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Highlights
- Blink Charging Co. (NASDAQ:BLNK) revenue grew 607% YoY to US$6.4 million.
- It reported a net loss of US$15.3 million or US$0.36 per share diluted in Q3, 2021.
- The company sold and contracted 3,016 charging stations in the third quarter.
EV charging service provider Blink Charging Co. (NASDAQ:BLNK) stock soared more than 15% in intraday trading on Friday. The stock was priced at US$40.99, up 15.46%, at 12:29 pm ET.
The company had announced its third-quarter results on Nov 11.
Blink Charging reported selling or contracting 3,016 charging stations in Q3, FY21, reflecting a growth of 351% from the previous year. Its revenue was US$6.4 million, up 607% increase YoY, compared to US$0.906 million in the corresponding quarter of 2020.
The product sales were US$4.8 million, an increase of 766% from the previous year; service revenue was US$1.4 million, up 425% growth YoY; and other revenue, including warranty fees, grants, and rebates, was US$0.2 million in the quarter.
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The company’s gross profit was US$0.892 million compared to US$0.362 million in Q3 the previous year. The company’s loss from operation was US$(15.8) million against a loss of US$(3.9) million in the September quarter a year ago.
The net loss was US$15.3 million, or US$0.36 per share diluted, compared to a net loss of US$3.9 million, or US$0.12 per share diluted, in the September quarter of 2020.
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The adjusted EBITDA loss was US$8.4 million against an adjusted EBITDA loss of US$3.7 million in Q3, the previous year. However, the adjusted EBITDA loss has reduced QoQ to US$8.4 million in Q3, 2021, from US$9.1 million in the second quarter of 2021. It reported cash and marketable securities of US$186.7 million at the end of September 30, 2021.
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Blink’s business
The Florida-based company provides EV charging services and networks in residential and commercial locations. The company has a presence in 13 countries and deployed more than 30,000 charging stations.
The company tracks the charging data through its cloud-based software. It has partnered with various companies to expand its business. According to analysts, global EV vehicle sales are expected to hit 10 million by 2025.
Blink charging facilities are available in parking, healthcare, schools, universities, stadiums, airports, multifamily residences, retailers, restaurants, transportation hubs, and religious institutions.
The company has a market capitalization of US$1.76 billion. It launched its IPO in 2008. The stock fell 3.22% YTD and rose 27.30% in the last three months.
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Bottomline
Blink’s strong third-quarter results have pushed the company to go on an expansion drive by partnering with other companies. Its sales and service revenue exceeded expectations. With a robust EV demand, charging providers are hoping for brisk business in the coming months. However, investor must apply due diligence before investing in the stock market.
