Upgrade to SI Premium - Free Trial

Blink Charging (BLNK) Misses Q2 EPS by 1c

August 13, 2020 4:07 PM

Blink Charging (NASDAQ: BLNK) reported Q2 EPS of ($0.11), $0.01 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $2.9 million versus the consensus estimate of $1.23 million.

“We are pleased that revenue for the first half of 2020 has already surpassed our revenue for all of 2019, driven by the tremendous momentum being generated from marketplace interest in our product and service offerings. We are seeing more and larger opportunities across the business as host locations, strategic partners, EV drivers, and investors recognize the value of our portfolio of charging solutions. It is even further testament to the strength of our business that these significant performance indicators are occurring amid an economic slow-down due to the Covid-19 pandemic. There is no doubt, the EV revolution is happening,” said Michael D. Farkas, Founder and Chief Executive Officer of Blink.

“This is an exciting time for our industry, as electric vehicles become an increasingly accessible choice for drivers and, in the U.S., as legislation is focusing on the continued build-out and strengthening of the EV support infrastructure. Additionally, we’ve entered into some significant partnerships, including with leading global real estate firm Cushman & Wakefield, for the marketing and potential deployment of Blink charging stations and services across their client locations throughout the U.S. We’re excited to work with Cushman & Wakefield to enhance the EV driver experience by significantly increasing the number of charging locations convenient to their lives. With convenience in mind, we recently signed an interoperability agreement with SemaConnect, which allows Blink and SemaConnect members to operate charging stations on our charging network and the SemaConnect network without additional cards and accounts. As our industry evolves, we’re focused on opportunities to grow the reach of our network while enhancing the availability of our EV charging services and equipment.

“In the second quarter, we continued to expand our international footprint making progress with our ongoing deployment projects in the Dominican Republic and Israel, and our joint venture with Eunice Energy in Greece. Blink charging stations are now deployed across six countries and on three continents. We’re intent on leveraging our strategic partnerships and advanced charging solution technology to expand our worldwide presence further. We are energized by the opportunities we’re realizing, growing our charging network, and promoting environmentally-friendly electric vehicles.”

For earnings history and earnings-related data on Blink Charging (BLNK) click here.

Categories

Earnings Management Comments

Next Articles