1.7M Chargers Are Needed For Canada to Reach its EV Goals Nice 5.5% push today with morning volume already surpassing the average daily volume in just 2 hours. This comes after the recent Q3 2023 financial report showing significant growth for the company.
- Quarterly revenue surpassed $1M for the first time finishing the quarter with $4.1M cash on hand.
- Sold 1,400 chargers and delivered their first level 3 chargers which puts them in competition with top companies in the space.
- As they continue to secure more deals, their previous clients may think about HC first which will help accelerate the deals pipeline as they are already partnering with ParkCo to add new charging integrations adding to their value proposition.
Canada has one of the most underdeveloped EV charging infrastructures among developed nations. The long highways and increasing EV adoption both provide a significant amount of market opportunities to help provide the infrastructure, especially as there isn’t much Canadian competition in the EV charging space relative to the US. Some estimates say that Canada is 1.7M chargers short of what’s needed to reach its goals.
https://globalnews.ca/news/8944814/canada-electric-vehicles-ev-incentives-charging-stations-analysis/
This is why HC and their rapidly growing business model is a company to keep a close eye on especially at the current valuation relative to peers who aren’t growing as quickly.