Why Did Blink Shares Surge Today?
Shares in Blink Charging (Nasdaq: BLNK) surged nearly 30% today following the company announcing a record third quarter. Investors rewarded the company as it reported revenue growth of 152%, reaching $43.4 million and a 167% increase in gross profit. The company’s record-breaking revenue growth represented an increase of 150% as compared to the third quarter of 2022.
Blink increased its 2023 revenue target to $128 – $133 million from $110 – $120 million and stated it would target achieving a positive Adjusted EBITDA run rate by December 2024. The company reiterated its previously stated annual gross margin target of 30%+.
Brendan Jones, Blink’s President and Chief Executive Officer, said, “Our third quarter results reflect 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. Notably, in the first nine months of 2023, Blink has generated $98 million in revenue, putting the Company significantly ahead of our full year 2022 revenue of $61.1 million, with another quarter of 2023 revenue still to be recorded.
Highlights
Third quarter 2023 total revenues increased 152% to $43.4 million compared to $17.2 million in the third quarter of 2022.
167% increase in gross profit to $12.8 million or gross margin of 29.5% in third quarter of 2023 compared to $4.8 million or gross margin of 27.7% in third quarter of 2022.
162% increase in product sales to $35.1 million in the third quarter of 2023 compared to $13.4 million in the third quarter of 2022.
119% increase in service revenues to $6.7 million in third quarter of 2023 compared to $3.1 million in third quarter of 2022
5,956 charging stations contracted, deployed or sold in third quarter of 2023
About Blink Charging Co.
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 easily charge at any of Blink’s charging locations. 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.
