Welcome to our dedicated page for Blink Charging Co. news (Ticker: BLNK), a resource for investors and traders seeking the latest updates and insights on Blink Charging Co. stock.
Blink Charging Co. (NASDAQ: BLNK, BLNKW) is a prominent leader in the public electric vehicle (EV) charging sector in the United States. Headquartered in Florida, with additional offices in Arizona and California, Blink Charging is dedicated to accelerating the adoption of public EV charging. The company provides a range of EV charging equipment and connectivity solutions through its cloud-based Blink Network, which operates, manages, and tracks Blink EV charging stations and all associated data.
Blink Charging caters to a wide array of property partners, including multifamily residential complexes, commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking areas, schools, and workplaces. This diverse presence ensures that EV drivers can easily recharge their vehicles at a variety of convenient locations.
The company’s core business revolves around the sale and distribution of EV charging equipment and the revenues generated from customers and property partners who utilize equipment connected to its network. Blink Charging not only sells and installs charging stations but also offers a comprehensive suite of services to maintain and optimize their operation.
One of Blink Charging’s recent achievements includes the initial steps to provide twelve chargers at a high-volume sorting center in Rugby, UK. This marks a significant step in expanding their footprint beyond the United States. Additionally, the company has introduced Blink Care, an optional maintenance program designed to minimize charger downtime and enhance the overall charging experience for users.
Blink Charging’s strategic vision is further evidenced by its selection as one of the EV charging providers designated to support a more sustainable future by expanding charging infrastructure. Financially, Blink Charging maintains a robust position, with substantial proceeds from recent initiatives aimed at bolstering its market presence.
Blink Charging announced its second quarter 2024 financial results with total revenues of $33.3 million, up from $32.8 million in Q2 2023. Year-to-date (YTD) 2024 total revenues reached $70.8 million, a 30% increase.
Service revenues grew 15% in Q2 2024 to $8.0 million, contributing 24% to total revenues. YTD service revenues rose 38% to $16.2 million. Meanwhile, product revenues saw a slight decline to $23.6 million in Q2 2024 but increased 25% YTD to $51.1 million.
Gross margin stood at 32% for Q2 and 34% YTD. Operating expenses dropped 41% in Q2 to $31.4 million and 28% YTD to $62.3 million. Net loss for Q2 was $(20.1) million, or $(0.20) per share, compared to $(41.5) million, or $(0.67) per share, in Q2 2023. Adjusted EBITDA showed a loss of $(14.7) million for Q2 2024.
Cash and equivalents were $73.9 million as of June 30, 2024. Blink also adjusted its full-year 2024 revenue target to between $145 million and $155 million, with a goal to achieve positive adjusted EBITDA by 2025.
Blink Charging Co. (NASDAQ: BLNK), a leader in electric vehicle (EV) charging equipment and services, has announced that its Chief Operating Officer, Michael Battaglia, will be presenting at the J.P. Morgan 2024 Auto Conference. The presentation is scheduled for Thursday, August 8 at 9:30am ET in New York City.
Battaglia will also be available for one-on-one meetings throughout the day, providing an opportunity for investors to engage directly with the company's leadership. Interested parties can access the virtual presentation through a provided link, allowing for remote participation in this significant industry event.
Blink Charging Co. (NASDAQ: BLNK) has partnered with EVSTAR to offer an optional 5-year extended warranty for its U.S. customers. This comprehensive plan aims to enhance confidence in charger reliability and covers accidental damage, OEM connection issues, power surges, and more. EVSTAR, backed by a leading global insurance organization, will manage claims and schedule repairs.
The extended warranty may help customers avoid out-of-pocket expenses for eligible claims, including full replacement, repairs, de-installation, or re-installation within the warranty term. This initiative aligns with Blink's ongoing efforts to improve charger availability and reliability, allowing customers to focus on expanding their EV charging networks without worrying about repair logistics.
Blink Charging Co. (NASDAQ: BLNK) has been selected as an official supplier in NASPO ValuePoint's new EV Charging Station Portfolio. This initiative, led by the State of Maryland, aims to provide public entities nationwide with electric vehicle charging solutions to meet the growing demand for EV infrastructure. The portfolio offers a range of suppliers, manufacturers, and product options for Level 2 and DC Fast Charge EV charging stations, along with value-added services.
Through this contract, Blink's advanced EV charging equipment and services are now available for use by state governments, institutions of higher education, political subdivisions, and other eligible entities. The contract is active through May 31, 2027, with a possible extension to May 31, 2029. This selection reaffirms Blink's leadership in the electrification of transportation and its partnership with public agencies nationwide.
Blink Charging Co. (NASDAQ: BLNK), a leading global manufacturer and provider of EV charging equipment and services, has announced its upcoming second quarter 2024 financial results release and conference call. The company will disclose its Q2 results on Wednesday, August 7, 2024, after the financial markets close. A conference call and webcast are scheduled for 4:30 p.m. Eastern Time on the same day to discuss the results for the quarter ending June 30, 2024.
Investors can access the live webcast through Blink Charging's website or via a provided link. For those participating by phone, the dial-in number is (888) 506-0062 for domestic callers and (973) 528-0011 for international callers, with the access code 985434. A replay of the teleconference will be available until September 6, 2024.
Meristem Communities has partnered with Envoy Technologies Inc., a Blink Charging Co. entity, to provide EV car-sharing services at Indigo, a new 235-acre neighborhood in Fort Bend County, Texas. Residents will have access to Rivian R1T vehicles through the Envoy mobile app, with booking options by minute, hour, or day. Charging stations will be available on-site at no additional cost.
Indigo, currently in phase one of development, will feature approximately 800 residences, 42 acres of agriculture, a 25-acre lake, and over 70,000 square feet of mixed-use commercial development. The community is designed with a people-first approach, focusing on resilient residential life, work, and leisure.
This marks Envoy's debut in Texas, with the company already operational in 23 states across the USA. The service aims to reduce the need for second car ownership and promote a less auto-centered lifestyle.
Prima at Paseo South Gulch, a 278-unit residential tower in Nashville, has partnered with Envoy Technologies, a subsidiary of Blink Charging, to offer an electric vehicle (EV) car-sharing program as an amenity to residents. Branded 'Mobility as an Amenity,' the service allows residents to book electric cars through the Envoy app, available on both Android and iOS, by the hour or day. The initiative also includes dedicated on-site charging stations available for residents and guests at no cost. Prima aims to enhance urban living with high-end amenities, integrating residential, commercial, and hospitality spaces. Envoy's service, already available in multiple states, marks its first deployment in Nashville and aims to provide convenience and sustainability to the community.
Blink Charging Co. (NASDAQ: BLNK) has achieved the 'In Process' status for FedRAMP® authorization, advancing toward full accreditation for its EV charging solutions. This milestone allows Blink to provide secure, cloud-based EV charging for U.S. government agencies, aiming for full compliance by Q3 2024. Blink's network will support the federal goal of deploying 24,000 charging stations by 2035, aiding the transition of federal fleets to electric vehicles. The company has already installed stations at various federal facilities and holds contracts with major government bodies, including the USPS for up to 41,500 stations. This progress bolsters Blink's visibility and market position in the government sector.
Blink Charging (NASDAQ: BLNK), a key global player in EV charging solutions, announced that CEO Brendan Jones will present at the J.P. Morgan 2024 Energy, Power & Renewables Conference. The presentation is scheduled for June 17 at 1:10 p.m. ET. Additionally, Mr. Jones will be available for one-on-one meetings with investors throughout the day.
The conference offers Blink a platform to showcase its advancements and engage with potential investors virtually.
Blink Charging announced its selection by Grupo Fame, a major Mexican BYD dealership group, to provide EV charging services across select locations.
Blink Level 2 chargers have been installed at Grupo Fame’s dealership in Querétaro, with stations in Morelia and Hermosillo to follow soon. Each location will feature Blink 60kW DC fast chargers with GBT ports capable of charging two vehicles simultaneously, marking the first public DCFCs with GBT ports in Querétaro.
The installation in Querétaro is expected next month. Blink's COO, Mike Battaglia, emphasized the partnership’s role in advancing EV acceptance, while Angel Solis, Manager at Grupo Fame, highlighted their pioneering efforts in EV adoption in the region.
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