March 13, 2025 - Blink Charging Co. (NASDAQ: BLNK), a prominent player in the electric vehicle (EV) charging sector, has unveiled its financial results for the fourth quarter and full year ending December 31, 2024. Despite facing a decline in product revenues compared to the previous year, the company demonstrated resilience with a significant increase in service revenues and a strategic focus on operational efficiency.

1. Financial Highlights

Revenues

Blink Charging reported total revenues of $30.2 million for the fourth quarter of 2024, down 29.3% from $42.7 million in the same quarter of 2023. For the full year, total revenues stood at $126.2 million, reflecting a 10.2% decrease from $140.6 million in 2023.

Product Revenues: In Q4 2024, product revenues reached $17.2 million, a steep decline of 48.6% year-over-year compared to $33.4 million in Q4 2023. However, this category experienced a sequential growth of 28% from $13.4 million in Q3 2024. For the full year, product revenues totaled $81.7 million, down 25.3% from $109.4 million in 2023.

Service Revenues: The company saw a notable 24% increase in service revenues, totaling $9.8 million in Q4 2024, up from $7.9 million in Q4 2023. This growth was driven by increased charger utilization and a larger network. For the full year, service revenues amounted to $34.8 million, reflecting a 31.8% increase from $26.4 million in 2023.

Other Revenues: Other revenues, which include warranty fees and grants, rose 128.1% in Q4 to $3.2 million, and increased 103.4% for the full year to $9.7 million.

Profitability Metrics

Despite the revenue challenges, Blink Charging maintained a stable gross profit margin. Gross profit for Q4 2024 was $7.5 million, or 25% of revenues, consistent with the same period in 2023. For the full year, gross profit increased to $40.8 million, representing 32% of total revenues, up from 29% in 2023.

Operating expenses surged to $81.1 million in Q4 2024 compared to $29.5 million in Q4 2023, primarily due to non-cash goodwill impairment charges totaling $58.0 million. Excluding these charges, operating expenses decreased by 21% to $23.1 million. For the full year, operating expenses were $240.7 million, slightly up from $239.8 million the previous year, although non-cash charges accounted for a significant portion.

Net Loss and Adjusted Metrics

The company reported a net loss of $(73.5) million in Q4 2024, equating to $(0.73) per share, compared to a net loss of $(19.7) million in Q4 2023. For 2024, the total net loss was $(198.1) million, or $(1.96) per share, a slight improvement from $(203.7) million in 2023.

Adjusted EBITDA for Q4 2024 was a loss of $(10.6) million, an improvement from the adjusted loss of $(13.9) million in Q4 2023. The full-year adjusted EBITDA loss was $(49.5) million, compared to $(56.9) million in 2023.

2. Strategic Outlook

Mike Battaglia, President and CEO of Blink Charging, expressed optimism about the company's future, stating, “During 2024, we achieved record charging revenue and significantly grew the total number of Blink-owned chargers. However, we anticipated a decline in product revenues due to previous exceptional sales. Our focus remains on achieving profitability and expanding our charging network globally.”

Looking ahead, Blink Charging expects service revenues to continue their upward trajectory throughout 2025, while product revenues in the first half are projected to remain consistent with the latter half of 2024. The company aims to enhance revenue growth while reducing operating expenses to drive toward profitability, with improved visibility on its timeline to reach adjusted EBITDA profitability as the year progresses.

3. Conclusion

Despite facing challenges in product sales, Blink Charging Co. continues to establish itself as a leader in the EV charging infrastructure market. The substantial growth in service revenues highlights the company's adaptability and commitment to meeting the increasing demand for electric vehicle charging solutions. With a clear strategy for operational efficiency and revenue growth, Blink Charging is poised for a promising 2025.

Original press release