Blink Charging Q2 2023 Earnings Report
Key Takeaways
Blink Charging announced a record second quarter with a 186% increase in revenue and a 528% increase in gross profit. The company is increasing its 2023 revenue target to $110 - $120 million and is targeting achieving a positive Adjusted EBITDA run rate by December 2024.
Total revenue increased by 186% to $32.8 million compared to the second quarter of 2022.
Product sales increased by 179% to $24.6 million driven by increased sales of commercial chargers, DC fast chargers, and residential chargers.
Service revenues increased by 211% to $7.0 million primarily driven by greater utilization of chargers.
Gross profit increased by 528% to $12.3 million, representing 37% of revenue.
Blink Charging
Blink Charging
Blink Charging Revenue by Segment
Forward Guidance
Blink is increasing its 2023 revenue target to $110 - $120 million and is targeting achieving a positive Adjusted EBITDA run rate by December 2024. The Company reiterates its previously stated annual gross margin target of 30%+
Revenue & Expenses
Visualization of income flow from segment revenue to net income