Sprouts Farmers Market closes $600 million revolving credit facility
NEW YORK - Blink Charging Co. (NASDAQ:BLNK) reported mixed fourth quarter results, with earnings beating estimates but revenue falling short of expectations. The electric vehicle charging company also provided an outlook for 2025.
Blink reported fourth quarter adjusted earnings per share of -$0.15, topping the analyst consensus estimate of -$0.16. Revenue came in at $30.18 million, below the $31.76 million analysts were expecting.
For the full year 2024, Blink reported total revenue of $126.2 million, down 10.2% from $140.6 million in 2023. However, service revenue grew 31.8% to $34.8 million.
Looking ahead, Blink expects service revenue to continue increasing throughout 2025. The company anticipates product revenue in the first half of 2025 to be similar to the second half of 2024, with improvement expected in the latter half of 2025.
"We are focused on achieving profitability and expanding our charging network globally," said Mike Battaglia, President and CEO of Blink Charging. "Our flexible business models, advanced software and network, and portfolio of diverse charging solutions position us as a charging infrastructure leader."
The company said it remains focused on revenue growth while reducing operating expenses and cash burn to drive towards profitability. Blink expects to gain more visibility on its timeline to reach adjusted EBITDA profitability as 2025 progresses.
As of December 31, 2024, Blink had cash liquidity of $55 million, including liquid marketable securities, and no cash debt.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.