Workflow
Blink(BLNK) - 2024 Q4 - Annual Results
BLNKBlink(BLNK)2025-03-13 20:42

Revenue Performance - Fourth quarter 2024 total revenues were 30.2million,adecreaseof29.330.2 million, a decrease of 29.3% compared to 42.7 million in the fourth quarter of 2023[11] - Full year 2024 total revenues were 126.2million,down10.2126.2 million, down 10.2% from 140.6 million in 2023[11] - Product revenues in Q4 2024 were 17.2million,adeclineof48.617.2 million, a decline of 48.6% year-over-year, while full year product revenues were 81.7 million, down 25.3% from 2023[12] - Service revenues increased 24% to 9.8millioninQ42024,contributing339.8 million in Q4 2024, contributing 33% of total revenue, compared to 19% in Q4 2023[8] - Total revenues for Q4 2024 were 30,180 million, a decrease of 29.4% compared to 42,711millioninQ42023[33]OperatingExpenses−OperatingexpensesinQ42024were42,711 million in Q4 2023[33] Operating Expenses - Operating expenses in Q4 2024 were 81.1 million, including 58.0millioninnon−cashcharges;excludingthese,operatingexpensesdecreased2158.0 million in non-cash charges; excluding these, operating expenses decreased 21% to 23.1 million[18] - Operating expenses surged to 81,120millioninQ42024,comparedto81,120 million in Q4 2024, compared to 29,461 million in Q4 2023, reflecting a significant increase of 175.5%[33] Profitability and Loss - Net loss for Q4 2024 was (73.5)million,or(73.5) million, or (0.73) per share, compared to a net loss of (19.7)million,or(19.7) million, or (0.28) per share in Q4 2023[20] - Adjusted EBITDA for Q4 2024 was a loss of (10.6)million,animprovementfromalossof(10.6) million, an improvement from a loss of (13.9) million in Q4 2023[22] - Net loss for Q4 2024 was 73,511million,comparedtoanetlossof73,511 million, compared to a net loss of 19,689 million in Q4 2023, marking an increase in losses of 273.5%[33] - Adjusted EBITDA for the year ended December 31, 2024, was (49,459)million,animprovementfrom(49,459) million, an improvement from (56,955) million in 2023[35] - The company reported a diluted net loss per share of (0.73)forQ42024,comparedto(0.73) for Q4 2024, compared to (0.28) for Q4 2023[35] Gross Margin - Gross margin for Q4 2024 was 25%, with a full year gross margin of 32%[8] - Gross profit for the year ended December 31, 2024, was 40,781million,slightlyupfrom40,781 million, slightly up from 40,206 million in 2023, indicating a marginal increase of 1.4%[33] Impairment and Goodwill - Impairment of goodwill for the year was 126,984million,upfrom126,984 million, up from 89,087 million in 2023, indicating a rise of 42.5%[33] Cash and Liquidity - Cash liquidity as of December 31, 2024, was 55million,withnocashdebt[27]FutureOutlook−Thecompanyexpectsservicerevenuetocontinueincreasingthroughout2025,withproductrevenueinH12025anticipatedtobesimilartoH22024[9]−BlinkChargingisfocusedonachievingits2024revenueandgrossmargintargets,withspecificemphasisonprojectedadjustedEBITDArunrateandtimeline[41]−Thecompanyacknowledgesrisksanduncertaintiesassociatedwithforward−lookingstatements,whichmayimpactactualperformancecomparedtoexpectations[41]ChargingServices−Chargingservicerevenuefromcompany−ownedchargingstationsincreasedto55 million, with no cash debt[27] Future Outlook - The company expects service revenue to continue increasing throughout 2025, with product revenue in H1 2025 anticipated to be similar to H2 2024[9] - Blink Charging is focused on achieving its 2024 revenue and gross margin targets, with specific emphasis on projected adjusted EBITDA run rate and timeline[41] - The company acknowledges risks and uncertainties associated with forward-looking statements, which may impact actual performance compared to expectations[41] Charging Services - Charging service revenue from company-owned charging stations increased to 6,228 million in Q4 2024 from $4,535 million in Q4 2023, a growth of 37.4%[33] - The company is focused on expanding its EV charging networks and has established strategic partnerships to enhance adoption across various locations[39]