Blink(BLNK) Newsfilter·2025-03-13 20:40Financial Performance - Blink Charging Co. reported total revenues of 42.7 million in Q4 2023 [7][8] - For the full year 2024, total revenues were 140.6 million in 2023 [7][8] - Product revenues for Q4 2024 were 33.4 million in Q4 2023, while full year product revenues were 109.4 million in 2023 [9][11] - Service revenues increased by 24% to 34.8 million [10][11] - Other revenues saw a significant increase of 128.1% in Q4 2024, totaling 9.7 million [11][12] Profitability and Expenses - Gross profit for Q4 2024 was 40.8 million with a gross margin of 32% [13] - Operating expenses in Q4 2024 were 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 240.7 million, slightly up from 110.8 million when excluding non-cash charges [15] Net Loss and Adjusted Metrics - The net loss for Q4 2024 was (0.73) per share, compared to a net loss of (0.28) per share in Q4 2023 [16] - For the full year 2024, the net loss was (1.96) per share, an improvement from a net loss of (3.21) per share in 2023 [17] - Adjusted EBITDA for Q4 2024 was a loss of (13.9) million in Q4 2023 [18] - Full year adjusted EBITDA was 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]