Blink Charging (BLNK) reported mixed fourth quarter results after winning major concessions that showed that municipalities, cities and states are accelerating the infrastructure to support EV adoption. Blink Charging’s stock fell.
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Intermittent loading gains
EstimatesWall Street expects a net loss of 11 cents per share, stable from the previous year, with sales jumping 141% to $ 1.69 million, according to Zacks Investment Research. The company has a history of losses and sales growth has been volatile. The company has lost earnings views for the past three consecutive quarters.
Results of: Loss of 24 cents per share on revenue of $ 2.45 million, an increase of 250%. Product sales increased 1,100% to $ 1.82 million. Network fee revenue increased 66.5% to $ 117,691.
But revenue from the company’s charging station charging service fell 52% to 4203,012, mainly related to the decrease in EV charging due to the COVID-19 pandemic.
“As EV adoption continues to grow and the use of chargers increases, we expect Blink-owned units to represent a valuable recurring revenue stream for many years,” said founder and CEO Michael Farkas.
Blink explores several sources of revenue. He charges EV drivers to power their cars; sells EV charging hardware; provides network connectivity; and processes payments to your real estate and advertiser partners.
The Blink EV charging network covers more than 23,000 charging stations. Rival ChargePoint (CHPT) operates 132,000 loading ports worldwide and has reported increasing losses in its first results since going public.
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Blink Charging Stock
The shares fell 3.9% at the end, after closing at 0.4% at 35.22 in Thursday’s stock market trading, well below the 50-day line after a strong and broad sale of EV shares. Blink Charging shares have lost nearly half their value since their peak in January.
Among other EV collection moves, ChargePoint’s shares fell 2.3%. Blank check company Acquisition of the real impact of the climate change crisis (CLII), which is going public with the network operator EVgo, rose 2.4%. In the second quarter, EVgo’s shares are expected to debut under the ticker EVGO on the New York Stock Exchange.
Blink Charging boasts an A + accumulation / distribution rating of the best possible, a sign that large institutions have been major buyers in the past 13 weeks. More than 40 funds owned Blink Charging shares in December. Its overall compound rating is 70 out of 99 dull.
On March 11, Blink Charging’s shares rose 17% after the company announced a grant from the Ohio Environmental Protection Agency.
Blink will install 144 fast charging stations at 32 locations across the state, including clinics and hotels. In early February, Vermont awarded a concession for 11 Blink fast charger deployments.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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