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ECOtality Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: ECTY

Net loss for the fourth quarter of 2012 was $2.3 million, or $(0.10) per basic and diluted share, an improvement from a net loss of $6.7 million, or $(0.28) per basic and diluted share, in the same year-ago quarter. Net loss for the full year of 2012 was $9.6 million, or $(0.40) per basic and diluted share, an improvement from a net loss of $22.5 million, or $(1.20) per basic and diluted share, in 2011. Combined cash, restricted cash and cash equivalents at December 31, 2012 totaled $6.6 million.

2012 Operational Highlights

  • Annual revenue up 93% to a record $54.7 million.
  • Signed $5 million licensing agreement with ABB Technology Ventures Ltd to utilize the Blink network.
  • Received $1 million Minit-Charger order from Southwest Airlines.
  • Became the first charging network that instituted access fees at all publically available Level 2 public charging locations.
  • Installed more than 1,800 Blink chargers during the fourth quarter, bringing the total number of charging stations to more than 10,000 by year-end.
  • Installed 55 Blink DC Fast Chargers in 2012, establishing ECOtality as the largest DC fast charging network in the nation.
  • By the end of 2012, the Blink network had recorded more than 1.6 million charging events and delivered more than 14 gigawatts of electricity, with EV drivers contributing more than 60 million miles of performance and activity data to the EV Project.

Management Commentary

"ECOtality has established a dominant market position in the EV industry and is continuing to expand its footprint with the company's strategic national accounts that host its Blink chargers," continued Brar. "Additionally, the recent formation of Collaboratev, LLC, a partnership with ChargePoint, is a milestone for the industry and parallels the growth of the banking industry by allowing customers to access all charging networks with one access card and one bill. Blink's robust market presence, combined with the increasing market penetration of plug-in electric vehicles, well positions the company for continued growth.

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