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Editor’s note: This story has been updated to correct Blink Charging’s second-quarter adjusted earnings per share figure to a loss of 18 cents. Benzinga apologizes for the error.
Blink Charging Co (NASDAQ:BLNK) reported its second-quarter financial results Wednesday after the bell. Here’s a rundown of the print.
Q2 Earnings: Blink reported second-quarter revenue of $33.26 million, missing analyst estimates of $39.06 million. The company reported an adjusted loss of 18 cents per share, missing analyst estimates for a loss of 15 cents per share, according to Benzinga Pro.
Product revenue came in at $23.6 million, down from $24.6 million in the prior year’s quarter. Service revenue increased 15% year-over-year to $8 million, and other revenue increased 29% year-over-year to $1.6 million.
The company ended the quarter with $73.9 million in cash and cash equivalents, down from $121.7 million as of Dec. 31, 2023.
“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,” said Brendan Jones, president and CEO of Blink Charging.
“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 build-out that will be with us for many decades to come.”
Outlook: Blink lowered its full-year 2024 revenue guidance from a range of $165 million to $175 million to a new range of $145 million to $155 million. The company also updated its timeline to achieve Adjusted EBITDA during 2025. Blink previously said it was targeting a positive adjusted EBITDA run rate by December 2024.
Blink’s management team will hold a conference call to discuss these quarterly results at 4:30 p.m. ET.
BLNK Price Action: Blink Charging shares were down after-hours 10.17%, trading at $2.25 at the time of publication Wednesday, according to Benzinga Pro.
Photo: Courtesy of Blink Charging.
Posted In: BLNK
