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- Revenue increased 19% for the quarter, compared with the prior year period<\/i><\/li>\n
- Gross Profit grew 9% to $6.7 million<\/i><\/li>\n
- Infrastructure segment backlog surpasses $100 million; with over 20% derived from the Company\u2019s nationwide electric vehicle charging infrastructure business<\/i><\/li>\n
- Positive Adjusted EBITDA expected first quarter of 2024<\/i><\/li>\n<\/ul>\n
NEW YORK–(BUSINESS WIRE<\/a>)–Charge Enterprises, Inc.<\/a> (Nasdaq: CRGE) (\u201cCharge\u201d or the \u201cCompany\u201d), today reported first quarter 2023 results. For the quarter, revenues were $193.5 million, compared with $163.0 million in the first quarter of 2022. Gross profit for the first quarter of 2023 increased to $6.7 million, compared with $6.2 million in the first quarter of 2022.<\/p>\n
\n\u201cCharge Enterprises delivered strong revenues of $193.5 million, with organic growth of 19%, with Infrastructure and Telecommunications growing at 40% and 16%, respectively. Gross profit increased 9% to $6.7 million, providing the continued opportunity of reinvesting our own resources for future growth of our businesses,\u201d said Andrew Fox, Founder, Chairman and CEO. \u201cWe have also achieved significant and strategic milestones as of the end of the first quarter, in record backlog orders booked of approximately $107 million, as well as achieving 15% of our initial stated goal of project engagement with 1,000 major market dealerships indicating robust growth opportunities for Charge in the year ahead.\u201d<\/p>\n
\n\u201cThe environment supporting electric vehicle (EV) charging infrastructure has never been stronger. The current political, economic, and technological climate are all key macro-environmental drivers fueling the adoption of electric vehicles. The tailwinds for EV adoption are being driven by mandates by government entities that are propelling the EV industry forward. Charge is positioned to drive the execution of infrastructure to support the transition to EV\u2019s.\u201d<\/p>\n
\nMr. Fox concluded, “Charge is committed to excellence, execution of its business plan, and premium service. During the first quarter we further delivered on Charge\u2019s diversified revenue stream within all of our business segments. In addition to diversifying our services to accommodate all industry segments touching the entire addressable market, Charge\u2019s focus is to continue establishing and scaling alliances with top automotive dealerships and recently announced partnerships with companies such as Eaton and Autel Energy. Building out and continually maintaining the infrastructure for EV is paramount to electric vehicle adoption, which is the cornerstone to Charge\u2019s mission of pioneering custom, high quality, safe and reliable EV charging ecosystems. At Charge, we make it simple to go electric.\u201d<\/p>\n
Selected Financial Information<\/b><\/p>\n
- Gross Profit grew 9% to $6.7 million<\/i><\/li>\n
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