Blink Charging’s stock rockets more than 20% after upbeat revenue outlook

Shares of Blink Charging Co. BLNK, -4.52% got a big boost Wednesday, after the electric-vehicle-charging equipment maker provided an upbeat sales outlook and affirmed its target for reaching adjusted profitability.

The company BLNK, -4.52% said it expects fourth-quarter revenue “to surpass $42 million,” which is well above the current FactSet consensus of $34.1 million and could be roughly double the year-ago revenue of $22.6 million.

For 2023, revenue is expected to surpass $140 million, which is well more than double 2022’s revenue of $61.1 million, and above Wall Street expectations of $130.2 million.

“We are excited about our record-breaking fourth-quarter and full-year 2023 revenue growth,” said Chief Executive Brendan Jones. “We saw strong demand for both our equipment and services.”

The stock charged up 23% toward a six-week high in morning trading, which would be the biggest one-day gain since it shot up 24.8% on Nov. 10, 2023, after third-quarter results were reported.

The company affirmed its target of achieving a positive adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) run rate by December 2024.

Blink is projected to report full fourth-quarter results in early April, according to FactSet.

The stock has slipped 2.8% year to date, amid broad weakness in the EV sector. The Global X Autonomous & Electric Vehicles ETF DRIV, 0.51% has shed 4.8% this year, while the S&P 500 SPX, 1.50% has gained 4.4%.