Blink Charging reported second-quarter revenue of $28.7 million, exceeding Wall Street expectations and marking a 38% increase from the previous quarter, driven by rising demand for electric vehicle (EV) charging solutions. Analysts had forecast lower sales, highlighting the company’s momentum in product and service offerings.
Revenue from product sales jumped 73% from the prior quarter, while service-related income grew 11%, reflecting the company’s expanding footprint in the fast-charging market. Despite the revenue gains, Blink posted a net loss of $32 million, with adjusted earnings per share at negative $0.26, falling short of analyst projections. Adjusted EBITDA came in at negative $24.5 million, more than double the expected shortfall, affected by non-cash charges and elevated operating expenses.
The company reported reductions in certain costs, including a 22% decline in compensation expenses year-over-year, translating to $8 million in annualized savings. Looking ahead, Blink expects revenue growth to continue as new charging stations come online and energy prices increase.
Investors have largely maintained a positive outlook on Blink, with all covering analysts rating the stock at hold or buy. The median 12-month price target on Wall Street stands at $2.50, approximately 62% above the stock’s recent $0.94 closing price.
Blink’s performance underscores the growing demand for DC fast charging infrastructure, reflecting the broader shift toward EV adoption. While the company continues to report losses, its expanding network and potential for recurring service revenue indicate an industry gradually maturing, albeit with challenges in achieving sustained profitability.