Shares of Blink Charging Co. (NASDAQ: BLNK) rocketed Wednesday after the maker of electric-vehicle charging pods saw its first-quarter net income enter positive territory and its assets jump.
By noon, Blink stock climbed 35% to US$7.39 after the company reported that its net income swung to a gain of US$2.2mln in the first quarter from a loss of US$3.1mln in the year-ago quarter.
Another positive was that its total assets moved almost five-fold higher to US$11.7mln, up from $2.7mln in the same period last year. Blink also managed to shave down its liabilities, which dropped to US$9mln from US$38.8mln.
Michael Farkas, Blink’s founder and executive chairman, said Blink is adding to its network of charging stations at commercial and residential properties to meet demand from the millions of drivers of electric vehicles.
“Our financials are showing the result of coordinated and strategic deployment of charging stations and an increased revenue from our charging service,” Farkas said in a statement.
READ: Blink Charging shares shoot up 141% after reaching deal to provide Amazon.com's Whole Foods Market with electric vehicle charging stations
In the opening three months of the year, Blink’s revenue from its charging service picked up by 14.1% to US$305,747 while its network fee revenues rose 16.3% to US$57,251.
Any shopper with an electric vehicle who visits a Whole Foods store in Spring House, Exton or Lancaster, Pennsylvania, will be able to use the charging stations and can locate them by employing Blink’s free app.