- Blink Charging Co (NASDAQ: BLNK) reported second-quarter revenue growth of 164% year-over-year to $11.49 million, beating the consensus of $8.6 million.
- Product Sales increased 170% Y/Y to $8.8 million, primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers.
- Service Revenues increased 154% Y/Y to $2.2 million, primarily driven by greater utilization of chargers.
- The company contracted 5,631 charging stations, deployed or sold, an increase of 73% Y/Y.
- The gross margin expanded by 225 bps to 17%.
- Loss from operations widened to $(21.96) million, versus a loss of $(12.350 million in 2Q21.
- Net Loss was $(0.52) per share, compared to $(0.32) per share in 2Q21.
- Adjusted EPS was $(0.41) compared to $(0.31) in the prior year period, missing the consensus of $(0.37).
- Adjusted EBITDA loss expanded to $(15.6) million versus a loss of $(8.1) million in 2Q21.
- BLNK’s net cash used in operating activities year-to-date totaled $(30.9) million, compared to $(20.95) million in 2Q21.
- Also Read: Why ChargePoint, Blink And EVgo Shares Are Soaring Today
- As of June 30, 2022, Blink Charging held cash and cash equivalents of $85.1 million.
- “Strategic acquisitions remain a key part of our growth strategy. In the second quarter, we completed the acquisition of SemaConnect, adding over 12,800 active chargers and 151,000 registered users to Blink’s portfolio. Importantly, our acquisition of SemaConnect also provides us with vertically integrated manufacturing capabilities in the United States.”
- “This instantly qualifies Blink for the Buy American mandate and the $7.5 billion in grant money being allocated by the U.S. government to further EV adoption nationwide,” commented Michael D. Farkas, Chairman and Chief Executive Officer.
- Price Action: BLNK shares are trading lower by 4.57% at $22.96 during the post-market session on Monday.
- Photo via Company
Read at Benzinga