Business
BLINK CHARGING ANNOUNCES STRONG FIRST QUARTER 2023 RESULTS
●First quarter 2023 total revenues increased 121% to $21.7 million compared to $9.8 million in first quarter of 2022 ●216% increase in service revenues(1) to
About this update from Blink Charging Co.
[{"type":"text","content":" ●First quarter 2023 total revenues increased 121% to $21.7 million compared to $9.8 million in first quarter of 2022 ●216% increase in service revenues(1) to $4.8 million in first quarter of 2023 compared to $1.5 million in first quarter of 2022 ●911% increase in network fees to $1.6 million in first quarter of 2023 compared to $0.2 million in first quarter of 2022 ●186% increase in gross profit to $4.5 million in first quarter of 2023 compared to $1.6 million in first quarter of 2022 ●6,461 charging stations contracted, deployed or sold in Q1 2023; 72,939 charging stations contracted, sold or deployed to date ●Following the close of the quarter, Blink subsidiary Blink Mobility acquires Envoy Technologies Miami Beach, Fla., May 09, 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 its first quarter ended March 31, 2023. The following top-line highlights are in thousands of dollars and unaudited. Three Months Ended March 31, 2023 2022 Increase Product Sales $16,389 $8,052 104%Service Revenues (1) 4,765 1,507 216%Other Revenues(2) 514 241 113%Total Revenues $21,668 $9,800 121% (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. “Following a landmark year of incredible growth and opportunity for Blink, our first quarter performance delivered an exceptionally strong start to 2023, including total revenue growth of 121%,” said Brendan Jones, President and Chief Executive Officer. “We have a world class team in place and as we move through the year and beyond, our focus remains on continuing to develop and bring to market our advanced and innovative technology, products and services. Likewise, we are expanding our manufacturing capabilities in the U.S. and internationally, to enhance our ability to meet consumer demands and exceed customer expectations as more and more drivers worldwide transition to EVs. Blink is fundamentally changing the way the U.S. and the world think about EV charging, and our robust pipeline reflects the strength of our brand and the recognition of our technology and capabilities in the market...