Blink Charging Co. Reports $126.2 Million Revenue for Fiscal Year 2024, Net Loss of $198.1 Million

Blink Charging Co. reported a total revenue of $126.2 million for the fiscal year ending December 31, 2024, a decrease of 10% from $140.6 million in 2023. The decline was primarily driven by a 25% drop in product sales, which fell to $81.7 million, attributed to reduced unit sales and a shift in the product mix of commercial and residential chargers. However, the company saw a 37% increase in charging service revenue, which rose to $21.4 million, reflecting higher utilization of chargers and an expanded network. Other revenue streams, including warranty and car-sharing services, also experienced significant growth, with warranty revenue increasing by 97% to $6.4 million and car-sharing services revenue rising by 41% to $4.7 million.

In terms of operational changes, Blink Charging made strategic acquisitions in 2022, including SemaConnect and Electric Blue, which helped expand its international presence and manufacturing capabilities. As of December 31, 2024, the company had deployed 109,596 chargers, with 87,500 connected to its Blink Networks. The company also reported a significant increase in its customer base, with new agreements established with various municipalities and organizations, including the City of South Lake Tahoe and the United States Postal Service.

Despite these operational advancements, Blink Charging continued to face challenges, reporting a net loss of $198.1 million for 2024, a slight improvement from the $203.7 million loss in 2023. The company attributed the ongoing losses to high operating expenses, including a notable impairment charge of $127 million related to goodwill. Total operating expenses remained relatively stable at $240.7 million, with reductions in compensation and general administrative costs partially offset by increases in other areas.

Looking ahead, Blink Charging aims to enhance its market position by expanding its EV charging infrastructure and exploring new revenue streams, such as subscription plans and occupancy fees for charging stations. The company is also focused on improving its operational efficiency and customer satisfaction, with plans to invest in technology innovations and strengthen its human capital. However, the company acknowledged the need for additional capital to support its growth initiatives, as it has not yet achieved profitability and continues to incur substantial losses.

As of December 31, 2024, Blink Charging had cash and cash equivalents of $41.8 million, down from $98.7 million in the previous year, and an accumulated deficit of approximately $736 million. The company is actively pursuing new financing opportunities to support its operations and growth strategy, while also addressing material weaknesses in its internal controls over financial reporting, as identified in its recent audit.