EVgo builds, owns, and operates DC fast charging (DCFC) stations for EVs across the U.S. As of year-end 2025, EVgo had roughly 3,900 fast charging stalls across over 1,200 locations in 47 states. EVgo's core business is selling electricity to EV drivers by the kilowatt-hour, with customers including retail drivers, rideshare drivers (roughly a quarter of network throughput), and OEM partners like GM, Honda, and Toyota, who pay EVgo to provide charging access to their EV buyers. EVgo also operates dedicated charging hubs for autonomous vehicle fleets, including Waymo, under fixed monthly fee contracts. Stations are located at commercial properties — grocery stores, retailers, and shopping centers — where EVgo pays rent to the site owner and retains ownership of all charging equipment. Beyond its own network, EVgo runs EVgo eXtend, a white-label service where partners own charging assets and pay EVgo for development and ongoing operations, though this business is winding down. EVgo's cost structure includes energy costs, per-stall rent, and largely fixed G&A, creating operating leverage as utilization rises. Capital deployment is funded primarily through a $1.25B DOE loan and a $300M bank facility, covering the build-out through at least 2029. EVgo is targeting over 12,500 public stalls by 2029, and is rolling out NACS connectors to access Tesla drivers, which management believes could roughly double its addressable market over time.