Financial Performance - Blink Charging Co. reported total revenues of $30.2 million for Q4 2024, a decrease of 29.3% compared to $42.7 million in Q4 2023 [7][8] - For the full year 2024, total revenues were $126.2 million, down 10.2% from $140.6 million in 2023 [7][8] - Product revenues for Q4 2024 were $17.2 million, a decline of 48.6% from $33.4 million in Q4 2023, while full year product revenues were $81.7 million, down 25.3% from $109.4 million in 2023 [9][11] - Service revenues increased by 24% to $9.8 million in Q4 2024, and for the full year, service revenues rose 32% to $34.8 million [10][11] - Other revenues saw a significant increase of 128.1% in Q4 2024, totaling $3.2 million, and for the full year, other revenues increased by 103.4% to $9.7 million [11][12] Profitability and Expenses - Gross profit for Q4 2024 was $7.5 million, maintaining a gross margin of 25%, while full year gross profit was $40.8 million with a gross margin of 32% [13] - Operating expenses in Q4 2024 were $81.1 million, significantly higher than $29.5 million in Q4 2023, largely due to non-cash goodwill impairment charges [14] - Excluding non-cash charges, operating expenses decreased by 21% to $23.1 million in Q4 2024 [14] - For the full year, operating expenses were $240.7 million, slightly up from $239.8 million in 2023, but decreased by 24% to $110.8 million when excluding non-cash charges [15] Net Loss and Adjusted Metrics - The net loss for Q4 2024 was $(73.5) million, or $(0.73) per share, compared to a net loss of $(19.7) million, or $(0.28) per share in Q4 2023 [16] - For the full year 2024, the net loss was $(198.1) million, or $(1.96) per share, an improvement from a net loss of $(203.7) million, or $(3.21) per share in 2023 [17] - Adjusted EBITDA for Q4 2024 was a loss of $(10.6) million, an improvement from a loss of $(13.9) million in Q4 2023 [18] - Full year adjusted EBITDA was a loss of $(49.5) million, compared to a loss of $(56.9) million in 2023 [19] Business Outlook - The company expects service revenue to continue increasing throughout 2025, with product revenue in the first half of 2025 anticipated to be similar to the second half of 2024 [5] - Blink Charging aims to achieve profitability and expand its charging network globally, with improved visibility around its timeline to reach adjusted EBITDA profitability as the year progresses [6] Operational Highlights - Blink Charging contracted, deployed, or sold 4,357 charging stations in Q4 2024, totaling 19,771 chargers for the full year [8] - The company has launched strategic collaborations to enhance its charging infrastructure, including partnerships with ChargeHub and Power Design [26]
BLINK CHARGING ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS