Business
BLINK CHARGING ANNOUNCES SECOND QUARTER 2024 RESULTS
Second quarter 2024 total revenues of $33.3 million, an increase over total revenues of $32.8 million in second quarter of 2023; 30% increase in year-to-date
About this update from Blink Charging Co.
[{"type":"text","content":"Second quarter 2024 total revenues of $33.3 million, an increase over total revenues of $32.8 million in second quarter of 2023; 30% increase in year-to-date 2024 total revenues to $70.8 millionSecond quarter 2024 product revenues of $23.6 million compared to $24.6 million in second quarter of 2023; 25% increase in year-to-date 2024 product revenues to $51.1 million15% increase in service revenues to $8.0 million in second quarter of 2024 compared to $7.0 million in second quarter 2023; 38% increase in year-to-date 2024 service revenues to $16.2 millionService revenue contributed 24% of total revenue compared with 21% in the same period last yearIndustry leading gross margin of 32% in the second quarter of 2024(1); 34% gross margin year-to-dateSecond quarter 2024 operating expenses decreased 41% to $31.4 million compared to second quarter of 2023; 28% decrease in year-to-date 2024 operating expenses to $62.3 million4,106 charging stations contracted, deployed or sold in second quarter of 2024 Bowie, MD, Aug. 07, 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 second quarter ended June 30, 2024. The following top-line highlights are in thousands of dollars and preliminary. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % Change 2024 2023 % Change Product Revenues $23,582 $24,587 (4.1%) $51,090 $40,976 24.7%Service Revenues (2) 8,045 6,991 15.1% 16,234 11,756 38.1%Other Revenues (3) 1,635 1,264 29.4% 3,506 1,778 97.2%Total Revenues $33,262 $32,842 1.3% $70,830 $54,510 29.9% (1)Among comparative full-service publicly traded charging providers in the U.S. (2)Service Revenues consist of charging service revenues, network fees, and car-sharing service revenues. (3)Other Revenues consist of warranty fees, grants and rebates, and other revenues. “During the quarter, we continued to gain market share and expand our charging footprint with 4,106 charging stations contracted, sold, or deployed, and nearly 33 gigawatt hours disbursed across the Blink charging networks. While our sales performance reflected the general short-term softening of EV demand, we are unquestionably still at the forefront of a massive charging infrastructure b...