BOWIE, Md. - Blink Charging Co. (NASDAQ: NASDAQ:BLNK), a notable player in the electric vehicle (EV) charging sector, announced today that it has received the "In Process" designation from the Federal Risk and Authorization Management Program (FedRAMP) for its EV charging solutions. This status marks a significant step towards full accreditation, which the company anticipates achieving by the end of Q3 2024.
FedRAMP is a government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services. Blink's EV charging network, once fully accredited, will be available for government agencies to utilize, aligning with the federal initiative to transition to electric vehicles.
In April 2023, federal agencies committed to installing 24,000 EV charging stations to support the electrification of federal fleets by 2035, as outlined in the Federal Sustainability Plan. Blink's progression toward FedRAMP compliance places it in a strategic position within a growing market of federal and government contractors seeking to expand their EV infrastructure.
Blink's President and CEO, Brendan Jones, expressed the company’s commitment to supporting sustainable government transportation initiatives and the significance of reaching this milestone within the FedRAMP authorization process.
The company's products and services, including the Blink Network of charging stations, can be acquired through the GSA Multiple Award Schedule (MAS) or GSA EVSE BPA via Blink's federal resellers. Previously, Blink has successfully installed charging stations at various government facilities, including those operated by the GSA, U.S. Air Force, and U.S. Department of Homeland Security.
Additionally, Blink has an IDIQ contract with the United States Postal Service to provide up to 41,500 charging stations.
The information in this article is based on a press release statement from Blink Charging Co.
In other recent news, Blink Charging, a key player in the electric vehicle charging sector, has reported significant financial growth for the first quarter of 2024. The company's revenues increased by 73% year-over-year, reaching a record $37.6 million, and gross profit rose by 195% to $13.4 million. This robust growth is attributed to the successful contracting, selling, or deployment of 4,555 chargers globally during the quarter.
UBS, in its analysis, revised the company's price target to $4.50 from $7.00, but maintained a 'Buy' rating, highlighting Blink Charging's strong net cash position. The firm also pointed to potential positive catalysts such as the possible divestment of unprofitable operations and an expansion of the existing contract with the United States Postal Service.
Adding to the company's recent developments, Blink Charging has secured a contract to be one of the official electric vehicle charging providers for the state of New York. This contract includes the provision of advanced EV charging stations, site assessment, installation, maintenance, and training services.
InvestingPro Insights
As Blink Charging Co. (NASDAQ: BLNK) advances towards FedRAMP compliance, a key milestone for expanding its footprint in the government EV charging sector, investors are closely monitoring the company's financial metrics and market performance. Here are some insights based on real-time data from InvestingPro and select InvestingPro Tips:
InvestingPro Data highlights Blink's significant revenue growth, with a 114.36% increase over the last twelve months as of Q1 2024. This metric aligns with the company's strategic positioning in a rapidly growing market. Despite this impressive growth, the company's P/E ratio stands at -3.24, reflecting its current lack of profitability, a point underscored by analysts who do not anticipate Blink will be profitable this year.
InvestingPro Tips reveal that Blink holds more cash than debt on its balance sheet, which could provide financial flexibility as it continues to expand. Additionally, two analysts have revised their earnings upwards for the upcoming period, suggesting a potential positive outlook on the company's financial performance.
Investors considering Blink Charging as part of their portfolio may find value in the additional 8 InvestingPro Tips available at https://www.investing.com/pro/BLNK. These tips provide deeper insights into the company's cash burn rate, stock price volatility, and other critical financial aspects. To access these insights and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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