CarCharging finally has caught up to the pace of releasing timely 10-Q reports, and the numbers are in for both Q1 and Q2 results.

Despite many EVSEs in prime locations, usage (and revenue) for the CarCharging Group is down

Despite many EVSEs in prime locations, usage (and revenue) for the CarCharging Group is down

The good news is that the earlier trend of losing of some $2 for every $1 earned in 2015 has ended.

The bad news is that the former metric has now been replaced by losing $4 for every $1 in revenue for the first half of 2016.

Total revenues amounted to just $1,756,752, which was down more than 21% year-over-year...despite the addition of an extra ~125,000 being added to US roads over the same time, while the net loss hit $6,746,768 (up 37%).

The fundamental problem facing the business (and really almost all for-profit charging networks) is that revenues from "Charging service revenue" are always unable to exceed "Cost of charging services", but in CarCharging's case the gap to profitability now seems hopelessly wide.

The question appears only to be when the company will run out of capital, or whenever someone will decide they want to acquire the charging provider.

Q1 Highlights

  • EV charging hardware sales grew 31% from $220,807 for the three months ended March 31, 2015 to $290,205 for the three months ended March 31, 2016
  • Revenues from network and transaction fees increased 1.5x from $34,524 for the three months ended March 31, 2015 to $89,085 for the three months ended March 31, 2016
  • EV charging service fees remained flat from $389,785 for the three months ended March 31, 2015 to $384,470 for the three months ended March 31, 2016
  • Grant and rebate revenue decreased from $646,185 for the three months ended March 31, 2015 to $99,780 for the three months ended March 31, 2016
  • Total operating expenses decreased 45% from $3.81M for the three months ended March 31, 2015 to $2.08M for the three months ended March 31, 2016

Q2 Highlights

  • EV charging hardware sales grew considerably by 60% from $405,979 for the six months ended June 30, 2015 to $650,374 for the six months ended June 30, 2016
  • Revenues from network and transaction fees increased nearly 80% from $116,684 for the six months ended June 30, 2015 to $208,331 for the six months ended June 30, 2016
  • Total operating expenses decreased 56% from $7.20M for the six months ended June 30, 2015 to $4.00M for the six months ended June 30, 2016

CarCharging Financial Results – For H1 2016

CarCharging Financial Results – For H1 2016