NEW YORK - Blink Charging Co (NASDAQ:BLNK)., a leading electric vehicle (EV) charging company, is set to present its growth and operational strategy at the upcoming UBS Industrials Summit on November 29. Brendan Jones, at the helm of Blink Charging, will outline the company's path towards achieving a positive EBITDA run rate by December 2024 and will delve into strategic acquisitions that have bolstered the firm's operations.
The company has seen a substantial uptick in its financial performance with third-quarter revenue soaring to $43.4 million, marking a 152% increase from the same period last year. This leap was propelled by a 162% rise in product sales reaching $35.1 million and a 119% climb in service revenue which hit $6.7 million. The gross profit margin stood strong at 29.5%, with gross profit itself jumping to $12.8 million.
In light of these robust earnings, Blink Charging has raised its revenue outlook for the year to a range between $128 million and $133 million. The third quarter alone witnessed nearly six thousand charging stations being contracted or sold, reflecting the accelerating demand for EV infrastructure.
During his presentation at the summit, Jones is expected to discuss strategies aimed at optimizing expenses and reducing costs of goods. With nearly 85,000 charging ports contracted or deployed worldwide, Blink Charging is actively expanding its reach to meet the anticipated surge in EV usage in the coming years.
As Blink Charging gears up for the UBS Industrials Summit, stakeholders are keenly awaiting insights into how the company plans to sustain and accelerate its growth trajectory in the rapidly evolving EV market.
InvestingPro Insights
As Blink Charging Co. prepares to share its growth strategy at the UBS Industrials Summit, it's crucial for investors to be informed about key financial indicators and insights. Here are some relevant data and tips from InvestingPro that could provide additional context.
InvestingPro Data reveals that Blink Charging Co. has a Market Cap of 258.17M USD, with a Revenue of 120.49M USD as of Q3 2023. The company has shown a significant Revenue Growth of 159.22% over the last twelve months as of Q3 2023, which aligns with the substantial uptick in financial performance mentioned in the article.
From the InvestingPro Tips, we learn that Blink Charging holds more cash than debt on its balance sheet and analysts anticipate sales growth in the current year. These tips suggest a positive financial position and potential for growth, which could be of interest to investors as the company continues to expand its operations.
It's worth noting that the company's stock trades with high price volatility, and it has been quickly burning through cash. These are important factors for investors to consider in their decision-making process.
InvestingPro offers many more tips and data about Blink Charging Co. and other companies. Currently, InvestingPro is offering a special Black Friday sale, with a discount of up to 55% on subscriptions. This includes access to numerous additional tips - Blink Charging Co. alone has 20 tips listed on InvestingPro. Being informed with real-time data and tips can significantly enhance investment decisions and strategies.
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