Shares of Blink Charging Co. fell more than 5% in the late session Thursday after the EV-charging provider reported a fourth-quarter loss that was wider than Wall Street expected, but sales came in above estimates.
Blink said it lost $19 million, or 45 cents a share, in the quarter, compared with a loss of $7.9 million, or 24 cents a share, in the fourth quarter of 2020. Revenue rose to $7.95 million from $2.45 million a year ago, the company said. Analysts polled by FactSet expected Blink to report a loss of 39 cents a share on sales of $6.2 million.
"We have seen strong momentum throughout the year, which reflects not only the growing market recognition for our EV charging technology, but also the increasing commitment from the business community as well as state and federal entities, to promote the establishment of reliable, convenient EV infrastructure nationwide," Chief Executive Michael D. Farkas said in a statement.
Blink ended the regular trading day down 1.3%.