Blink Charging Co. (Nasdaq:BLNK) is an interesting stock to watch as a weathervane for the EV space and for small-cap growth stocks in general. To further build out its story, the company just announced a cooperation with Bridgestone Retail Operations, a subsidiary of Bridgestone Americas, to deploy 50 Blink IQ 200 charging stations at 25 Firestone Complete Auto Care and Wheel Works tire and automotive service centers.
According to the company’s release, these deployments are the first Blink chargers at Bridgestone service centers and are part of the company’s broader initiative to address the needs of electric vehicle consumers.
Blink Charging Co. (Nasdaq:BLNK) bills itself as a company that engages in the operation and provision of electric vehicle, charging equipment, and networked EV charging services.
Its product line and services include Blink EV charging network, charging equipment, also known as electric vehicle supply equipment, and EV charging services.
The company managed to rope in revenues totaling $6.4M in overall sales during the company’s most recently reported quarterly financial data — a figure that represents a rate of top line growth of 607%, as compared to year-ago data in comparable terms.
As noted above, BLNK just announced a cooperation with Bridgestone Retail Operations (“BSRO”), a subsidiary of Bridgestone Americas, to deploy 50 Blink IQ 200 charging stations at 25 Firestone Complete Auto Care and Wheel Works tire and automotive service centers. These deployments are the first Blink chargers at Bridgestone service centers and are part of the company’s broader initiative to address the needs of electric vehicle consumers.
“Demand for EVs is expected to continue to rise exponentially. More EVs on the streets brings a need for EV car services in addition to increased demand for convenient charging stations for EVs to fuel up,” said Michael D. Farkas, Founder, and CEO of Blink Charging. “This collaboration combines our industry-leading charging technology with the trusted Bridgestone brand, providing drivers with reliable EV charging at trusted automotive locations. Collaborations with mainstream consumer brands, such as Bridgestone, play an important role in the pursuit of widespread EV adoption in the U.S.”
Even in light of this news, BLNK has had a rough past week of trading action, with shares sinking something like -10% in that time. That said, chart support is nearby, and we may be in the process of constructing a nice setup for some movement back the other way. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -31%.
Now commanding a market cap of $797 million, BLNK has a significant war chest ($186.7M) of cash on the books, which stands against about $12.8M in total current liabilities. One should also note that debt has been growing over recent quarters. BLNK is pulling in trailing 12-month revenues of $15.4M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 607%. This may be a very interesting story and we will look forward to updating it again soon.