EVgo (NASDAQ: EVGO) just passed an important milestone in its effort to build one of the largest public fast-charging networks in the United States.

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The company’s partnership with General Motors and Pilot has now deployed more than 1,300 fast-charging stalls at over 300 Pilot and Flying J locations across 40 states. The network currently reaches roughly 75% of the contiguous United States and remains on track toward its larger goal of installing 2,000 chargers at as many as 500 travel centers.

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Bigger expansion, less capital

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One reason this expansion is important is because of EVgo's eXtend business model, which works like this …

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Rather than paying for every charging station itself, EVgo partners with companies like General Motors and Pilot, which help finance or own the equipment. EVgo then designs, operates, and maintains the charging network in exchange for ongoing service and operating revenue.

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That approach allows EVgo to expand much faster while using less of its own capital. Instead of spending hundreds of millions of dollars building every charging station on its own balance sheet, the company can leverage its partners' capital and focus on growing its network and generating recurring revenue.

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That could become an increasingly important part of the company’s growth strategy.

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The numbers are looking good

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EVgo ended the first quarter of 2026 with 5,280 charging stalls in operation, up 25% from the previous year. Total revenue rose 45% to $110 million, while charging-network revenue increased 18% to $56 million. The company has now delivered double-digit charging-revenue growth for 17 consecutive quarters.

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In other words, EVgo is no longer simply promising to build a nationwide charging network. It’s adding stations, attracting more customers, and generating more revenue from the electricity flowing through that network.

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The Pilot locations could be particularly valuable because they sit along major highways and already offer the amenities drivers want during a charging stop. The chargers can provide speeds of up to 350 kilowatts, while many locations include covered stalls, pull-through access, food, restrooms, and other conveniences.

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That said, be sure to keep your expectations in check.

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EVgo is investing heavily to expand its network, and profitability remains inconsistent. Management expects 2026 revenue of $410 million to $470 million, but adjusted EBITDA could range from a $20 million loss to a $20 million profit. That’s an uncomfortably wide range. 

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There’s also evidence that new chargers take time to reach their potential. Average daily throughput per public stall fell to 257 kilowatt-hours in the first quarter, compared with 266 kilowatt-hours a year earlier, partly because recently opened locations have not yet fully ramped.

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Still, the long-term opportunity is clear.

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As more EVs hit the road, the value of EVgo’s network should depend less on how many chargers it installs and more on how frequently drivers use them. Once a charger is built, rising utilization can produce more revenue without requiring EVgo to replicate the original construction cost.

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That's the key metric you should watch.

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The 300-location milestone shows that EVgo can attract major partners and execute large infrastructure projects. But the next phase of the story will be about turning that growing network into sustained profitability and positive cash flow.

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