Shares of Blink Charging Company (BLNK) surged as much as 13.9% Wednesday after the electric vehicle infrastructure company reported a record 186% year-over-year revenue growth, as well as a 528% increase in gross profit.
The company reported 2Q total revenues of $32.8 million, coming in ahead of the street’s estimate of $23.74 million, and compared to $11.5 million in second quarter of 2022.
CEO Brendan Jones said the revenue growth achieved in the quarter was largely organic. "We saw strong demand for both equipment and services in the U.S. division during the quarter, and in Europe our owner/operator strategy made significant gains," he noted. "It is important to note that during the quarter our operating expenses were impacted by one-time severance expenses which will not recur in future quarters."
Blink reported 2Q adjusted EPS of ($0.44), $0.04 better than the street’s estimate of ($0.48).
Looking ahead, Blink increased guidance for 2023 revenue from $100M-$110M to $110M-$120M. The expected range is well above the consensus estimate of $105.5M. Management also expects 30% full-year gross margins and is aiming for continued margin expansion in 2024.
“We are seeing considerable organic growth and expect to drive towards profitability as our business continues to scale and we realize efficiencies across our organization,” Jones concluded.
Shares of BLNK are up 13.94% in afternoon trading on Wednesday.
By Michael Elkins | Michael.Elkins@streetinsider.com