Charge Reports $138.2 Million In Infrastructure Project Backlog As Demand For EV Charging Installations Soars

Charge Enterprises, Inc. (NASDAQ: CRGE) released its second-quarter financial results this month, showing double-digit percentage growth in gross profits and a multi-million dollar backlog of infrastructure projects as it heads into the third quarter. The electrical, broadband and EV charging infrastructure company has been strategically positioning itself as the go-to resource for EV charging as the nation transitions into a fully electric economy. 

Charge Expands Its Sustainable Infrastructure Footprint With Greenspeed Acquisition

Earlier this month, Charge announced that it had acquired Greenspeed Energy Solutions, a leader in EV charging, solar and other sustainable infrastructure that’s completed over 200 electrification projects for auto dealerships across 14 states. Combined with Charge’s own auto dealership installations, the acquisition brings the company’s total to over 600 chargers installed. 

“We believe that by leveraging Greenspeed’s success with retail dealerships and other channels, along with its scale and capacity, we can provide an even more compelling and complete suite of services to meet the high customer demand for EV infrastructure over the coming years,” said Charge CEO and Founder Andrew Fox.

Charge will now have the ability to perform all essential client services in-house in 25 states nationwide, leading to cost savings and wider margins on projects in those states. 

The Greenspeed Acquisition Adds To Charge’s Growing Infrastructure Segment

The company also reported its second consecutive quarter of backlog growth in its mid-August earnings release. The Greenspeed acquisition added $12 million to Charge’s existing $138.2 million backlog of infrastructure projects, bringing the total above $150 million at the end of June. 

That’s expected to drive continued revenue growth through the rest of the year and into 2024, building on an already strong first half of the year. Charge’s gross profit grew 9% year-over-year in the first quarter and 23% in the second quarter. 

“Our auto dealer customers' multi-year programs to install EV infrastructure is expected to continue to drive demand for our services and create recurring revenue opportunities with our remote monitoring and management software tool,” Fox said.

As the company works through its robust backlog and continues expanding its network of customers across the country, Charge Enterprises is optimistic that revenue and margins will keep growing, helping the company achieve expected positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter of 2024. 

Featured photo by Michael Fousert on Unsplash.

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