Why is Blink Charging stock (BLNK) up today? - Kalkine Media

November 12, 2021 05:04 PM PST | By Versha Jain
Follow us on Google News:

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. 

Also Read: Top EV stocks to explore as nations set emissions reduction target

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. 

Also Read: Mynaric AG IPO: Is laser comms firm’s MYNA stock worth considering?

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.

Also Read: AstraZeneca (AZN) revenue skyrockets; is the stock worth exploring?

Blink Charging Co. (NASDAQ: BLNK) stock jumps after Q3 results.

Also Read: Eyeing for JNJ stock? Know why J&J is splitting into 2 companies

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.

Also Read: Seven green stocks that may give a leg-up to the sector in 2022

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.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies