Benzinga - Shares of Blink Charging Co (NASDAQ: BLNK) are trading higher in Tuesday’s after-market session following the company’s earnings report. Here’s what investors need to know.
By The Numbers: Blink Charging reported a fourth-quarter loss per share of 55 cents, missing analyst expectations of a 48-cent loss per share.
• The company reported fourth-quarter revenues of $22.6 million, which beat analyst consensus of $19.11 million.
• The company saw a 213% increase in service revenues in the fourth quarter, coming in at $5.7 million compared to $1.8 million in the fourth quarter last year.
• It also saw an 827% increase in network fees, coming in at $2.3 million in the fourth quarter, compared to $200,000 in the fourth quarter of last year.
• Blink deployed, contracted, or sold 7,571 charging stations in the fourth quarter, an 86% increase over the fourth quarter in 2021.
• Blink said that 2022 was a milestone, highlighted by revenue that nearly tripled, substantially improved gross margin performance, and the strategic acquisitions and integrations of SemaConnect and EB Charging, which significantly enhanced our global presence.
• For the full year, Blink reported revenues of $61.1 million, a 192% increase over its full-year 2021 revenues of $20.9 million.
“We enter 2023 in a strong position, thanks to our operational success in 2022 and the recent offering which generated gross proceeds of approximately $100 million,” CEO Michael Farkas said in a statement.
“With our financial flexibility we are confident in our strategy to drive organic growth through the deployment of chargers in high-density, highly trafficked locations worldwide, as well as through acquisitions or investment in businesses, products and technology that complement our offerings and can enhance our growth strategy.”
The company said it is focused on aggressively competing for a share of the $7.5 billion in government funding earmarked for EV infrastructure buildout. The company's goal is to increase its role in facilitating the transition to EVs by ensuring reliable charging solutions are available for every venue including retail, public and home location as well as fleets.
BLNK Price action: Shares of Blink Charging are trading 4.97% higher to $9.05 after-hours, according to Benzinga Pro.
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Photo: Courtesy Blink
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