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Hypercharge Networks Corp. (HCNWF) is a leading provider of smart electric vehicle (EV) charging solutions, offering turnkey technology for residential and commercial buildings, fleet operations, and other growing sectors. Recently, the company was chosen by Marsim Auto Group to supply charging stations to the new Hyundai/Genesis dealership in Toronto. Hypercharge's commitment to accelerating EV adoption and enabling a carbon-neutral economy is evident through its innovative solutions and robust charging network.
Furthermore, Hypercharge Networks Corp. will be sponsoring the EV & Charging Expo in Toronto and participating in the 2024 Transportation Forum in Vancouver. With a focus on growth and sustainability, the company continues to forge partnerships and expand its presence in the electric vehicle charging industry.
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) has announced key changes to its financial leadership team. Alex McAulay will join as Chief Financial Officer effective January 10, 2025, receiving 100,000 stock options exercisable at the closing price on his start date with a 4-year term, and 100,000 restricted share units vesting on January 10, 2026. Additionally, Roy Quiñones, CPA, CMA, has been promoted from Accounting Manager to Controller, effective January 1, 2025. Quiñones has been with the company since May 2022. The changes mark a transition from outgoing CFO Navraj Dosanjh.
Hypercharge Networks reported record Q2 2025 results with revenue reaching $1.4 million, up 50% year-over-year. The company delivered a record 615 charging ports, representing a 116% increase. Sales backlog grew 235% to $8.7 million. Gross profit reached $430,808, up 48%, while operating expenses decreased 26% to $1.57 million. Net loss decreased 39% to $1.13 million ($0.016 per share). The company expanded operations to eight provinces in Canada and thirteen states in the US, securing new partnerships including a $3M-$4M order for 76 DC fast charging ports.
Hypercharge Networks has delivered one DC fast charger and three Level 2 charging stations to the Prince Rupert Port Authority (PRPA) in British Columbia, supporting their fleet vehicle electrification initiative. PRPA manages Canada's northernmost west coast trade gateway, facilitating trade between North America and Asia. Additionally, the company announced the resignation of CFO Navraj Dosanjh, effective January 10, 2025. A search for his successor has begun, with Dosanjh committed to ensuring a smooth transition.
Hypercharge Networks has completed the delivery of 778 EV charging stations to PCI Developments' King George Hub development in Surrey, BC. The delivery included 777 Level 2 charging stations and 1 dual-port DC fast charging station, executed across three fiscal quarters. The installations were split with 200 stations in Q1 2024, 400 in Q2, and 178 in Q3. The King George Hub is a mixed-use development featuring over 760,000 square feet of office and retail space, plus approximately 1.2 million square feet of residential space, located at the junction of three rapid transit lines.
Hypercharge Networks Corp. (TSXV: HC) (OTC: HCNWF) has signed a Master Pipeline Agreement with Dawson & Sawyer Developments , effective September 10, 2024. The agreement makes Hypercharge the exclusive EV charging provider for two Dawson + Sawyer developments in Surrey, BC: Fleetwood Village and Guildford the Greatest.
Key points:
- Initial delivery of 14 Level 2 EV charging stations to Fleetwood Village's Building 1 in October 2024
- Progressive delivery of chargers for Buildings 2-7 through 2026
- Guildford the Greatest to receive Level 2 charging stations through 2027
The company also clarified its warrant repricing terms: if the closing price of Hypercharge's common shares on the TSX Venture Exchange exceeds $0.15 for ten consecutive trading days, the warrant expiration date will be reduced to 30 days.
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) has secured an additional order of 58 DC fast charging ports from a Western Canadian energy infrastructure provider. This order, valued at an estimated $3M-$4M, is for the provider's operational fleet. The delivery is set to begin in Winter 2024, with revenue recognition upon delivery. This order builds upon previous agreements, including 18 fleet DC fast charging ports announced on August 1, 2024, and up to 12 public DC fast charging locations across Western Canada. Hypercharge's CEO, David Bibby, highlighted the growing demand for their reliable, large-scale charging solutions tailored to fleet needs.
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) has announced plans to install six Level 2 charging stations and one DC fast charger at Capilano Volkswagen in North Vancouver, BC. The installation is scheduled for completion in September 2024. Hypercharge will replace existing non-operational charging stations, ensuring uninterrupted EV sales for the dealership.
Justin Izatt, Fixed Operations Manager at Capilano Volkswagen, praised Hypercharge's service and proactive approach. Chris Koch, Head of Growth & Partnerships at Hypercharge, emphasized the company's commitment to supporting dealerships with reliable charging solutions.
Additionally, Hypercharge announced its intention to re-price 2,380,947 existing share purchase warrants from $1.35 to $0.12, subject to TSX Venture and warrant holder approval. A forced exercise clause will be added to the warrant terms.
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.
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) (FSE: PB7) has announced it will provide Level 2 EV charging stations to SEAandSKY, a new community in Squamish, BC, developed by Bosa Properties. The delivery is scheduled for the end of August 2024. The project includes:
- 18 Level 2 EV charging stations for rental residential buildings
- 4 Level 2 EV charging stations for commercial units, supporting public and Modo Carsharing Co-op use
SEAandSKY is a 53-acre master-planned community with 1,144 strata homes, 295 rental homes, and commercial units. This marks the third new build project between Hypercharge and Bosa Properties, supporting their vision of building sustainable communities.
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) has signed an agreement with Qualex-Landmark Living Inc. to install 20 Level 2 charging stations at Seasons, a new rental community in Coquitlam, British Columbia. The installation is set to be completed in Summer 2024.
Seasons, developed by Qualex-Landmark, consists of 116 rental homes in West Coquitlam. This partnership demonstrates Qualex-Landmark's commitment to sustainable transportation options in their projects. Chris Koch, Head of Growth & Partnerships at Hypercharge, highlighted the company's ability to supply EV charging stations prior to occupancy as a key differentiator.
Jordan Beach, Vice President of Marketing at Qualex-Landmark, emphasized that this collaboration reflects their dedication to innovation and sustainability, enhancing convenience for residents while promoting a greener future.
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