What EVgo, Inc. told the SEC could break it.

EVgo's charging operations are geographically concentrated: 49.7% of charging revenues in 2025 (46.7% in 2024) were generated in California, and many of its facilities are in California (an active earthquake zone with public-safety power shut-offs and projected water-scarcity/sea-level-rise exposure in areas like LA and San Francisco) and in Florida and Texas (hurricane-prone), so region-specific economic shifts, regulatory changes, power shut-offs or natural disasters would disproportionately affect its results.

“For the years ended December 31, 2025 and 2024, 49.7 % and 46.7 % , respectively, of charging revenues were generated in California.”

EVgo depends on a limited number of vendors for charging equipment, notably Delta, under the Delta Charger Supply Agreement and a Purchase Order it is obligated to take; if Delta cannot fulfill its requirements EVgo would have to find an alternative supplier to meet its Pilot Infrastructure Agreement commitments, and because Delta is headquartered in Taiwan, its supply of chargers, components and parts is exposed to Taiwan natural disasters (earthquakes, drought, typhoons) and escalating China-Taiwan tensions — concentrating its hardware supply risk.

EVgo's revenue is highly concentrated: for 2025 one customer represented 30.2% of total revenue (33.5% in 2024) and one customer comprised 40.4% of total net receivables, and given the nascent EV-charging industry a limited number of contractual commercial customers and OEM partners account for a substantial portion of its income; the loss, non-renewal or material reduction in business from such a significant customer would have a material adverse effect on its revenue, results and cash flows.

“For the years ended December 31, 2025 and 2024, one customer represented 30.2% and 33.5%, respectively, of total revenue. The loss, non ‑ renewal, or material reduction in business from any such significant customer could have a material adverse effect on the Company's revenue, results of operations, and cash flows.”

EVgo is exposed to trade and subsidy policy: 2025 brought new worldwide/country-specific tariffs, and although a Supreme Court decision nullified the IEEPA-based tariffs (including an April 2025 worldwide 10% tariff), the administration may impose new tariffs under Section 122 of the Trade Act or Section 232 — raising the cost of its imported charging hardware (e.g., from Delta in Taiwan); it has also historically relied on the IRA's 30C income-tax credit subsidizing the cost of placing chargers in service, and faces data-privacy regimes such as the EU GDPR, so changes to tariffs or the 30C credit could materially affect its economics.

“In 2025, the current administration issued a number of new worldwide and county-by-county specific tariffs. A recent Supreme Court decision nullified tariffs invoked under the IEEPA impacting a set of country specific tariffs that included a worldwide 10% tariff announced in April 2025. Tariff rates may continue to shift as the current administration utilizes other legal authorities to impose tariffs, such as time-limited worldwide tariffs under Section 122 of the Trade Act of 1974, or product-specific tariffs under Section 232 of the Trade Expansion Act of 1962.”