Shares of the electric vehicle charging station supplier Blink Charging Co. (BLNK) which had fell immediately after the quarterly report on November 12, came adding more than 175 percent in the past week. However, the firm still maintains positive long-term outlook, as it concluded the past week with a significant rise.
BLNK generated revenue at growth rate of 18 percent to $0.9 million in the third quarter ended September 30, 2020. The net loss was $3.9 million, or $0.12 per share, which is worse than a year earlier loss of $0.09 per share. The cash and cash equivalents amounted to almost $15 million. The rise in losses has led to a drop in stock prices on the release date, but the Blink did not lost its guidance so far.
Blink sold 668 electric vehicle charging stations in the first nine months of 2020, and revenue increased by 84 percent year-on-year to $2.8 million. This occurred even though due to COVID-19, there were ongoing supply issues. Commercial and home charging stations have become the drivers of growth. Moreover, year-on-year the number of Blink’s own charging stations increased by 87 percent. During the quarter, the company also completed the acquisition of BlueLA Carsharing, a car-sharing service that offers electric car rentals.
Blink thus uses its production capabilities to expand the company and can continue to grow rapidly in sales due to an increase in the number of electric vehicles.
The management of Blink expects continued growth as there are new charging station networks, and the old equipment needs to be updated to the level of modern standards of safety and compatibility.
Blink Charging Co. (BLNK) surged 48.30 percent on Monday to end the trading at $33.62, however the company’s shares have risen by more than 1707 percent since start of the year.