Blink Charging reports Q3 adjusted EPS (16c), consensus (17c)

Reports Q3 revenue $25.19M, consensus $35.41M. “Blink delivered service revenue growth of 30% in the third quarter, primarily driven by the expansion of our global network of Blink-owned chargers and the corresponding demand for charging and networked services. We also continued to strengthen our business by reducing our year-to-date cash burn by $45 million, or 50%, excluding financing activities, and reducing our total year-to-date operating expenses by 24%. As we expected, overall product revenues decreased in the quarter, in part related to significantly stronger charger sales to automotive dealerships in 2023. However, our third quarter margin of 36%, demonstrates our ability to generate more profitable and sustainable revenue by shifting to our traditional sales verticals and leveraging our vertically integrated model.”