Tuesday and Wednesday provided a tale of two earnings reports, with European leader Wallbox NV ( NYSE: WBX ) stock waning and its American counterpart Blink Charging ( NASDAQ: BLNK ) gaining.
Starting on Tuesday evening, Blink Charging ( BLNK ) posted a lighter than expected loss and narrowly beat revenue expectations. Management touted a 213% increase in service revenues to $5.7M and an 827% increase in network fees to $2.3M as the company begins to accelerate from a low base on each metric. Additionally, the company is beginning to expand its footprint, with 7,571 charging stations contracted, sold, or deployed in Q4, representing an 87% increase from 2021.
“When you dig a little deeper into our results, you will see that Q4 adjusted EBITDA improved sequentially by nearly $3M when compared to Q3 of '22. And revenue grow more than $5M compared to the third quarter,”Blink president Brendan Jones told analysts on Tuesday evening. “We are narrowing our losses, and at the same time, we are growing our revenue. And we are looking to continue this momentum moving forward.”
The market appeared to appreciate that commentary on Tuesday, leading to the stock rising by a double-digit percentage on Wednesday. While gains moderated from an over 10% jump at the intraday high, the stock remained up about 4% in afternoon trading.
In sharp contrast to the well-received results from Blink, the Barcelona-based EV charging company Wallbox ( WBX ) was battered on Wednesday with shares falling as much as 19% , marking the largest intraday decline in nearly 18 months.
As opposed to lighter than expected losses at Blink, Wallbox reported a €43.35 operating loss, nearly double that anticipated by analysts. Meanwhile, an adjusted EBITDA loss for the quarter was €29.1, over triple the €8.45 consensus expectation.
The company highlighted an increased focus moving forward in 2023, highlighted by significant headcount reductions to start 2023 . However, the market appeared unforgiving in regards to the wide Q4 miss, sending shares down by double-digits before a modest rebound to about a 7.5% drop in afternoon trading on Wednesday.
ChargePoint Holdings ( CHPT ) is due to post its earnings results after the bell on Thursday, closing the week’s slate of EV charging earnings. While shares of the California-based company have risen over 20% year to date, the stock has slid sharply since mid-February.
Nonetheless, Seeking Alpha contributor JR Research still sees the stock as a speculative Buy.
He explained that if the company can show strides toward profitability, the upside for the stock after earnings could be significant. If it cannot, the stock will likely be hammered by short sellers, leaving it still a risky play.
“If ChargePoint could point to a faster recovery of its gross margin at its upcoming earnings card, breaking above its February highs should be within reach moving ahead,” he wrote on Tuesday.
Read his full analysis .
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EV charging earnings: Wallbox stock slides while Blink lights up