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Blink Charging Co (NASDAQ:BLNK) shares are trading lower Thursday after the company reported worse-than-expected financial results for the second quarter and lowered its guidance.
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.
Blink 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.
Following the print, Needham analyst Chris Pierce maintained Blink with a Buy rating and lowered the price target from $6 to $4.
BLNK Price Action: Blink shares were down 15.6% at $2.12 at the time of publication, according to Benzinga Pro.
Photo: Virginia Clean Cities from Flickr.
Posted In: BLNK
