CarCharging Announced 2014 Annual Report With High Growth & High Losses

1 year ago by Mark Kane 9

CarCharging - Plug in. Charge on.

CarCharging – Plug in. Charge on.

Blink HQ

Blink HQ

CarCharging summed up the year early… not, but they did finally release their 2014 Annual Report

The “largest owner, operator, and provider of electric vehicle (EV) charging services” notes significant growth in 2014 compared to 2013:

2014 Highlights*

  • EV Charging hardware sales grew nearly 11x from $47,636 to $565,057
  • EV Charging Service fees grew nearly 4x from $307,663 to $1.49M
  • Grant/rebate revenue recognized grew nearly 10x from $90,796 to $950,358
  • Annual kilowatt-hour charging output grew nearly 4x from 281,107 to 1.46M

*The Company’s audited financial results appear in the Company’s Annual Report on Form 10-K, which was filed with the SEC on Tuesday, December 8, 2015.

Michael D. Farkas, CarCharging’s Chief Visionary Officer stated:

“2014 was a transitional year for CarCharging as we integrated the four EV charging providers that were acquired in 2013. In 2014, CarCharging converted contracts with large retailers, parking management firms, and property owners from ECOtality to CarCharging, resumed sales of Blink HQ, a residential EV charging station, adjusted EV charging fee pricing policies; and introduced various Blink Network enhancements, including kilowatt-hour (kWh) pricing and remote start functionality from the Blink mobile app. CarCharging also began participating in Nissan’s No Charge to Charge program, which provided an additional stream of revenue for the company.”

It’s good to see increase of sales and energy dispensed, although 2014 again ends with high losses of some $23 million and we don’t know how CarCharging intends to fix this issue – and all signs indicate 2015 was a pretty rough year as the company’s market cap fell to just $13 million at 17 cents per share as of press (off from a year high of 49 cents in 2015, and off from almost $1.50 in 2013):

CarCharging Financial Results – For 2014

CarCharging Financial Results – For 2014

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9 responses to "CarCharging Announced 2014 Annual Report With High Growth & High Losses"

  1. Elroy says:

    Like I said…it is hard to have a working business model, that makes a profit and has reasonable charging fees.

    1. Tim E says:

      And like I’ve said many times before… I would rather pay an up front $1000 to $2000 fee to go towards the investment and installation of public charging points, as long as I can expect a reliable and reasonably priced charging on the occasions when I do need it.

      Too bad nobody seems to have capitalized on this thought process yet. I contacted NRG EVGo once about this stating I dislike their pricing model and would never pay a monthly subscription fee for my rare usage, but I would be more than happy to pay a one-time lifetime fee to have reasonable use fees going forward. Of course – I got no response back…

    2. jerryd says:

      There is only a few working models in EV charging and this company doesn’t
      have it.
      The only ones that work are utilities putting them in at low cost and best intergrated into the grid also supplying them to streets, apartments, etc.
      And the paid up front Tesla model.
      I could see selling, maintaining equipment for companies that want to use it to attract shoppers, employees, etc.
      But making money on charging sales isn’t going to make money for yrs as few EV’s charge anywhere but home 98% of the time.
      As longer range happens this gets even more so.
      As lower cost batteries makes short range PHEV’s redundant as 200 mileEV range is cheaper, they will disappear, losing that market.

  2. Atl_Barney says:

    Best thing to happen is for this company to go out of business. Overcharging and misdirecting agreements with businesses that don’t understand that charging employees and visitors an eye gauging $10 per gallon equivalent fee is actually souring their interactions with them!

  3. sven says:

    Wow. The $1,247,778 in Charging service revenue didn’t even cover the completely avoidable SEC non-compliance penalties of $711,517 and $807,188.

    I wonder how much of the $8,246,442 in compensation was the CEO’s compensation.

  4. SparkEV says:

    Who’s using Blink with their outrageous fees? I can’t believe they made so much money.

    1. Vinny says:

      SparkEV,

      For those who live in TN Blink is about the only option for public charging. Not many other brands in the state. The locations of them aren’t bad, many are at restaurants including Cracker Barrels along the interstate. But in addition to high fees few if any can charge at 6.6KW. I read something awhile back to the effect the power cords would overheat at 6.6KW so they had to reduce the power of all their chargers.

      1. Doug (dhanson865) says:

        and there are a few Blink locations that are free to use.

        Though it seems to always be the case that if there are two blink stations in one place the one on the right is permanently dead like in this post
        http://www.teslamotorsclub.com/showthread.php/47149-Could-Model-3-be-too-late/page4?p=1011389&viewfull=1#post1011389

  5. Josh says:

    Interesting data points.

    I am back from travel and promise to get my EVSE business model article finished and out the door.