Blink Charging 1Q Loss Narrows; Sees Opportunity in Rivals Withdrawing

Dow Jones05-10

Blink Charging posted a narrower loss in the first quarter as it looks to gain from the withdrawal of competitors in the charging sector.

The Bowie, Md.-based electric-vehicle charging company reported a loss of $17.2 million, or 17 cents a share, compared with a loss of $29.8 million, or 53 cents share, a year earlier. Analysts polled by FactSet expected a per-share profit of 23 cents.

Revenue rose 73% to $37.6 million, beating the $34.6 million expected by analysts polled by FactSet.

Blink's service revenue was up 72% from a year earlier, while product sales increased 68%, driven by strong demand for charging equipment and greater use of chargers.

Chief Executive Brendan Jones said the company had seen lower bookings in April, but expected opportunities stemming from companies withdrawing from the EV charging space.

Tesla last week laid off most of the team overseeing the company's EV charging network.

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