Blink Charging Sets Stage for Prosperous 2024; Shares Climb 11% in Morning Trading
After a record-breaking third quarter, and a successful $100 million capital raise in January, Blink Charging (Nasdaq: BLNK) had an impressive year in 2023, as the company continues to attract attention for all the right reasons.
Blink’s approach to strategic growth has resulted in strong financial wins, including a robust third quarter which surpassed its previous record-breaking second quarter earnings. Investors were impressed with the company’s revenue growth of 152%, reaching $43.4 million and 167% increase in gross profit in its recent Q3 earnings statement.
Commenting on the achievement, Brendan Jones, President and Chief Executive Officer of Blink, said the results reflected a “continuation of the momentum and growth that we’ve driven throughout this fiscal year, as we’ve seen strong demand for both equipment and services, as well as increased network fees.”
In March, the company inked a contract with the United States Postal Service (USPS) to provide up to 41,500 EV charging stations and network services for USPS’s electric future. In June 2023, under new leadership, Blink took a step forward as an EV infrastructure industry leader, incorporating NACS (North American Charging Standard) into the Company’s entire product line. Blink was one of the first to adapt to and embrace the industry shift. In July 2023, Blink signed an agreement with AAA to offer electric vehicle products to affiliated roadside service providers nationwide.
Blink extended its international reach during the year, signing an agreement with global quick service franchisee, Arcos Dorados, to provide EV charging to five McDonald’s locations in Puerto Rico, and announcing in October, that its European acquisition, Blue Corner, would now operate as Blink Charging, positioning the Blink brand for further expansion in Europe.
Blink’s market cap stands at $208.96 million and its trading volume above average today with more than 11 million shares changing hands.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK), a global leader in electric vehicle (EV) charging equipment, has contracted, sold, or deployed nearly 85,000 charging ports worldwide, many of which are networked EV charging stations, enabling EV drivers to charge at any of Blink’s charging locations easily. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, Blue Corner, BlueLA, and Envoy. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to half of passenger cars sold in the US by 2030, Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs.
