Hypercharge Reports First Quarter Fiscal 2027 Results & Management Change
VANCOUVER, British Columbia, Aug. 28, 2026 (GLOBE NEWSWIRE) -- Hypercharge Networks Corp. (TSXV: HC; OTC: HCNWF; FSE: PB7) (the “Company” or “Hypercharge”), a leading EV charging operator, is announcing the release of its unaudited financial results for the three months ended June 30, 2026, and related management discussion and analysis. All dollar figures are in Canadian Dollars, unless otherwise stated.
“Fiscal 2027 began with a continued focus on higher-margin Level 2 charging deployments that improve recurring revenue growth and overall revenue durability. While fiscal Q1 presented challenges with revenue falling year-over-year and our operating loss increase, we have made investments this quarter to improve the long-term sustainability of our business. The shift in our revenue mix was evident in the growth of subscription and service revenue, improved gross margins, and a stronger sales backlog. Subscription and service revenue increased 68% year-over-year to $520,074, gross margin expanded nineteen percentage points to 44%, and sales backlog increased to $3.49 million, an increase of 68% compared to the three months ended March 31, 2026.
Total revenue for the quarter was $1.4 million compared with $3.4 million in the prior-year period. The year-over-year comparison reflects a higher concentration of large DC fast charging equipment deliveries in the first quarter of fiscal 2026, which generated significant top-line revenue but generally carried lower gross margins and limited recurring revenue. Our strategy is focused on Level 2 deployments, which typically generate lower upfront revenue per unit but offer much higher gross margins and greater recurring subscription and service revenue over time. As a result, near-term top-line revenue growth from DC fast charging projects has been a lower priority as we focus on improving revenue quality, margin profile, and recurring revenue contribution. During the quarter ended June 30, 2026, we delivered 541 charging ports while continuing to build our higher-margin subscription, service and recurring revenue streams.
We also materially expanded the scale of the Hypercharge Network. The acquisition of Eddie, effective May 1, 2026, added more than 2,700 charging ports and strengthened our presence in Québec. Hypercharge’s network footprint now exceeds 9,400 charging ports, including more than 6,700 ports delivered to date by Hypercharge and more than 2,700 ports added through Eddie.
Our carbon credit program continues to create additional opportunities around the network. During the quarter, Hypercharge received $1.74 million in cash proceeds from the sale of Clean Fuel Regulations compliance credits generated from eligible charging activity during the 2025 calendar year, an increase of more than 600% from the prior year. In accordance with the Clean Fuel Regulations, these proceeds are required to be reinvested in eligible EV infrastructure or programs that reduce the cost of EV ownership. Following quarter-end, we launched Hypercharge Home Club, a residential EV charging rewards program designed to extend this opportunity into the single-family home market.
Looking ahead through fiscal 2027, our focus is to grow our sales pipeline with more Level 2 charging deployments which have shorter sales cycles and higher margins. In the coming quarters, we will prioritize converting our sales backlog into revenue, integrating and continuing to build on the Eddie acquisition, expanding recurring and service revenue, improving revenue quality and gross margins, and remaining disciplined in capital allocation. Concurrently, we are advancing several strategic projects and partnership opportunities that have the potential to meaningfully broaden our market reach and create new avenues for growth. We believe this combination positions Hypercharge to continue building operating leverage and advancing toward sustainable profitability.”
- David Bibby, President and CEO of Hypercharge
Business Updates (for the three months ended June 30, 2026):
- Revenue: Total revenue decreased by 58% to $1.42 million, compared with $3.4 million as at June 30, 2025, due to a shift in product mix as the Company pursued higher-margin Level 2 charging deployments, whereas the prior year period had a higher concentration of lower-margin DC fast charge deployments.
- Subscription and Service Revenue: Subscription and service revenue increased to $520,074, an increase of $209,836, or 68%, compared to the prior-year comparative period. Growth was supported by SaaS subscriptions, higher EV charging utilization, and station activations reflecting continued growth in the Company’s recurring and usage-based revenue streams.
- Sales Backlog: Sales backlog increased to $3.49 million as at June 30, 2026, compared with $2.07 million as at March 31, 2026, representing an increase of approximately 68% during the quarter and providing visibility into future revenue to be recognized as customer orders are delivered.
- Gross Profit: The Company reported a gross profit of $620,945, a 26% decrease from the three months ended June 30, 2025. Gross margin increased 19pp to 44% for the three months ended June 30, 2026, compared with 25% in the prior-year comparative period. The improvement reflects a greater contribution from higher-margin subscription and service revenue within the Company’s overall revenue mix.
- Operating Expenses: Operating expenses increased to $1.61M, a 28% increase from the three months ended June 30, 2025, due to an increase in one-time, non-recurring expenses related to the Eddie Acquisition, and Consulting and Professional Fees.
- Eddie Acquisition and Network Expansion: Effective May 1, 2026, the Company acquired charge point operator Eddie from AXSO, expanding Hypercharge’s presence in Québec and adding more than 2,700 charging ports to its network. The transaction also added the Eddie brand and customer relationships, while expanding the Company’s recurring network revenue base.
- Registered Users: The Hypercharge mobile application surpassed the 55,000 registered users milestone, representing an important metric in the continued expansion of the Company’s driver and site-operator ecosystem and increasing the user base supporting charging utilization and future software- and service-based offerings.
- Clean Fuel Regulation Proceeds: The Company received $1.74 million in cash proceeds from the sale of compliance credits generated through Canada’s Clean Fuel Regulations for eligible charging activity during the 2025 calendar year, representing an increase of over 600% compared with $236,058 for the 2024 calendar year.
- Canada Growth Cup Recognition: Hypercharge was named co-winner of the Canada Growth Cup at the Peterson Capital Canada Growth Conference 2026. Hypercharge earned the recognition from a field of 14 presenting companies following a vote by more than 65 investment advisors, fund managers and family office executives attending the conference.
Financial Highlights (for the three months ended June 30, 2026):
The Company recognized quarterly revenue of $1,421,800, a decrease of $1,982,782 (58%) compared to the three months ended June 30, 2025. The decrease was primarily due to the prior year comparative period including large DC fast charging equipment deliveries relative to typical quarterly volumes. Those deliveries were more concentrated in that period and carry lower margins than the Company’s Level 2 deployments, which represent a more typical mix of revenue.
Operating expenses totalled $1,607,791 for the three months ended June 30, 2026, a 28% increase from the prior-year period. The increase was primarily driven by higher general and administrative expenses, including consulting and professional fees related to certain non-recurring expenses, as well as higher sales and marketing and research and development expenses.
Gross profit for the quarter decreased to $620,945, down from $841,392 in the same period last year. Gross profit percentage increased from 25% to 44%, driven by improved margins on EV charging equipment sales and higher-margin subscription and service revenue representing a greater proportion of total revenue.
Comprehensive loss for the three months ended June 30, 2026, increased 118% to $876,583, compared to a comprehensive loss of $402,877 during the three months ended June 30, 2025. The increase reflects higher operating expenses, partially offset by $108,403 of Clean Fuel Regulations proceeds released to other income as the related reinvestment obligation was discharged. The Company’s basic and diluted loss per share was ($0.01), compared to ($0.00) in the prior-year period.
Management Change
Hypercharge is also pleased to announce the promotion of Kyle Moncrief, CFA, to Chief Financial Officer ("CFO"), effective August 27, 2026. Mr. Moncrief succeeds Alex McAulay, who has stepped down as CFO. The Company’s Board of Directors thank Mr. McAulay for his contributions to the Company and wishes him well in his future endeavors.
“Kyle has already made a distinctive impact at Hypercharge, most recently overseeing the acquisition and integration of Eddie,” said David Bibby, President and CEO of Hypercharge. “His promotion to CFO reflects both the strength of his contributions to date and our confidence in his ability to help lead Hypercharge through its next stage of growth. On behalf of the Company, I thank Alex for the guidance and support he has provided, and we wish him continued success.”
Summary of Key Financial Measures:
A summary of selected financial information for the three months ended June 30, 2026, and June 30, 2025, is as follows:
| Three months ended June 30, 2026 (unaudited) | Three months ended June 30, 2025 (unaudited) | |||
| Revenue | $1,421,800 | $3,404,582 | ||
| Comprehensive loss | $(876,583) | $(402,877) | ||
| Basic and diluted loss per share | $(0.01) | $(0.00) | ||
Condensed Consolidated Financial Statements:
| Three months ended June 30, 2026 | Three months ended June 30, 2025 | |
| Revenue | $1,421,800 | $3,404,582 |
| Cost of sales | $(800,855) | $(2,563,190) |
| Gross profit | $620,945 | $841,392 |
| Operating Expenses | ||
| General and administrative | $913,695 | $658,786 |
| Sales and marketing | $477,087 | $406,007 |
| Research and development | $217,009 | $193,409 |
| Total Operating Expenses | $1,607,791 | $1,258,202 |
| Operating loss | $(986,846) | $(416,810) |
| Other income (expenses) | ||
| Foreign exchange gain (loss) | $2,267 | $(11,194) |
| Interest income, net | $6,181 | $2,744 |
| Other income | $108,799 | $594 |
| Total other income (expenses) | $117,247 | $(7,856) |
| Net loss | $(869,599) | $(424,666) |
| Other comprehensive income: | ||
| Cumulative translation difference | $(6,984) | $21,789 |
| Comprehensive loss | $(876,583) | $(402,877) |
| Basic and diluted loss per share | ($0.01) | ($0.00) |
| Weighted average number of shares outstanding - basic and diluted | 138,991,931 | 97,463,769 |
For more information, please refer to the Company's management's discussion and analysis, and the Company's unaudited condensed consolidated interim financial statements for the three months ended June 30, 2026. These documents are available on the Company’s website at https://hypercharge.com/investors/, and under the Company’s SEDAR+ profile at https://www.sedarplus.ca/.
About Hypercharge
Hypercharge Networks Corp. (TSXV: HC; OTC: HCNWF; FSE: PB7) is a leading provider of smart electric vehicle (EV) charging solutions for residential and commercial buildings, fleet operations, and other rapidly growing sectors. Driven by its mission to accelerate EV adoption and enable the shift towards a carbon neutral economy, Hypercharge is committed to offering seamless, simple solutions including industry-leading hardware, innovative and integrated software, and comprehensive services, backed by a robust network of public and private charging stations. Learn more: https://hypercharge.com/.
On behalf of the Company,
Hypercharge Networks Corp.
David Bibby, President & CEO
Contact
Media & Investor Relations:
Kyle Kingsnorth, Head of Marketing
kyle.kingsnorth@hypercharge.com | +1 (888) 320-2633
Non-GAAP and Other Financial Measures
This news release makes reference to certain non-GAAP financial measures, including "gross margin" (calculated as gross profit divided by revenue). These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS. Therefore, these measures may not be comparable to similar measures presented by other issuers. Management believes these non-GAAP financial measures provide useful supplemental information to investors regarding the Company's financial performance and are used by management to assess the Company's operating results. Non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a reconciliation of these non-GAAP financial measures to the most directly comparable IFRS measures, please refer to the Company's management's discussion and analysis for the three months ended June 30, 2026, available on SEDAR+ at https://www.sedarplus.ca/.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements regarding future growth, the timing and conversion of sales backlog into revenue, recurring and service revenue, the integration and anticipated benefits of the Eddie acquisition, the Hypercharge Home Club and carbon credit programs, margin expansion, capital allocation, operating leverage and progress toward profitability. Forward-looking statements are often identified by terms such as “may”, “could”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends”, “expects” and similar expressions which are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
