Blink Charging ( (BLNK) ) has released its Q3 earnings. Here is a breakdown of the information Blink Charging presented to its investors.
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Blink Charging Co., a leader in electric vehicle (EV) charging equipment and services, operates globally to facilitate the transition to electric transportation through innovative solutions.
In its third-quarter 2024 earnings report, Blink Charging announced total revenues of $25.2 million for the quarter and $96.0 million year-to-date. The company highlighted a significant increase in service revenues and a reduction in operating expenses.
Key financial metrics revealed a 30% rise in service revenues to $8.8 million in the third quarter compared to the same period in 2023, contributing 35% to the total revenue. The company also reported a gross margin of 36%, an improvement from the previous year’s 29%. Operating expenses saw a 21% decrease, and the company surpassed 105,000 chargers contracted, deployed, or sold globally since inception.
Despite a decrease in product revenues, Blink Charging has strategically focused on expanding its service offerings and optimizing operations. The company aims to achieve between $125 million and $135 million in revenue for the full year 2024 and expects to attain positive adjusted EBITDA by the second half of 2025.
Looking ahead, Blink Charging remains committed to expanding its network and services as EV adoption grows, positioning itself as a resilient player in the evolving market landscape.
