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BLINK CHARGING ANNOUNCES FIRST QUARTER 2025 RESULTS
BLNKBlink(BLNK) GlobeNewswire·2025-05-12 20:02

Core Insights - Blink Charging Co. reported a significant decline in total revenues for Q1 2025, amounting to 20.8million,down44.820.8 million, down 44.8% from 37.6 million in Q1 2024, primarily due to the uncertain economic climate affecting customer spending [8][4][10] - Despite the overall revenue decline, service revenues increased by 29.2% to 10.6million,drivenbyhigherutilizationofBlinkchargersandanincreaseinthenumberofchargersonthenetwork[10][12]−Thecompanyisoptimisticaboutfuturegrowth,expectingsequentialrevenueincreasesinQ22025andcontinuedgrowththroughouttheyear,particularlyinservicerevenues[6][4]FinancialPerformance−Productsalesdroppedsignificantlyby69.510.6 million, driven by higher utilization of Blink chargers and an increase in the number of chargers on the network [10][12] - The company is optimistic about future growth, expecting sequential revenue increases in Q2 2025 and continued growth throughout the year, particularly in service revenues [6][4] Financial Performance - Product sales dropped significantly by 69.5% to 8.4 million in Q1 2025 compared to 27.5millioninQ12024[2][9]−GrossprofitforQ12025was27.5 million in Q1 2024 [2][9] - Gross profit for Q1 2025 was 7.4 million, representing a gross margin of 35.5%, slightly down from 35.7% in Q1 2024 [12][8] - Operating expenses decreased by 7.9% to 28.4millioninQ12025,comparedto28.4 million in Q1 2025, compared to 30.9 million in Q1 2024 [13][8] Net Loss and Adjusted Metrics - The net loss for Q1 2025 was 20.7million,or20.7 million, or 0.20 per share, compared to a net loss of 17.2million,or17.2 million, or 0.17 per share, in Q1 2024 [14][17] - Adjusted EBITDA for Q1 2025 was a loss of 15.5million,worseningfromalossof15.5 million, worsening from a loss of 10.2 million in Q1 2024 [15][31] - Adjusted EPS for Q1 2025 was a loss of 0.18,comparedtoalossof0.18, compared to a loss of 0.13 in Q1 2024 [17][31] Cash Position and Liquidity - As of March 31, 2025, cash, cash equivalents, and marketable securities totaled 42.0million,downfrom42.0 million, down from 55 million at the end of 2024 [19][27] - The company had no cash debt as of March 31, 2025, indicating a strong liquidity position despite the losses [19] Strategic Developments - Blink Charging announced a collaboration with Create Energy to introduce a turnkey NanoGrid solution aimed at enhancing the reliability of DC fast charging installations [5][4] - The company added 319 Blink-owned chargers to its network during the first quarter, contributing to the growth in service revenues [8][10] - Blink Charging UK was awarded 'Preferred Bidder' status for a 15-year contract with Brighton & Hove, valued at £500,000, to provide a minimum of 350 chargers [20]