Blink(BLNK) - 2024 Q4 - Annual Report

Business Operations and Growth - As of December 31, 2024, Blink Charging Co. contracted, sold, or deployed a total of 109,596 chargers, with 87,500 on Blink Networks, including 61,625 Level 2 commercial chargers and 1,392 DCFC commercial chargers[38]. - In 2024, Blink entered into agreements with significant new customers, including the City of South Lake Tahoe and the City of Fresno, expanding potential unit sales and deployments[35]. - Blink's EV charging solutions include a variety of products such as Level 2 chargers, DC Fast Charging equipment, and mobile chargers, catering to both commercial and residential markets[48]. - Blink expanded its presence through acquisitions of SemaConnect and Electric Blue, establishing new offices and manufacturing facilities in the U.S. and internationally[37]. - Blink's business models include turnkey and hybrid solutions, allowing for recurring revenue and shared EV charging revenues with Property Partners[36]. - The company aims to enhance customer satisfaction by optimizing charger uptime and expanding EV charging infrastructure in high-demand areas[53]. - The company plans to continue investing significantly in technology upgrades to maintain competitiveness in the rapidly changing EV market[119]. - Future growth strategies include seeking acquisition opportunities to expand market presence and product offerings[121][122]. Financial Performance - The company incurred net losses of approximately $198.1 million,$203.7 million, and $91.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, with an accumulated deficit of approximately$736 million as of December 31, 2024[92]. - Total revenue for the year ended December 31, 2024, was $126,197, a decrease of$14,401 or 10% compared to $140,598 for the year ended December 31, 2023[216]. - Revenue from product sales was$81,703 for the year ended December 31, 2024, down $27,713 or 25$109,416 in 2023, attributed to decreased unit sales and product mix[217]. - Charging service revenue increased by $5,799 or 37$21,445 in 2024 compared to $15,646 in 2023[216]. - Warranty revenue saw a significant increase of$3,169 or 97%, totaling $6,427 in 2024 compared to$3,258 in 2023[216]. - The Blink-owned turnkey business model allows the company to retain substantially all EV charging revenues after deducting network connectivity and processing fees[204]. Market and Industry Trends - The U.S. EV market saw a 15.2% increase in electric vehicle sales in Q4 2024, reaching a record of 365,824 units sold[40]. - By the end of 2024, auto manufacturers announced $197.6 billion in investments in U.S. EV battery manufacturing facilities, supporting over 50,000 jobs[41]. - Used EV sales grew 61.3$3.75 million, covered by insurance[184]. - The company received a subpoena from the SEC in July 2023, but the investigation concluded without recommending enforcement action[188]. - The company has identified material weaknesses in its internal controls over financial reporting as of December 31, 2024, which could lead to misstatements in financial statements[153]. Stock and Shareholder Information - The company reported a significant fluctuation in its common stock price during 2024, ranging from a low of $1.39 to a high of$3.70 per share, and from a low of $0.83 to a high of$1.68 per share in 2025[157]. - The company must maintain a minimum closing bid price of $1.00 per share to satisfy Nasdaq listing standards, with a compliance period of 180 days if this requirement is not met[171]. - The common stock has closed below the$1.00 bid requirement for Nasdaq on multiple trading days in late February and early March 2025, which may lead to delisting risks[172]. - The company has never declared or paid cash dividends on its common stock and intends to retain all available funds for business operations[196]. - The company has the authority to issue additional shares of common and preferred stock without stockholder approval, which could dilute existing shareholders' ownership[164].