A Year of Agility and Record-Breaking Success
As we close out 2024, I’m reflective of a year that challenged not only Hypercharge, but the entire electric vehicle industry. Last year, I highlighted how 2023 allowed us to firmly establish ourselves as leaders in the North American electrified mobility space. What followed in 2024 was a period of profound transition—one that tested our agility, adaptability, and commitment to sustainable, customer-focused growth.
Throughout this year, shifting market sentiments, intensified public debate over government support for EV infrastructure, and broader economic uncertainty made it clear that the industry has moved from early enthusiasm toward a more nuanced and complex stage of broader adoption.
Yet, even as skepticism and volatility surfaced, we at Hypercharge did more than just weather the storm; we forged ahead with record-breaking performance and reinforced the strength of our business model.
Our response to these challenges supports what I believe is our defining characteristic—resilience. Rather than retrench, we embraced innovation and deepened our focus on the customer experience.
Strategic installations, responsive partnerships, and the ability to expand our network allowed us not only to adapt but to accelerate our growth. By seeing obstacles as opportunities, we reinforced our role as a trusted provider in an evolving market.
This year, our agility was on full display. We delivered more charging ports than ever before, formed transformative partnerships with industry leaders, and achieved our highest quarterly revenue and a record sales backlog of $8.7 million.
Meanwhile, we held operating expenses to a record low while maintaining an industry-leading gross margin. These data points tell a narrative of purposeful progress and our ability to meet demand efficiently and effectively.
Behind these numbers are the people and relationships that make them possible. Our customers, partners, and team members are the driving force behind every project completed and every benchmark surpassed.
Their trust, collaboration, and feedback helped us continually refine our approach and deliver solutions that meet the real-world needs of EV drivers, property developers, automotive dealerships, and fleets across North America.
Welcome to Hypercharge Wrapped 2024 – A Year of Agility and Record-Breaking Success. I invite you to read on to explore the key milestones, market performance, segment growth, and outlooks that defined this extraordinary year:
PORTS
(Level 2 + DCFC Combined)
Sold
SITES
(Charging Locations)
Active Sites
(+41% in 2024)
DRIVERS
(Hypercharge Mobile App)
Registered Users
(+134% in 2024)
(Data Range: June 2021 – December 2024)
Industry Context in 2024: Navigating a Shifting Landscape
The EV sector has faced a broad array of headwinds this year, including public questions about affordability, range, and charging infrastructure—concerns amplified by a shifting discourse on the appropriate level of government involvement and subsidies.
According to the EY Mobility Consumer Index 2024, consumer intentions in Canada and the United States dipped from their previous pace of growth. Media headlines often highlighted these hesitations, casting a shadow on what was once unqualified optimism.
Yet when looking at actual adoption rates, the trajectory remained upward. In Canada, 1 in every 6 new car registrations this year was an EV or plug-in hybrid, improving from the previous year’s ratio. In the United States, EV sales climbed by 9% year-over-year, with Q3 registrations reaching record highs.
These figures clearly show that while the conversation around EVs is becoming more complex, the long-term trend toward electrification remains strong.
Driving Value in Key Segments
Throughout 2024, we maintained focused on serving our residential, commercial, and fleet customers, but doing so in ways that align with long-term market fundamentals. Two segments—property developers and auto dealerships—exemplified this strategy.
Property Developers
Our property developer partnerships, such as with Mattamy Homes, North America’s largest privately owned home builder, bring EV charging infrastructure to multifamily developments and new communities, ensuring sustainable solutions are embedded at the foundational level of urban growth.
This fall, we completed the delivery of all 778 charging stations to PCI Developments’ King George Hub project in Surrey, BC. With its scale and design, this project stands as one of the largest EV charging deployments in Canada, ensuring residents and visitors have universal access to charging.
Auto Dealerships
This year, we strengthened our relationships with auto dealer groups and OEMs alike across Canada, delivering tailored EV charging solutions that support the growing shift to electric vehicles.
Projects with Trotman Auto Group and Capilano Volkswagen, as well as our integrated energy planning for a new Hyundai/Genesis dealership in Toronto, have ensured these evolving marketplaces are supported with the infrastructure needed to power the future of automotive sales and service.
Partnerships and Product Innovation
In the United States, the growth of our Value-Added Reseller (VAR) channel has opened new markets and segments for opportunity this year. Equipping VARs with advanced tools has allowed us to reach customers more effectively, illustrating how collaboration can drive meaningful local impact.
Our dedication to meeting customers’ evolving needs guided product innovation throughout 2024. We introduced the Autel MaxiCharger range, adding versatility and robustness to our Level 2 and DC fast charger lineup. We also launched the battery-integrated XCHARGE GridLink DC fast charger, responding directly to the growing demand for flexible, high-performance infrastructure that can be quickly deployed and adapted to various environments, especially in power-constrained environments.
Hypercharge installs Autel MaxiCharger AC Ultra dual-port charging stations at Go Auto Columbia Chrysler.
Looking Ahead to 2025
As we turn our attention to 2025, we remain confident in the future of our industry and our place within it. We expect further growth as EV adoption continues to broaden, supported by evolving technologies, improved infrastructure, and more informed public discourse.
The lessons of 2024—about staying adaptable, focusing on quality, and putting customers first—will guide our decisions as we expand deliveries, refine our offerings, and deepen our relationships with the communities and businesses we serve.
Our mission remains the same: to enable a cleaner, more accessible future for electric mobility. As we evolve to meet the needs of a rapidly changing landscape, we are embracing opportunities that extend beyond EV charging, integrating solutions that support smarter energy use and sustainable growth.
We will continue working closely with our customers, partners, and all stakeholders, ensuring that as the industry matures, we lead with innovation, reliability, and integrity.
Thank you for being part of Hypercharge’s journey this year. Your trust and support have been integral to our success, and we look forward to an even brighter, more dynamic 2025.
Warm regards,
David Bibby
CEO & President
Hypercharge Networks Corp.