Benzinga | Aug 12, 2021 02:56PM EDT

Blink Charging Stock Declines On Wider-Than-Expected Q2 Loss

* Blink Charging Co (NASDAQ:BLNK) reported second-quarter FY21 revenue growth of 177% year-on-year, to $4.36 million, beating the analyst consensus of $2.44 million.

* Revenues from product sales rose 156% Y/Y, and revenues from charging services jumped 571%.

* Gross profit gained 55.6% Y/Y to $0.64 million, while the gross margin contracted 1150 basis points to 14.8%.

* Commercial Blink-owned charging stations contracted or deployed during the quarter grew 46% Y/Y.

* The operating loss expanded to $(12.3) million as operating expenses nearly quadrupled to $12.99 million.

* Blink Charging held $195.6 million in cash and equivalents as of June 30, 2021.

* Loss per share of $(0.32) missed the analyst consensus of $(0.16). Net loss widened to $(13.5) million.

* "As we enter into the latter half of 2021, we remain intently focused on scaling our business and continuing to expand our charging footprint both domestically and internationally," said CEO Michael D. Farkas.

* Price Action: BLNK shares are trading lower by 6.89% at $33.52 on the last check Thursday.