Business
BLINK CHARGING ANNOUNCES RECORD FOURTH QUARTER AND YEAR END 2022 RESULTS
Significant topline growth driven both organically and via strategic acquisitions Full Year 2022 total revenues increased 192% to $61.1 million compared to
About this update from Blink Charging Co.
[{"type":"text","content":"Significant topline growth driven both organically and via strategic acquisitions Full Year 2022 total revenues increased 192% to $61.1 million compared to $20.9 million for full year 2021; Q4 2022 total revenues increased 184% to $22.6 million compared to $7.9 million in Q4 2021213% increase in service revenues(1) to $5.7 million in Q4 2022 compared to $1.8 million in Q4 2021827% increase in network fees to $2.3 million in Q4 2022 compared to $0.2 million in Q4 2021 370% increase in gross profit to $6.5 million in Q4 2022 compared to $1.4 million in Q4 20217,571 charging stations contracted, deployed or sold in Q4 2022; increase of 86% over Q4 2021Integration of recently acquired SemaConnect and EB Charging progressing on track Following the close of the quarter, Blink closed a public offering with gross proceeds of $100 million Miami Beach, FL, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the fourth quarter and year ended December 31, 2022. The following financial highlights are in thousands of dollars and unaudited. Three Months Ended Year Ended December 31, December 31, 2022 2021 Increase 2022 2021 IncreaseProduct Sales$15,780 $5,718 176% $46,018 $15,480 197%Service Revenues (1) 5,673 1,813 213% 12,504 4,414 183%Other Revenues(2) 1,153 419 175% 2,617 1,046 150%Total Revenues $22,606 $7,950 184% $61,139 $20,940 192% (1) Service Revenues consist of charging service revenues, network fees, and ride-sharing service revenues.(2) Other Revenues consist of other revenues, warranties, and grants and rebates “2022 was a milestone year for Blink, highlighted by revenue that nearly tripled, substantially improved gross margin performance, and the strategic acquisitions and integrations of SemaConnect and EB Charging, which significantly enhanced our global presence. The addition of SemaConnect, also provided us with vertically integrated manufacturing capabilities in the U.S., qualifying Blink for Buy American eligibility and incentives. Blink’s record topline performance throughout 2022 outpaced our industry and demonstrates our ability to drive organic growth for our EV charging products and services as well as the strength of the strategic ac...