Today's News |
Hypercharge Networks Announces Financial Results for the Three Months and Nine Months Ended December 31, 2023
Tuesday, February 20, 2024Company Profile | Follow Company
North Vancouver, BC, February 19, 2024--(T-Net)--Hypercharge Networks Corp. (NEO:HC), a leading, smart electric vehicle (EV) charging solutions provider, announced the release of its unaudited financial results for the three months and nine months ended December 31, 2023.
All dollar figures are in Canadian Dollars, unless otherwise stated.
Business and Pipeline Highlights (for the three months ended December 31, 2023):
Financial Highlights (for the nine months ended December 31, 2023):
For the nine months ended December 31, 2023, the Company's revenue was $2,004,629, an increase of 28% compared to $1,562,987 in the nine months ended November 30, 2022.
Gross margin increased to 35% from 20% in the comparable period. Operating expenses increased from $4,442,902 in the comparable period to $7,188,957 (an increase of 62%) for the nine months ended December 31, 2023. The increase in operating expenses of $2,746,055 during the nine months ended December 31, 2023, are attributable to the Company's early stages of business in the comparable period and are comprised of $1,385,576 in non-cash expenses and non-recurring expenses, and $1,360,479 in increased direct and variable costs.
Financial Highlights (for the three months ended December 31, 2023):
For the three months ended December 31, 2023, the Company's gross profit increased to $178,658 (4%) compared to $172,011 in the three months ended November 30, 2023.
Gross margin increased to 31% compared to 15% in the comparative period, due primarily to increased sales volume of higher margin AC chargers and new SaaS subscriptions and recurring SaaS revenues.
For the three months ended December 31, 2023, the Company's revenue was $581,822, a decrease of 48% compared to $1,123,071 in the three months ended November 30, 2022. Operating expenses increased from $1,882,276 in the comparable period to $2,640,079 (an increase of 40%) for the three months ended December 31, 2023.
Operating expenses are comprised of general and administrative expenses, sales and marketing expenses and research and development. The increased operating expenses of $757,803 during the three months ended December 31, 2023 are attributable to $687,239 in non-cash expenses and non-recurring expenses, and $70,564 in increased direct and variable costs.
David Bibby, President and CEO, Hypercharge Networks Corp.
"Reflecting on this quarter's results, our focus remains on providing value-added EV charging services to our growing number of sites under management, controlling our operating expenses, and focusing on long-term growth," said David Bibby, President and CEO of Hypercharge. "Despite current economic conditions leading to longer delivery cycles affecting revenue in the quarter, we are pleased with our strong margins and focused on building a growing backlog."
Total assets as at December 31, 2023 were $7,384,703, (a 15% increase from $6,404,576 for the year ended March 31, 2023). As at December 31, 2023, the Company had cash and cash equivalents of $4,367,649.
Summary of Key Financial Measures:
A summary of selected financial information for the three months ended December 31, 2023, and the three months ended November 30, 2022, is as follows:
|
Three months ended |
|
Three months ended |
|
December 31, 2023 |
|
November 30, 20221 |
Revenue |
$ 581,822 |
|
$ 1,123,071 |
Gross margin |
31% |
|
15% |
Net and comprehensive loss |
$ (2,425,375) |
|
$ (1,662,365) |
Basic and diluted loss per share |
$ (0.04) |
|
$ (0.03) |
About Hypercharge
Hypercharge Networks Corp. (NEO:HC; OTC:HCNWF; FSE:PB7) is a leading provider of smart electric vehicle (EV) charging solutions that offers turnkey technology to 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 providing seamless, simple charging solutions by offering industry-leading equipment and a robust network of public and private charging stations. Learn more: https://hypercharge.com/.
1As a result of the Company's change in year-end, the comparative period reflects the three months ended November 30, 2022.
Other Recent Company News |
|||||||||||||||||||
|