EVGO wins price target raise at Roth

Following the company’s third quarter results, Roth MKM analyst Craig Irwin has raised his price target on EVgo Inc. (EVgo stock Quote, Chart, News, Analysts, Financials NYSE:EVGO).

On November 12, EVGO reported its Q3, 2025 results. The company posted an Adjusted EBITDA loss of $8.9-million on revenue of $67.5-million, a topline that was up 92% year-over-year.

“I’m pleased to report another record quarter anchored by strong revenues and triple digit year-over-year network throughput growth,” CEO Badar Khan said. “Our deployment team continued to meet demand head-on bringing a record number of stalls online in the third quarter. With our conditional commitment from DOE for a loan guarantee of up to $1.05 billion announced last month, EVgo is poised to lead the industry as the charging provider of choice. As we look ahead to the end of the year and into fiscal 2025, we are working diligently to complete the loan process, drive our next phase of growth as an owner and operator of fast charging infrastructure, and deliver continued and sustainable value creation for our shareholders.”

The analyst summarized the quarter.

“EVgo posted solid 3Q24 revenue with network throughputs more than doubling for the seventh consecutive quarter,” he noted. “We see a near-term close of the $1bn DOE loan as the most important trading catalyst, unlocking funding to support accelerated installation of an incremental 7,500 stalls over the next five years. NACS cable certification and retrofits on existing stalls should support impressive growth when EVgo starts to service 2/3 of the US EV fleet using the Tesla (TSLA-Neutral) connector. We see good visibility for 2025 EBITDA profitability.”

In a research update to clients November 12, Irwin maintained his “Buy” rating and raised his price target on EVGO from $6.00 to $8.00.

The analyst thinks EVGO will post an EBITDA loss of $35.9-million on revenue of $255.0-million in fiscal 2024. He expects those numbers will improve to EBITDA of positive $3.0-million on a topline of $4.00-million in fiscal 2025.