Blink Charging Co. (BLNK), a company that owns, operates, and provides electric vehicle (EV) charging equipment and networked EV charging services, has increased 2.51% in the premarket trading session. Consequently, BLNK stock is changing hands at $36.40 at the time of the writing. On Thursday, BLNK surged 8.16% during regular trading hours and closed the day at $35.51. The consistent increase could be attributed to the announcement of quarterly results.
Why BLNK Increasing?
On Thursday, BLNK released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated total revenue of $6.40 million during the quarter against $0.90 million for the same period of 2020. The total operating expenses for the period were $16.71 million against $4.28 million for the same period of 2020. The net loss suffered by the company for the period was $15.32 million (or $0.36 per basic and diluted share) against $3.91 million (or $0.12 per basic and diluted share) for the same quarter of 2020. The company had total cash of $133.15 million on 30th September 2021.
BLNK also reported the business highlights of the quarter. The company partnered with the city of San Antonio to deploy 202 Blink-owned Level 2 charging stations throughout the city. It expanded Blink Mobility’s BlueLA car-sharing program with Los Angeles. The company deployed the first 16 Level 2 charging ports at six hotels in Virginia, Maryland and Washington D.C. Alongside, it entered into a five-year agreement with Greenlight Communities to deploy 58 Blink-owned charging stations throughout Arizona.
BLNK CEO and Chairman Michael D. Farkas, while commenting on the results said that the quarterly results have continued the momentum built during the first half of fiscal 2021, as the company continues to expand its footprint of charging stations and as a result, has enhanced its brand repute across the globe. He further said that the company looks forward to finishing the year on a strong note and entering the year 2022 while carrying this momentum.
Future Outlook for BLNK
During the last 12 months, BLNK stock has soared more than 200%. The increase has come on the back of tremendous quarterly results by the company, which in turn have built the interest of investors. With the subsiding effects of the pandemic, the company expects that it is in a good position to build upon this momentum in the long run.