Blink Charging Q3 Earnings: Revenue Miss, Product Sales Slump, 2024 Outlook Cut & More

Blink Charging Co. BLNK reported its third-quarter financial results Thursday after the bell. The stock is down 8% premarket Friday as it revised its fiscal 2024 outlook.

Q3 Earnings: Blink Charging reported third-quarter revenue of $25.19 million, down by 41.9% year-on-year, missing analyst consensus estimates of $35.50 million.

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The company reported an adjusted loss of 16 cents per share, beating analyst consensus estimates for a loss of 17 cents per share.

Product revenue was $13.45 million, down from $35.06 million in the prior year’s quarter. Service revenue increased 30% year-over-year to $8.75 million, primarily driven by the expansion of its global network of Blink-owned chargers and the corresponding demand for charging and networked services. Other revenue increased 88.6% year-over-year to $2.99 million.

Blink Charging contracted, deployed, or sold 6,978 charging stations in the quarter. Since its inception, it has surpassed 105,000 chargers contracted, deployed, and sold globally.

The gross margin expanded by 700 bps to 36%, primarily due to a shift in the sales mix.

The company ended the quarter with $64.6 million in cash and equivalents, down from $121.7 million on December 31, 2023.

Outlook: Blink Charging lowered its full-year 2024 revenue guidance to $125 million—$135 million (prior $145 million—$155 million) versus $146.16 million consensus.

The company expects to achieve positive adjusted EBITDA in the second half of 2025. Blink Charging recently updated its timeline to achieve positive adjusted EBITDA during 2025. 

In September, Blink Charging announced plans to cut around 14% of its global workforce to lower operational expenses.

In August, Blink Charging revealed that President & CEO Brendan Jones will retire on January 31, 2025, with Michael (Mike) Battaglia set to take over as President & CEO starting February 1, 2025.

Blink Charging stock plunged 37% year-to-date.

Price Action: BLNK stock is down 7.96% at $1.84 premarket at last check Friday.

Photo courtesy: Blink Charging

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