By Dhirendra Tripathi
Investing.com – Blink Charging (NASDAQ:BLNK) stock traded 3.5% higher in Friday’s premarket trading as the company’s third-quarter revenue jumped more than seven-fold, well ahead of expectations.
The company said 3,016 charging stations were contracted or sold in the September quarter, up 351%.
Blink recorded $6.4 million in third-quarter sales, with the bulk coming from $4.8 million in product sales, driven by higher sales of both residential and commercial chargers as well as revenue from its recent acquisition of Europe’s EV-charging operator Blue Corner.
Service revenue rose more than five times driven by increased number of chargers on its network, which also led to their higher utilization.
Net loss more than tripled to $15.3 million and was higher than expectations owing to stock-based compensation, costs related to recent acquisitions and increased hiring in sales, operations and IT departments.
The company commanded a market cap of $1.5 billion as of close Thursday.