Electric vehicle charging infrastructure company Blink Charging Co (NASDAQ:BLNK) reported first-quarter financial results after market close Monday. Here are the highlights.
What Happened: Blink Charging reported first-quarter revenue of $9.8 million, up 339% year-over-year. The total beat a Street estimate of $6.9 million, according to data from Benzinga Pro.
Product revenue hit $8.1 million in the first quarter, up 382% year-over-year. Service revenue hit $1.5 million, up 346% year-over-year.
The company also reported a 99% year-over-year increase in charging stations contracted or sold in the first quarter, with 3,174 stations sold or contracted.
“In the first quarter of 2022, Blink again achieved record revenues with exponential year-over-year growth of almost 340% driven by increased product sales and service revenue,” Blink Charging CEO Michael D. Farkas said.
The company reported a loss of 36 cents per share in the first quarter, beating a Street estimate of a loss of 41 cents per share in the quarter.
Related Link: Blink Charging Acquires UK Electric Vehicle Infrastructure Leader EB Charging
What’s Next: The company has expanded its product offerings and is looking to make acquisitions to help power additional growth.
Blink Charging announced the acquisition of Electric Blue, a leading EV charging company in the United Kingdom, recently. The acquisition adds over 1,150 chargers to the company’s ownership and takes Blink to have a presence in 19 countries.
“We’re building off a solid platform created by record 2021 results and expect continued momentum in 2022 as partners and customers recognize Blink as a leading provider of EV charging technology and services both domestically and internationally,” Farkas said.
The company also highlighted an agreement with General Motors Company (NYSE:GM) to deploy Level 2 chargers at several dealerships in the U.S. and Canada.
Price Action: Blink shares are up 5.9% to $16.45 in after-hours trading Monday. Shares hit a new 52-week low of $15.53 on Monday, closing down 13.5% in the trading session.
