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Jun 30, 2022
Blink Charging Q2 2022 Earnings Report
Blink Charging announced record second quarter 2022 results driven by organic growth in hardware and network services and acquisitions.
Key Takeaways
Blink Charging reported a 164% increase in total revenue to $11.5 million for Q2 2022, driven by organic growth and acquisitions of EB Charging and SemaConnect. The company's net loss was $22.6 million, or $(0.52) per share, and cash and cash equivalents totaled $85.1 million as of June 30, 2022.
Total revenue increased 164% to $11.5 million compared to the second quarter of 2021.
Product sales increased 170% to $8.8 million driven by increased sales of commercial chargers, DC fast chargers, and residential chargers.
Service revenues increased 154% to $2.2 million driven by greater utilization of chargers and an increased number of chargers.
Acquisition of SemaConnect added over 12,800 active chargers and 151,000 registered users to Blink’s portfolio.
Revenue by Segment
Forward Guidance
Blink Charging is rapidly expanding its market presence and is energized by the developments and opportunities in the EV charging industry. They are establishing themselves as a leading provider of EV charging technology and services on a global scale.
Positive Outlook
- Strategic acquisitions remain a key part of growth strategy.
- SemaConnect acquisition provides vertically integrated manufacturing capabilities in the United States.
- Blink is now in compliance with the Biden Administration’s Buy America Initiatives.
- Blink is eligible to capitalize on the $7.5 billion EV infrastructure bill.
- Entering into a cooperative purchasing agreement with the Illinois Region 1 Planning Council to expand electric vehicle charging options in public spaces throughout northern Illinois.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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