Blink Charging Co., a prominent manufacturer and provider of electric vehicle (EV) charging solutions, has announced a remarkable 152% growth in third-quarter revenue, reaching $43.4 million. This significant rise compares to the $17.2 million recorded in the same quarter last year. Blink’s gross profit also saw a substantial increase of 167%, amounting to $12.8 million.
Why It Matters
The impressive growth underscores Blink Charging’s expanding influence in the EV charging industry. With EV adoption on the rise, the company’s strategic positioning to cater to a diverse range of charging needs is proving successful. This performance not only marks a pivotal moment for Blink but also reflects broader trends in the EV sector, highlighting the increasing demand for efficient and accessible charging solutions.
Key Points
- Revenue Growth: Third-quarter revenues soared to $43.4 million, a 152% increase year-over-year.
- Gross Profit: Gross profit rose by 167%, with a gross margin of 29.5%.
- Product Sales: A 162% growth in product sales, totaling $35.1 million.
- Service Revenues: Service revenues, including charging services and network fees, jumped by 119% to $6.7 million.
- Charging Stations: Blink contracted, deployed, or sold 5,956 charging stations during the quarter.
- Revenue Targets: The 2023 revenue target has been raised to $128 – $133 million.
- Adjusted EBITDA: Blink aims for an adjusted EBITDA break-even run rate by December 2024.
Bottom Line
Blink Charging’s record-breaking third-quarter results reflect a robust growth trajectory, driven by increased product sales and service revenues. The company’s upward revision of its 2023 revenue target and its strategic initiatives, including expanding its global footprint and enhancing its product portfolio, position it well in the rapidly evolving EV charging market. This performance not only benefits Blink’s financial standing but also contributes to the broader adoption and accessibility of EV charging infrastructure, pivotal in the transition to sustainable transportation.
