Shares of Blink Charging Co. (BLNK) jumped 5.1% in the extended trading session on Thursday after the provider of electric vehicle (EV) charging equipment and services posted results for the third quarter of 2021.
Results in Detail
Total revenues of $6.4 million rose 607% year-over-year and surpassed analysts’ expectations of $4.52 million. Continued expansion through charging stations and brand recognition development globally drove the results. In the quarter, 3,016 charging stations were contracted or sold, reflecting a rise of 351% from the prior-year quarter.
Markedly, while service revenues increased 425% year-over-year, product sales surged 766%. Notably, increased usage of chargers and revenues from the Blue Corner acquisition acted as tailwinds.
Meanwhile, Blink reported a net loss of $0.36 per share against the Street’s loss estimate of $0.29 per share. The company had reported a loss of $0.12 per share in the same quarter last year.
For the quarter, adjusted EBITDA was a loss of $8.4 million compared to the loss of $3.7 million in the prior-year period.
The CEO of Blink, Michael D. Farkas, said, “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 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.” (See Blink stock charts on TipRanks)
Overall, the stock has a Hold consensus rating based on 1 Buy and 4 Holds. The average Blink price target of $32.25 implies 9.2% downside potential to current levels.
According to TipRanks’ Smart Score system, Blink gets a 7 out of 10, which indicates that the stock is likely to perform in line with market averages.