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Momentum is building for electric vehicle charging company Hypercharge Networks (Hypercharge Networks Stock Quote, Charts, News, Analysts, Financials NEO:HC), according to Haywood Capital Markets analyst Gianluca Tucci, who provided a business update to clients on Tuesday. Vancouver-based Hypercharge, which provides smart EV charging solutions for multi-unit residential and commercial buildings, released its third quarter fiscal 2023 financials on Tuesday. The company posted gross revenue of $1.2 million for the four-month period ended December 31, 2022, representing HC’s first ever quarter billing over the $1 million mark. The company said it closed deals across eight provinces over the quarter and one US state and sold over 1,400 new charging ports across North America, while also delivering its first Level 3 DC Fast Charging station and establishing a partnership with ParkCo to develop integration between the two companies’ platforms. Also over the quarter, Hypercharge completed an IPO to trade on the NEO Exchange in Canada as well as on the Frankfurt Stock Exchange under the symbol PB7. “I am pleased to report a strong quarter at Hypercharge and our Q3 2023 financial results reflect our customers’ growing confidence in the Company to provide sustainable, convenient charging solutions,” said David Bibby, President and CEO, in a press release. “With our expanding network of public and private charging stations, we are leading the way in this rapidly growing industry, delivering value to our customers and shareholders,” he said. Tucci said there are plenty of greenfield opportunities available for HC, whose primary focus is the Canadian market where there’s a significant lag to the US in terms of charging infrastructure and in many areas there is no current charging provider. “Direct sales and growth via partners are the paths of least resistance to higher revenues, in our view,” Tucci wrote. “Hypercharge’s aim is to unlock material value for customers by analyzing data a providing insights, growing dwell time and revenues in commercial settings and increasing loyalty and raising brand awareness,” he said. “In commercial settings, increased customer dwell time can contribute to increased indirect revenue for the retail or commercial location.” Tucci noted that Hypercharge intends on doubling its revenue for 2023 and forecasts 20-25x growth over the next five years, driven by organic growth, M&A and strategic partnerships. “The EV market and in particular the EV charging infrastructure market are in their early innings of growth,” Tucci wrote.

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Hypercharge Networks is one to watch, says Haywood

Hypercharge Networks is one to watch, says Haywood

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