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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. announced its audited financial results for Q4 and FY2024, showcasing significant growth. FY2024 revenue grew 28% to $3.1 million, with Q4 revenue at a record $1.1 million. Gross margin improved to 32%, driven by a 375% increase in SaaS subscriptions. The sales backlog reached $6.3 million, up 254% from the prior year. Despite a net loss of $8.0 million, this marks an improvement from the previous year's $9.9 million loss. The company listed its shares on the TSX Venture Exchange and secured a $5 million private placement. Strategic priorities include expanding its charging network and reducing operating expenses by 20%.
Hypercharge Networks Corp. (HCNWF) announced it will install 12 Level 2 EV charging stations at a new 323-unit apartment complex in Tucson, Arizona. The installation, set to complete in Q3 2024, is in partnership with Automotive Charging Solutions (ACS), which will handle installation and maintenance. This project reflects Hypercharge's strategy to expand its U.S. presence, driven by growing demand for reliable EV charging solutions with features such as seamless payment processing and proactive monitoring.
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) has expanded its partnership with Deveraux Group of Companies to install 79 new EV charging stations across four apartment communities in Western Canada. The rollout includes 60 stations in Winnipeg, Manitoba, and 19 in Edmonton, Alberta, with installations scheduled for Q3 2024 and Q2 2025, respectively. This collaboration aims to support Deveraux’s mission to electrify their properties, aligning with their $2.0 billion development pipeline. Hypercharge will offer comprehensive services including design, engineering, installation, and project management to enhance customer experience and drive revenue growth.
Hypercharge Networks Corp. (TSXV: HC) (OTCQB: HCNWF) has signed an agreement with Cressey Development Group to install 23 Level 2 EV charging stations at Diagram, a new commercial real estate development in Coquitlam, British Columbia. The installation is set for completion in Q3 2024. Cressey, with over 50 years of experience, specializes in luxury residential and commercial spaces across British Columbia, Alberta, and Washington State. Diagram offers 58,000 sq. ft. of office and retail space, featuring 11-foot exposed ceilings, bike storage, and outdoor spaces. This collaboration extends their partnership, which has already seen 120 EV charging stations installed across three other developments.
Hypercharge Networks Corp., a smart EV charging solutions provider, will host a business update call on May 22, 2024, with the President and CFO discussing growth strategies and upcoming milestones.
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