EV charger company Blink announces lower than expected 1Q earnings

Screenshot: Blink Charging earnings report

MIAMI BEACH, Fla. — Electric vehicle charging station company Blink Charging (BLNK) announced its 1st quarter earnings on Tuesday, May 9. It reported a loss of 49 cents per share of stock which is trading at around $7 per share. Analysts were expecting a loss of 46 cents per share.

Blink reported revenue of $21.7 million, which is an increase of 121 percent over the first quarter of 2022. In addition, the company said its network fees were up by an impressive 911 percent to $1.6 million. Also, Blink says its service revenues came in at $4.8 million, a 216 percent increase over first quarter of 2022.

Newly-appointed President and CEO Brendan Jones spoke during the company’s earnings call. He replaces outgoing founder and CEO Michael Farkas. 

“In the first quarter, we contracted, sold or deployed 6,461 chargers, and that represents an increase of 103 percent compared to the first quarter of 2022,” Jones said. “Additionally, in Q1 Blink Charging dispersed 14 gigawatts of energy across all Blink networks globally. And a key thing is most of the chargers that provided this level of energy were all Level 2, and they did not have demand chargers associated, which increases the cost of doing business.”

The new CEO also mentioned Blink’s recent acquisition of Envoy, an EV car sharing company. Envoy developed a car-sharing platform and mobile app that provides on-demand electric vehicles as an amenity to apartments, office buildings and hotels. 

He added: “Previously, we announced that Blink was awarded a $7 million grant by the State of New Jersey to implement ride share services and charging for electric vehicles in underserved communities. We are pleased to welcome Envoy into the Blank Mobility family, and we’ll have more announcements about this synergy of this acquisition as we move forward.”

Blink also was awarded the contract to install 41,500 EV charging stations for the United States Postal Service. 

“To date, this is one of the largest fleet contracts, chargers, and services in North America, and the selection process was extremely rigorous,” Jones explained. “This successful contract win is a testament not only to our products and our network, but also to our talented team. We have already shipped the first order in April and we look forward to continued collaboration with the United States Post Office and other government entities.”

Over the past year, Blink has sold, deployed or acquired over 38,000 EV charging stations. That brings the company’s total number of EV stations to 73,000 since Blink was founded. Of those, 78 percent are located in North America with the remaining 22 percent internationally— mainly in Europe. 

The CEO added: “Our advanced chargers combined with flexible business models, position us very well to attract new customers and long-term contract. For example, in addition to the United States Post Office, we signed a contract with one of the largest car dealership groups in the nation for a large number of DC fast chargers. And overall the automotive segment is very strong for Blink. In Q1, we entered into agreements to provide charges for over 600 different dealerships that span a variety of owners and brands. And this is out of more than 3,000 dealerships that we have already installed to date.”

In addition, the company say it redesigned its Blink Network and Blink Charging mobile apps for iOS and Android smartphones. 

Meanwhile, Blink’s direct competitor, ChargePoint, will announce its 1st quarter earnings on June 1. 

For more information about Blink Charging, visit their website at: https://blinkcharging.com.

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