Blink Charging (BLNK) Receives MAS Contract From US GSA
Blink Charging Co. BLNK announced that it has received a Multiple Award Schedule (“MAS”) contract from the U.S. General Service Administration (“GSA”). The agreement allows government customers and federal agencies to easily procure Blink’s electric vehicle (EV) equipment. Following the news, Blink’s stocks gained momentum and rallied +8.64% to close at $8.05 per share.
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GSA Schedules make the federal procurement process more efficient. When companies like Blink receive MAS contracts, they can sell their products and services to all federal agencies and some state and local agencies. Blink fulfilled all the criteria to become a GSA Schedule contractor and sell equipment to government customers at all levels.
Blink anticipates that federal government orders for charging equipment and services will boost in the coming years and affirms that the company is well-poised to provide advanced solutions to these customers. However, the EV charging equipment provider denied disclosing the contract’s financial details.
Last year, out of the total vehicles sold globally, 10% were EVs. EV adoption grew by nearly 65% year over year. Amid the exponentially increasing demand for EVs, Blink is expanding and scaling its production to serve the parallelly growing demand for EV charging equipment. Moreover, the American EV charging equipment provider is competing for a share of $7.5 billion in government funding reserved for developing EV infrastructure.
Blink’s total revenues surged 184% to $22.6 million in the fourth quarter of fiscal 2022 from $7.9 million in the fourth quarter of fiscal 2021. Also, the company’s gross profit in the quarter increased by a whopping 370% to $6.5 million, compared to $1.4 million in the same quarter of 2021.
Zacks Rank & Key Picks
BLNK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few top-ranked players in the auto space are Geely Automobile Holdings Limited GELYY, Modine Manufacturing Company MOD and Wabash National Corporation WNC, all of which sport a Zacks Rank #1.
Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimates for GELYY’s 2023 sales and earnings imply year-over-year growth of around 57.5% and 7.4%, respectively.
Modine operates primarily in a single industry of manufacturing and selling heat transfer equipment. The Zacks Consensus Estimates for MOD’s 2023 sales and earnings imply year-over-year growth of roughly 11.4% and 43.1%, respectively.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of around 13.1% and 28.9%, respectively.
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