Blink Charging Co. Reports Fourth Quarter and Full Year 2024 Financial Results, Highlighting 24% Growth in Service Revenues

Blink Charging reported Q4 2024 revenues of $30.2 million, with significant service revenue growth amidst overall revenue decline.

Quiver AI Summary

Blink Charging Co. reported total revenues of $30.2 million for the fourth quarter of 2024 and $126.2 million for the full year, showing a decline from the previous year's fourth quarter and annual figures. Service revenues increased by 24% in Q4 2024 to $9.8 million, reflecting a growing utilization of charging stations, while overall service revenues for the year rose by 32% to $34.8 million. Despite these gains, product revenues decreased significantly, leading to a net loss of $73.5 million in the fourth quarter, compared to a loss of $19.7 million in the same quarter of 2023. The company focused on reducing operating expenses but faced challenges due to non-cash impairment charges. Blink remains optimistic about increasing service revenue in 2025 and aims to enhance its charging network globally while striving for profitability.

Potential Positives

• Fourth quarter 2024 service revenues grew 24% to $9.8 million compared to the same quarter in 2023, indicating strong demand for service offerings.
• Full year service revenues increased 32% to $34.8 million, demonstrating sustained growth in this segment.
• During 2024, Blink made significant strides in expanding its infrastructure, contracting, deploying, or selling 4,357 charging stations in the fourth quarter and 19,771 globally for the entire year.
• Cash liquidity at the end of 2024 was $55 million with no cash debt, positioning the company well for future investments and operations.

Potential Negatives

• Product revenues fell significantly, with a 48.6% decrease in the fourth quarter and a 25.3% decrease for the full year compared to 2023.
• The company reported a net loss of $(73.5) million in the fourth quarter of 2024, up from a net loss of $(19.7) million in the same quarter of 2023, indicating deteriorating financial performance.
• Operating expenses surged to $81.1 million in the fourth quarter of 2024, primarily due to substantial non-cash goodwill impairment charges, raising concerns about financial management and operational efficiency.

FAQ

What were Blink Charging's total revenues for Q4 2024?

Blink Charging reported total revenues of $30.2 million for the fourth quarter of 2024.

How much did Blink's service revenues increase in Q4 2024?

Service revenues grew by 24% to $9.8 million in the fourth quarter of 2024 compared to the previous year.

What was Blink Charging's gross margin for the full year 2024?

The gross margin for Blink Charging in the full year 2024 was 32%.

How many chargers did Blink deploy in 2024?

Blink deployed a total of 19,771 chargers globally in 2024.

What is Blink Charging's outlook for service revenue in 2025?

Blink Charging expects service revenue to continue increasing throughout 2025.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$BLNK Insider Trading Activity

$BLNK insiders have traded $BLNK stock on the open market 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $BLNK stock by insiders over the last 6 months:

• KRISTINA A. PETERSON sold 24,077 shares for an estimated $43,377
• JACK LEVINE purchased 20,000 shares for an estimated $34,000

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$BLNK Hedge Fund Activity

We have seen 64 institutional investors add shares of $BLNK stock to their portfolio, and 90 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CANADA LIFE ASSURANCE CO removed 2,151,575 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $2,990,689
• STATE STREET CORP added 1,417,559 shares (+35.2%) to their portfolio in Q4 2024, for an estimated $1,970,407
• D. E. SHAW & CO., INC. removed 997,188 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $1,386,091
• UBS GROUP AG added 463,552 shares (+139.5%) to their portfolio in Q4 2024, for an estimated $644,337
• MAN GROUP PLC added 450,578 shares (+inf%) to their portfolio in Q4 2024, for an estimated $626,303
• VANGUARD GROUP INC removed 395,231 shares (-7.1%) from their portfolio in Q4 2024, for an estimated $549,371
• IQ EQ FUND MANAGEMENT (IRELAND) LTD removed 307,524 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $427,458

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

• 
  
  Fourth quarter 2024 total revenues of $30.2 million; Full year 2024 total revenues of $126.2 million
  
  


• 
  
  Fourth quarter 2024 service revenues grew 24% to $9.8 million compared to $7.9 million in fourth quarter of 2023, Full year service revenues increased 32% to $34.8 million
  
  


• 
  
  Service revenue contributed 33% of total revenue in fourth quarter 2024 compared with 19% in the same period last year and represented 28% of full year 2024 versus 19% in full year 2023
  
  


• 
  
  Gross margin of 25% in the fourth quarter of 2024; full year 2024 gross margin of 32%
  
  


• 
  
  4,357 charging stations contracted, deployed or sold in fourth quarter of 2024; 19,771 chargers contracted, deployed or sold globally in 2024
  
  
  
  

Bowie, MD, March 13, 2025 (GLOBE NEWSWIRE) --

Blink Charging Co. (NASDAQ: BLNK) (“Blink”), a leading global owner, operator, provider, and manufacturer of electric vehicle (EV) charging equipment and services, today announced financial results for the fourth quarter and year ended December 31, 2024.

The following top-line highlights are in thousands of dollars and preliminary.

(1)

Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues.



(2)

Other Revenues consist of warranty fees, grants and rebates, and other revenues.

“During 2024, we achieved record charging revenue and significantly grew the total number of Blink-owned chargers. That said, as we expected, product revenues declined in the fourth quarter and for the full year in comparison to exceptionally strong equipment sales in 2023. In addition, we reduced operating expenses and cash burn across the Company. The worldwide transition to electric vehicles (EVs) continues and is creating demand for the EV charging infrastructure and services that Blink provides, leading with our owner-operator model.

“We are focused on achieving profitability and expanding our charging network globally. Our flexible business models, advanced software and network, and portfolio of diverse charging solutions position us as a charging infrastructure leader,”

commented Mike Battaglia, President and Chief Executive Officer of Blink Charging.

Business Outlook

Based on current visibility, the Company expects service revenue will continue to increase throughout 2025. The Company expects product revenue in the first half of 2025 to be similar to the second half of 2024, with anticipated improvement in the second half of 2025.

Blink remains focused on revenue growth and continuing to reduce operating expenses and cash burn across the Company to drive towards profitability. The Company expects to have improved visibility around its timeline to reach adjusted EBITDA profitability as the year progresses.

Fourth Quarter and Full Year Financial Results

Revenues

Total Revenues of $30.2 million for the fourth quarter of 2024 compared to revenues of $42.7 million in the fourth quarter of 2023.

Total Revenues of $126.2 million for the full year of 2024 compared to $140.6 million in full year 2023.

Product Revenues of $17.2 million in the fourth quarter of 2024, compared to $33.4 million in the fourth quarter of 2023. Sequentially, product revenue grew 28% compared to revenue of $13.4 million in the third quarter of 2024.

Product Revenues of $81.7 million for the full year of 2024, compared to $109.4 million in the same period of 2023.

Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased 24% to $9.8 million in the fourth quarter of 2024, an increase of $1.9 million from the fourth quarter of 2023, primarily driven by greater utilization of chargers, an increased number of chargers on the Blink networks, and revenues associated with car-sharing programs. Sequentially, service revenues increased 12% as compared to the third quarter of 2024.

Service Revenues increased 32% to $34.8 million for the full year of 2024, an increase of $8.4 million over the same period in 2023.

Other Revenues, which are comprised of warranty fees, grants and rebates, and additional sources, were $3.2 million in the fourth quarter of 2024, an increase of $1.8 million from the fourth quarter of 2023. The increase was primarily driven by higher warranty revenue.

Other Revenues increased 103% to $9.7 million for the full year of 2024, an increase of $4.9 million over the same period in 2023. The increase was primarily driven by higher warranty revenue.

Gross Profit

Gross Profit was $7.5 million, or 25% of revenues, in the fourth quarter of 2024, compared to gross profit of $10.6 million, or 25% of revenues, in the fourth quarter of 2023.

Gross Profit was $40.8 million, or 32% of revenues for the full year of 2024, compared to gross profit of $40.2 million, or 29% of revenues, in the same period in 2023.

Operating Expenses

Operating expenses in the fourth quarter of 2024 were $81.1 million compared to $29.5 million in the fourth quarter of 2023. Operating expenses in the fourth quarter 2024 include non-cash goodwill impairment charges and change in fair value consideration payable of $58.0 million, related to a quantitative impairment analysis which determined that the fair value of certain reporting units of the Company was less than the carrying amount. Excluding these non-cash charges, operating expenses decreased 21% to $23.1 million in the fourth quarter of 2024.

Operating expenses for the full year of 2024 were $240.7 million compared to $239.8 million in the same period of 2023. Operating expenses for the year ended December 31, 2024 include $129.9 million of non-cash charges described above. Excluding these non-cash charges, operating expenses decreased 24% to $110.8 million for full year 2024.

Net Loss and Loss Per Share

Net Loss for the fourth quarter of 2024 was $(73.5) million, or $(0.73) per share, compared to a net loss of $(19.7) million, or $(0.28) per share in the fourth quarter of 2023. As of December 31, 2024, the weighted average number of shares outstanding was 101.2 million. As of December 31, 2023, the weighted average number of shares outstanding was 70.8 million.

Net Loss for the full year of 2024 was $(198.1) million, or $(1.96) per share, compared to a net loss of $(203.7) million, or $(3.21) per share in the full year of 2023.

Adjusted EBITDA and




Adjusted EPS

Adjusted EBITDA for the fourth quarter of 2024 was a loss of $(10.6) million compared to an adjusted EBITDA loss of $(13.9) million in the fourth quarter of 2023.

Adjusted EBITDA for the full year of 2024 was a loss of $(49.5) million compared to an adjusted EBITDA loss of $(56.9) million in the same period in 2023.

Adjusted EBITDA (defined as earnings/loss before interest income/expense, provision for income taxes, depreciation and amortization, stock-based compensation, acquisition related costs, impairment of goodwill and intangible assets, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense) is a non-GAAP financial measure management uses as a proxy for net income/loss. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.

Adjusted EPS for the fourth quarter of 2024 was a loss of $(0.15) compared to an adjusted EPS loss of $(0.28) in the fourth quarter of 2023.

Adjusted EPS for the full year of 2024 was a loss of $(0.61) compared to an adjusted EPS loss of $(1.42) in the same period in 2023.

Adjusted EPS (defined as earnings/loss per diluted share) is a non-GAAP financial measure management uses to assess earnings per diluted share excluding non-recurring items such as amortization expense of intangible assets, acquisition related costs, impairment of goodwill and intangible assets, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.

Cash Liquidity

As of December 31, 2024, the Company had cash liquidity of $55 million, which includes liquid marketable securities, and no cash debt.

Fourth Quarter 2024 Highlights:

• 
  Launched strategic collaboration to make Blink chargers available to the customers of ChargeHub, the leading EV roaming hub in North America.
  


• 
  Teamed with Power Design to provide 429 EV charging stations across multiple projects in the US – primarily luxury multi-family apartments and condominiums.
  


• 
  Awarded a three-year contract to install, maintain and manage 41 EV charging stations at Kings College NHS Trust’s flagship Princess Royal University Hospital in the UK.
  


• 
  Announced an agreement with Tower Management Services to install 53 EV charging stations at 12 Tower locations throughout New Jersey.
  

Subsequent to the Close of Fourth Quarter 2024:

• 
  Blink announced that it owns and operates 76 DC fast chargers at Royal Farms locations in Mid-Atlantic region.
  


• 
  Announced the appointment of Chris Carr as Senior Vice President, Sales & Business Development.
  


• 
  Selected to provide up to 50 EV charging ports throughout the City of Alameda, California.
  
  
  

Earnings Conference Call

Blink Charging will host a conference call and webcast to discuss fourth quarter and full year 2024 results today, March 13, 2025, at 4:30 PM, Eastern Time.

To access the live webcast, log onto the Blink Charging website at

www.blinkcharging.com

, and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link:

https://www.webcaster4.com/Webcast/Page/2468/52059

To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 575904.

A replay of the teleconference will be available until April 12, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52059.

###

BLINK CHARGING CO.

Condensed Consolidated Statements of Operations




(in thousands, except for share and per share amounts)




(unaudited)

Non-GAAP Financial Measures

The following table reconciles Net Loss attributable to Blink Charging to EBITDA and Adjusted EBITDA for the periods shown:

The following table reconciles EPS attributable to Blink Charging to Adjusted EPS for the periods shown:

Blink Charging Co. publicly reports its financial information in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). To facilitate external analysis of the Company’s operating performance, Blink Charging also presents financial information that is considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the U.S. Securities and Exchange Commission. Non-GAAP measures should be considered in addition to, and not as a substitute for, or superior to, Net Income (Loss) or other measures of financial performance prepared in accordance with GAAP and may be different than those presented by other companies, including Blink Charging’s competitors. EBITDA and Adjusted EBITDA are not performance measures calculated in accordance with GAAP and are therefore considered non-GAAP measures. Reconciliation tables are presented above.

EBITDA is defined as earnings (loss) attributable to Blink Charging before interest income (expense), provision for income taxes, depreciation and amortization. Blink Charging believes EBITDA is useful to its management, securities analysts, and investors in evaluating operating performance because it is one of the primary measures used to evaluate the economic productivity of the Company’s operations, including its ability to obtain and maintain its customers, its ability to operate its business effectively, the efficiency of its employees and the profitability associated with their performance. It also helps Blink Charging’s management, securities analysts, and investors to meaningfully evaluate and compare the results of the Company’s operations from period to period on a consistent basis by removing the impact of its merger and acquisition expenses, financing transactions, and the depreciation and amortization impact of capital investments from its operating results.

The Company also believes that Adjusted EBITDA, defined as EBITDA adjusted for non-recurring items such as stock-based compensation, acquisition related costs, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, impairment of goodwill and intangible assets, and one-time non-recurring expense, is useful to securities analysts and investors to evaluate the Company’s core operating results and financial performance because it excludes items that are significant non-cash or non-recurring expenses reflected in the Condensed Consolidated Statements of Operations.

Our definition of Adjusted EBITDA and Adjusted EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Net Loss, and Diluted Earnings per Share.

About Blink Charging







Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (EV) charging equipment and services, enabling drivers, hosts, and fleets to easily transition to electric transportation through innovative charging solutions. Blink’s principal line of products and services include Blink’s EV charging networks (“Blink Networks”), EV charging equipment, and EV charging services. Blink Networks use proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs.

For more information, please visit

https://blinkcharging.com/

.

Forward-Looking Statements



This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including achieving its 2024 revenue and gross margin targets and its projected 2024 adjusted EBITDA run rate and timeline, and the risk factors described in Blink’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Blink Investor Relations Contact



Vitalie Stelea




IR@BlinkCharging.com




305-521-0200 ext. 446

Blink Media Contact



Nipunika Coe




PR@BlinkCharging.com




305-521-0200 ext. 266

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.