Welcome to our dedicated page for Charge Enterprises news (Ticker: CRGE), a resource for investors and traders seeking the latest updates and insights on Charge Enterprises stock.
Charge Enterprises, Inc. (CRGE) is a leading electric vehicle (EV) charging, electrical, and broadband infrastructure company based in New York. The company offers end-to-end project management services, from design and installation to monitoring and maintenance. Charge focuses on providing innovative infrastructure solutions to clients, including automotive fleet operators, real estate owners, and government entities. Recent partnerships with major players like Ford, Stellantis, Eaton, and Autel demonstrate Charge's commitment to growth and industry leadership. With approximately 62,000 charging stations in the U.S. compared to 168,000 gas stations, Charge is uniquely positioned to capitalize on the growing EV market. The recent recapitalization led by Arena Investors, LP, aims to support Charge's expansion and drive profitability. Scott Haeger, a seasoned executive, has been appointed as the interim CEO to steer Charge towards sustainable growth and success.
Charge Enterprises, Inc. (Nasdaq:CRGE) announced its participation in the CGS-CIMB Tech & EV Virtual Conference 2023, set for March 29-30, 2023. Andrew Fox, Founder, Chairman and CEO, along with Leah Schweller, CFO, will present on March 29, 2023, at 9:00 am Singapore Time (March 28, 2023, at 9:00 pm ET). Charge focuses on providing electric vehicle (EV) charging infrastructure and broadband connectivity, aiming for sustainable growth and innovation. Their strategy involves targeting franchised auto dealers across the U.S. to generate recurring revenue. For further details, visit CGS-CIMB.
Charge Enterprises reported a 41% increase in quarterly revenues, reaching $168.0 million for Q4 2022, and a 46% rise for the full year to $697.8 million compared to 2021. Gross profit more than doubled to $8.5 million for Q4 and rose to $28.2 million for the full year. Despite these gains, the company recorded a net loss of $30.3 million for the year, though this was an improvement from a $51.7 million loss in 2021. Charge continues to focus on expanding its EV charging infrastructure and maintaining strong growth in its telecommunications sector. The current backlog stands at $82 million.
Charge Enterprises (Nasdaq: CRGE) has announced a collaboration with Autel Energy to provide comprehensive EV charging infrastructure solutions. This partnership will offer a turnkey approach, including end-to-end services for automotive OEMs, retailers, and commercial fleets. A key feature is the introduction of Charging as a Service (CaaS), aimed at delivering custom solutions that encompass software, maintenance, and monitoring. Charge's President, Mark LaNeve, emphasized the company's commitment to sustainability and the transition from Internal Combustion Engines to Battery Electric Vehicles. Both firms aim to facilitate the adoption of EV charging technologies across various sectors.
Charge Enterprises (Nasdaq:CRGE) is set to host a public webcast on March 15, 2023, to discuss its 2022 fourth quarter and full year financial results. Key executives, including Andrew Fox and Leah Schweller, will present the financial overview that morning, with results released before the market opens. The webcast will be accessible on their investor relations website, alongside the earnings press release and other pertinent documents. Charge continues to focus on enhancing electric vehicle charging infrastructure and connectivity, aiming to establish a significant presence in the evolving EV market.
Charge Enterprises (NASDAQ: CRGE) has partnered with Lumio HX, Inc. to provide residential EV charging installation solutions targeted at electric vehicle buyers. This agreement allows Charge and Lumio to offer a seamless 'white-glove' service through Lumio's home installation team via auto dealerships. The collaboration aims to alleviate concerns over home charging installation while generating revenue through the installation services and future solar maintenance opportunities. The partnership reflects Charge's commitment to enhancing its offerings in the rapidly growing EV market.
Charge Enterprises (NASDAQ:CRGE) announced its Charge Infrastructure division is now servicing retail dealerships representing over 20 automotive brands. As of December 2022, they have achieved nationwide service capability, offering comprehensive EV charging solutions including project management, installation, and maintenance. With substantial investments required for EV infrastructure, Charge is poised to help dealers transition from traditional vehicles to electric ones, targeting a seamless and cost-effective shift by 2030. The company emphasizes its expertise in the growing EV market.
Charge Enterprises (Nasdaq:CRGE) will participate in the 25th Annual Needham Growth Conference on January 10-11, 2023. CEO Andrew Fox is scheduled to present on January 11, 2023, at 4:30 p.m. ET. The presentation will be available via a webcast. This event aims to connect with investors and discuss Charge's growth in telecommunications and EV charging infrastructure. A replay of the webcast and the investor presentation will be accessible on the company’s website.
Charge Enterprises (NASDAQ:CRGE) collaborates with GenZ EV Solutions to launch its first ultra-fast ChargeBox (CBX) in Troy, Michigan. This technology harnesses 140kW/h of energy storage, enabling charging up to 320kW. It allows rapid charging with limited utility input, reducing both peak demand charges and infrastructure upgrades. The CBX can charge one EV at 320kW or two at 160kW simultaneously, providing a 100-mile range in less than ten minutes. This initiative aligns with sustainable practices in the EV sector, enhancing Charge's focus on innovative charging solutions.
Charge Enterprises reported a 59% increase in third quarter 2022 revenues to $185.9 million, up from $117.0 million in Q3 2021. Gross profit surged 77% to $6.9 million. The company's growth is driven by high demand in EV infrastructure and strategic investments across its segments. Notably, net income turned positive at $14.4 million, compared to a $25.2 million loss in the previous year. Anticipated future growth is supported by contracts in monitoring operations and expansions in the infrastructure sector, establishing Charge as a key player in the EV market.
Charge Enterprises (NASDAQ:CRGE) announced a master service agreement with Unity Construction Services for developing EV charging stations. Unity has selected Charge as a preferred provider, which enhances Charge's role in supporting major real estate developers and businesses with customized EV infrastructure solutions. This partnership aims to streamline the EV transition for Unity's clients, which include top firms in various sectors. Charge focuses on connecting communities with EV charging infrastructure, complementing its telecommunications and broadband operations.
FAQ
What services does Charge Enterprises, Inc. provide?
What recent partnerships has Charge established?
Who is the majority equity owner of Charge following the recapitalization?
What is Charge's strategy to scale in the EV market?
Who is the interim CEO of Charge?
