The EV charging market is one of the fastest-growing niches in transportation. Despite the lackluster showing in some of the best EV charging stocks, these holdings still show incredible promise. In fact, 33 million EVs are expected on U.S. roads by 2030, and the global EV market is forecasted to reach $561.3 billion in 2023, a predicted 10% annual rate through 2028. That systematic increase highlights the growing demand for EVs and the critical importance of charging infrastructure in supporting this expansion.
Furthermore, with the rising preference for EVs over traditional combustion engine vehicles, the need for an extensive charging network is becoming increasingly clear. The trend towards EVs marks a pivotal shift in transportation, emphasizing the critical role of developing a strong EV charging infrastructure to support and sustain this growing shift in consumer behavior.
EVgo (EVGO)
EVgo (NASDAQ:EVGO) is reshaping the U.S. EV landscape with its General Motors (NYSE:GM) alliance and Pilot Travel Centers. That strategic move aims to bolster national EV infrastructure, starting with over 25 fast chargers by this year’s end and expanding to around 200 by the conclusion of next year, accelerating EVgo’s pace in the EV charging sphere.
Moreover, the firm collaborated with Amazon (NASDAQ:AMZN) in developing an Alexa-integrated EV charging experience. That innovation will enable EV drivers to utilize Alexa for assistance in locating nearby EV charging stations and facilitating payment for charging at EVgo stations. Furthermore, EVgo posted robust results in its most recent quarterly showing, with earnings per share of negative nine cents, surpassing estimates by seven cents. Impressively, its revenue soared to $35.1 million, a 234% bump year-over-year. Despite posting such tremendous results, the stock is down 22% year-to-date and remains ripe for the picking ahead of a more conducive market for growth stocks in 2024.
Blink Charging (BLNK)
Blink Charging (NASDAQ:BLNK), a dominant force in the U.S. EV charging station market, made impressive strides by deploying more than 5,500 chargers globally. That expansion, fueled significantly by rising sales of DC Fast Chargers (DCFC), marks a pivotal step in the company’s growth.
Furthermore, Blink Charging’s third-quarter 2023 performance is notably outstanding. The company’s revenue surged by 152% year-over-year, reaching a record high of $43.4 million. That significant growth is primarily attributed to product sales, which rose by 162% to $35.1 million, a substantial increase from $13.4 million in the same period last year. The robust sales of DCFC are a key driver of this stellar growth.
Furthermore, Blink raised its revenue guidance for 2023, elevating the projection to a revised range of $110 million to $120 million, up from the earlier forecast of $100 million to $110 million. Additionally, the company anticipates an approximate 30% increase in full-year margins, with prospects of even greater expansion anticipated in 2024.
Beam Global (BEEM)
Beam Global (NASDAQ:BEEM), renowned for its off-grid solar-powered EV charging solutions, recently achieved a significant milestone. It recently acquired Amiga DOO Kraljevo, a Serbian company known for its expertise in renewable energy and sustainable technologies. That move not only amplifies its influence in the European market but also effectively heightens entry barriers for potential rivals.
Financially, BEEM’s third-quarter results revealed GAAP earnings per share of a negative 26 cents, beating the estimates by 7 cents, alongside a remarkable sales bump of $16.5 million, a 149.4% rise year-over-year. Additionally, the company boasts a backlog of over $31 million, with its sales team consistently turning portions of its $100 million-plus pipeline into additional backlog, indicative of its robust prospects.
Furthermore, BEEM’s commitment to innovation is evident in its resilient charging systems and the Emergency Power Panel, crucial for first responders in crises. These advancements reflect the company’s dedication to reliable, sustainable solutions essential for today’s evolving energy and emergency response needs.
On the date of publication, Muslim Farooque did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.