Core Insights - XCharge's GridLink system has received UL 1973 and UL 9540A certifications, establishing its safety, efficiency, and grid compliance in the energy storage market [6][9][19] Group 1: Certifications and Compliance - The GridLink system complies with U.S. grid interconnection standards through UL 1741 certification, ensuring integration with the national energy infrastructure [7] - Achieving UL certifications reflects XCharge's commitment to safety and innovation, setting a new industry benchmark [19] Group 2: Safety Features - GridLink features a four-dimensional safety monitoring system that detects potential risks such as electricity, infrared light, heat, and gases [8] - The system includes advanced fire safety measures, such as built-in fire suppression water tanks, to prevent thermal runaway [17] Group 3: Efficiency and Design - The DC high-voltage air conditioning system of GridLink achieves 2% greater efficiency compared to conventional systems, reducing energy consumption [12] - GridLink's modular design allows for easy replacement of individual battery packs, lowering maintenance costs and extending lifecycle [13] Group 4: Company Overview - XCharge, founded in 2015, is a leader in integrated EV charging solutions, offering a range of products including DC fast chargers and energy storage systems [14][20]

Core Insights - XCHG Limited (XCharge) has announced that its GridLink system has received UL 1973 and UL 9540A certifications, enhancing its position in the energy storage market [1][11] - The certifications ensure safety, efficiency, and compliance with U.S. grid standards, reflecting the company's commitment to reliable energy solutions [2][6] Group 1: Product Innovations - GridLink's bidirectional converter complies with UL 1741, facilitating integration with the U.S. energy infrastructure [2] - The system features a DC high-voltage air conditioning system that achieves 2% greater efficiency than conventional systems, reducing energy consumption and improving performance [3] - A four-dimensional safety monitoring system detects potential risks, ensuring user and infrastructure safety through rapid disconnection under critical conditions [4] Group 2: Design and Reliability - GridLink's modular design allows for easy replacement of individual battery packs, lowering maintenance costs and extending the system's lifecycle [5] - The system incorporates advanced fire safety measures, including built-in fire suppression tanks and IP65-rated sealing, to prevent thermal runaway and protect battery packs [11][12] Group 3: Market Position and Future Outlook - The certification marks a significant milestone for XCharge's expansion in the U.S. market, promoting a sustainable and resilient energy future [6] - XCharge, founded in 2015, focuses on integrated EV charging solutions, enhancing charging efficiency and energy management [7]

HAMBURG, Germany, Dec. 20, 2024 (GLOBE NEWSWIRE) -- XCHG Limited ("XCharge" or the "Company"), (NASDAQ:XCH), a global leader in integrated EV charging solutions, acknowledges the recent unusual trading activity of its American Depositary Shares ("ADSs"). The Company is not aware of any material news or events that would account for this activity. XCharge is committed to sound corporate governance and transparent communication with its shareholders. The Company's operations continue as normal, and its financ ...

Core Viewpoint - XCharge Limited reported a challenging second quarter in 2024, with significant declines in DC fast charger deliveries and revenues, while maintaining a focus on innovation and customer demand amidst a tough macroeconomic environment [1][3]. Operational Highlights - DC fast charger deliveries in Q2 2024 were 438, down 31.8% from 642 in Q2 2023 - Total EV charger deliveries in Q2 2024 were 619, a decrease of 5.4% from 654 in Q2 2023 - For the first half of 2024, DC fast charger deliveries totaled 764, down 30.0% from 1,092 in the same period of 2023 - Total EV charger deliveries for the first half of 2024 were 1,155, an increase of 2.1% from 1,131 in the same period of 2023 [2]. Financial Highlights - Revenues for Q2 2024 were $9.0 million, a decrease of 26.3% from $12.2 million in Q2 2023 - Gross profit for Q2 2024 was $4.2 million, down 23.9% from $5.5 million in Q2 2023 - Operating loss for Q2 2024 was $(0.9) million, compared to an operating income of $2.1 million in Q2 2023 - Net loss for Q2 2024 was $(1.0) million, compared to a net income of $2.0 million in Q2 2023 [5][7][12]. Cost and Expense Analysis - Cost of revenues for Q2 2024 was $4.8 million, down 28.2% from $6.7 million in Q2 2023 - Selling and marketing expenses increased to $2.3 million in Q2 2024, up 74.2% from $1.3 million in Q2 2023 - Research and development expenses rose to $1.2 million in Q2 2024, an increase of 18.7% from $1.0 million in Q2 2023 - General and administrative expenses were $1.6 million in Q2 2024, up 47.4% from $1.1 million in Q2 2023 [8][9][10][11]. Initial Public Offering - In September 2024, XCharge completed its IPO, issuing 3,462,223 American depositary shares at $6.20 per ADS, raising approximately $21.5 million before expenses, with net proceeds of $19.1 million [4]. Cash Position - As of June 30, 2024, cash and cash equivalents were $24.3 million, an increase from $12.8 million as of March 31, 2024 [13]. Company Overview - XCharge, founded in 2015, is a leader in integrated EV charging solutions, focusing on enhancing charging efficiency and developing innovative technologies to support a global green future [14].

Core Insights - XCharge North America has partnered with Grensol Group to enhance recycling solutions for Electric Vehicle Supply Equipment (EVSE) waste, particularly focusing on EV charging cables and modules [1][5][6] Group 1: Partnership Details - The collaboration will involve XCharge NA providing broken or worn-down EVSE materials to Grensol and Worcester Polytechnic Institute (WPI) for developing an industrial recycling solution [2][3][4] - Grensol will utilize advanced technologies, including metals recovery and photolysis, to process the waste and generate valuable raw materials for a circular economy [4][7] Group 2: Objectives and Benefits - The partnership aims to address the short lifecycle of EVSEs by creating recyclable material solutions, thereby promoting sustainable practices in the automotive industry [5][6] - The initiative is expected to reduce carbon emissions and keep resources onshore, contributing to a more sustainable future [5][6] Group 3: Future Directions - XCharge NA and Grensol plan to explore various recycling methods, including wire cutting, alkaline leaching, and steam cracking, to establish a continuous lifecycle for charging materials [6] - Initial components, such as charging cables and modules, have already been shipped to Grensol and WPI for processing [6]