Blink Dips in Pre-Market on 2Q Miss
2022.08.09 16:01
Blink (BLNK) Dips in Pre-Market on 2Q Miss
By Michael Elkins
Shares of Blink Charging Co. (NASDAQ:BLNK) are down more than 7% in premarket trading Tuesday after the company reported 2Q results and offered forward-looking commentary during the earnings call.
The EV infrastructure company reported an adjusted 2Q loss per share of $0.41, compared to a loss per share of $0.32 in the year-ago period, while analysts were expecting EPS of $(0.37). Revenue came in at $11.5 million, beating the consensus projection of $9.78 million.
BLNK reported an adjusted EBITDA loss of $15.6 million, compared to a loss of $8.1 million in the year-ago quarter.
During the second quarter, Blink acquired EV charging leader SemaConnect, further strengthening its competitive positioning. With the addition of U.S.-based, in-house manufacturing, Blink is now in compliance with the Biden Administration’s Buy America Initiatives, and eligible to capitalize on the $7.5 billion EV infrastructure bill, which among other efforts, has the stated goal of building out the first-ever national network of 500,000 electric vehicle chargers along America’s highways and in communities.
Blink Chairman and CEO, Michael Farkas released a statement on Blink’s website following the release.
“Our second quarter results are indicative of the fundamental strengths of our business due to organic growth as well as growth from acquisitions,” stated Michael Farkas. “We provide unparalleled flexibility and support to our site hosts through a variety of business models and advanced hardware solutions. We have launched several new products throughout the first six months of 2022 that address charging demands across the entire EV ecosystem including home, fleet, multifamily and retail locations, which will be excellent additions to our portfolio of available products. In essence, whether we own and operate or sell hardware, Blink strives to deliver best-in-class products and services.”
