2023-08-09 08:48:50 ET
Blink Charging ( NASDAQ: BLNK ) called Q2 the strongest quarter in its history, with the strength of its full service offering lining up with a market that is just beginning to see a growth trajectory. The company reported revenue jumped 185.5% year-over-year during the quarter to $32.8M.
Product sales increased 179% to $24.6M, primarily driven by increased sales of commercial chargers, DC fast chargers, and residential chargers, as well as revenues from the 2022 acquisitions. Service revenue increased 211% to $7.0M, primarily driven by greater utilization of chargers in the U.S. and internationally, an increased number of chargers on the Blink networks, revenues associated with the Blink Mobility car-sharing service program, and revenue from the 2022 acquisitions.
CEO Brendan Jones said the revenue growth achieved in the quarter was largely organic. "We saw strong demand for both equipment and services in the U.S. division during the quarter, and in Europe our owner/operator strategy made significant gains," he noted. "It is important to note that during the quarter our operating expenses were impacted by one-time severance expenses which will not recur in future quarters," he added.
Looking ahead, Blink Charging ( BLNK ) boosted guidance for 2023 revenue to $110M to $120M from the prior outlook for $100M to $110M. The expected range is well above the consensus estimate of $105.5M. BLNK also expects 30% full-year gross margins and expects continued margin expansion in 2024.
During the earnings call, Blink Charging ( BLNK ) said the adoption of the NACS charging standard is a positive development.
Shares of Blink Charging ( BLNK ) rose 6.47% in premarket trading on Wednesday.
More on Blink Charging:
- Blink Charging earnings call transcript
- Growth metrics on Blink Charging
- Valuation metrics on Blink Charging
- Seeking Alpha's Quant Rating for Blink Charging
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Blink Charging trades higher after hiking full-year revenue guidance