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Dec 31, 2024
Blink Charging Q4 2024 Earnings Report
Blink Charging reported a decrease in total revenues for the fourth quarter of 2024, primarily due to a decline in product sales, while service revenues showed significant growth.
Key Takeaways
Blink Charging's fourth quarter of 2024 saw total revenues decrease to $30.2 million from $42.7 million in the prior year, largely driven by a significant drop in product sales. However, service revenues demonstrated strong growth, increasing by 24% to $9.8 million, and contributed a larger portion of total revenue compared to the previous year. The company reported a net loss of $(73.5) million and an adjusted EBITDA loss of $(10.6) million for the quarter.
Total revenues for Q4 2024 were $30.2 million, a decrease from $42.7 million in Q4 2023.
Service revenues grew 24% to $9.8 million in Q4 2024, contributing 33% of total revenue.
Product revenues declined by 48.6% to $17.2 million in Q4 2024 compared to Q4 2023.
The company reported a net loss of $(73.5) million and an adjusted EBITDA loss of $(10.6) million for Q4 2024.
Blink Charging
Blink Charging
Blink Charging Revenue by Segment
Revenue by Segment
Product Sales Revenue
CapyFin.comService Revenues Revenue
CapyFin.comOther Revenues Revenue
CapyFin.comCharging Services Revenue
CapyFin.comNetwork Fees Revenue
CapyFin.comWarranty Revenue
CapyFin.comGrant and Rebate Revenue
CapyFin.comCar-Sharing Services Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Blink Charging expects service revenue to continue increasing throughout 2025, with product revenue in the first half of 2025 anticipated to be similar to the second half of 2024, followed by improvement in the latter half of 2025. The company remains focused on revenue growth, operating expense reduction, and cash burn management to achieve profitability.
Positive Outlook
- Service revenue is expected to continue increasing throughout 2025.
- Product revenue is anticipated to improve in the second half of 2025.
- Continued focus on reducing operating expenses.
- Continued focus on reducing cash burn.
- Improved visibility around the timeline to reach adjusted EBITDA profitability as the year progresses.
Challenges Ahead
- Product revenue in the first half of 2025 is expected to be similar to the second half of 2024, indicating no immediate significant growth.
- The company is still working towards achieving adjusted EBITDA profitability, implying it is not yet profitable.
- No specific numerical targets or ranges provided for future revenue or profitability.
- The forward-looking statements involve risks and uncertainties, and actual results may differ materially.
- The company's ability to achieve its 2024 revenue and gross margin targets, and projected 2024 adjusted EBITDA run rate and timeline, are subject to risk factors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income