Blink Charging Co. (NASDAQ: BLNK) has exhibited a noteworthy rise in recent trading session, registering a surge of 31.30% to reach $3.23 at last check on Friday. The day’s trading activity witnessed the exchange of over 13.28 million shares of Blink Charging, surpassing the average daily volume of BLNK stock, which stands at 2.03 million shares. This upswing in BLNK stock value follows the recent release of its financial results post-market closure.
On Thursday, Blink Charging (BLNK) disclosed its financial performance for the third quarter and the nine months concluding on September 30, 2023. Impressively, Blink Charging achieved its second consecutive quarter of record-breaking accomplishments, reporting a third-quarter revenue of $43.4 million, signifying a remarkable growth rate exceeding 150% compared to the corresponding quarter in 2022.
Additionally, BLNK successfully elevated its gross margin to 29.5%. These outcomes signify the sustained momentum and expansion that Blink Charging has propelled throughout the fiscal year. This positive trajectory is attributed to robust demand for both equipment and services, along with escalating network fees.
In the initial nine months of 2023, BLNK has generated $98 million in revenue, substantially surpassing its full-year 2022 revenue of $61.1 million, with another quarter of 2023 revenue yet to be recorded. Blink Charging is dedicated to operational excellence across all facets of its business operations, encompassing charger design and manufacturing, network services, and innovative sales strategies.
Noteworthy as the sole U.S.-based vertically integrated EV charging company, BLNK’s manufacturing and sales capabilities underscore its consistent and sustainable growth. As EV adoption continues its upward trajectory, Blink Charging stands out with its comprehensive charging infrastructure, catering to the charging needs of a diverse customer base.
BLNK’s chargers are compatible with all OEMs, incorporating both NACS and CCS into its full line of charging products to enhance charger compatibility. Positioned advantageously with a growing footprint, heightened brand recognition, innovative product offerings, and advanced technology, Blink Charging is poised to fortify its leadership position in the rapidly expanding EV charging marketplace.