BLINK CHARGING ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS

  (2) Other Revenues consist of warranty fees, grants and rebates, and other revenues.

"During 2024, we achieved record charging revenue and significantly grew the total number of Blink-owned chargers. That said, as we expected, product revenues declined in the fourth quarter and for the full year in comparison to exceptionally strong equipment sales in 2023. In addition, we reduced operating expenses and cash burn across the Company. The worldwide transition to electric vehicles (EVs) continues and is creating demand for the EV charging infrastructure and services that Blink provides, leading with our owner-operator model.  

"We are focused on achieving profitability and expanding our charging network globally. Our flexible business models, advanced software and network, and portfolio of diverse charging solutions position us as a charging infrastructure leader,” commented Mike Battaglia, President and Chief Executive Officer of Blink Charging.

Business Outlook

Based on current visibility, the Company expects service revenue will continue to increase throughout 2025. The Company expects product revenue in the first half of 2025 to be similar to the second half of 2024, with anticipated improvement in the second half of 2025.  

Blink remains focused on revenue growth and continuing to reduce operating expenses and cash burn across the Company to drive towards profitability. The Company expects to have improved visibility around its timeline to reach adjusted EBITDA profitability as the year progresses.  

Fourth Quarter and Full Year Financial Results

Revenues

Total Revenues of $30.2 million for the fourth quarter of 2024 compared to revenues of $42.7 million in the fourth quarter of 2023.

Total Revenues of $126.2 million for the full year of 2024 compared to $140.6 million in full year 2023.

Product Revenues of $17.2 million in the fourth quarter of 2024, compared to $33.4 million in the fourth quarter of 2023. Sequentially, product revenue grew 28% compared to revenue of $13.4 million in the third quarter of 2024.

Product Revenues of $81.7 million for the full year of 2024, compared to $109.4 million in the same period of 2023.

Service Revenues, which consist of charging service revenues, network fees, and car-sharing service revenues, increased 24% to $9.8 million in the fourth quarter of 2024, an increase of $1.9 million from the fourth quarter of 2023, primarily driven by greater utilization of chargers, an increased number of chargers on the Blink networks, and revenues associated with car-sharing programs. Sequentially, service revenues increased 12% as compared to the third quarter of 2024.

Service Revenues increased 32% to $34.8 million for the full year of 2024, an increase of $8.4 million over the same period in 2023.

Other Revenues, which are comprised of warranty fees, grants and rebates, and additional sources, were $3.2 million in the fourth quarter of 2024, an increase of $1.8 million from the fourth quarter of 2023. The increase was primarily driven by higher warranty revenue.

Other Revenues increased 103% to $9.7 million for the full year of 2024, an increase of $4.9 million over the same period in 2023. The increase was primarily driven by higher warranty revenue.

Gross Profit

Gross Profit was $7.5 million, or 25% of revenues, in the fourth quarter of 2024, compared to gross profit of $10.6 million, or 25% of revenues, in the fourth quarter of 2023.

Gross Profit was $40.8 million, or 32% of revenues for the full year of 2024, compared to gross profit of $40.2 million, or 29% of revenues, in the same period in 2023.

Operating Expenses

Operating expenses in the fourth quarter of 2024 were $81.1 million compared to $29.5 million in the fourth quarter of 2023. Operating expenses in the fourth quarter 2024 include non-cash goodwill impairment charges and change in fair value consideration payable of $58.0 million, related to a quantitative impairment analysis which determined that the fair value of certain reporting units of the Company was less than the carrying amount. Excluding these non-cash charges, operating expenses decreased 21% to $23.1 million in the fourth quarter of 2024.

Operating expenses for the full year of 2024 were $240.7 million compared to $239.8 million in the same period of 2023. Operating expenses for the year ended December 31, 2024 include $129.9 million of non-cash charges described above. Excluding these non-cash charges, operating expenses decreased 24% to $110.8 million for full year 2024.  

Net Loss and Loss Per Share

Net Loss for the fourth quarter of 2024 was $(73.5) million, or $(0.73) per share, compared to a net loss of $(19.7) million, or $(0.28) per share in the fourth quarter of 2023. As of December 31, 2024, the weighted average number of shares outstanding was 101.2 million. As of December 31, 2023, the weighted average number of shares outstanding was 70.8 million.

Net Loss for the full year of 2024 was $(198.1) million, or $(1.96) per share, compared to a net loss of $(203.7) million, or $(3.21) per share in the full year of 2023.

Adjusted EBITDA and Adjusted EPS

Adjusted EBITDA for the fourth quarter of 2024 was a loss of $(10.6) million compared to an adjusted EBITDA loss of $(13.9) million in the fourth quarter of 2023.

Adjusted EBITDA for the full year of 2024 was a loss of $(49.5) million compared to an adjusted EBITDA loss of $(56.9) million in the same period in 2023.

Adjusted EBITDA (defined as earnings/loss before interest income/expense, provision for income taxes, depreciation and amortization, stock-based compensation, acquisition related costs, impairment of goodwill and intangible assets, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense) is a non-GAAP financial measure management uses as a proxy for net income/loss. See "Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.

Adjusted EPS for the fourth quarter of 2024 was a loss of $(0.15) compared to an adjusted EPS loss of $(0.28) in the fourth quarter of 2023.

Adjusted EPS for the full year of 2024 was a loss of $(0.61) compared to an adjusted EPS loss of $(1.42) in the same period in 2023.

Adjusted EPS (defined as earnings/loss per diluted share) is a non-GAAP financial measure management uses to assess earnings per diluted share excluding non-recurring items such as amortization expense of intangible assets, acquisition related costs, impairment of goodwill and intangible assets, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and one-time non-recurring expense. See "Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.

Cash Liquidity

As of December 31, 2024, the Company had cash liquidity of $55 million, which includes liquid marketable securities, and no cash debt.

Fourth Quarter 2024 Highlights:

• Launched strategic collaboration to make Blink chargers available to the customers of ChargeHub, the leading EV roaming hub in North America.
• Teamed with Power Design to provide 429 EV charging stations across multiple projects in the US - primarily luxury multi-family apartments and condominiums.
• Awarded a three-year contract to install, maintain and manage 41 EV charging stations at Kings College NHS Trust's flagship Princess Royal University Hospital in the UK. 
• Announced an agreement with Tower Management Services to install 53 EV charging stations at 12 Tower locations throughout New Jersey.

Subsequent to the Close of Fourth Quarter 2024:

• Blink announced that it owns and operates 76 DC fast chargers at Royal Farms locations in Mid-Atlantic region.
• Announced the appointment of Chris Carr as Senior Vice President, Sales & Business Development.
• Selected to provide up to 50 EV charging ports throughout the City of Alameda, California.

Earnings Conference Call

Blink Charging will host a conference call and webcast to discuss fourth quarter and full year 2024 results today, March 13, 2025, at 4:30 PM, Eastern Time.

To access the live webcast, log onto the Blink Charging website at www.blinkcharging.com, and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link:

https://www.webcaster4.com/Webcast/Page/2468/52059

To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 575904.

A replay of the teleconference will be available until April 12, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52059.

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BLINK CHARGING CO.

Condensed Consolidated Statements of Operations

(in thousands, except for share and per share amounts)

(unaudited)