EVgo Inc-A 2025年度报告

WASHINGTON, D.C. 20549 FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For thefiscalyear ended December31,2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For The Transition Period FromToCommissionfile number: 001-39572 EVgo Inc. Securities registered pursuant to Section12(b)of the Act: Securities registered pursuant to Section12(g)of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required tofile reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☒ Indicate by check mark whether the registrant: (1)hasfiled all reports required to befiled by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to suchfiling requirements for the past90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically; every Interactive Data File required to be submitted pursuant to Rule405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles). Yes☒No☐ Indicate by check mark whether the registrant is a large acceleratedfiler, an acceleratedfiler, a non-acceleratedfiler, a smaller reporting company, or an emerginggrowth company. See the definitions of “large acceleratedfiler,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. Large acceleratedfiler☐Acceleratedfiler☒Non-acceleratedfiler☐Smaller reporting company☒Emerging growth company☐ Indicate by check mark whether the registrant hasfiled a report on and attestation to its management’s assessment of the effectiveness of its internal controloverfinancial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its auditreport.☒ If securities are registered pursuant to Section 12 (b) of the Act, indicate by check mark whether thefinancial statements of the registrant included in thefilingreflect the correction of an error to previously issuedfinancial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ Based on the closing price as reported on the Nasdaq Global Select Market, the aggregate market value of the Registrant’s Class A common stock held by non-affiliates on June 30, 2025 (the last business day of the Registrant’s most recently completed secondfiscal quarter) was $464.9 million. Shares of Class A common stockheld by each executive officer and director and by each person who may be deemed to be an affiliate have been excluded. This determination of affiliate status is notnecessarily a conclusive determination for other purposes. As of February 20, 2026, the Registrant had 140,283,533 shares of Class A common stock and 172,800,000shares of Class B common stock outstanding. Documents Incorporated by Reference Portions of the definitive proxy statement for the registrant’s 2026 Annual Meeting of Stockholders to befiled hereafter are incorporated by reference into PartIIIherein. TABLE OF CONTENTS PART I Item1. Business11Item1A. Risk Factors27Item1B. Unresolved StaffComments68Item 1C. Cybersecurity Risk Management, Strategy and Governance68Item2. Properties70Item3. Legal Proceedings70Item4. Mine Safety Disclosures70 PART II Item5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities71Item6. [Reserved]71Item7. Management’s Discussion and Analysis of Financial Condition and Results of Operations72Item7A. Quantitative and Qualitative Disclosures About Market Risk88Item8. Consolidated Financial Statements and Supplementary Data89Item9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure142Item9A. Controls and Procedures142Item9B. Other Information144Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections144 PART III Item10. Directors, Executive Officers and Corporate Governance145Item11. Executive Compensation145Item12. Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters145Item13. Certain Relationships and Related Transactions and Director Independence145Item14. Principal Accountant Fees and Services145 PART IV Item15. Exhibits and Financial Statement Schedules146Item16. Form 10-K Summary148Schedule II149Signatures150 FREQUENTLY USED T