Shares of Blink Charging Co.
BLNK,
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,
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 17.9% toward a six-week high in premarket trading.
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 tumbled 20.9% year to date through Tuesday, amid broad weakness in the EV sector. The Global X Autonomous & Electric Vehicles ETF
DRIV,
has shed 5.5% this year, while the S&P 500
SPX,
has gained 3.8%.
This story originally appeared on Marketwatch
