The Miami Beach company reported total revenues of $6.4 million leading to a net loss of $15.3 million, or 36 cents per share. Analysts polled by FactSet were expecting revenue of $4.7 million with a net loss of 28 cents per share.
“Our third quarter results continued the momentum built during the first half of 2021, exceeding our internal expectations with record revenues in both product sales and service revenues as we continued to expand our footprint of charging stations and enhanced our brand recognition around the world,” said CEO Michael D. Farkas.
Shares of the small cap company jumped 12.7% to $40.02 at last check Friday.
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The company received a $12.5 million grant from the Florida Department of Environmental Protection in the quarter and partnered with the city of San Antonio, Texas to deploy 202 charging stations and the DC fast charging stations throughout the city.
The company also expanded its footprint in the city of Los Angeles in the quarter.
"We are focused on continuing to grow our owner-operator business model, which differentiates us in the industry, because we not only install and maintain the charging equipment, but we also benefit from its ongoing utilization," Farkas said.