We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Blink Charging (BLNK - Free Report) reported fourth-quarter fiscal 2021 non-GAAP loss of 45 cents per share, narrower than the Zacks Consensus Estimate of a loss of 39 cents. However, the figure was broader than the loss of 24 cents reported in the year-ago quarter.
Blink Charging reported revenues of $7.9 million in the quarter, which surpassed the Zacks Consensus Estimate by 32.79%. The top line improved by $5.5 million from $2.45 million reported in the year-ago quarter.
In the reported quarter, Blink Charging’s revenues were primarily driven by increased demand for its global EV Charging infrastructure and higher service revenues.
The positive momentum can be attributed to the factor that Blink continued to win multi-year contracts from property owners in high-density areas throughout fiscal 2021. In the fourth quarter, the company contracted or sold 3,733 commercial and residential chargers and raised the number of commercial Blink-only charging stations by a whopping 253% from the year-ago quarter.
In the reported quarter, Blink Charging’s total revenues were aided by both the product revenue and service revenue segments.
Product sales in the fourth quarter were $5.7 million, up a staggering 214% from the year-ago quarter. Sales in this segment increased as demand for the company’s commercial charters, DC fast chargers and residential chargers increased. Product revenues were positively impacted by the Blue Corner acquisition.
Service revenues skyrocketed 271% year over year to $1.8 million. The growth in service revenues can primarily be attributed to greater utilization of the company’s chargers, increased number of chargers in the Blink network and positive traction from the Blink Mobility Rideshare program.
Blink Charging’s gross profit in the reported quarter was $1.4 million, up 223%, driven by a strong performance from both the product and service revenue segments.
However, rising operating expenses in the fourth quarter impacted the company’s bottom line growth drastically. Operating expenses in the fourth quarter were $20.5 million, soaring 147% year over year.
As a result, adjusted EBITDA for the fourth quarter stood at a loss of $9.1 million compared with a loss of $7.1 million in the year-ago period. However, adjusted EBITDA margin improved by 174 basis points in the fourth quarter of 2021 compared with the fourth quarter of 2020.
Balance Sheet
As of Dec 31, 2021, cash and marketable securities totaled $174.8 million compared with $186.7 million as of Sep 30, 2021.
Zacks Rank & Stocks to Consider
Blink Charging currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Computer & Technology sector are Broadcom (AVGO - Free Report) , Advanced Micro Devices (AMD - Free Report) and Avnet (AVT - Free Report) .
Broadcom shares have fallen 5.2% year to date compared with the Zacks Electronics-Semiconductors industry’s and the Computer & Technology sector’s decline of 16.1% and 15.7%, respectively.
The long-term earnings growth rate for AMD, a Zacks Rank #1 stock, stands at 29.08%.
AMD shares have fallen 26% year to date, compared with the Electronics-Semiconductors industry’s and the Computer & Technology sector’s decline of 16.1% and 15.7%, respectively.
Avnet has a Zacks Rank #1 and a long-term earnings growth rate of 28.80%.
Image: Bigstock
Blink Charging (BLNK) Incurs Q4 Loss, Revenues Improve Y/Y
Blink Charging (BLNK - Free Report) reported fourth-quarter fiscal 2021 non-GAAP loss of 45 cents per share, narrower than the Zacks Consensus Estimate of a loss of 39 cents. However, the figure was broader than the loss of 24 cents reported in the year-ago quarter.
Blink Charging reported revenues of $7.9 million in the quarter, which surpassed the Zacks Consensus Estimate by 32.79%. The top line improved by $5.5 million from $2.45 million reported in the year-ago quarter.
In the reported quarter, Blink Charging’s revenues were primarily driven by increased demand for its global EV Charging infrastructure and higher service revenues.
The positive momentum can be attributed to the factor that Blink continued to win multi-year contracts from property owners in high-density areas throughout fiscal 2021. In the fourth quarter, the company contracted or sold 3,733 commercial and residential chargers and raised the number of commercial Blink-only charging stations by a whopping 253% from the year-ago quarter.
Blink Charging’s shares have fallen 5.2% year to date, against the Zacks Electronics - Miscellaneous Services industry’s return of 3.7%. Meanwhile, the Zacks Computer & Technology sector has declined 15.7%.
Blink Charging Co. Price, Consensus and EPS Surprise
Blink Charging Co. price-consensus-eps-surprise-chart | Blink Charging Co. Quote
Quarter in Detail
In the reported quarter, Blink Charging’s total revenues were aided by both the product revenue and service revenue segments.
Product sales in the fourth quarter were $5.7 million, up a staggering 214% from the year-ago quarter. Sales in this segment increased as demand for the company’s commercial charters, DC fast chargers and residential chargers increased. Product revenues were positively impacted by the Blue Corner acquisition.
Service revenues skyrocketed 271% year over year to $1.8 million. The growth in service revenues can primarily be attributed to greater utilization of the company’s chargers, increased number of chargers in the Blink network and positive traction from the Blink Mobility Rideshare program.
Blink Charging’s gross profit in the reported quarter was $1.4 million, up 223%, driven by a strong performance from both the product and service revenue segments.
However, rising operating expenses in the fourth quarter impacted the company’s bottom line growth drastically. Operating expenses in the fourth quarter were $20.5 million, soaring 147% year over year.
As a result, adjusted EBITDA for the fourth quarter stood at a loss of $9.1 million compared with a loss of $7.1 million in the year-ago period. However, adjusted EBITDA margin improved by 174 basis points in the fourth quarter of 2021 compared with the fourth quarter of 2020.
Balance Sheet
As of Dec 31, 2021, cash and marketable securities totaled $174.8 million compared with $186.7 million as of Sep 30, 2021.
Zacks Rank & Stocks to Consider
Blink Charging currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Computer & Technology sector are Broadcom (AVGO - Free Report) , Advanced Micro Devices (AMD - Free Report) and Avnet (AVT - Free Report) .
Currently, Broadcom carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The long-term earnings growth rate stands at 14.52%.
Broadcom shares have fallen 5.2% year to date compared with the Zacks Electronics-Semiconductors industry’s and the Computer & Technology sector’s decline of 16.1% and 15.7%, respectively.
The long-term earnings growth rate for AMD, a Zacks Rank #1 stock, stands at 29.08%.
AMD shares have fallen 26% year to date, compared with the Electronics-Semiconductors industry’s and the Computer & Technology sector’s decline of 16.1% and 15.7%, respectively.
Avnet has a Zacks Rank #1 and a long-term earnings growth rate of 28.80%.
Avnet shares have fallen 3%, compared with the Zacks Electronics - Parts Distribution industry’s decline of 10.7%.