By Micah Maidenberg
Blink Charging Co. said the revenue it generated from company-owned charging stations fell in the first quarter, but total revenue was supported by higher product sales.
The company, which is developing a network of electric-vehicle charging stations as consumers and businesses acquire more of those vehicles, also reported a loss of $7.4 million or 18 cents a share for the quarter.
That was wider than the loss of about $3 million, or 11 cents a share, for the same period in 2020. The company attributed the bigger loss to spending on new personnel.
Total revenue rose to $2.2 million from $1.3 million, Blink said, as product sales more than doubled to $1.7 million.
The company sells products like chargers for vehicles, and on Thursday reported stronger demand for both commercial and residential products in the latest quarter.
Revenue from its owned charging stations fell to roughly $182,000 from almost $320,000.
Blink said revenue tied to charging services fell primarily because of a "decrease in EV charging due to the Covid-19 pandemic." Fee revenue from its network, however, increased during the quarter compared with last year, as did revenue from grants and rebates, according to the company.
The Miami Beach, Fla.-based company has been anticipating growth opportunities with more automakers retooling their fleets around battery-powered electric vehicles. On Tuesday, Blink said it acquired a European EV charging company called Blue Corner NV.
Blink also said it recently completed a $232 million equity raise.
"We are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible," Chief Executive Michael Farkas said in a statment.
Write to Micah Maidenberg at firstname.lastname@example.org