Should you sell your EVgo stock?

Roth Capital Markets analyst Craig Irwin maintained his “Buy” rating on EVgo (EVgo Stock Quote, Chart, News, Analysts, Financials NYSE:EVGO) while lowering his price target to $3.50 from $5.00 following fourth-quarter results and updated 2026 guidance.

EVgo reported Q4 revenue of $118.5-million, Adjusted EBITDA of $24.9-million and EPS of ($0.04), well ahead of estimates. Non-GAAP gross margin reached 50.9%, supported by a one-time $26.0-million contract buyout from a former autonomous EV partner that exited the market.

Charging revenue hit a quarterly record of $63.7-million as network throughput rose to 99 GWh. The company added 280 DC fast charging stalls in the quarter and continues to expand its eXtend footprint, with 350 to 400 eXtend stalls expected in 2026.

Irwin said management remains focused on margin improvement, though higher spending will weigh on near-term profitability. EVgo guided 2026 adjusted G&A of $150.0-million to $155.0-million, up from $128.6-million in 2025, with revenue expected to be second-half weighted. Annualized cash flow per stall improved to $21,000 in Q4, with the top 15% of the network generating approximately $67,000.

For 2026, EVgo introduced revenue guidance of $410.0-million to $470.0-million and Adjusted EBITDA of ($20.0)-million to $20.0-million, below prior expectations. The company plans to place 1,400 to 1,650 stalls into operation during the year.

Irwin reduced his price target to $3.50 based on a 10x EV multiple applied to 2027 Adjusted EBITDA of $95.0-million, reflecting a more cautious profitability outlook despite EVgo’s industry position and long-term growth potential.

He expects EVgo to generate $17.5-million in Adjusted EBITDA on revenue of $450.0-million in fiscal 2026.

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