lessee Accounting

The Company has entered into agreements with Site Hosts, which allow the Company to operate charging stations on the Site Hosts’ property. Additionally, the Company leases offices, a warehouse and laboratory space under agreements with third-party landlords. The agreements with the Site Hosts and landlords are deemed to be operating leases. Original lease terms generally range from one to 15 years, and most leases contain renewal options that can extend the term for at least five years and certain leases have renewal options for up to an additional 30 years. The Company has not entered into any finance leases.

The Company has estimated operating lease commitments of $58.1 million for leases where the Company has not yet taken possession of the underlying asset as of March 31, 2026. As such, the related operating lease ROU assets and operating lease liabilities have not been recognized in the Company’s condensed consolidated balance sheet as of March 31, 2026.

The Company’s lease costs consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Operating lease costs
Charging network cost of sales	$	3,570	$	2,661
Other cost of sales	738		690
General and administrative expenses	1,155		1,129
Variable lease costs
Charging network cost of sales	568		530

General and administrative expenses	5		13
Total operating and variable lease costs	$	6,036	$	5,023

As of March 31, 2026, the maturities of operating lease liabilities for the periods ending December 31, were as follows:


(in thousands)
2026	$	13,612
2027	20,175
2028	20,143
2029	20,254
2030	19,689

Thereafter	80,423
Total undiscounted operating lease payments	174,296
Imputed interest	(63,346)
Total discounted operating lease liabilities	$	110,950

Other supplemental and cash flow information consisted of the following:


	Three Months Ended March 31,
(dollars in thousands)	2026			2025
Weighted-average remaining lease term (in years)	8.6			8.7
Weighted-average discount rate	10.7		%	9.3		%
Cash paid for amounts included in measurement of operating lease liabilities	$	3,814		$	3,836
ROU assets obtained in exchange for new operating lease liabilities	$	6,139		$	3,801

Lessor Accounting

Operating Leases

The Company leases charging equipment, charging stations and other technical installations, and subleases properties leased from Site Hosts to third parties. Initial lease terms are generally one to 10 years and may contain renewal options. For operating leases, the underlying asset is carried at its carrying value as property and equipment, net, or included in operating lease ROU assets on the condensed consolidated balance sheets.

The Company’s operating lease income consisted of the following components:


	Three Months Ended March 31,
(in thousands)	2026		2025
AV and ancillary revenue
Operating lease income	$	1,109	$	2,071
Sublease income	77		37
	$	1,186	$	2,108

As of March 31, 2026, future minimum rental payments due to the Company as lessor under operating leases (including subleases) for the periods ending December 31, were as follows:


(in thousands)
2026	$	1,321
2027	946
2028	946
2029	946
2030	946
Thereafter	4,218
	$	9,323


(in thousands)	March 31, 2026		December 31, 2025
Charging stations	$	2,193	$	13,018
Accumulated depreciation	(1,633)		(3,151)
Property and equipment, net	$	560	$	9,867

Operating lease ROU assets	$	6,862	$	2,090

Sales-Type Leases

The Company enters into sales-type leases with third-parties for charging stations. The following table presents amounts included the condensed consolidated statements of comprehensive loss related to income generated from sales-type leases:


(in thousands)	Three Months Ended March 31, 2026
AV and ancillary revenue	$	17,176
Other cost of sales	(12,855)
Gross margin	$	4,321

Minimum discounted lease payments due under sales-type leases were as follow as of March 31, 2026 for the periods ending December 31:


(in thousands)
2026	$	2,159
2027	2,879
2028	2,879
2029	2,879
2030	2,879
2031	2,214
Thereafter	2,646
Total expected sales-type lease payments	$	18,535
Less: imputed interest	(1,604)
Total net investment in sales-type leases	$	16,931

The following table presents amounts included in the condensed consolidated balance sheets related to sales-type leases:


(in thousands)	March 31, 2026
Prepaid and other current assets
Net investment in lease, current	$	2,557
Other assets
Net investment in lease, noncurrent	14,374
Total sales-type lease assets	$	16,931

During the three months ended March 31, 2026, the Company derecognized $12.9 million of leased assets and recognized net investment in lease of $17.2 million under sales-type lease arrangements. No impairments of net investment in lease were recognized during the three months ended March 31, 2026.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (36,980)	$ (26,227)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation, amortization and accretion	19,875	20,050
Net loss on disposal of property and equipment, net of insurance recoveries, and impairment expense	3,761	1,199
Share-based compensation	4,245	5,494
Bad debt expense	989	593
Change in fair value of earnout liability	(22)	(748)
Change in fair value of warrant liabilities	(934)	(5,344)
Paid-in-kind interest, amortization of deferred debt issuance costs, net of capitalized interest	1,631	513
Gain on sales-type lease	(4,321)	0
Other	(408)	7
Changes in operating assets and liabilities
Accounts receivable, net	4,323	2,205
Prepaids and other current assets and other assets	(8,335)	(4,810)
Operating lease assets and liabilities, net	(146)	(119)
Accounts payable	5,359	632
Accrued liabilities	(15,134)	(7,657)
Deferred revenue	(8,963)	4,141
Other current and noncurrent liabilities	(308)	(175)
Net cash used in operating activities	(35,368)	(10,246)
Cash flows from investing activities
Capital expenditures	(30,575)	(14,992)
Proceeds from insurance for property losses	13	22
Net cash used in investing activities	(30,562)	(14,970)
Cash flows from financing activities
Proceeds from long-term debt	3,365	75,291
Payments on long-term debt	(250)	0
Proceeds from capital-build funding	3,196	1,871
Payments of withholding tax on net issuance of restricted stock units	(991)	(528)
Payments of deferred debt issuance costs	(137)	(1,350)
Net cash provided by financing activities	5,183	75,284
Net (decrease) increase in cash, cash equivalents and restricted cash	(60,747)	50,068
Cash, cash equivalents and restricted cash, beginning of period	210,746	120,512
Cash, cash equivalents and restricted cash, end of period	149,999	170,580
Beginning of period
Cash and cash equivalents	151,000	117,273
Restricted cash, current	49,519	3,239
Restricted cash, noncurrent	10,227	0
Cash, cash equivalents and restricted cash, beginning of period	210,746	120,512
End of period
Cash and cash equivalents	122,435	150,008
Restricted cash, current	15,311	14,771
Restricted cash, noncurrent	12,253	5,801
Cash, cash equivalents and restricted cash, end of period	149,999	170,580
Supplemental cash flow data
Interest paid	1,338	0
Income taxes paid	29	0
Supplemental disclosure of noncash investing and financing activities
Non-cash adjustments to redeemable noncontrolling interest	168,361	225,346
Capital expenditures in accounts payable and accrued liabilities	14,705	14,791
Property and equipment derecognized for net investment in sales-type lease	12,855	0
Deferred debt issuance costs in accounts payable, accrued liabilities, other current liabilities and other liabilities	9,407	10,777
Non-cash increase in capital-build	3,391	3,374
Accrued paid-in-kind interest	1,949	1,005
Interest capitalized to property, equipment and software	1,026	833
Non-cash increase in asset retirement obligations	488	1,290
Share-based compensation capitalized to property, equipment and software	426	403
Equity issuance costs in accounts payable and accrued liabilities	$ 48	$ 0

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Net loss attributable to redeemable noncontrolling interest	$ 20,560	$ 14,865

Share-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Shares Underlying Options
Outstanding, beginning balance (in shares)	436
Outstanding, ending balance (in shares)	436	436
Exercisable as of ending (in shares)	396
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 7.53
Outstanding, ending balance (in dollars per share)	7.53	$ 7.53
Exercisable as of ending (in dollars per share)	$ 8.01
Weighted average remaining contractual life, outstanding (in years)	7 years	7 years 2 months 12 days
Weighted average remaining contractual life, exercisable (in years)	6 years 10 months 24 days
Aggregate intrinsic value, outstanding, beginning balance	$ 18
Aggregate intrinsic value, outstanding, ending balance	0	$ 18
Aggregate intrinsic value, exercisable as of ending	$ 0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Allowance for accounts receivable	$ 70	$ 75
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	172,800,000	172,800,000
Common stock, shares outstanding (in shares)	172,800,000	172,800,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	140,061,248	134,717,984
Common stock, shares outstanding (in shares)	140,061,248	134,717,984
Shares subject to possible forfeiture (in shares)	718,750	718,750

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates by our categories indicated for the dates below:


	Three Months Ended March 31,
(in thousands)	2026		2025
Revenue
Charging, retail	$	33,786	$	30,015
Charging, commercial	8,814		7,783
Charging, OEM	4,775		5,258
Regulatory credit sales	3,280		2,786
Network, OEM	5,062		1,256
Total charging network	55,717		47,098
eXtend	33,187		23,488
Ancillary	20,627		4,701
Total non-charging network	53,814		28,189
Total revenue	$	109,531	$	75,287

Schedule of Contract Assets and Liabilities With Customers and Contract Liabilities Activity and Contract Liabilities Recognized as Revenue

The following table provides information about contract assets and liabilities from contracts with customers:


					Change
(dollars in thousands)	March 31, 2026		December 31, 2025		$		%
Contract assets	$	6,840	$	1,715	$	5,125	299	%
Contract liabilities	$	93,808	$	102,771	$	(8,963)	(9)	%

The following table provides the activity for the contract liabilities recognized:


(in thousands)	March 31, 2026
Beginning balance	$	102,771
Additions	26,200
Recognized in revenue	(35,163)
Changes in estimate of transaction price	—
Ending balance	$	93,808

Revenues include the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Amounts included in the beginning of period contract liabilities balance	$	12,151	$	12,058
Amounts associated with performance obligations satisfied in previous periods	$	—	$	36

Schedule of Deferred Revenue to Be Recognized

It is anticipated that deferred revenue as of March 31, 2026 will be recognized in the following periods ending December 31:


(in thousands)
2026	$	17,666
2027	19,575
2028	14,842
2029	4,056

	$	56,139

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References to GAAP issued by the Financial Accounting Standards Board (“FASB”) in these notes to the condensed consolidated financial statements are to the FASB Accounting Standards Codification (“ASC”). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries and all intercompany transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results for the full year ending December 31, 2026, or any other period. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Annual Report. GAAP defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued. Based on their nature, magnitude and timing, certain subsequent events may be required to be reflected in the condensed consolidated financial statements at the balance sheet date and/or be required to be disclosed in the notes to the condensed consolidated financial statements. The Company has evaluated subsequent events accordingly.
Use of Estimates	Use of Estimates The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of EVgo’s condensed consolidated financial statements requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses and related disclosures of contingent assets and liabilities. Significant estimates made by management include, but are not limited to, variable consideration estimates and stand-alone selling prices (“SSP”) for performance obligations for revenue, valuation allowances for deferred tax assets, depreciable lives of property and equipment and intangible assets, costs associated with asset retirement obligations, the fair value of operating lease right-of-use (“ROU”) assets and liabilities, share-based compensation, earnout liability and warrant liabilities, and the fair value of long-term debt. Management bases these estimates on its historical experience and various other assumptions that it believes to be reasonable under the circumstances. Actual results experienced may vary materially and adversely from EVgo’s estimates. Revisions to estimates are recognized prospectively.
Concentration of Business and Credit Risk	Concentration of Business and Credit Risk The Company maintains its cash accounts in commercial banks. Cash balances held in a commercial bank are secured by the Federal Deposit Insurance Corporation up to $250,000. A portion of deposit balances may exceed federal insurance limits. The Company has not experienced any losses on such accounts. The Company mitigates its risk with respect to cash by maintaining its deposits at high-quality financial institutions and monitoring the credit ratings of those institutions.
Reclassifications	Reclassifications During the first quarter of 2026, certain disaggregated charging network revenue amounts in the condensed consolidated statements of comprehensive loss have been aggregated. The disaggregated charging network revenue disclosure has been moved from the condensed consolidated statements of comprehensive loss to Note 3. This reclassification had no impact on the reported total charging network revenue. Previously reported amounts have been updated to conform to the current period presentation.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and restricted cash, current and noncurrent, include cash held in cash depository accounts in major banks in the U.S. and are stated at cost. Cash equivalents are carried at fair value and are primarily invested in money market funds. Cash that is held by a financial institution and has restrictions on its availability to the Company is classified as current and noncurrent restricted cash.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are amounts due from customers under normal trade terms. Payment terms for accounts receivable related to capital-build agreements are specified in the individual agreements and vary depending on the counterparty. Management reviews accounts receivable on a recurring basis to determine if any accounts receivable will potentially be uncollectible. The Company reserves for any accounts receivable balances that are determined to be uncollectible in the allowance for doubtful accounts. After all internal attempts to collect an account receivable have failed, the Company places the outstanding balance with a third-party collection agency and the account receivable is written off against the allowance for doubtful accounts. The Company also writes off any accounts receivables that are suspected of being related to misus
Lease Accounting - Sales Type Lease	Lease Accounting – Sales Type Leases Gain (loss) from sales-type leases, which is recognized at lease commencement when control transfers to the lessee and collectibility is considered probable, equals the sales price (fair value or lease receivable, if lower) less the carrying value of the asset and deferred initial direct costs (cost of sales). The sales price is included in AV and ancillary revenue and the related cost of sales is included in other cost of sales. If collectibility is not considered probable at lease commencement, the asset is not derecognized and lease payments received are recorded as a deposit liability until either: (a) collectibility becomes probable, or (b) the lease is terminated or the asset is repossessed and payments are nonrefundable. At that point, the asset and liability are derecognized, and a net investment in lease and sale income (loss) is recognized. If collectibility is initially probable but the lessee’s credit quality later deteriorates, the net investment in lease is assessed for impairment, and a charge may be recorded.
Segment Reporting	Segment Reporting The Company’s chief operating decision-maker (“CODM”) is its Chief Executive Officer. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by its CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates in one operating and reportable segment.
Newly Adopted Accounting Standards and Recently Issued Accounting Standards	Newly Adopted Accounting Standards In July 2025, the FASB issued ASU 2025-05, ASC Subtopic 326 “Financial Instruments — Credit Losses” (“ASU 2025-05”), which provides a practical expedient that allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within annual reporting periods. The Company adopted ASU 2025-05 as of January 1, 2026 and elected to utilize the practical expedient. The adoption of ASU 2025-05 and the election of the practical expedient did not have a material impact on the condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, ASC Subtopic 350 “Intangibles — Goodwill and Other — Internal-Use Software” (“ASU 2025-06”), which provides targeted improvements to the accounting for internal-use software by eliminating stage-based rules for cost capitalization and replacing them with a principles-based framework aligned with modern software development practices. The update also clarifies the disclosure framework for capitalized software costs and is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The Company early adopted ASU 2025-06 as of January 1, 2026 using the prospective transition approach. The adoption of ASU 2025-06 did not have a material impact on the condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, ASC Subtopic 270 “Narrow-Scope Improvements” (“ASU 2025-11”), which clarifies the guidance in Subtopic 270 to improve the consistency of interim financial reporting. ASU 2025-11 provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim periods and annual periods beginning after December 15, 2027. The Company early adopted ASU 2025-11 prospectively as of January 1, 2026. The adoption of ASU 2025-11 did not have a significant impact on the interim disclosures in the condensed consolidated financial statements. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, ASC Subtopic 220 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (“ASU 2024-03”) which requires that, in each interim and annual reporting period, an entity disclose more information about the components of certain expense captions than is currently disclosed in the financial statements. In January 2025, the FASB issued ASU 2025-01, ASC Subtopic 220 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (“ASU 2025-01”), which clarified the effective date of ASU 2024-03, in which the amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s disclosures. In December 2025, the FASB issued ASU 2025-10, ASC Subtopic 832 “Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. ASU 2025-10 provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. ASU 2025-10 also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. The effective date for public companies is fiscal years beginning after December 15, 2028, including interim periods within those annual periods. The Company is currently evaluating the effect that the adoption of this ASU will have on its condensed consolidated financial statements.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).

The carrying values of certain accounts such as cash, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses are deemed to approximate their fair values due to their short-term nature. The fair value of the Credit Agreement also closely approximates carrying value due to the variable nature of the debt. There were no assets measured on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2026 and December 31, 2025.

The estimated fair value of the DOE Loan was based on Level 3 inputs, which are comprised of interest rates currently available to the Company for the issuance of debt with similar terms and remaining maturities as a discount rate for the remaining principal payments. As of March 31, 2026, the fair value of the DOE Loan was $143.0 million compared to the carrying value of $142.6 million, which excludes deferred debt issuance costs and includes paid-in-kind interest. The DOE Loan was valued using a discounted cash flow model. Assumptions used in the valuation of the DOE Loan were as follows as of March 31, 2026:


	March 31, 2026
Interest payment frequency	Quarterly
First interest payment date	March 15, 2030
Credit spread (semi-annual)	1.3	%
Risk-free interest rate	U.S. Constant Maturity Treasury


	March 31, 2026			December 31, 2025
(in thousands)	Level	Balance		Level	Balance
Cash equivalents
Money market funds	1	$	92,125	1	$	102,125
Liabilities
Earnout liability	3	$	—	3	$	22
Warrant liability — Public Warrants	1	359		1	1,121
Warrant liability — Private Placement Warrants	3	77		3	249
Total liabilities		$	436		$	1,392

The earnout liability was valued using the Monte Carlo simulation methodology. Assumptions used in the valuation of the earnout liability were as follows as of:


	March 31, 2026			December 31, 2025
Stock price	$	1.72		$	2.91
Risk-free interest rate	3.7%			3.6%
Expected restriction period (in years)	0.25			0.50
Expected volatility	85%			100%
Dividend rate	—		%	—		%

The warrants are accounted for as liabilities in accordance with ASC 815 and are presented as warrant liabilities on the condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the condensed consolidated statements of comprehensive loss. The closing price of the Public Warrants was used as its fair value as of each relevant date.

As of March 31, 2026 and December 31, 2025, the Private Placement Warrants were valued using the Monte Carlo simulation methodology, which is considered a Level 3 fair value measurement. Assumptions used in the valuation of the Private Placement Warrant liability using the Monte Carlo method simulation methodology are as follows:


	March 31, 2026			December 31, 2025
Stock price	$	1.72		$	2.91
Risk-free interest rate	3.7%			3.6%
Expected term (in years)	0.25			0.50
Expected volatility	182%			120%
Dividend rate	—		%	—		%
Exercise price	$	11.50		$	11.50

The following table presents a reconciliation for all liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3):


(in thousands)	Earnout Liability		Private Placement Warrant Liability
Fair value as of December 31, 2025	$	22	$	249
Change in fair value of liability	(22)		(172)
Fair value as of March 31, 2026	$	—	$	77

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Segment Disaggregation of General and Administrative Expenses

The following table presents disaggregated general and administrative expenses:


	Three Months Ended March 31,
(in thousands)	2026		2025
Operations/network operations	$	15,239	$	12,636
Other general and administrative	13,553		11,891
Technology and development	11,702		9,356
Sales and marketing	5,511		4,745
General and administrative expenses	$	46,005	$	38,628

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($)
shares in Thousands, $ in Thousands

Total

Common Stock

Class A Common Stock

Common Stock

Class B Common Stock

Additional Paid-In Capital

Retained Earnings (Accumulated Deficit)

Beginning balance (in shares) at Dec. 31, 2024

129,974

172,800

Beginning balance at Dec. 31, 2024

$ (256,109)

$ 13

$ 17

$ 0

$ (256,139)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation

5,879

Issuance of Class A common stock under share-based compensation plans (in shares)

3,558

Shares withheld for taxes (in shares)

(220)

Shares withheld for taxes

(528)

Net loss

^[1]

(11,362)

Redeemable noncontrolling interest adjustment to fair value

225,346

Ending balance (in shares) at Mar. 31, 2025

133,312

172,800

Ending balance at Mar. 31, 2025

(36,774)

$ 13

$ 17

5,351

(42,155)

Beginning balance (in shares) at Dec. 31, 2025

134,718

172,800

Beginning balance at Dec. 31, 2025

(116,904)

$ 13

$ 17

7,753

(124,687)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation

4,689

Issuance of Class A common stock under share-based compensation plans (in shares)

5,723

Issuance of Class A common stock under share-based compensation plans

$ 1

(1)

Shares withheld for taxes (in shares)

(379)

Shares withheld for taxes

(991)

$ 0

(991)

Net loss

^[1]

(16,420)

Redeemable noncontrolling interest adjustment to fair value

168,361

Ending balance (in shares) at Mar. 31, 2026

140,062

172,800

Ending balance at Mar. 31, 2026

$ 38,735

$ 14

$ 17

$ 11,450

$ 27,254

[1]	Excludes $20.6 million of net loss attributable to redeemable noncontrolling interest.

Share-Based Compensation - Performance-Based Awards (Details) - PSUs - 2021 Incentive Plan $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Share-Based Compensation
Service conditions (in years)	3 years
Period over which Adjusted EBITDA considered for achievement of performance condition	1 year
Period over which relative total stockholder return performance considered for achievement of performance condition	3 years
Number of shares vested during the year (in shares) \| shares	0
Unrecognized compensation cost \| $	$ 3.9
Unrecognized compensation cost, weighted average period	1 year 7 months 6 days
Minimum
Share-Based Compensation
Share-based compensation award vesting percentage	0.00%
Maximum
Share-Based Compensation
Share-based compensation award vesting percentage	187.50%

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Payments Due on Long-term Debt

As of March 31, 2026, payments due on long-term debt for the periods ending December 31, were as follows:


(in thousands)
2026	$	1,980
2027	3,460
2028	3,460
2029	3,460
2030	64,106
Thereafter	135,059
Long-term debt	$	211,525

Schedule of Interest Expense Related to Our Long-term Debt

Total interest expense, before capitalization, related to the Company’s long-term debt consisted of the following:


	Three Months Ended March 31,
(in thousands)	2026		2025
Interest payable and paid-in-kind	$	3,287	$	1,005
Amortization of deferred debt issuance costs	708		341

Total interest expense, before capitalization	$	3,995	$	1,346

Share-Based Compensation - 2021 Long Term Incentive Plan (Details) - 2021 Incentive Plan - shares	3 Months Ended
	Mar. 31, 2026	May 15, 2025	Jul. 01, 2021
Share-Based Compensation
Number of shares authorized (in shares)			33,918,000
Number of additional shares reserved for issuance		25,000,000
Shares available for grant	26,674,884
Incentive Plan termination date	Mar. 26, 2031

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Long-Term Debt - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Long-Term Debt
Interest costs capitalized	$ 1.0	$ 1.0
DOE Loan
Long-Term Debt
Deferred issuance costs	$ 28.2		$ 28.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0
Amounts accrued for interest and penalties	$ 0	$ 0

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The following table sets forth the Company’s total share-based compensation expense included in the Company’s condensed consolidated statements of comprehensive loss:


	Three Months Ended March 31,
(in thousands)	2026		2025
Other cost of sales	$	99	$	92
General and administrative expenses	4,146		5,402
Total share-based compensation expense	$	4,245	$	5,494

2021 Long Term Incentive Plan

The Company’s 2021 Long Term Incentive Plan (the “2021 Incentive Plan”) became effective on July 1, 2021. The 2021 Incentive Plan reserved 33,918,000 shares of the Company’s Class A common stock for issuance to employees, non-employee directors and other service providers pursuant to equity awards granted under the 2021 Incentive Plan. On May 15, 2025, the Company’s stockholders approved an amendment to the 2021 Incentive Plan to reserve an additional 25,000,000 shares of the Company’s Class A common stock. As of March 31, 2026, there were 26,674,884 shares of Class A common stock available for grant. The nonvested performance-based restricted stock units (“PSUs”) previously issued under the 2021 Incentive Plan are subject to under- and over-achievement thresholds. The number of shares remaining available for grant as disclosed in this paragraph was determined based on the number of PSUs whose vesting conditions were considered probable of achievement as of March 31, 2026. The 2021 Incentive Plan will terminate on March 26, 2031, unless terminated earlier by action of the Company’s Board of Directors.

Stock Options

The following table summarizes stock option activity:


(shares in thousands)	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding as of December 31, 2025	436	$	7.53	7.2 years	$	18

Outstanding and expected to vest as of March 31, 2026	436	$	7.53	7.0 years	$	—

Exercisable as of March 31, 2026	396	$	8.01	6.9 years	$	—

As of March 31, 2026, the Company’s unrecognized share-based compensation expense related to stock options was de minimis, which is expected to be recognized over a weighted average period of 0.6 years. No stock options were granted, forfeited or exercised during the three months ended March 31, 2026.

Restricted Stock Units

Service-Based Awards

The table below represents the Company’s restricted stock units (“RSU”) activity:


(shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	16,222	$	3.05
Granted	568	$	3.07
Vested	(5,695)	$	3.18
Forfeited	(454)	$	2.87
Nonvested and outstanding as of March 31, 2026	10,641	$	2.99

The total fair value of RSUs vested during the three months ended March 31, 2026 was $18.1 million. As of March 31, 2026, the Company’s unrecognized share-based compensation expense related to unvested RSUs was $14.3 million, which is expected to be recognized over a weighted average period of 1.3 years.

Market-Based Awards

The table below represents the Company’s market-based restricted stock units (“MSU”) activity:


(shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	1,113	$	2.23
Granted	66	$	2.61
Forfeited	(71)	$	3.43
Vested	(28)	$	2.42
Nonvested as of March 31, 2026	1,080	$	2.17

Expected to vest as of March 31, 2026	104	$	2.39

The total fair value of MSUs that vested during three months ended March 31, 2026 was $0.1 million. As of March 31, 2026, the Company’s unrecognized share-based compensation expense related to unvested MSUs was $0.6 million, which is expected to be recognized over a weighted average period of 1.3 years.

The grant date fair value for the MSUs was estimated using a Monte Carlo simulation that incorporates option-pricing inputs covering the period. The following assumptions were used for the MSU grants issued during the three months ended March 31, 2026:


Risk-free interest rate	3.8	%
Expected dividend yield	—	%
Expected volatility	87	%
Cost of equity	14	%
Remaining time to performance period end date (in years)	5.0

Performance-Based Awards

The Company has granted certain PSUs, which vest based on achievement of certain performance-based vesting conditions and subject to a three-year service condition. The number of shares that may ultimately vest with respect to each award may range from 0% up to 187.5% of the target number of shares based on achievement of certain performance-based vesting conditions related to stall counts and Adjusted EBITDA over a one-year period and a relative total stockholder return (“rTSR”) performance relative to the rTSR of a select group of companies in the Clean Edge Green Energy Index over a three-year period. The maximum number of PSUs that may vest is determined based on actual Company achievement with vesting subject to continuous service over a three-year period and achievement of the performance conditions. Compensation expense is recognized when performance targets are defined, the grant date is established, and it is considered probable that the performance objectives will be met. The table below represents the Company’s PSU activity under the 2021 Incentive Plan:


(shares in thousands)	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2025	3,795	$	2.68


Forfeited	(872)	$	2.54
Nonvested as of March 31, 2026	2,923	$	2.72

Expected to vest as of March 31, 2026	2,923	$	2.72

There were no PSUs that vested during the three months ended March 31, 2026. As of March 31, 2026, the Company’s unrecognized share-based compensation expense related to unvested PSUs was $3.9 million, which is expected to be recognized over a weighted average period of 1.6 years. The grant date fair value for PSUs was calculated based on the closing price of the Company’s Class A common stock on the grant date.