Blink Charging (BLNK) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $33.3M, up 1% year-over-year, with service revenue at $8M, up 15% year-over-year.

• Gross margin for Q2 was 32.2%, with gross profit at $10.7M, down 13% year-over-year.

• Net loss narrowed to $20.1M ($0.20/share) in Q2 2024 from $41.5M ($0.67/share) in Q2 2023; adjusted EBITDA loss was $14.7M.

• 4,106 charging stations were contracted, sold, or deployed globally in Q2, with global charger count up 25% year-over-year.

• Operating expenses dropped 41% year-over-year to $31.4M, reflecting significant cost reductions.

Financial highlights

• Q2 2024 product sales were $23.6M (down 4% year-over-year); H1 product sales: $51.1M (up 25%).

• Q2 service revenue: $8M (up 15% year-over-year); H1 service revenue: $16.2M (up 38%).

• Q2 gross profit: $10.7M; H1 gross profit: $24.1M (up 43% year-over-year).

• Q2 gross margin: 32%; H1 gross margin: 34% (up from 31% in H1 2023).

• Cash and equivalents at June 30, 2024: $73.9M; working capital: $111.8M.

Outlook and guidance

• 2024 revenue target adjusted to $145M–$155M due to EV market softness.

• Gross margin target maintained at ~33% for 2024.

• Positive adjusted EBITDA now expected in 2025.

• Service revenue expected to grow as a share of total revenue.