CarCharging Announces Positive 2015 Annual Results
Leading EV Charging Equipment & Services Company Continues to Demonstrate Growth in Key Areas While Significantly Reducing Net Losses
MIAMI BEACH, FL -- (Marketwired) -- 08/01/16 -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest owner, operator, and provider of electric vehicle (EV) charging services and the Blink Network, announced its financial results for the fiscal year ended December 31, 2015.
2015 Highlights* Include:
- Revenues for fiscal year 2015 and 2014, were $3.96M and $2.79M, respectively, representing year-over-year growth of 42% for fiscal year 2015
- Net Loss decreased by $14.98M, or 65%, from $23.23M for the year ended December 31, 2014 to $8.23M for the year ended December 31, 2015 due to a reduction in operating expenses and an increase in gross profits and other income
- Net Loss per Share was reduced by 59% from ($0.29) for the year ended December 31, 2014 to ($0.12) for the year ended December 31, 2015
*The Company's audited financial results appear in the Company's Annual Report on Form 10-K, which was filed with the SEC on July, 29, 2016.
"In our accelerated effort to become current in our financial filings, CarCharging is pleased to announce our 2015 annual results," stated Mike Calise, CarCharging's Chief Executive Officer. "In 2015, we are pleased to report strong growth in our EV charging hardware and EV charging services revenue, which can be attributed to increased demand for the Blink Network from property partners and EV drivers. Grant and rebate revenue also grew. In addition to top-line growth, we made significant improvements in reducing our overall net losses and our net loss per share year-over-year, which is a result of implementing operational efficiencies in the second half of the year."
"This is the fourth filing that we have filed within the last four months and we believe that our shareholders appreciate that the Company has made bringing our SEC filings up-to-date a top priority," continued Calise. "We will continue to focus our efforts and we anticipate filing our next 10-Q imminently."
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.
Through its subsidiary, Blink Network, 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 of the associated data. Blink Network also provides residential EV charging solutions for single-family homes. For more information, please visit www.BlinkHQ.com.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities.
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:
(305) 521-0200 x 214
Source: Car Charging Group, Inc.
Released August 1, 2016