What is Driving Blink Charging Co (NASDAQ: BLNK) Stock?

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Blink Charging Co (NASDAQ: BLNK) stock rose over 4.4% on 26th March, 2021 (as of 10:38:12 UTC-4 · USD; Source: Google finance) after the company posted decent results for the fourth quarter of FY 20. The revenues from product sales rose significantly to $1.8 million compared to $0.2 million in the fourth quarter of 2019, mainly due to increased demand for the Company’s commercial and residential products.

The revenues from network fees, warranty fees, grants/rebates, and other revenues rose to $0.4 million as compared to $0.1 million in the fourth quarter of 2019, driven by the increase in EV charging stations in the Company’s network. The revenues from charging services declined to $0.2 million as compared to $0.4 million in the fourth quarter of 2019, mainly due to a decrease in EV charging due to the COVID-19 pandemic. Overall, the company has reported net loss of $7.9 million compared to net loss of $2.9 million or in the fourth quarter of 2019. On December 31, 2020, the cash and marketable securities had increased to $22.3 million compared to $7.1 million at December 31, 2019. Shortly after the close of fiscal 2020, the Company has completed a successful equity offering resulting in net proceeds of $221.5 million.

BLNK in the fourth quarter of FY 20 has reported the adjusted loss per share of 24 cents, missing the analysts’ estimates for the adjusted loss per share of 12 cents, according to analysts polled by Capital IQ. The company had reported the adjusted revenue growth of 250 percent to $2.5 billion in the fourth quarter of FY 20, beating the analysts’ estimates for revenue of $1.8 billion.

On the other hand, during the fourth quarter of 2020, the Company had signed a reseller agreement with The Lion Electric Company, which is a leading manufacturer of zero-emission buses and trucks, which will now offer Blink’s full line of charging stations to the school systems and bus fleets they serve. The company had acquired U-Go Stations, Inc. and its portfolio of 44 DCFC charging locations as well as multiple grants awarded to U-Go for the deployment of up to an additional 45 new charging stations. The company has also signed exclusive seven-year agreement with two seven-year renewal options with Lehigh Valley Health Network and signed an exclusive five-year contract with two five-year renewal options for Blink-owned IQ 200 units at multiple Blessing Health System locations in Quincy, Illinois.

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