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Mar 31, 2024
Blink Charging Q1 2024 Earnings Report
Blink Charging announced a 73% increase in first quarter revenue, reaching $37.6 million, and a gross margin of 36%.
Key Takeaways
Blink Charging reported a strong first quarter with a 73% increase in revenue to $37.6 million and a gross margin of 36%. The company is focused on strategic initiatives to leverage vertical integration and optimize operations. While April saw lower bookings, Blink maintains its 2024 revenue target of $165 to $175 million.
Total revenues increased by 73% to $37.6 million compared to the first quarter of 2023.
Gross profit increased by 195% to $13.4 million, representing 36% of revenues.
Operating expenses decreased by 13% to $30.9 million.
Net loss for the quarter was $17.2 million, or $(0.17) per share.
Revenue by Segment
Forward Guidance
For the full year 2024, the Company maintains its target of revenues between $165 million and $175 million and reiterates its target of achieving a positive adjusted EBITDA run rate by December 2024. The Company targets gross margin for full year 2024 of approximately 33%.
Positive Outlook
- Maintaining revenue target of $165 million to $175 million for 2024.
- Reiterating target of achieving a positive adjusted EBITDA run rate by December 2024.
- Targeting gross margin for full year 2024 of approximately 33%.
Challenges Ahead
- Lower bookings observed in April.
- Potential need to adjust operating expenses in response to market conditions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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