Business
BLINK CHARGING ANNOUNCES RECORD FOURTH QUARTER WITH 89% REVENUE GROWTH TO $42.7 MILLION AND 130% INCREASE IN FULL YEAR 2023 REVENUES TO $140.6 MILLION
89% increase in 4Q23 revenues to $42.7 million; 130% increase in full year 2023 revenues to $140.6 million112% increase in 4Q23 product revenues to $33.4
About this update from Blink Charging Co.
[{"type":"text","content":"89% increase in 4Q23 revenues to $42.7 million; 130% increase in full year 2023 revenues to $140.6 million112% increase in 4Q23 product revenues to $33.4 million; 138% increase in full year product revenues to $109.4 million40% increase in 4Q23 service revenues to $7.9 million; 111% increase in full year service revenues to $26.4 million4Q23 gross profit of $10.6 million or 25% of revenues; record full year 2023 gross profit of $40.2 million or 29% of revenuesStrengthened balance sheet and improved liquidity by raising $113 million in gross proceeds via ATM and paid off $45.5 million in promissory notes and accrued interest 5,100 charging stations contracted, deployed or sold in fourth quarter of 2023; 23,347 in full year 2023 Bowie, MD, March 14, 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 fourth quarter and year ended December 31, 2023. The following top-line highlights are in thousands of dollars and preliminary. Three Months Ended Full Year Ended December 31, December 31, 2023 2022 Increase 2023 2022 IncreaseProduct Sales$33,381 $15,780 112% $109,416 $46,018 138%Service Revenues (1) 7,938 5,673 40% 26,429 12,504 111%Other Revenues(2) 1,392 1,153 21% 4,753 2,617 82%Total Revenues $42,711 $22,606 89% $140,598 $61,139 130% (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. “2023 was a historic year for Blink marked by significant achievements and remarkable growth. Total revenue grew 130% compared to 2022, and represents a 671% increase over 2021, fueled by strong demand and our ability to deliver operational excellence, with an intent focus on continuously improving and optimizing our products and services. This year we began to see the benefits of our new Blink network, which has a significantly improved user interface and experience, resulting in a more seamless charging ecosystem for our valued customers. Operationally, we achieved a significant milestone with the recent opening and start of production at our state-of-the-art manufacturing facility in the greater Washington D.C. area. This fa...