By Yasin Ebrahim
Investing.com - Blink Charging reported a wider loss than expected as higher costs offset revenue that beat Wall Street estimates.
Blink Charging (NASDAQ:BLNK) was down about 6% in afterhours trade following the report.
The electric vehicle charging company reported a second-quarter adjusted loss of 41 cents a share on revenue of $11.5 million, compared with expectations for a loss of 37 cents a share on revenue of $9.8 million.
The miss on the bottom line comes as operating expenses more than doubled to $23.9 million.
The company said 5,631 charging stations were contracted or sold in Q2 2022, an increase of 73% compared to last year.
Service revenues, which include charging service revenue, network fees, and ride-sharing service revenue, increased 154% year-on-year to $2.2 million in Q2.
The more than doubling of services revenue was driven by greater utilization of chargers, an increased number of chargers on Blink’s portfolio, and revenues associated with the Blink Mobility ride-sharing service program.