Blink Charging Co. (NASDAQ:BLNK) released its fourth-quarter results after Thursday's closing bell. Here's a look at the key figures from the report.
The Details: Blink Charging reported quarterly losses of 15 cents per share, which beat the analyst consensus estimate for losses of 17 cents. Quarterly revenue came in at $30.18 million, which missed the analyst consensus estimate of $30.52 million and is down from revenue of $42.71 million from the same period last year.
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For the fourth quarter, Blink reported:
- Product Revenues of $17.2 million in the fourth quarter of 2024, compared to $33.4 million in the fourth quarter 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, primarily driven by greater utilization of chargers, an increased number of chargers on the Blink networks and revenues associated with car-sharing programs.
- Other Revenues, which are comprised of warranty fees, grants and rebates and additional sources, were $3.2 million in the fourth quarter of 2024. The increase was primarily driven by higher warranty revenue.
“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,” said Mike Battaglia, CEO of Blink Charging.
“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,” Battaglia added.
BLNK Price Action: According to data from Benzinga Pro, Blink Charging shares are up 2.18% after-hours Thursday at 92 cents.
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