Business
BLINK CHARGING ANNOUNCES FIRST QUARTER REVENUE GROWTH OF 73% TO $37.6 MILLION AND GROSS MARGIN OF 36%
●First quarter 2024 total revenues increased 73% to $37.6 million compared to $21.7 million in first quarter of 2023 ●68% increase in product revenues to
About this update from Blink Charging Co.
[{"type":"text","content":" ●First quarter 2024 total revenues increased 73% to $37.6 million compared to $21.7 million in first quarter of 2023 ●68% increase in product revenues to $27.5 million in first quarter of 2024 compared to $16.4 million in first quarter of 2023 ●72% increase in service revenues to $8.2 million in first quarter of 2024 compared to $4.8 million in first quarter 2023 ●195% increase in gross profit to $13.4 million in first quarter of 2024 compared to $4.5 million in first quarter of 2023 ●36% gross margin in first quarter of 2024 compared to 21% gross margin in first quarter of 2023 ●4,555 charging stations contracted, deployed or sold in first quarter of 2024 Bowie, MD, May 09, 2024 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK) (“Blink” or the “Company”), a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the first quarter ended March 31, 2024. The following top-line highlights are in thousands of dollars and preliminary. Three Months Ended March 31, 2024 2023 Increase Product Sales $27,508 $16,389 68%Service Revenues (1) 8,189 4,765 72%Other Revenues(2) 1,871 514 264%Total Revenues $37,568 $21,668 73% (1)Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues.(2)Other Revenues consist of warranty fees, grants and rebates, and other revenues. “Blink achieved record first quarter revenues of $38 million with gross margin of 36%. Our performance outpaced the industry, demonstrating Blink’s growing leadership role in the EV infrastructure market. Importantly, our progress demonstrates the ongoing success of our strategic initiatives to leverage vertical integration capabilities and increased scale, while optimizing operations for continuous improvement across all levels of our organization. “We have been focused on structurally adjusting our operations to position Blink to continue winning business and also to adjust our ongoing operating expenses so that, if needed, we can respond effectively to longer-than-anticipated changes in market conditions. It is encouraging to see that our vertical integration strategy is yielding results and making Blink more resilient, with production of our ‘Buy-American’ chargers well underway at our Maryland manufacturing facility. Additionally, we are...