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Hypercharge Networks Announces Financial Results, Q3 Revenue up 148% to $922K
Thursday, November 30, 2023Company Profile | Follow Company
North Vancouver, BC, November 30, 2023--(T-Net)--Hypercharge Networks (NEO:HC), a leading, smart electric vehicle (EV) charging solutions provider, is announcing the release of its unaudited financial results for the three months and six months ended September 30, 2023.
All dollar figures are in Canadian Dollars, unless otherwise stated.
Financial Highlights (for the three months ended September 30, 2023):
For the three months ended September 30, 2023, the Company's revenue was $921,783, an increase of 148% compared to $371,081 in the three months ended August 31, 2022. Operating expenses increased from $1,262,329 in the comparable period to $2,122,982 (an increase of 68%) for the three months ended September 30, 2023.
Operating expenses are comprised of general and administrative expenses, sales and marketing expenses and research and development. The increased operating expenses of $860,653 during the three months ended September 30, 2023 are attributable to $294,334 in non-recurring expenses, $192,661 in non-cash expenses and $373,658 in increased direct and variable costs.
Financial Highlights (for the six months ended September 30, 2023):
For the six months ended September 30, 2023, the Company's revenue was $1,422,807, an increase of 223% compared to $439,916 in the six months ended August 31, 2022. Operating expenses increased from $2,560,626 in the comparable period to $4,548,878 (an increase of 78%) for the six months ended September 30, 2023. The increase in operating expenses of $1,988,252 during the six months ended September 30, 2023, are attributable to $385,842 in non-recurring expenses, $383,679 in non-cash expenses and $1,218,631 in increased direct and variable costs.
Total assets as at September 30, 2023 were $9,148,612, (a 43% increase from $6,404,576 for the year ended March 31, 2023). As at September 30, 2023, the Company had cash and cash equivalents of $5,222,730.
David Bibby, President and CEO, Hypercharge Networks Corp.
"We reported the unaudited financial results for the three months and six months ended September 30, 2023," said David Bibby, President and CEO of Hypercharge. "With triple digit revenue growth percentages and a growing sales backlog in both comparable periods, we thank our growing customer base for their support as we continue on our growth journey."
Business and Pipeline Highlights (for the three months ended September 30, 2023):
Summary of Key Financial Measures:
A summary of selected financial information for the three months ended September 30, 2023, and the three months ended August 31, 2022, is as follows:
|
Three months ended |
|
Three months ended |
|
September 30, 2023 |
|
August 31, 20221 |
Revenue |
$921,783 |
|
$371,081 |
Gross Margin |
32% |
|
39% |
Comprehensive loss |
$(1,798,692) |
|
$(3,361,491) |
Basic and diluted loss per share |
$(0.03) |
|
$(0.07) |
1As a result of the Company's change in year-end, the comparative period reflects the three months ended August 31, 2022.
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 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/.
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