CarCharging Announces 2016 Financials
April 20 2017 - 8:29AM
Marketwired
Leading Electric Vehicle Charging Equipment and Service Company
Achieves its Goals in 2016 and Looks Forward to Sustained Growth in
2017
MIAMI BEACH, FL-(Marketwired - Apr 20, 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 fiscal year ended December 31, 2016.
2016 Highlights* Include:Our EV charging services revenue from
company-owned charging stations increased by 7% from $1.07M for the
year ended December 31, 2015 to $1.14M for the year ended December
31, 2016.
Revenue from equipment sales increased by 40% or $321,796 from
$0.81M for the year ended December 31, 2015 to $1.13M for the year
ended December 31, 2016.
Our primary sources of revenue (charging service, product sales,
and network fees) for fiscal year 2016 and 2015, were $2.52M and
$2.06M, respectively, representing year-over-year growth of
22%.
Total Operating expenses decreased by 38% or $4.69M from $12.42M
for the year ended December 31, 2015 to $7.73M for the year ended
December 31, 2016 due to reductions in general and administrative,
including bringing our customer call center in-house.
Net Loss decreased by 7% or $0.54M from $8.24M for the year
ended December 31, 2015 to $7.70M for the year ended December 31,
2016 due to reductions in operating expenses offset by increases in
other expenses.
Net Loss per Share was reduced from ($0.12) for the year ended
December 31, 2015 to ($0.11) for the year ended December 31,
2016.*The Company's audited financial results appear in the
Company's Annual Report on Form 10-K, which was filed with the SEC
on April 14, 2017.
"CarCharging's growth continues to be aligned with the electric
vehicle market, which we believe is a testament to our position as
a world-class EV charging equipment and network provider," stated
Mike Calise, CarCharging's Chief Executive Officer. "Despite some
challenges, our unrelenting efforts to streamline internal
operations and diversify our business models have been effective in
increasing our ability to exploit growth in each of our business
segments.
"With Tesla's recent announcement of delivering more than 22,000
vehicles in the last quarter of 2016 and strong electric vehicle
commitments from the largest auto manufacturers, we anticipate that
the continued growth in the EV market will also serve as a catalyst
for our company in 2017 and beyond," continued Mr. Calise.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB:
CCGI) ("CarCharging") is a leader in nationwide public electric
vehicle (EV) charging equipment and services, enabling EV drivers
to easily charge at locations throughout the United States.
Headquartered in Miami Beach, Florida with offices in Los Gatos,
California and Phoenix, Arizona, CarCharging's business is designed
to accelerate EV adoption.
CarCharging offers EV charging equipment and connectivity to the
Blink Network, a cloud-based software that operates, manages, and
tracks the Blink EV charging stations and all the associated data.
The Company also provides residential EV charging solutions for
single-family homes.
CarCharging has strategic property partners across multiple
business sectors including multifamily residential and commercial
properties, airports, colleges, municipalities, parking garages,
shopping malls, retail parking, schools, and workplaces.
For more information about CarCharging, please visit
www.CarCharging.com and www.BlinkNetwork.com
Forward-Looking Safe Harbor Statement:
This press release
contains forward-looking statements as defined within Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. By their nature,
forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. Those statements
include statements regarding the intent, belief or current
expectations of Car Charging Group, Inc., and members of its
management as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed
conditions.
Investor Relations and Media Contacts:
CarCharging Media Contact:
Suzanne Tamargo
Suzanne@CarCharging.com
(305) 521-0200 x 214
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