Blink Charging Co. (NASDAQ: BLNK), a leading global provider of electric vehicle (EV) charging equipment and services, announced fourth quarter 2024 total revenues of $30.2 million, a 29.3% decrease compared to the $42.7 million reported in the same period last year. For the full year 2024, the company reported total revenues of $126.2 million, representing a 10.2% decline from $140.6 million in 2023.

Despite the overall revenue decline, Blink’s service revenues grew 24% to $9.8 million in the fourth quarter compared to $7.9 million in the fourth quarter of 2023, highlighting the company’s strategic shift toward its owner-operator model. Service revenue contributed 33% of total revenue in the fourth quarter, up significantly from 19% in the same period last year.

The company maintained a gross margin of 25% in the fourth quarter of 2024, consistent with the same period last year, while full-year 2024 gross margin improved to 32% compared to 29% in 2023.

Financial Results

Product revenues fell sharply in the fourth quarter, dropping 48.6% to $17.2 million compared to $33.4 million in the fourth quarter of 2023. The company noted this decline was expected following “exceptionally strong equipment sales in 2023.” On a sequential basis, product revenue showed signs of recovery, growing 28% compared to $13.4 million in the third quarter of 2024.

Service revenues, consisting of charging service revenues, network fees, and car-sharing service revenues, were a bright spot in Blink’s report, increasing 32% to $34.8 million for the full year 2024, up from $26.4 million in 2023. This growth was primarily attributed to greater charger utilization, an increased number of chargers on Blink’s networks, and revenues from car-sharing programs.

Other revenues, which include warranty fees, grants, rebates, and additional sources, more than doubled to $3.2 million in the fourth quarter, a 128.1% increase from $1.4 million in the same period last year. For the full year, these revenues rose 103.4% to $9.7 million, primarily driven by higher warranty revenue.

Gross profit for the fourth quarter was $7.5 million, down from $10.6 million in the fourth quarter of 2023, though both periods maintained a 25% gross margin. For the full year 2024, gross profit slightly increased to $40.8 million from $40.2 million in 2023, with margins improving from 29% to 32%.

Operating Expenses and Net Loss

Operating expenses in the fourth quarter of 2024 were $81.1 million compared to $29.5 million in the fourth quarter of 2023. However, this figure includes $58 million in non-cash goodwill impairment charges and changes in fair value consideration. Excluding these non-cash charges, operating expenses decreased 21% to $23.1 million in the fourth quarter.

For the full year 2024, operating expenses were $240.7 million compared to $239.8 million in 2023. Excluding $129.9 million of non-cash charges, operating expenses decreased 24% to $110.8 million for the full year.

The company reported a net loss of $73.5 million, or $0.73 per share, in the fourth quarter, compared to a net loss of $19.7 million, or $0.28 per share, in the same period last year. For the full year 2024, the net loss was $198.1 million, or $1.96 per share, compared to a net loss of $203.7 million, or $3.21 per share, in 2023.

Adjusted EBITDA loss improved to $10.6 million in the fourth quarter of 2024, compared to a loss of $13.9 million in the fourth quarter of 2023. For the full year, adjusted EBITDA loss was $49.5 million, an improvement from the $56.9 million loss reported in 2023.

Operational Highlights

During the fourth quarter, Blink contracted, deployed, or sold 4,357 charging stations. For the full year 2024, the company reported 19,771 chargers contracted, deployed, or sold globally.

“During 2024, we achieved record charging revenue and significantly grew the total number of Blink-owned chargers,” said Mike Battaglia, President and Chief Executive Officer of Blink Charging. “The worldwide transition to electric vehicles continues and is creating demand for the EV charging infrastructure and services that Blink provides, leading with our owner-operator model.”

The company announced several strategic collaborations during the quarter, including making Blink chargers available to ChargeHub customers, providing 429 EV charging stations across multiple projects with Power Design, and securing contracts to install charging stations with Tower Management Services and at Kings College NHS Trust in the UK.

As of December 31, 2024, Blink reported cash liquidity of $55 million, which includes liquid marketable securities, and no cash debt.

Forward Outlook

Looking ahead, Blink expects service revenue to continue increasing throughout 2025. The company anticipates product revenue in the first half of 2025 to be similar to the second half of 2024, with improvement expected in the second half of 2025.

“We are focused on achieving profitability and expanding our charging network globally. Our flexible business models, advanced software and network, and portfolio of diverse charging solutions position us as a charging infrastructure leader,” Battaglia commented.

The company remains focused on revenue growth and continuing to reduce operating expenses and cash burn to drive toward profitability. Blink stated it expects to have improved visibility around its timeline to reach adjusted EBITDA profitability as the year progresses.

Subsequent to the fourth quarter, Blink announced that it owns and operates 76 DC fast chargers at Royal Farms locations in the Mid-Atlantic region, appointed Chris Carr as Senior Vice President of Sales & Business Development, and was selected to provide up to 50 EV charging ports throughout the City of Alameda, California.

Opinion

Blink Charging’s fourth quarter and full-year 2024 results present a mixed picture that reveals both challenges and promising developments for the EV charging infrastructure provider. The significant decline in product revenue raises concerns about market demand for charging equipment, though the sequential improvement from Q3 to Q4 suggests a potential stabilization.

The company’s strategic pivot toward its owner-operator model appears to be gaining traction, as evidenced by the impressive 24% growth in service revenues. This shift could provide more stable, recurring revenue streams as the company builds its charging network, potentially offering a more sustainable path to profitability than equipment sales alone.

The improved gross margin for the full year (32% vs. 29% in 2023) demonstrates progress in operational efficiency, while the significant reduction in operating expenses (excluding non-cash charges) shows management’s commitment to cost control. However, the substantial goodwill impairment charges suggest that previous acquisitions may not be delivering the expected value, raising questions about the company’s growth-by-acquisition strategy.

Despite the narrowing adjusted EBITDA loss, Blink remains unprofitable with substantial cash burn. The vague timeline for reaching profitability (“expects to have improved visibility… as the year progresses”) may not satisfy investors looking for concrete milestones. With $55 million in cash liquidity and no debt, the company has some runway, but continued losses could eventually necessitate additional financing.

The growth in Blink’s charging network and strategic partnerships presents opportunities, but the company operates in an increasingly competitive market with larger, well-capitalized players. As EV adoption continues to grow, Blink’s positioning as a charging infrastructure leader will be tested by both market forces and its ability to execute on its stated goals of revenue growth and reduced cash burn.

Source: Blink Charging Co. Q4 and Full Year 2024 Earnings Report, March 13, 2025.