Blink Charging Shares Rise After a Strong Earnings Report
Nov 12, 2021 By MarketDepth
Blink Charging Co. (NASDAQ: BLNK) stock jumped about 15% on Friday after the EV charging company announced financial results for the third quarter ended September 30, 2021.
Across the USA
Blink Charging Co., through its subsidiaries, owns, operates, and provides electric vehicle (EV) charging equipment and networked EV charging services in the United States. The company offers residential and commercial EV charging equipment that enable EV drivers to recharge at various location types.
600% Increase in Revenue
The company reported total revenues of $6.4 million, an increase of $5.5 million on 607% compared to the prior year period. In addition, product sales were $4.8 million in the third quarter of 2021, up $4.3 million or 766% from the same period a year ago primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues generated through the Blue Corner acquisition.
“Our third quarter results continued the momentum built during the first half of 2021, exceeding our internal expectations with record revenues in both product sales and service revenues as we continued to expand our footprint of charging stations and enhanced our brand recognition around the world. During the quarter, we made great strides increasing our network of property partners, winning exclusive, multi-year agreements that we anticipate will result in additional charging station deployments and revenue generation. We are focused on continuing to grow our owner-operator business model, which differentiates us in the industry, because we not only install and maintain the charging equipment, but we also benefit from its ongoing utilization. This is an exciting time for Blink as the transition to EV use gains traction, driven by environmental concerns and legislative directives. We are well-positioned to play a critical role in the establishment of convenient, reliable EV infrastructure and we’re energized by the opportunities and interest we’re seeing in the marketplace. We anticipate winning many more future grant awards, coupled with a robust pipeline of opportunities ahead, we look forward to finishing the year strong and carrying this momentum into 2022.”Michael D. Farkas, Blink’s Chairman and Chief Executive Officer