Blink Charging Co. BLNK shares are rising in the after-hours market on Tuesday after-hours on the heels of the company's second-quarter earnings report.
What To Know: Blink reported quarterly losses of 44 cents per share which beat the analyst consensus estimate of losses of 49 cents per share, a 7.32% decrease over losses of 41 cents per share from the same period last year.
It reported quarterly sales of $32.84 million, which beat the analyst consensus estimate of $23.76 million, a 185.93% increase over sales of $11.49 million in the same period last year.
Product Sales increased 179% to $24.6 million in the second quarter of 2023, an increase of $15.8 million from the same period in 2022. Increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues from the 2022 acquisitions, were attributed to the rise.
The company raised its 2023 revenue target to between $110 and $120 million, versus analyst consensus of $105.50 million.
"This was the strongest quarter in the company's history, reflecting the strength of our full-service offering as well as a market that is just beginning its growth trajectory. Blink is the only U.S. vertically integrated EV charging company, manufacturing and selling our charging equipment while also owning and operating our own chargers and network," said Brendan Jones, President and CEO.
"Our broad capabilities and go-to-market strategy provide us the flexibility to generate revenue from a diversified and growing customer base and allow us to limit some of the risks associated with being either an equipment manufacturer or a charging provider. Simply put, Blink is a sustainable full-service EV infrastructure provider driving considerable growth and value through our comprehensive business model and synergistic revenue streams."
Related Link: Rivian Automotive Q2 Earnings Highlights: Revenue And EPS Beat, Production Rises 50% QoQ, Higher Guidance And More
BLNK Price Action: Shares of BLNK were up 1.94% at $6.30 in the after-hours session at the time of publication, according to Benzinga Pro.
Image by Stefan Schweihofer from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
