Blink Charging Stock Is Rising Wednesday: What's Going On?

Blink Charging Co BLNK shares are trading higher Wednesday after the company announced preliminary results for the fourth quarter.

What Happened: Blink said it expects to report fourth-quarter revenue in excess of $42 million. The company expects full-year 2023 revenue to exceed $140 million, which would be above its previously announced guidance of $128 million to $133 million.

“We are excited about our record-breaking fourth-quarter and full-year 2023 revenue growth. We saw strong demand for both our equipment and services. This is the result of consistent and systematic steps that we took to strengthen our product portfolio and service offerings, supported by our vertical integration strategy and dedicated customer service team,” said Brendan Jones, president and CEO of Blink.

Blink also reaffirmed expectations for achieving positive adjusted EBITDA run rate by December 2024.

Blink said it will report its fourth-quarter financial results “at a later date.” The company is due to report earnings near the end of the month.

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BLNK Price Action: Blink shares were up 14.9% at $3.08 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Blink.