XCHG Limited American Depositary Share - XCH STOCK NEWS

XCHG (NASDAQ: XCH) reported Q2 2024 financial results showing mixed performance. Revenue decreased 26.3% to $9.0 million compared to Q2 2023, primarily due to reduced deliveries to a major European customer. The company delivered 438 DC fast chargers, down 31.8% year-over-year, while total EV charger deliveries reached 619, a 5.4% decrease. Despite lower revenues, gross margin improved to 46.1% from 44.7% due to enhanced cost control measures.

The company reported an operating loss of $0.9 million compared to a $2.1 million profit in Q2 2023. Cash position strengthened to $24.3 million as of June 30, 2024. The company completed its IPO in September, raising net proceeds of $19.1 million through the offering of 3,462,223 ADSs at $6.20 per ADS.

XCharge North America and Grensol Group have announced a partnership focused on developing sustainable recycling solutions for Electric Vehicle Supply Equipment (EVSE) waste. The collaboration will address the challenge of recycling worn-down EV charging cables and modules, with XCharge NA providing broken EVSE materials to Grensol and Worcester Polytechnic Institute (WPI) for research. Grensol will utilize advanced metals recovery and photolysis technologies to process the waste into raw materials for new EVSEs, contributing to a circular economy. The research at WPI is being conducted under a collaborative agreement with the DEVCOM Army Research Laboratory.

XCHG (NASDAQ: XCH), a global leader in integrated EV charging solutions, has announced the partial exercise of the over-allotment option in its initial public offering (IPO). The underwriter, US Tiger Securities, Inc., has purchased an additional 128,888 American Depositary Shares (ADSs) at the IPO price of $6.20 per ADS. Each ADS represents 40 Class A ordinary shares of the Company.

The total gross proceeds from the offering, including funds from the prior closing and this option exercise, amount to approximately $21.5 million, before deducting underwriting discounts, commissions, and other offering expenses. A registration statement for the offered securities has been filed with and declared effective by the SEC.

XCharge North America has launched GridLink, a new DC fast charging solution designed for the North American grid. GridLink offers:

• Up to 300 kW charging power, enabling EV charging in about 15 minutes
• Integrated battery system with bidirectional technology for enhanced energy management
• In-house developed LFP batteries with 215-430 kWh capacity
• Compatibility with 208V and 480V electrical systems for flexible installation
• Advanced safety features including fire suppression and smoke detection
• Grid support capabilities, including bidirectional energy flow and renewable energy integration

The solution aims to address North American grid needs, improve charging accessibility, and support grid stability as EV adoption increases.

XCharge (NASDAQ: XCH), a global leader in integrated EV charging solutions, has successfully completed its initial public offering on Nasdaq. Founded in 2015, XCharge focuses on innovative new energy technologies and sustainable development. The company offers comprehensive EV charging solutions, including DC fast chargers and advanced battery-integrated DC fast chargers.

XCharge has developed one of the world's first two-way energy storage charging piles, the Net Zero Series, which has been commercialized in Europe, North America, and Asia. According to Frost & Sullivan, XCharge was one of Europe's leading suppliers of high-power charging solutions in terms of sales volume in 2023. The company aims to provide global optimization solutions and develop market-specific products to offer net zero and affordable solutions worldwide.

XCHG , a global leader in integrated EV charging solutions, has announced the pricing of its initial public offering (IPO) on the Nasdaq Global Market. The company is offering 3,333,335 American Depositary Shares (ADSs) at US$6.2 per ADS, raising approximately US$20.7 million. Each ADS represents 40 Class A ordinary shares of XCHG The ADSs are expected to begin trading under the ticker symbol 'XCH' on September 10, 2024, with the offering closing on September 11, 2024. US Tiger Securities, Inc. is the sole underwriter and has been granted an option to purchase up to 500,000 additional ADSs within 30 days. The IPO marks a significant milestone for XCHG as it enters the public market.