- Highest Gross Profit to date of $9.0 million, representing a
48% year-over-year increase, driven by growth in the Infrastructure
segment
- Third quarter revenues of $132.3 million, with 19% growth in
the Infrastructure segment, offset by expected declines in the
Telecommunications segment
- Efficiency improvements and skillset enhancements within the EV
charging operation as part of the integration of Greenspeed
- Approximately $2 million of annualized people costs removed in
conjunction with the integration of Greenspeed
- Infrastructure segment backlog of future revenues totaled $139
million at the end of the third quarter 2023
- Reiterate first quarter 2024 and full year 2024 positive
Adjusted EBITDA
Charge Enterprises, Inc. (Nasdaq: CRGE) (“Charge” or the
“Company”), today reported third quarter 2023 results. For the
quarter, revenues were $132.3 million, compared with $185.9 million
in the third quarter of 2022. Gross profit for the third quarter
2023 increased to $9.0 million, compared with $6.1 million in the
third quarter of 2022.
"Our third quarter results were highlighted by our
Infrastructure segment once again, as shown by the 19% growth in
revenue and 59% growth in gross profit versus the prior year, which
was driven by strong project delivery within our electrical
services business and momentum within our EV charging business,
including the Greenspeed acquisition," said Craig Denson, Interim
Chief Executive Officer and Chief Operating Officer. "At the end of
August, Stellantis selected Charge Enterprises to assist its US
dealerships with their infrastructure requirements for overall
power management solutions for over 2,600 Stellantis dealers
nationwide, demonstrating our commitment to implementing critical
EV charging infrastructure for the future.
"We are making good progress against the three fundamental
objectives outlined in August. We are well underway in strategic
planning for the future, along with the accompanying marketing and
communications plan with our new partner, Gateway Group. We are
also pleased with the progress to date on integration and
leveraging our existing portfolio of companies with our most recent
acquisition, Greenspeed. We are already experiencing significant
benefits including operational best practices and cost efficiencies
resulting in a higher quality product offering delivered to our
customers in a timely manner. In fact, we have been able to remove
approximately $2 million of annualized people costs from our newly
combined EV charging infrastructure business. We have developed
more direct and transparent go-to-market strategies in order to
execute our services across all geographies as we continue
leveraging our subsidiaries and capitalizing on the various
strengths they possess. These combined initiatives are designed to
facilitate momentum towards continued earnings growth and positive
Adjusted EBITDA in the full year of 2024."
Selected Financial Information
Three Months Ended September
30,
Nine Months Ended September
30,
2022
Increase
2022
Increase
($ in thousands)
2023
(As Adjusted)(1)
(Decrease)
2023
(As Adjusted)(1)
(Decrease)
Total Revenues
$
132,277
$
185,857
$
(53,580
)
$
473,412
$
529,876
$
(56,464
)
Gross Profit
9,022
6,097
2,925
23,059
17,733
5,326
Net Income (Loss)
(6,951
)
16,181
(23,132
)
(25,009
)
(11,005
)
(14,004
)
Adjusted EBITDA(2)
$
(606
)
$
(1,693
)
$
1,087
$
(5,437
)
$
(5,128
)
$
(309
)
(1)
As Adjusted represents the Company's
change in accounting principle for recognizing stock-based
compensation expense from a graded vesting attribution method to a
straight-line attribution method. The effects of the change have
been retrospectively applied to all periods effective from January
1, 2023, as presented in the Management’s Discussion and Analysis
of Financial Condition and Results of Operations in the Company’s
10-Q to be filed with the U.S. Securities and Exchange Commission
on November 8, 2023.
(2)
Adjusted EBITDA represents income (loss)
before interest, income taxes, depreciation and amortization, and
amortization of debt discount and debt issue costs adjusted for
stock-based compensation, loss on impairment, (income) loss from
investments, net, change in fair value of derivative liabilities,
other (income) expense, net, and foreign exchange gain (loss).
Refer to Appendix for definition and complete non-GAAP
reconciliation for Adjusted EBITDA.
Charge Enterprise's CFO Leah Schweller commented, "While our
third-quarter revenues declined compared to the same period last
year, the decline was anticipated due to decreasing wholesale voice
volume in our Telecommunications segment. Our Infrastructure
segment continues to perform well, with strong growth driven by our
electrical services, and EV charging infrastructure, thanks to our
recent acquisition of Greenspeed. We are pleased with our improving
loss from operations and Adjusted EBITDA results and have high
confidence in achieving positive Adjusted EBITDA in the first
quarter of 2024. Additionally, we expect to deliver positive
Adjusted EBITDA for the full year 2024. Our backlog remains solid,
and the integration of Greenspeed is progressing smoothly. We
remain committed to executing our forthcoming comprehensive
strategic plan, which will focus on nurturing organic growth,
integrating our subsidiaries, optimizing capital allocation, and
elevating cost synergies across our entire organization."
As discussed in prior quarters, the Company changed its
accounting principle for recognizing stock-based compensation
expense from a graded vesting attribution method to a straight-line
attribution method. Additionally, subsequent to the change in
accounting principle, the Company reclassified its expense related
to stock-based compensation arrangements to present in the same
financial statement line item as cash compensation paid to the same
employees and nonemployees. As a result, the stock-based
compensation financial statement line item was eliminated, and
there was a corresponding change in expense reported in cost of
sales, general and administrative and salaries and related benefits
financial statement line items. Further details can be found within
Note 2, Summary of significant accounting policies, and in the
Management’s Discussion and Analysis of Financial Condition and
Results of Operations in the Company’s 10-Q to be filed with the
U.S. Securities and Exchange Commission on November 8, 2023.
Third Quarter 2023 Financial Results
Revenues for the third quarter 2023 decreased $53.6 million to
$132.3 million, compared with $185.9 million in the third quarter
of 2022. The 29% decrease in revenues was the result of lower
wholesale traffic volumes in the Company’s Telecommunications
segment, partially offset by increased revenues in the electrical
services and EV charging installations within its Infrastructure
segment.
- Infrastructure: Revenues increased
$5.0 million to $31.8 million, compared with $26.8 million in the
third quarter of 2022, driven by growth related to its electrical
services business and increased revenues in its EV charging
business, both organically and through the recent acquisition of
Greenspeed, partially offset by lower revenues in the Company's
wireless broadband business due to decreased spending by wireless
broadband carriers.
- Telecommunications: Revenues
decreased $58.6 million to $100.5 million, compared with $159.1
million in the third quarter of 2022, primarily attributable to the
expected lower wholesale voice volume.
Gross profit for the third quarter 2023 increased $2.9 million
to $9.0 million, compared with $6.1 million in the third quarter of
2022. The increase in gross profit was primarily driven by higher
gross profit in the Company’s Infrastructure segment, partially
offset by lower gross profit in the Company’s Telecommunications
segment.
Consolidated gross margin percentage for the third quarter 2023
increased versus the prior year period, driven by higher gross
margin in both of the Company’s business segments and an increasing
share of revenues originating from the Company’s higher-margin
Infrastructure segment.
Net loss for the third quarter 2023 was $7.0 million, compared
with net income of $16.2 million in the third quarter of 2022.
Expenses after gross profit were primarily due to ongoing
investments the Company made to bolster its growth strategy. The
largest drivers over the prior year period were:
- $4.3 million in general and administrative expense, which
represented a decrease of $0.8 million, attributable to a decrease
in stock-based compensation expense, partially offset by higher
insurance expense;
- $8.9 million in salaries and related benefits, which
represented a $1.0 million increase, driven by increased headcount
to support the Company's growth in the past year, partially offset
by a decrease in stock-based compensation;
- $1.0 million in professional fees, which represented a $0.3
million increase, primarily related to approximately $0.5 million
in non-recurring legal fees in the current period; and
- $0.2 million in other income/(expense), net, which represented
a decrease of $24.0 million, primarily due to a decrease in the
gain related to the change in fair value of derivative liabilities
of $28.6 million, offset by a loss on contingent liability of $3.4
million occurring in the prior year.
Net loss of $7.0 million in the third quarter 2023, adjusted for
non-cash and certain one-time items, resulted in an Adjusted EBITDA
loss of $0.6 million, compared with Adjusted EBITDA loss of $1.7
million in the third quarter of 2022. Refer to the Appendix for
definitions and full reconciliations.
As of September 30, 2023, the Company held $57.2 million in
cash, cash equivalents and marketable securities, most of which is
expected to be used for operations and debt service.
For further details of the Company’s financials, please see
Charge Enterprises’ Form 10-Q to be filed on November 8, 2023, with
the Securities and Exchange Commission and available on Charge’s
website Charge | SEC Filings. Financial statements prior to
December 31, 2021, were filed with the OTC Markets.
Webcast Data
Charge Enterprises, Inc. will host a webcast at 10:30 a.m.
Eastern Time today to discuss the third quarter 2023 financial
results. The webcast can be accessed on the Company’s website on
the Investor Relations page at Charge Enterprises, Inc.
About Charge Enterprises, Inc.
Charge Enterprises, Inc. is an electrical, broadband and EV
charging infrastructure company that provides clients with
end-to-end project management services. We operate in two segments:
Infrastructure, which has a primary focus on EV charging, broadband
and wireless, and electrical contracting services; and
Telecommunications, which provides connection of voice calls, Short
Message Services (SMS) and data to global carriers. Our vision is
to be a leader in enabling the next wave of transportation and
connectivity. By building, designing, and operating seamless
infrastructure for electric vehicles, we aim to create a future
where transportation is clean, efficient, and connected and to
empower individuals, communities, and businesses to thrive in a
more sustainable world. Our plan is to cultivate repeat customers
and recurring revenues by deploying a multi-phased strategy,
initially where investment in the EV charging revolution is taking
place, the nation’s approximately 18,000 franchised auto
dealers.
To learn more about Charge, visit Charge Enterprises, Inc.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements reflect
current expectations or beliefs regarding future events or Charge's
future performance. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
“potential”, "continues", "forecasts", "projects", "predicts",
"intends", "anticipates", "targets" or "believes", or variations
of, or the negatives of, such words and phrases or state that
certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved. All
forward-looking statements, including those herein, are qualified
by this cautionary statement. Although Charge believes that the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements involve risks and
uncertainties, and actual results may differ materially from any
future results expressed or implied by such forward-looking
statements. Such risks and uncertainties include the ability to
achieve the expected benefits of the Greenspeed acquisition,
including the risks that the Company’s synergy estimates are
inaccurate or that the Company faces higher than anticipated
integration or other costs in connection with the acquisition, the
business plans and strategies of Charge, Charge’s ability to
satisfy its debt payment obligations or extend the maturity or
refinance outstanding debt at or prior to maturity, Charge's future
business development, market acceptance of electric vehicles, and
continued auto maker investment in electric vehicles, the success
of Charge’s retail dealership initiative and the size, scope and
success of the related initial installation projects, Charge's
ability to generate profits and positive cash flow, changes in
government regulations and government incentives, subsidies, or
other favorable government policies, rising interest rates,
macroeconomic and geopolitical conditions, and the ongoing
automotive industry labor dispute and the impact on investments by
our customers, and other risks discussed in Charge's filings with
the U.S. Securities and Exchange Commission ("SEC"). Readers are
cautioned that the foregoing list of risks and uncertainties is not
exhaustive of the factors that may affect forward-looking
statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this
press release speak only as of the date of this press release or as
of the date or dates specified in such statements. For more
information on us, investors are encouraged to review our public
filings with the SEC, including the factors described in the
section captioned “Risk Factors” of Charge’s Annual Report on Form
10-K filed with the SEC on March 15, 2023, and subsequent reports
we file from time to time with the SEC, including Charge’s
Quarterly Report on Form 10-Q to be filed with the SEC on November
8, 2023, which are available on the SEC's website at www.sec.gov.
Charge disclaims any intention or obligation to update or revise
any forward- looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Notice Regarding Non-GAAP Measures
The press release includes both financial measures in accordance
with U.S. generally accepted accounting principles (“GAAP”), as
well as non-GAAP financial measures. These non-GAAP financial
measures are in addition to, and not a substitute for or superior
to, measures of financial performance prepared in accordance with
GAAP. See the Appendix for a reconciliation of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures. These non-GAAP financial measures may be different from
non-GAAP financial measures used by other companies.
APPENDIX
CHARGE ENTERPRISES,
INC.
CONSOLIDATED RESULTS OF
OPERATIONS
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
Increase
% Increase
2022
Increase
% Increase
(in thousands)
2023
(As Adjusted)
(Decrease)
(Decrease)
2023
(As Adjusted)
(Decrease)
(Decrease)
Revenues:
Infrastructure
$
31,795
$
26,753
$
5,042
19
%
$
89,246
$
71,804
$
17,442
24
%
Telecommunications
100,482
159,104
(58,622
)
(37
)%
384,166
458,072
(73,906
)
(16
)%
Total revenues
132,277
185,857
(53,580
)
(29
)%
473,412
529,876
(56,464
)
(11
)%
Cost of Sales
123,255
179,760
(56,505
)
(31
)%
450,353
512,143
(61,790
)
(12
)%
Gross profit
9,022
6,097
2,925
48
%
23,059
17,733
5,326
30
%
General and administrative
4,315
5,141
(826
)
(16
)%
14,854
17,200
(2,346
)
(14
)%
Salaries and related benefits
8,890
7,850
1,040
13
%
27,173
23,597
3,576
15
%
Professional fees
1,006
666
340
51
%
1,918
2,578
(660
)
(26
)%
Depreciation and amortization expense
1,172
433
739
171
%
3,574
1,745
1,829
105
%
Income (loss) from operations
(6,361
)
(7,993
)
1,632
20
%
(24,460
)
(27,387
)
2,927
11
%
Other income (expenses)
151
24,166
(24,015
)
(99
)%
544
15,046
(14,502
)
(96
)%
Income tax (expense) benefit
(741
)
8
(749
)
(9,363
)%
(1,093
)
1,336
(2,429
)
(182
)%
Net income (loss)
$
(6,951
)
$
16,181
$
(23,132
)
(143
)%
$
(25,009
)
$
(11,005
)
$
(14,004
)
(127
)%
CHARGE ENTERPRISES,
INC.
SEGMENT RESULTS OF
OPERATIONS
(Unaudited)
Infrastructure
Three Months Ended September
30,
Nine Months Ended September
30,
2022
Increase
% Increase
2022
Increase
% Increase
(in thousands)
2023
(As Adjusted)
(Decrease)
(Decrease)
2023
(As Adjusted)
(Decrease)
(Decrease)
Revenues
$
31,795
$
26,753
$
5,042
19
%
$
89,246
$
71,804
$
17,442
24
%
Cost of Sales
23,600
21,607
1,993
9
%
68,619
57,538
11,081
19
%
Gross profit
8,195
5,146
3,049
59
%
20,627
14,266
6,361
45
%
General and administrative
1,485
1,369
116
8
%
4,418
4,115
303
7
%
Salaries and related benefits
4,867
4,468
399
9
%
14,750
12,615
2,135
17
%
Professional fees
19
70
(51
)
(73
)%
127
212
(85
)
(40
)%
Depreciation and amortization expense
1,166
391
775
198
%
3,539
1,618
1,921
119
%
Income (loss) from operations
658
(1,152
)
1,810
157
%
(2,207
)
(4,294
)
2,087
49
%
Other income (expenses)
(146
)
(92
)
(54
)
(59
)%
29
(906
)
935
103
%
Income tax (expense) benefit
(741
)
(91
)
(650
)
(714
)%
(1,093
)
14
(1,107
)
(7,907
)%
Net income (loss)
$
(229
)
$
(1,335
)
$
1,106
83
%
$
(3,271
)
$
(5,186
)
$
1,915
37
%
Telecommunications
Three Months Ended September
30,
Nine Months Ended September
30,
2022
Increase
% Increase
2022
Increase
% Increase
(in thousands)
2023
(As Adjusted)
(Decrease)
(Decrease)
2023
(As Adjusted)
(Decrease)
(Decrease)
Revenues
$
100,482
$
159,104
$
(58,622
)
(37
)%
$
384,166
$
458,072
$
(73,906
)
(16
)%
Cost of Sales
99,655
158,153
(58,498
)
(37
)%
381,734
454,605
(72,871
)
(16
)%
Gross profit
827
951
(124
)
(13
)%
2,432
3,467
(1,035
)
(30
)%
General and administrative
507
514
(7
)
(1
)%
1,670
1,677
(7
)
(0
)%
Salaries and related benefits
198
187
11
6
%
723
794
(71
)
(9
)%
Professional fees
8
27
(19
)
(70
)%
33
63
(30
)
(48
)%
Depreciation and amortization expense
6
42
(36
)
(86
)%
35
127
(92
)
(72
)%
Income (loss) from operations
108
181
(73
)
(40
)%
(29
)
806
(835
)
(104
)%
Other income (expenses)
808
(4
)
812
20,300
%
1,433
69
1,364
1,977
%
Income tax (expense) benefit
—
(255
)
255
100
%
—
(3
)
3
100
%
Net income (loss)
$
916
$
(78
)
$
994
1,274
%
$
1,404
$
872
$
532
61
%
Non-Operating
Corporate
Three Months Ended September
30,
Nine Months Ended September
30,
2022
Increase
% Increase
2022
Increase
% Increase
(in thousands)
2023
(As Adjusted)
(Decrease)
(Decrease)
2023
(As Adjusted)
(Decrease)
(Decrease)
Revenues
$
-
$
-
$
-
-
$
-
$
-
$
-
-
Cost of Sales
-
-
-
-
-
-
-
-
Gross profit
-
-
-
-
-
-
-
-
General and administrative
2,323
3,258
(935
)
(29
)%
8,766
11,408
(2,642
)
(23
)%
Salaries and related benefits
3,825
3,195
630
20
%
11,700
10,188
1,512
15
%
Professional fees
979
569
410
72
%
1,758
2,303
(545
)
(24
)%
Income (loss) from operations
(7,127
)
(7,022
)
(105
)
(1
)%
(22,224
)
(23,899
)
1,675
7
%
Other income (expenses)
(511
)
24,262
(24,773
)
(102
)%
(918
)
15,883
(16,801
)
(106
)%
Income tax (expense) benefit
-
354
(354
)
(100
)%
-
1,325
(1,325
)
(100
)%
Net income (loss)
$
(7,638
)
$
17,594
$
(25,232
)
(143
)%
$
(23,142
)
$
(6,691
)
$
(16,451
)
(246
)%
Charge Enterprises,
Inc.
Consolidated Balance
Sheets
(Unaudited)
In thousands, except share and per share
data
September 30, 2023
December 31, 2022 (As
Adjusted)
Assets
Current assets
Cash and cash equivalents
$
51,359
$
26,837
Restricted cash
886
886
Accounts receivable net of allowances of
$68 in 2023 and $322 in 2022
55,768
72,405
Inventory
317
111
Deposits, prepaids and other current
assets
3,430
3,187
Investments in marketable securities
5,868
6,757
Investments in non-marketable
securities
279
236
Contract assets
8,128
6,090
Total current assets
126,035
116,509
Property, plant and equipment, net
485
732
Finance lease right-of-use assets
888
341
Operating lease right-of-use assets
3,123
4,028
Non-current assets
248
240
Goodwill
25,906
12,672
Intangible assets, net
30,832
33,932
Total Assets
187,517
168,454
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
$
73,105
$
61,644
Accrued liabilities
7,922
11,121
Contract liabilities
25,201
13,741
Derivative liability
2
6,521
Finance lease liabilities
242
112
Operating lease liabilities
1,183
1,579
Current portion of long-term debt
27,126
29,180
Total current liabilities
134,781
123,898
Non-current liabilities
Finance lease liabilities, non-current
530
146
Operating lease liabilities,
non-current
1,808
2,199
Contingent consideration liability
5,758
-
Net deferred tax liability
1,072
1,410
Total Liabilities
143,949
127,653
Mezzanine Equity
Series C preferred stock (6,226,370 shares
issued and outstanding at September 30, 2023, and December 31,
2022)
19,458
16,572
Total Mezzanine Equity
19,458
16,572
Commitments, contingencies and
concentration risk
Stockholders' Equity
Preferred stock, $0.0001 par value,
20,000,000 shares authorized;
Series D: 1,177,023 shares issued and
outstanding at September 30, 2023, and December 31, 2022
-
-
Series E: 3,200,000 shares issued and
outstanding at September 30, 2023, and 0 shares outstanding at
December 31, 2022
-
-
Common stock, $0.0001 par value;
750,000,000 shares authorized, 215,039,868 and 206,844,580 issued
and outstanding at September 30, 2023 and December 31, 2022,
respectively
21
20
Additional paid in capital
208,564
179,723
Accumulated deficit
(184,475
)
(155,514
)
Total Stockholders' Equity
24,110
24,229
Total Liabilities and Stockholders'
Equity
$
187,517
$
168,454
Charge Enterprises,
Inc.
Consolidated Statement of
Operations
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
In thousands, except per share data
2023
2022 (As Adjusted)
2023
2022 (As Adjusted)
Revenues
$
132,277
$
185,857
$
473,412
$
529,876
Cost of sales
123,255
179,760
450,353
512,143
Gross profit
9,022
6,097
23,059
17,733
Operating expenses
General and administrative
4,315
5,141
14,854
17,200
Salaries and related benefits
8,890
7,850
27,173
23,597
Professional fees
1,006
666
1,918
2,578
Depreciation and amortization expense
1,172
433
3,574
1,745
Total operating expenses
15,383
14,090
47,519
45,120
(Loss) from operations
(6,361
)
(7,993
)
(24,460
)
(27,387
)
Other income (expenses):
Income (loss) from investments, net
675
(200
)
1,637
(1,343
)
Change in fair value of derivative
liabilities
57
28,669
1,713
28,669
Interest expense
(1,489
)
(1,015
)
(4,515
)
(9,939
)
Loss on impairment
(56
)
-
(114
)
-
Other income (expense), net
848
(3,289
)
1,876
(2,255
)
Foreign exchange gain (loss)
116
1
(53
)
(86
)
Total other income (expenses), net
151
24,166
544
15,046
Income (loss) before income taxes
(6,210
)
16,173
(23,916
)
(12,341
)
Income tax (expense) benefit
(741
)
8
(1,093
)
1,336
Net income (loss)
$
(6,951
)
$
16,181
$
(25,009
)
$
(11,005
)
Less: Deemed dividend
(2,885
)
-
(2,885
)
(36,697
)
Less: Preferred dividends
(362
)
(302
)
(1,086
)
(922
)
Net income (loss) available to common
stockholders
$
(10,198
)
$
15,879
$
(28,980
)
$
(48,624
)
Basic income (loss) per share available to
common stockholders
$
(0.05
)
$
0.07
$
(0.14
)
$
(0.25
)
Diluted income (loss) per share available
to common stockholders
$
(0.05
)
$
0.06
$
(0.14
)
$
(0.25
)
Weighted average number of shares
outstanding, basic
214,273
206,225
211,423
196,126
Weighted average number of shares
outstanding, diluted
214,273
231,388
211,423
196,126
Charge Enterprises,
Inc.
Consolidated Statement of Cash
Flows
(Unaudited)
Nine Months Ended September
30,
2023
2022 (As Adjusted)
In thousands
Cash flows from Operating
Activities:
Net loss
$
(25,009
)
$
(11,005
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Amortization
3,100
1,060
Depreciation
474
685
Stock-based compensation
15,449
20,514
Change in fair value of derivative
liabilities
(1,713
)
(28,669
)
Amortization of debt discount
2,970
7,938
Loss on foreign currency exchange
53
86
Loss on impairment
114
-
Net loss (gain) from investments
(1,637
)
1,343
Other expense, net
(1,308
)
2,287
Change in deferred income taxes
(316
)
(1,338
)
Changes in working capital
requirements:
Accounts receivable
17,934
(1,900
)
Inventory
(1
)
(73
)
Deposits, prepaids and other current
assets
(1,007
)
(1,761
)
Other assets / liabilities
195
(43
)
Contract assets
(1,294
)
(3,041
)
Accounts payable
11,277
10,148
Other current liabilities
229
(1,196
)
Contract liabilities
7,719
2,048
Net cash provided by (used in) operating
activities
27,229
(2,917
)
Cash flows from Investing
Activities:
Acquisition of property, plant and
equipment
(143
)
(205
)
Sale of intellectual property
1,308
179
Purchase of marketable securities
(27,766
)
(45,430
)
Sale of marketable securities
30,210
47,429
Acquisition of ANS
-
(363
)
Acquisition of EV Depot
1
(1,231
)
Acquisition of Greenspeed
(5,289
)
-
Cash acquired in acquisitions
1,845
105
Net cash provided by investing
activities
166
484
Cash flows from Financing
Activities:
Proceeds from sale of common stock
-
10,000
Proceeds from sale of Series C preferred
stock
-
10,845
Proceeds from sale of Series E preferred
stock
1,600
-
Proceeds from exercise of warrants
2,200
1,122
Proceeds from exercise of stock
options
41
164
Draws from revolving line of credit
4,717
18,802
Payments on revolving line of credit
(9,741
)
(18,548
)
Tax withholding payments for vested
stock-based compensation
(9
)
(418
)
Payment on financing lease
(252
)
(78
)
Payment of dividends on preferred
stock
(1,086
)
(818
)
Redemption of Series B preferred stock
-
(685
)
Net cash (used in) provided by financing
activities
(2,530
)
20,386
Effect of foreign exchange rate changes on
cash, cash equivalents and restricted cash
(343
)
45
Net Increase in Cash and Cash
Equivalents
24,522
17,998
Cash, Cash Equivalents, and Restricted
Cash, Beginning of Period
27,723
18,238
Cash, Cash Equivalents, and Restricted
Cash, End of Period
$
52,245
$
36,236
Cash paid for interest expense
$
1,454
$
2,138
Cash paid for income taxes
$
1,538
$
485
Non-cash investing and financing
activities:
Issuance of common stock for
acquisition
$
2,000
$
17,530
Non-GAAP Measures
In this press release, the Company has supplemented the
presentation of its financial results calculated in accordance with
U.S. generally accepted accounting principles (“GAAP”) with the
following financial measures that are not calculated in accordance
with GAAP: EBITDA and Adjusted EBITDA. Management uses both GAAP
and non-GAAP measures to assist in making business decisions and
assessing overall performance. The Company’s measurement of these
non-GAAP financial measures may be different from similarly titled
financial measures used by others and therefore may not be
comparable. These non-GAAP financial measures should not be
considered superior to the GAAP measures in the tables included
within this material.
Certain information presented in this press release reflects
adjustments to GAAP measures such as EBITDA and Adjusted EBITDA as
an additional way of assessing certain aspects of the Company’s
operations that, when viewed with the GAAP financial measures,
provide a more complete understanding of its on-going business.
EBITDA is defined as income (loss) before interest, income taxes,
depreciation and amortization, and amortization of debt discount
and debt issue costs. Adjusted EBITDA represents EBITDA adjusted
for stock-based compensation, income (loss) from investments, net,
change in fair value of derivative liabilities, other (income)
expense, net, and foreign exchange gain (loss).
As it related to future projections for the Company’s Adjusted
EBITDA described above, the Company has not provided guidance for
comparable GAAP measure or a quantitative reconciliation of
forward-looking non-GAAP financial measures because it is unable to
determine with reasonable certainty the ultimate outcome of certain
significant items necessary to calculate such measures without
unreasonable effort. These items include, but are not limited to,
income or loss from investments, change in fair value of derivative
liabilities and foreign exchange gain (loss).
CHARGE ENTERPRISES,
INC.
NON-GAAP
RECONCILIATION
Three Months Ended September
30,
Nine Months Ended September
30,
($ in thousands)
2023
2022 (As Adjusted)
2023
2022 (As Adjusted)
Adjusted
EBITDA:
Net income (loss)
$
(6,951
)
16,181
$
(25,009
)
(11,005
)
Income tax expense (benefit)
741
(8
)
1,093
(1,336
)
Interest expense
1,489
1,015
4,515
9,939
Depreciation & Amortization
1,172
433
3,574
1,745
EBITDA
(3,549
)
17,621
(15,827
)
(657
)
Adjustments:
Stock based compensation
4,583
5,867
15,449
20,514
(Income) loss from investments, net
(675
)
200
(1,637
)
1,343
Change in fair value of derivative
liabilities
(57
)
(28,669
)
(1,713
)
(28,669
)
Loss on impairment
56
-
114
-
Other (income) expense, net
(848
)
3,289
(1,876
)
2,255
Foreign exchange adjustments
(116
)
(1
)
53
86
Adjusted EBITDA
$
(606
)
$
(1,693
)
$
(5,437
)
$
(5,128
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108397405/en/
Investors Christine Cannella Charge Enterprises, Inc.
954-298-6518 ccannella@chargeenterprises.com
Alex Thompson Gateway Group 949-574-3860
CRGE@gateway-grp.com
Media Zach Kadletz Gateway Group 949-574-3860
CRGE@gateway-grp.com
Charge Enterprises (NASDAQ:CRGE)
過去 株価チャート
から 4 2024 まで 5 2024
Charge Enterprises (NASDAQ:CRGE)
過去 株価チャート
から 5 2023 まで 5 2024