Shares of the electric vehicle (EV) charging equipment and services company Blink Charging Co. (NASDAQ:BLNK) surged on an upward trend on Wednesday, after the company released its first-quarter financial results for fiscal 2018.
The company reported a net income of $2.2 million USD for this quarter, which is up significantly from the net loss of $3.1 million.
Total assets for Blink Charging increased from $2.7 million to $11.7 million compared to the same time during the previous year, or a 335.4% change.
Founder and Executive Chairman of Blink Charging, Michael D. Farkas has said that the company is “focused on the nationwide growth of charging stations at commercial and residential properties so that we will be present and accessible as millions of EV drivers begin pouring into cities across the country.”
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Revenues from charging service grew to $305,747, up 14.1% from the company’s previous value of $267,874.
Liability costs were able to decrease by 76.7%, falling from $38.8 million to $9 million.
Gross profit for the fiscal year of 2017 increased by 105% for Blink Charging and the company can only hope that they have a similar positive result for fiscal 2018.
According to Farkas, “2018 is…turning out to be a transformative year for Blink Charging Co.” as the company has already listed an $18.5 million public offering on Nasdaq in February and the recent partnership with the organic foods supermarket Whole Foods (NASDAQ:WFM).
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The company believes that increasing the availability and accessibility of charging stations will help electric vehicles become more easily accepted and adopted by the public.
Blink Charging Co. share value rose $31.68% and closed at $7.19 on Wednesday, after reaching a high share value of $7.82 and a low of $6.51. This is the highest amount that the company has seen since earlier this year, in February.
Comparatively, the company closed at $5.46 on Tuesday.
Featured Image: twitter
