Blink Charging Q3 results

Electrifying Growth: Blink Charging Q3 Results, Revenue Surges 152% to Reach $43.4 Million, Stock Shines

Blink Charging Co, a prominent player in the electric vehicle (EV) charging industry, today disclosed its robust financial results for the third quarter (Q3) and nine months ending September 30, 2023. The company reported an extraordinary 152% surge in revenue, reaching $43.4 million, causing a notable spike in its stock value.

At the time of this publication, Blink Charging Co stock (BLNK) has witnessed a surge.
Blink Charging Co
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Blink Charging Co Q3 2023 Financial Results:


Total revenues for the third quarter of 2023 experienced a remarkable increase of 152%, soaring to $43.4 million, compared to the same period in 2022, marking an impressive uptick of $26.1 million. The surge was underpinned by significant growth in product sales, which escalated by 162% to $35.1 million, driven primarily by augmented sales of commercial Level 2 (L2) and DCFC chargers.

Service revenues, including charging service revenues, network fees, and car-sharing service revenues, saw a substantial uptick of 119% to $6.7 million. This increase, amounting to $3.7 million from Q3 2022, was fueled by heightened charger utilization in the U.S. and internationally, an increased number of chargers on the Blink networks, and revenue contributions from the Blink Mobility car-sharing service program.

Other revenues, encompassing warranty fees, grants and rebates, and miscellaneous revenues, witnessed a notable uptick of 95% to $1.6 million in Q3 2023, reflecting an increase of $773,000.

Gross Profit

Gross profit for the third quarter of 2023 witnessed an impressive surge of 167%, reaching $12.8 million, representing 29.5% of total revenue. This compares favorably to the gross profit of $4.8 million, or 27.7% of revenue, in the third quarter of 2022. The rise in gross margin is attributed to increased in-house production of chargers, yielding higher margins than contract-manufactured counterparts, and the growth in service revenue, including charging revenues and network fees.

Operating Expenses

Operating expenses in the third quarter of 2023 totaled $123.5 million, a substantial increase from $29.3 million in the same period in 2022. This quarter’s expenses include a non-cash goodwill and intangible assets impairment charge of $94.2 million, determined through a quantitative impairment analysis indicating that the fair value of all reporting units of the Company were less than the carrying amount. Excluding this non-cash impairment charge, operating expenses were $29.3 million.

Net Loss and Loss Per Share

Net loss for Q3 2023 stood at $112.7 million, or $(1.74) per share, in contrast to a net loss of $25.6 million, or $(0.51) per share, in Q3 2022. The spike in loss per share is primarily attributable to the non-cash goodwill and intangible assets impairment charge, amounting to $1.54 per share in the quarter.

Adjusted EBITDA and Adjusted EPS

Adjusted EBITDA for the third quarter of 2023 registered a loss of $11.7 million, an improvement compared to the $17.6 million loss in the same period in the previous year. Adjusted EPS for Q3 2023 posted a loss of $(0.16), an improvement from the adjusted EPS loss of $(0.47) in Q3 2022.

Cash and Cash Equivalents

As of September 30, 2023, Blink Charging reported cash and cash equivalents totaling $66.7 million. Notably, the cash burn in the third quarter of 2023 improved significantly, reaching $17 million.

Investors and industry analysts are closely monitoring Blink Charging as it continues to establish itself as a major player in the rapidly expanding EV charging market. The company’s strategic moves and financial performance will likely remain in the spotlight as it navigates the evolving landscape of sustainable transportation.

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