Blink Charging Co. BLNKreported its first-quarter financial results after the bell Thursday. Here’s a look at the highlights.
The Details: Blink Charging reported quarterly losses of 13 cents per share which beat the analyst consensus estimate of losses of 24 cents by 45.83%.
Quarterly sales of $37.57 million beat the analyst consensus estimate of $33.38 million by 12.55% and represented a 73.38% increase in sales year-over-year.
The company reported a 36% gross margin in the first quarter of 2024 compared to a 21% gross margin in the first quarter of 2023, and 4,555 charging stations were contracted, deployed or sold in the first quarter of 2024.
“Blink achieved record first quarter revenues of $38 million with gross margin of 36%. Our performance outpaced the industry, demonstrating Blink’s growing leadership role in the EV infrastructure market. Importantly, our progress demonstrates the ongoing success of our strategic initiatives to leverage vertical integration capabilities and increased scale, while optimizing operations for continuous improvement across all levels of our organization,” said Brendan S. Jones, CEO of Blink Charging.
Outlook: Blink maintained its target of revenues between $165 million and $175 million and reiterated its target of achieving a positive adjusted EBITDA run rate by December 2024.
The company targets gross margin for full year 2024 of approximately 33%.
BLNK Price Action: According to Benzinga Pro, Blink Charging shares are up 3.87% after-hours at $2.95 at the time of publication Thursday.
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