Business
BLINK CHARGING ANNOUNCES RECORD SECOND QUARTER WITH 186% REVENUE GROWTH AND 528% INCREASE IN GROSS PROFIT
Company raises 2023 revenue target to $110 - $120 million and targets adjusted EBITDA break even run rate by December 2024Second quarter 2023 total revenues
About this update from Blink Charging Co.
[{"type":"text","content":"Company raises 2023 revenue target to $110 - $120 million and targets adjusted EBITDA break even run rate by December 2024Second quarter 2023 total revenues increased 186% to $32.8 million compared to $11.5 million in second quarter of 2022211% increase in service revenues(1) to $7.0 million in second quarter of 2023 compared to $2.2 million in second quarter of 2022253% increase in network fees to $1.7 million in second quarter of 2023 compared to $0.5 million in second quarter of 2022528% increase in gross profit to $12.3 million in second quarter of 2023 compared to $2.0 million in second quarter of 2022Gross margin improved to 37% in second quarter of 2023 compared to 17% in second quarter of 20225,830 charging stations contracted, deployed or sold in second quarter of 2023 Miami Beach, FL, Aug. 08, 2023 (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 second quarter and six months ended June 30, 2023. The following top-line highlights are in thousands of dollars and unaudited. Three Months Ended June 30, 2023 2022 Increase Product Sales $24,587 $8,828 179%Service Revenues (1) 6,991 2,245 211%Other Revenues(2) 1,264 413 206%Total Revenues $32,842 $11,486 186% (1)Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues. (2)Other Revenues consist of other revenues, warranties, and grants and rebates. “This was the strongest quarter in the Company’s history reflecting the strength of our full service offering as well as a market that is just beginning its growth trajectory. Blink is the only U.S. vertically integrated EV charging company, manufacturing and selling our charging equipment while also owning and operating our own chargers and network. Our broad capabilities and go-to-market strategy provide us the flexibility to generate revenue from a diversified and growing customer base and allow us to limit some of the risks associated with being either an equipment manufacturer or a charging provider. Simply put, Blink is a sustainable full-service EV infrastructure provider driving considerable growth and value through our comprehensive business model and synergistic revenue streams,” said Brendan ...