Hypercharge Networks Corp. Announces Unaudited Financial Results for the Three Months Ended June 30, 2023
Vancouver, British Columbia–(Newsfile Corp. – August 14, 2023) – Hypercharge Networks Corp. (NEO: HC) (OTCQB: HCNWF) (FSE: PB7) (the “Company” or “Hypercharge“), a leading, smart electric vehicle (EV) charging solutions provider, is announcing the release of its unaudited financial results for the three months ended June 30, 2023. All dollar figures are in Canadian Dollars, unless otherwise stated.
Financial Highlights (for the three months ended June 30, 2023):
For the three months ended June 30, 2023, the Company’s revenue in the quarter was $501,024, an increase of 628% compared to $68,835 in the three months ended May 31, 2022. Operating expenses increased from $1,302,852 in the comparable period to $2,425,896 (an increase of 86%) for the three months ended June 30, 2023. This increase is largely attributable to general and administrative expenses in connection with non-cash share-based compensation expenses and non-recurring expenses. The lower operating expenses during the comparable period for the three months ended May 31, 2022 are attributable to the Company’s early stages of business, which resulted in lower direct and variable costs during the period.
Total assets as at June 30, 2023 were $10,490,211, (a 64% increase from $6,404,576 for the year ended March 31, 2023). As at June 30, 2023, the Company had cash and cash equivalents of $6,927,630.
“We are pleased to report the unaudited financial results for the three months ended June 30, 2023,” said David Bibby, President and CEO of Hypercharge. “We are proud to see the increase in our customer base and their growing confidence in our ability to provide innovative charging solutions reflected in these results.”
Business and Pipeline Highlights (for the three months ended June 30, 2023):
- Signed new sales orders for 288 charging ports in the three months ended June 30, 2023, and over 2,100 charging ports since commencing business operations in June 2021.
- Delivered 316 charging ports in the three months ended June 30, 2023, and over 1,050 charging ports since commencing business operations in June 2021.
- Increased sales backlog by 215 charging ports. The Company expects phased delivery of these chargers beginning in late 2023.
- Activated seven (7) new strategic partnerships that facilitate Hypercharge entering into new markets by assisting with installation of chargers. This increases the Company’s total number of strategic partnerships to 44.
- Entered into a strategic partnership with Precise ParkLink Inc. (“Precise ParkLink”). Precise ParkLink manages over 500,000 stalls across Canada in the healthcare, municipal, commercial, institutional, and private sectors.
- Hired four additional employees: one in engineering, one in operations, and two in sales, as part of the Company’s United States growth objective.
- Closed a $5,000,000 non-brokered private placement.
Summary of Key Financial Measures:
A summary of selected financial information for the three months ended June 30, 2023, and the three months ended May 31, 2022, is as follows:
| Three months ended | Three months ended | |||||
| 30-Jun-23 | 31-May-221 | |||||
| Revenue | $ | 501,024 | $ | 68,835 | ||
| Gross Margin | 46% | (2%) | ||||
| Comprehensive loss | $ | (2,188,632 | ) | $ | (2,519,632 | ) |
| Basic and diluted loss per share | $ | (0.03 | ) | $ | (0.05 | ) |
1 As a result of the Company’s change in fiscal year-end, the comparative period reflects the three months ended May 31, 2022.
For more information, please refer to the Company’s management’s discussion & analysis and the Company’s unaudited condensed consolidated interim financial statements for the three months ended June 30, 2023 and May 31, 2022. These documents are available on the Company’s website at https://hypercharge.com/investors/, and under the Company’s SEDAR profile at www.sedarplus.ca.
About Hypercharge
Hypercharge Networks Corp. (NEO: HC) (OTCQB: HCNWF) (FSE: PB7) is a leading provider of smart electric vehicle (EV) charging solutions that offers turnkey technology to multi-unit 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/.
On behalf of the Company,
Hypercharge Networks Corp.
David Bibby, President & CEO
Investor Relations:
Kelsey Letham | Head of Investor Relations
invest@hypercharge.com
604-881-1730
Media Contact:
Kyle Green | Senior Marketing Manager
kyle.green@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. 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. More particularly and without limitation, this news release contains forward-looking statements concerning the Company’s growth, commercial developments, delivery timeliness and revenue recognition. 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 NEO Exchange nor its Market Regulator (as that term is defined in policies of the NEO Exchange) 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/177013