BOWIE, MD - Blink Charging Co. (NASDAQ:BLNK), a prominent player in the electric vehicle (EV) charging sector, has reported a significant surge in its first quarter 2024 financial results. BLNK shares were up 2.5% after the announcement.
The company's earnings and revenue have surpassed analyst expectations, with a reported adjusted EPS loss of $0.13, which is $0.12 better than the analyst estimate of a $0.25 loss. Total revenues for the quarter reached $37.57 million, exceeding the consensus estimate of $34.49 million and marking a 73% increase from $21.7 million in the first quarter of the previous year.
The robust financial performance has been attributed to a 68% increase in product revenues, which rose to $27.5 million, and a 72% increase in service revenues, climbing to $8.2 million. Blink's gross profit saw a remarkable 195% increase to $13.4 million, with a gross margin of 36%, up from 21% in the same quarter last year. The company's success this quarter was driven by strong demand for its charging equipment and services, as well as increased charger utilization both in the U.S. and internationally.
Blink's stock responded positively to the news, with shares rising 2.5% as investors reacted to the earnings and revenue beat. Brendan S. Jones, President and CEO of Blink Charging, highlighted the company's strategic initiatives, including vertical integration and optimizing operations, as key factors in their strong quarter. "Our performance outpaced the industry, demonstrating Blink's growing leadership role in the EV infrastructure market," said Jones.
Looking ahead, Blink Charging has set its full-year 2024 revenue target between $165 million and $175 million, aligning with the analyst consensus of $170.5 million. The company also reiterated its target of achieving a positive adjusted EBITDA run rate by December 2024 and targets a gross margin of approximately 33% for the full year.
Despite lower bookings in April, Blink remains optimistic about its pipeline and the opportunities arising from competitors pulling back or exiting the charging space. The company's strategic positioning and focus on continuous improvement and profitability are expected to drive its progress through 2024 and beyond.
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