Business
BLINK CHARGING ANNOUNCES RECORD THIRD QUARTER 2022 RESULTS
Organic growth in hardware and network services and acquisitions drive third quarter results 169% increase in total revenues to $17.2 million in Q3 2022
About this update from Blink Charging Co.
[{"type":"text","content":"Organic growth in hardware and network services and acquisitions drive third quarter results 169% increase in total revenues to $17.2 million in Q3 2022 compared to $6.4 million in Q3 2021123% increase in service revenues(1) to $3.1 million in Q3 2022 compared to $1.4 million in Q3 2021436% increase in gross profit to $4.8 million in Q3 2022 compared to $892,000 in Q3 20217,834 charging stations contracted, deployed or sold in Q3 2022; increase of 160% over Q3 2021Integration of recently acquired SemaConnect and EB Charging progressing on track Recently launched the completely redesigned Blink Network capable of serving wide variety of EV equipment, languages, currencies and applications and redesigned Blink Charging App creating seamless driver charging experience across the globe Miami Beach, FL, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the third quarter and nine months ended September 30, 2022. The following financial highlights are in thousands of dollars and unaudited. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 Increase 2022 2021 Increase Product Sales $13,358 $4,824 177% $30,238 $9,762 210%Service Revenues (1) 3,079 1,383 123% 6,831 2,601 163%Other Revenues(2) 810 195 315% 1,464 627 133%Total Revenues $17,247 $6,402 169% $38,533 $12,990 197% (1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues. (2) Other Revenues consist of other revenues, warranties, and grants and rebates “We are seeing tremendous growth in our business, both organically and related to our recent strategic acquisitions, as we execute on our model to deploy Blink chargers in high density and high traffic locations around the world,” commented Michael D. Farkas, Chairman and Chief Executive Officer of Blink Charging. “To support our growing base of customers globally we are very excited to have recently launched our entirely redesigned Blink Network, featuring market-leading architecture and the responsiveness and flexibility to grow with us as we expand. With the capability of serving a broad range of EV equipment, in a wide variety of countries, languages, and currencies, we ...