RTTNews | Nov 12, 2021 07:51AM EST

07:50 Friday, November 12, 2021 (RTTNews.com) - Shares of Blink Charging Co. (BLNK) are up more than 5% in pre-market on Friday after the company reported more than 600 percent surge in its third-quarter revenue.

Blink Charging owns, operates, and provides electric vehicle charging equipment and networked EV charging services.

The company posted revenue of $6.4 million in the third quarter, 607% up from $906,000 a year ago, driven by jump in product sales as well as higher service revenues.

Net Loss for the quarter, however, widened to $15.3 million, or $0.36 per share, from net loss of $3.9 million, or $0.12 per share last year, on higher expenses.

"We are well-positioned to play a critical role in the establishment of convenient, reliable EV infrastructure and we're energized by the opportunities and interest we're seeing in the marketplace. We anticipate winning many more future grant awards, coupled with a robust pipeline of opportunities ahead, we look forward to finishing the year strong and carrying this momentum into 2022," said Michael D. Farkas, Blink's Chairman and Chief Executive Officer.

BLNK closed Thursday's regular trade at $35.5, up $2.68 or 8.16%. The stock is currently at $37.50.

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