CarCharging Announces First Quarter 2017 Financials

May 16, 2017

Car Charging Group, Inc. (OTCQB: CCGI) (“CarCharging”) the largest owner, operator, and provider of electric vehicle (EV) charging services and the owner and operator of the Blink Network, announced its financial results for the first quarter of 2017.

 

First Quarter 2017 Highlights* Include:

  • Charging service revenue from company-owned charging stations, excluding revenue from a program sponsored by a leading auto manufacturer, increased 6% from $209,893 for the three months ended March 31, 2016 to $224,096 for the three months ended March 31, 2017.

  • Gross Profit increased by 75% from $93,362 for the quarter ended March 31, 2016 to $163,213 for the quarter ended March 31, 2017.

  • Total Operating expenses decreased by 12% from $2.1M for the quarter ended March 31, 2016 to $1.85M for the quarter ended March 31, 2017.

  • Net Loss decreased by 30% or $1.30M from $4.40M for the quarter ended March 31, 2016 to $3.10M for the quarter ended March 31, 2017.

  • Net Loss per Share was reduced from ($0.06) for the quarter ended March 31, 2016 to ($0.05) for the quarter ended March 31, 2017.
     

*The Company’s unaudited financial results appear in the Company’s Quarterly Report on Form 10-Q, which was filed with the SEC on May 15, 2017.

“Overall, we are pleased with the financial results from the first quarter of 2017. Our strategy to improve operational efficiency is in full swing and combined with increases in direct charging services revenue, we are satisfied with the growth and profit margin target,” stated Mike Calise, CarCharging’s Chief Executive Officer. “Moving forward, we anticipate that our transition from first generation to second generation EV charging equipment should drive future EV charging equipment sales and charging service revenue.”

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