Blink Charging gains after raising revenue forecast

Blink Charging

10/11/2023 14:35

** Shares of electric vehicle (EV) charging maker  BLNK.O 
rise about 12% to $2.75
    ** Company raises 2023 revenue target to a range of $128 mln
to $133 mln after the bell on Thursday following Q3 revenue beat
    ** Also forecasts adjusted EBITDA breakeven run rate by Dec.
2024
    ** Company's Q3 revenue of $43.4 mln was ahead of avg.
estimate of $30.4 mln
    ** BLNK also posted a smaller adjusted loss of $0.16 per
share vs a loss of $0.47 per share last year
    ** CEO says: "We remain focused on capitalizing on the many
opportunities we're seeing in the market as individual consumers
and fleets transition to EV alternatives, and federal, state,
and local legislation continue to incentivize transition to EVs"
   
    ** Including session gains, stock down ~75% YTD

 (Reporting by Pavithra S in Bengaluru)
 ((pavithra.s@thomsonreuters.com))