5 Best Fast Growing Penny Stocks to Buy Right Now

2. EVgo Inc. (NASDAQ:EVGO)

Number of Hedge Fund Holders: 25

EVgo Inc. (NASDAQ:EVGO) is one of the best fast growing penny stocks to buy right now. On May 5, EVgo reported record Q1 2026 revenue of $110 million, a 45% increase year-over-year, driven by double-digit growth in charging network revenue. The company expanded its infrastructure to 5,280 operational stalls, adding over 200 DC fast charging stalls during the quarter and growing its customer base to 1.7 million accounts. Network throughput reached 91 gigawatt-hours, supported by the ongoing deployment of NACS connectors and partnerships across its public and fleet networks.

Financially, EVgo strengthened its position by amending its Department of Energy loan to $750 million in April to support continued network scaling and infrastructure advancement. While the company reported a net loss of $37 million for the quarter, it achieved an adjusted gross profit of ~$30 million. Management noted that capital expenditures, net of offsets, rose to $25 million as the company prioritizes the build-out of next-generation charging stations and high-demand sites.

Looking ahead, EVgo Inc. (NASDAQ:EVGO) affirmed its full-year 2026 revenue guidance of $410 million to $470 million and initiated Q2 revenue guidance of $75 million to $85 million. CEO Badar Khan highlighted the company’s leadership in the fast-charging market and its readiness to capitalize on evolving market dynamics.

EVgo Inc. (NASDAQ:EVGO) owns and operates direct current fast charging network for EVs. Its product offerings include original equipment manufacturer charging and related services, commercial charging, charging data integration, and microtargeted advertising.