Blink Charging Co (NASDAQ:BLNK) shares are sliding in extended trading Tuesday after the EV charging company reported worse-than-expected quarterly results.
- Q1 Revenue: $21.67 million missed estimates of $21.92 million
- Q1 EPS: Loss of 53 cents missed estimates for loss of 46 cents
Revenues increased 121% year-over-year. Network fees jumped 916%, and gross profits climbed 186%.
Blink said it contracted, sold or deployed 6,361 charging stations in the first quarter bringing the total stations up to 72,939. The company ended the quarter with cash and equivalents of $103.2 million.
“Our focus remains on continuing to develop and bring to market our advanced and innovative technology, products and services. Likewise, we are expanding our manufacturing capabilities in the U.S. and internationally, to enhance our ability to meet consumer demands and exceed customer expectations as more and more drivers worldwide transition to EVs,” said Brendan Jones, president and CEO of Blink.
Blink said it continues to target full-year 2023 revenues of $100 million to $110 million and gross margin in excess of 30%.
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BLNK Price Action: Blink shares were down 2.17% after hours at $7.20 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Blink.
