EVGO

EVgo is doing the hard part of a capital-intensive infrastructure build. FY2025 revenue hit $384M (+49.6% YoY), the fifth straight year of rapid scaling ($54.6M→$161M→$257M→$384M), and — more importantly — gross profit jumped +175% to $80.8M, lifting gross margin to 21%. That is the single most encouraging number here: the network is starting to show unit economics that scale with utilization, and the MD&A's multi-stream model (retail/commercial/OEM charging plus high-margin regulatory-credit and network-setup revenue) is designed to widen that margin further. At a $251M market cap and 0.7x sales, the equity is priced for a company that is failing, not one growing revenue ~50% with an improving cost curve.

The problem is the balance sheet and the cash clock. Stockholders' equity is negative (-$117M), liabilities grew +60.8% to $579M, long-term debt is $204M, and the accumulated deficit is -$125M. Operating income was still -$111M and operating cash flow was -$7.73M — but the real drain is capex of $117M to keep building stalls, so free cash flow is roughly -$125M against just $151M of cash. That is well under two years of self-funded runway, and management is plugging the gap with equity: shares outstanding rose +24.9% in a single year. A shareholder here is being diluted ~25% annually to finance a network that does not yet fund itself.