Blink Charging Co (NASDAQ: BLNK) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company released its financial results for the first quarter, showing massive increases in revenue and net income while reducing liabilities in a big way. Of course, the news proved to excite investors, sending the stock on a run for the top. Today, we’ll talk about:
- The quarterly results;
- what we’re seeing from BLNK as a result; and
- what we’ll be watching for ahead.
BLNK Reports Quarterly Results
As mentioned above, Blink Charging is having an overwhelmingly strong start to the trading session this morning after the company announced its results for the first quarter. Here’s what we saw from the report:
- Assets – In terms of total assets, BLNK saw a very strong increase in the quarter. In fact, total assets came to $11.7 million. That’s a 335.4% increase over the $2.7 million in total assets previously reported.
- Net Income – Net income for the quarter came to $2.2 million. This is the most impressive part of the report as far as we are considered. The company moved to profit from a loss of $3.1 million.
- Liabilities – In terms of total liabilities, BLNK saw strong decreases. In fact, total liabilities came to $9 million. That’s a 76.7% decrease from the previously reported liabilities at $38.8 million.
- Network And Charging Fee Revenue – Finally, network revenue saw strong increases. During the quarter, charging fee revenue came to $305,747. That’s a massive increase over the $267,874 previously reported. Also, network revenue grew 16.3%, from 49,238 to $57,251.
In a statement, Michael D. Farkas, Founder and Executive Chairman at BLNK, had the following to offer:
2018 is already turning out to be a transformative year for Blink Charging Co. as we have launched into a new stage of growth following our $18.5 million public offering on Nasdaq in February… Our financials are showing the result of coordinated and strategic deployment of charging stations and an increased revenue from our charging service. We are focused on the nationwide growth of charging stations at commercial and residential properties so that we will be present and accessible as millions of EV drivers begin pouring into cities across the country. We believe investment in technology will further drive property owners to adopt our various business model offerings so that they can take part in what is the beginning of a mass market EV adoption by the public.
What We’re Seeing From The Stock
As investors, one of the first lessons that we learn is that the news moves the market. In the case of Blink Charging, the news proved to be overwhelmingly positive. With the strong earnings report, combined with the recent news of the Whole Foods Market partnership, it’s no surprise that the stock is running for the top in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:47), BLNK is trading at $6.97 per share after a gain of $1.51 per share (27.66%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on BLNK. In particular, we’re interested in following the story surrounding the company’s continued growth, especially now, since the Whole Foods partnership is likely to lead to massive increases. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!