Hypercharge Announces Unaudited Financial Results for the Three Months Ended June 30, 2024
Rhea-AI Summary
Hypercharge Networks Corp (TSXV: HC) (OTCQB: HCNWF) reported unaudited financial results for Q2 2024. Key highlights include:
- Sales backlog increased 270% YoY to $7.7 million
- First-ever positive cash flow quarter from operating activities, a $1.2 million YoY improvement
- Revenue increased 79% YoY to $0.9 million
- Signed sales orders for charging ports increased 167%
- Delivered charging ports increased 35%
The company expanded partnerships, including a master product agreement with Mattamy Homes. Operating expenses decreased 23% YoY. Gross margin decreased to 26% from 46% due to product mix changes. Net loss for Q2 2024 was $1.61 million, compared to $2.19 million in Q2 2023.
Positive
- Sales backlog increased 270% year-over-year to $7.7 million
- First-ever positive cash flow quarter from operating activities, improving $1.2 million year-over-year
- Revenue increased 79% year-over-year to $0.9 million
- Signed sales orders for charging ports increased 167%
- Delivered charging ports increased 35%
- Operating expenses decreased by 23% year-over-year
- Net loss reduced from $2.19 million in Q2 2023 to $1.61 million in Q2 2024
Negative
- Gross margin decreased to 26% from 46% due to product mix changes
- Net loss of $1.61 million for Q2 2024, despite improvements
News Market Reaction – HCNWF
In the trading session that priced this news, HCNWF gained 9.29%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Sales Backlog Increased by
270% to$7.7 Million - First-Ever Positive Cash Flow Quarter from Operating Activities, a Year-Over-Year Improvement of
$1.2 Million - Revenue Increased by
79% Year-Over-Year to$0.9 Million - Signed Sales Orders for Charging Ports Increased
167% and Delivered Charging Ports Increased35%
Vancouver, British Columbia--(Newsfile Corp. - August 29, 2024) - Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) (FSE: PB7) (the "Company" or "Hypercharge"), a leading, smart electric vehicle (EV) charging solutions provider and network operator, is announcing the release of its unaudited financial results for the three months ended June 30, 2024, and related management discussion and analysis. All dollar figures are in Canadian dollars, unless otherwise stated.
Business & Pipeline Highlights (for the three months ended June 30, 2024):
- Increased sales backlog to
$7,746,672 as of June 30, 2024, a year-over-year increase of$5,653,123 (270% ).
- The Company signed sales orders for 767 charging ports, a year-over-year increase of 480 (
167% ).
- The Company delivered 432 charging ports, a year-over-year increase of 111 (
35% ).
- Increased the number of drivers using the Hypercharge mobile app by 4,100 (
34% ) during the three months ended June 30, 2024, to a total of 16,163 users, demonstrating the growth of the Company's EV charging network and the number of drivers charging at Hypercharge EV charging stations.
- Signed a master product agreement with Mattamy Homes Limited ("Mattamy"), the largest privately owned homebuilder in North America, to supply EV charging stations to multifamily developments currently under construction by Mattamy's GTA Urban Division in the Greater Toronto Area.
- The Company expanded its partnership with the Deveraux Group of Companies to supply EV charging infrastructure along with networking, design, engineering, installation, and project management services.
- The Company now operates EV charging stations across eight (8) provinces/territories in Canada, and eleven (11) states in the United States, adding Arizona to its list of operating jurisdictions during the three months ended June 30, 2024.
- Sponsored and exhibited at the EV & Charging Expo in Toronto, ON, and participated in in the 2024 Transportation Forum presented by Deloitte, in Vancouver, BC.
Financial Highlights and Commentary (for the three months ended June 30, 2024):
For the three months ended June 30, 2024, the Company delivered its first quarter of positive operating cash flows, generating net cash of
The Company recognized quarterly revenue of
Operating expenses were
Gross margin decreased to
Net and comprehensive loss for the three months ended June 30, 2024, was
"During the first quarter of fiscal 2025, Hypercharge continued to make progress in key areas, most notably with our sales backlog, which increased to
"The Company also achieved a significant milestone by generating positive cash flow from operating activities for the first time, with
"As we move forward, our focus is clear: expanding our network, enhancing our technology, controlling costs, and accelerating our path towards profitability. We're committed to customer excellence and sustained growth," concluded Bibby.
Summary of Key Financial Measures:
A summary of selected financial information for the three months ended June 30, 2024, and 2023, is as follows:
| Three months ended | Three months ended | |||||
| June 30, 2024 (unaudited) | June 30, 2023 (unaudited) | Change | ||||
Revenue | ||||||
Gross margin | ( | |||||
| Net and comprehensive loss | ||||||
| Basic and diluted loss per share |
For more information, please refer to the Company's management's discussion and analysis, and the Company's unaudited condensed consolidated interim financial statements for the three months ended June 30, 2024. These documents are available on the Company's website at https://hypercharge.com/investors/, and under the Company's SEDAR+ profile at https://www.sedarplus.ca/.
About Hypercharge
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) (FSE: PB7) is a leading provider of smart electric vehicle (EV) charging solutions for residential and commercial buildings, fleet operations, and other rapidly growing sectors. Driven by its mission to accelerate EV adoption and enable the shift towards a carbon neutral economy, Hypercharge is committed to offering seamless, simple solutions including industry-leading hardware, innovative and integrated software, and comprehensive services, backed by a robust network of public and private charging stations. Learn more: https://hypercharge.com/.
On behalf of the Company,
Hypercharge Networks Corp.
David Bibby, President & CEO
Contacts
Investor Relations:
Chris Tyson | Executive Vice President | MZ Group
invest@hypercharge.com | (949) 491-8235
Media Contact:
Kyle Kingsnorth | Head of Marketing | Hypercharge
kyle.kingsnorth@hypercharge.com
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements regarding the Company's growth, commercial developments, delivery timeliness and revenue recognition. Forward-looking statements are often identified by terms such as "may", "could", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions which are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221448