Investing

Earnings Previews: Blink, Canoo, Lucid, Luminar, Velodyne Lidar

Electric vehicles (EVs) had a big year in 2021. Beginning with a SPAC merger that created Lordstown Motors in late October of 2020, stock prices jumped in the first couple of months of 2021, sank again and stayed lower for six months, popped back on Rivian’s IPO in November, and have slipped lower pretty much ever since.

Companies that supply services to and components for EVs also got into the game by the middle of 2020, again thanks to SPAC mergers. Three of those companies are included in this set of earnings previews.

Here are previews of two EV makers and three EV-related companies set to report results before markets open on Monday.

Blink

Shares of EV charging station maker and distributor Blink Charging Co. (NASDAQ: BLNK) surged in late January of 2021 to a 12-month gain of more than 500%. Since then, the stock has tumbled by about 63%. The recent run-up in crude oil prices has not had a positive impact on Blink’s stock price. Shares hit a recent peak in mid-November and have dropped by 52% since then. A further threat to charging vendors like Blink is shaping up from startups that swap out batteries so drivers do not have to charge them.

Analysts remain mildly bullish on the stock. Only seven brokerages cover the company, and three rate the shares at Hold while four more have either a Buy or Strong Buy rating. At a recent price of around $23.50 a share, the upside potential based on a median price target of $39 is 66%. At the high target of $50, the potential upside is 113%.

Fourth-quarter revenue is forecast at $6.2 million, which would be down 3.1% sequentially but up by 153% year over year. On a GAAP basis, the estimated loss per share is $0.39 for the quarter, worse than the loss of $0.36 per share in the prior quarter and the year-ago loss of $0.24 per share. For the 2021 fiscal year, analysts expect Blink to post a loss per share of $1.25, compared to last year’s loss of $0.59 per share, on revenue of $19.18 million, up 208%.

Blink is not expected to post a profit in 2021, 2022 or 2023. The enterprise value-to-sales multiple is expected to be 42.4 in 2021, 26.5 in 2023 and 14.1 in 2024. The stock’s 52-week trading range is $17.93 to $49.00. Blink does not pay a dividend. Total shareholder return for the past year is negative 38.2%.

Canoo

Over the past 12 months, shares of EV maker Canoo Inc. (NASDAQ: GOEV) have dropped by about 61%. Since its IPO in late December 2020, shares are down about 56%. The company just began work on a new R&D and software center in Tulsa, Oklahoma, about 15 miles southwest of the assembly plant the company is building in Pryor, Oklahoma. Canoo also has lost some top technical and marketing talent in the past few weeks. Its CEO and other top executives left early in 2021.

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