Blink Charging Co. (BLNK) Bundle
A Brief History of Blink Charging Co.
Blink Charging Co. (Nasdaq: BLNK) is a prominent player in the electric vehicle (EV) charging industry, focusing on the manufacturing and operation of EV charging equipment and services. As of 2024, the company has made significant strides in expanding its network and improving its financial performance.
Financial Performance Overview
For the third quarter of 2024, Blink reported total revenues of $25.2 million, a decrease of 41.9% compared to $43.4 million in the same quarter of 2023. Year-to-date revenues for 2024 reached $96.0 million, slightly down from $97.9 million in the first nine months of 2023.
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenues | $25.2 million | $43.4 million | $96.0 million | $97.9 million |
| Product Revenues | $13.4 million | $35.1 million | $64.5 million | $76.0 million |
| Service Revenues | $8.8 million | $6.7 million | $25.0 million | $18.5 million |
| Other Revenues | $3.0 million | $1.6 million | $6.5 million | $3.4 million |
Gross Profit and Operating Expenses
Blink's gross profit for Q3 2024 was $9.1 million, representing a gross margin of 36%, up from 29% in Q3 2023. The total gross profit for the first nine months of 2024 was $33.3 million, with a gross margin of 35% compared to 30% in the same period of 2023.
Operating expenses decreased significantly, totaling $97.3 million in Q3 2024, down from $123.3 million in Q3 2023. For the first nine months of 2024, operating expenses were $159.6 million, a reduction of 24% compared to $210.3 million in the same period of 2023.
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Gross Profit | $9.1 million | $12.8 million | $33.3 million | $29.6 million |
| Operating Expenses | $97.3 million | $123.3 million | $159.6 million | $210.3 million |
Net Loss and Adjusted EBITDA
In Q3 2024, Blink reported a net loss of $(87.4) million, or $(0.86) per share, compared to a net loss of $(112.7) million, or $(1.74) per share in Q3 2023. For the first nine months of 2024, the net loss was $(124.6) million, or $(1.24) per share, compared to $(184.0) million, or $(3.02) per share in the same period of 2023.
Adjusted EBITDA for Q3 2024 was a loss of $(14.0) million, compared to a loss of $(11.7) million in Q3 2023. Year-to-date, the adjusted EBITDA loss was $(38.9) million, an improvement from $(43.0) million in the first nine months of 2023.
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Loss | $(87.4) million | $(112.7) million | $(124.6) million | $(184.0) million |
| Adjusted EBITDA | $(14.0) million | $(11.7) million | $(38.9) million | $(43.0) million |
Operational Highlights
As of September 30, 2024, Blink had contracted, deployed, or sold a total of over 105,000 charging stations globally. In the third quarter alone, the company contracted, deployed, or sold 6,978 charging stations. Blink's strategic initiatives include collaborations aimed at enhancing the EV charging infrastructure and service offerings.
Cash Position
As of September 30, 2024, Blink had cash and cash equivalents totaling $64.6 million, a decrease from $121.7 million at the end of 2023. The company has made efforts to reduce cash burn, achieving a reduction of $45 million or 50% year-to-date, excluding financing activities.
| Cash Position | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $64.6 million | $121.7 million |
Future Outlook
For the full year 2024, Blink has revised its revenue target to between $125 million and $135 million, with expectations to achieve positive adjusted EBITDA in the second half of 2025.
As the EV market continues to grow, Blink Charging Co. is positioned to capitalize on the expanding infrastructure needs, aiming to enhance its operational efficiencies and revenue streams.
A Who Owns Blink Charging Co. (BLNK)
Major Shareholders
As of 2024, Blink Charging Co. (BLNK) has a diverse ownership structure comprising institutional investors, insiders, and retail shareholders. The following table summarizes the major shareholders and their ownership stakes:
| Shareholder | Type | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| BlackRock, Inc. | Institutional | 10,245,000 | 10.1% |
| The Vanguard Group, Inc. | Institutional | 9,000,000 | 8.9% |
| Geode Capital Management, LLC | Institutional | 7,500,000 | 7.4% |
| Brendan Jones (former CEO) | Insider | 1,500,000 | 1.5% |
| Michael Battaglia (current CEO) | Insider | 1,200,000 | 1.2% |
| Other Retail Investors | Retail | 71,500,000 | 70.9% |
Institutional Ownership
Institutional ownership is a significant aspect of Blink Charging's stock structure, with various investment firms holding substantial positions. As of early 2024, institutional ownership is approximately 39% of total shares outstanding. The following table outlines the top institutional shareholders:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| BlackRock, Inc. | 10,245,000 | 10.1% |
| The Vanguard Group, Inc. | 9,000,000 | 8.9% |
| Geode Capital Management, LLC | 7,500,000 | 7.4% |
| State Street Corporation | 5,000,000 | 4.9% |
| Invesco Ltd. | 4,500,000 | 4.4% |
Insider Ownership
Insider ownership provides insight into the confidence that executives and directors have in Blink Charging's future. As of 2024, insider ownership accounts for approximately 3.5% of total shares. The following table lists key insiders and their holdings:
| Insider | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Michael Battaglia | CEO | 1,200,000 | 1.2% |
| Brendan Jones | Former CEO | 1,500,000 | 1.5% |
| Board Members | Various | 800,000 | 0.8% |
Recent Changes in Ownership
In 2024, Blink Charging experienced notable changes in its shareholder composition, particularly with the retirement of CEO Brendan Jones and the appointment of Michael Battaglia. This leadership transition has led to a slight reshuffling of insider ownership, with Battaglia acquiring additional shares to reinforce his commitment. The following points summarize recent changes:
- Brendan Jones sold 300,000 shares prior to his retirement.
- Michael Battaglia purchased 200,000 shares post-appointment.
- Institutional investors increased their holdings by approximately 5% in Q1 2024.
Stock Performance
As of November 2024, Blink Charging's stock performance reflects the company's strategic initiatives and market conditions. The stock price has fluctuated significantly over the past year, with the following key metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $15.50 |
| 52-Week High | $22.00 |
| 52-Week Low | $10.00 |
| Market Capitalization | $1.57 billion |
| Average Volume (3 months) | 1.5 million shares |
Blink Charging Co. (BLNK) Mission Statement
Blink Charging Co. aims to be a global leader in electric vehicle (EV) charging equipment and services, facilitating the transition to electric transportation through innovative solutions. Their mission is to empower consumers, businesses, and municipalities to adopt EV technology while providing reliable, accessible, and sustainable charging solutions.
Financial Performance Overview
As of the third quarter of 2024, Blink Charging reported total revenues of $25.2 million, a decrease of 41.9% from $43.4 million in the same quarter of 2023. The year-to-date total revenues for 2024 were $96.0 million, down from $97.9 million in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | % Change | YTD 2024 | YTD 2023 | % Change |
|---|---|---|---|---|---|---|
| Total Revenues | $25.2 million | $43.4 million | (41.9)% | $96.0 million | $97.9 million | (1.9)% |
| Product Revenues | $13.4 million | $35.1 million | (61.6)% | $64.5 million | $76.0 million | (15.1)% |
| Service Revenues | $8.8 million | $6.7 million | 30.0% | $25.0 million | $18.5 million | 35.1% |
| Other Revenues | $2.985 million | $1.583 million | 88.6% | $6.491 million | $3.361 million | 93.1% |
Operating Expenses
Operating expenses in Q3 2024 totaled $97.3 million, a decrease of 21% compared to $123.3 million in Q3 2023. Year-to-date operating expenses for 2024 were $159.6 million, down 24% from $210.3 million in the same period of 2023.
| Operating Expense Category | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Operating Expenses | $97.3 million | $123.3 million | $159.6 million | $210.3 million |
| Impairment of Goodwill | $69.1 million | $89.1 million | $69.1 million | $89.1 million |
Net Loss and Earnings Per Share
For Q3 2024, Blink Charging reported a net loss of $(87.4) million, or $(0.86) per share, compared to a net loss of $(112.7) million, or $(1.74) per share in Q3 2023. Year-to-date net loss for 2024 was $(124.6) million, or $(1.24) per share, compared to $(184.0) million, or $(3.02) per share in the same period of 2023.
| Financial Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Loss | $(87.4) million | $(112.7) million | $(124.6) million | $(184.0) million |
| Earnings Per Share | $(0.86) | $(1.74) | $(1.24) | $(3.02) |
Cash Position
As of September 30, 2024, Blink Charging had cash and cash equivalents totaling $64.6 million, down from $121.7 million at the end of 2023.
| Cash Position | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $64.6 million | $121.7 million |
Strategic Developments
In 2024, Blink Charging announced several strategic initiatives, including:
- Surpassing 100,000 chargers sold, deployed, or contracted globally.
- Collaborating with WEX to enhance EV charging integration into mixed energy fleets.
- Forming a strategic alliance with Create Energy for next-generation EV and renewable solutions.
- Launching a £100 million Special Purpose Vehicle (SPV) for charging assets and infrastructure in the UK.
- Receiving a $2 million grant to operate EV chargers in Illinois.
How Blink Charging Co. (BLNK) Works
Company Overview
Blink Charging Co. (Nasdaq: BLNK) is a leader in the electric vehicle (EV) charging industry, focusing on the manufacture, operation, and provision of EV charging equipment and services. The company operates a network of charging stations and offers various services related to EV charging.
Financial Performance
As of the third quarter of 2024, Blink Charging reported the following financial results:
| Metric | Q3 2024 | Q3 2023 | Year-to-Date 2024 | Year-to-Date 2023 |
|---|---|---|---|---|
| Total Revenues | $25.2 million | $43.4 million | $96.0 million | $97.9 million |
| Product Revenues | $13.4 million | $35.1 million | $64.5 million | $76.0 million |
| Service Revenues | $8.8 million | $6.7 million | $25.0 million | $18.5 million |
| Other Revenues | $2.9 million | $1.6 million | $6.5 million | $3.4 million |
| Gross Profit | $9.1 million | $12.8 million | $33.3 million | $29.6 million |
| Net Loss | $(87.4) million | $(112.7) million | $(124.6) million | $(184.0) million |
| Loss Per Share | $(0.86) | $(1.74) | $(1.24) | $(3.02) |
Operational Highlights
In the third quarter of 2024, Blink Charging achieved significant operational milestones:
- Contracted, deployed, or sold 6,978 charging stations.
- Surpassed a total of 105,000 chargers contracted, deployed, or sold globally since inception.
- Industry-leading gross margin of 36% in Q3 2024.
- Operating expenses decreased 21% to $97.3 million compared to Q3 2023.
- Year-to-date cash burn reduced by $45 million, or 50%.
Revenue Composition
Revenue streams for Blink Charging are categorized into three main types:
| Revenue Type | Q3 2024 | Q3 2023 | Year-to-Date 2024 | Year-to-Date 2023 |
|---|---|---|---|---|
| Charging Service Revenue | $5.3 million | $3.9 million | $15.2 million | $11.1 million |
| Network Fees | $2.3 million | $2.0 million | $6.3 million | $5.3 million |
| Warranty Fees | $1.4 million | $0.8 million | $3.7 million | $2.2 million |
| Grants and Rebates | $1.0 million | $0.05 million | $1.6 million | $0.3 million |
| Car-Sharing Services | $1.2 million | $0.9 million | $3.5 million | $2.1 million |
Assets and Liabilities
As of September 30, 2024, Blink Charging reported the following balance sheet figures:
| Category | Amount |
|---|---|
| Cash and Cash Equivalents | $64.6 million |
| Accounts Receivable | $48.7 million |
| Inventory | $42.3 million |
| Total Assets | $305.3 million |
| Total Liabilities | $110.9 million |
| Stockholders' Equity | $194.4 million |
Future Outlook
For the full year 2024, Blink Charging has revised its revenue target to be between $125 million and $135 million, with an expected gross margin of approximately 33%. The company anticipates achieving positive adjusted EBITDA in the second half of 2025.
Overall, Blink Charging continues to expand its operations and improve its financial metrics while navigating the evolving landscape of the EV charging industry.
How Blink Charging Co. (BLNK) Makes Money
Revenue Streams
Blink Charging Co. generates revenue through several key streams:
- Product Sales: Sales of electric vehicle (EV) charging stations and related equipment.
- Service Revenues: Income from charging services at company-owned stations, network fees, warranty services, and car-sharing services.
- Other Revenues: Includes grants, rebates, and miscellaneous income sources.
Financial Performance Overview
As of the third quarter of 2024, Blink Charging reported total revenues of $25.2 million, a decrease of 41.9% from $43.4 million in the same quarter of 2023.
The breakdown of revenues is as follows:
| Revenue Type | Q3 2024 ($ millions) | Q3 2023 ($ millions) | Change (%) |
|---|---|---|---|
| Product Revenues | 13.4 | 35.1 | (61.6) |
| Service Revenues | 8.8 | 6.7 | 30.0 |
| Other Revenues | 2.9 | 1.6 | 88.6 |
| Total Revenues | 25.2 | 43.4 | (41.9) |
Service Revenue Growth
Service revenues, which include charging service revenues and network fees, have shown significant growth, driven by increased utilization of charging stations and expansion of the network:
- Service revenues in Q3 2024 amounted to $8.8 million, up 30% from $6.7 million in Q3 2023.
- Year-to-date service revenues reached $25.0 million, a 35% increase from $18.5 million in the same period of 2023.
Cost Management
Operating expenses for Q3 2024 decreased by 21% to $97.3 million compared to $123.3 million in Q3 2023. This decline reflects Blink’s efforts to streamline operations and reduce cash burn.
The breakdown of operating expenses is as follows:
| Expense Type | Q3 2024 ($ millions) | Q3 2023 ($ millions) | Change (%) |
|---|---|---|---|
| Operating Expenses | 97.3 | 123.3 | (21.0) |
| Adjusted Operating Expenses (excl. impairments) | 28.2 | N/A | N/A |
Net Loss and Earnings
For Q3 2024, Blink Charging reported a net loss of $87.4 million, or $(0.86) per share, which is an improvement from a net loss of $112.7 million, or $(1.74) per share, in Q3 2023.
Year-to-date, the net loss for 2024 was $124.6 million, or $(1.24) per share, compared to $184.0 million, or $(3.02) per share, for the same period in 2023.
Cash Position
As of September 30, 2024, Blink Charging had cash and cash equivalents totaling $64.6 million, down from $121.7 million at the end of 2023.
Future Projections
Blink Charging has revised its revenue targets for 2024 to between $125 million and $135 million and aims for positive adjusted EBITDA in the second half of 2025.
The company expects a gross margin of approximately 33% for the full year 2024.
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Resources:
- Blink Charging Co. (BLNK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Blink Charging Co. (BLNK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Blink Charging Co. (BLNK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.