Shares of Blink Charging (BLNK 4.76%) skyrocketed this week, surging 29.7% at their highest point in trading through 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. That's a jaw-dropping one-week rally for a stock that lost 69% value in 2023.

Turns out, the electric vehicle (EV) charging equipment company is all set to report record-breaking revenues for its fourth-quarter and full-year 2023. And investors aren't leaving any chances to bet on the languishing stock ahead of earnings.

Blink Charging's revenue grew more than 100% in 2023

Blink Charging's revenue has grown at a blistering pace in recent quarters. In its third quarter, the company reported 152% growth in revenue and 167% growth in gross profit, both year over year. A record quarter even encouraged Blink Charging to raise its full-year 2023 revenue guidance up to $128 million to $133 million from $110 million to $120 million.

Blink Charging, however, has surpassed even its upgraded guidance. This week, it announced its preliminary numbers and expects to report revenue above $42 million for Q4 and $140 million for 2023.

Now, those are big numbers, as they translate into at least 85% and 129% revenue growth for Q4 and 2023, respectively, at a time when the industry appears to be reeling. Blink Charging's rival ChargePoint Holdings, for example, reported a 12% year-over-year drop in its revenue in the third quarter.

It's no surprise, then, that Blink Charging stock shot higher this week.

Is it time to buy Blink Charging stock?

Blink Charging is yet to turn a profit but is already generating a positive gross profit, meaning it is generating enough sales to cover direct costs related to its EV charging equipment and services. In Q3, Blink Charging said it is targeting a positive gross margin of 30% or more for 2023. That's a solid number, and a positive gross margin undeniably gives Blink Charging a lead over loss-making peers.

While that could make Blink Charging stock appealing, investors should also be aware of the risks. A prominent one is share dilution -- Blink Charging has consistently issued stock to raise funds over the years.