By Sam Boughedda
Investing.com -- Electric vehicle charging firm Blink Charging Co. (NASDAQ:BLNK) shares are down Friday after the company reported lower than expected earnings per share after the close Thursday evening.
The company, which provides Level 2 EV charging stations and networks for homes and businesses, reported a loss per share of 45 cents, below consensus expectations of a 39 cents loss per share. The number also widened from the 24 cents loss per share reported in the fourth quarter of 2020.
Blink shares have fallen over 9% Friday off the back of the earnings miss, putting its share price down around 10% for the year-to-date.
Q4 revenue, however, beat expectations, coming in at $7.95 million, above the $6.9 million anticipated. This was a record for the company, up 224% over the prior-year period and increasing 24% sequentially compared to Q3 2021. In addition, Q4 service revenues increased 471% year-over-year.
2021 revenue grew 236% to $20.9 million compared to 2020 revenue of $6.2 million.
When it comes to charging stations specifically, the company contracted or sold 3,733 in Q4, an increase of 253%.
The company put its robust revenue growth down to strong product sales and service revenues after solid momentum throughout the year.
"As we move through 2022, we are excited about the opportunities we’re seeing to bring our industry-leading charging technology to a broader audience, both in the U.S. and internationally," stated Michael Farkas, Blink’s Chairman and CEO.