Miami Beach, Fla., November 17, 2023 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced that Brendan Jones, President and Chief Executive Officer, will discuss Blink’s continuous record growth and the Company’s strategic roadmap towards achieving adjusted an positive EBITDA run rate by December 2024 at UBS Industrials Summit on November 29 at 10:15 a.m. ET. Mr. Jones will also be available to provide further information through one-on-one investor meetings throughout the day. “We are looking forward to providing investors with an update on our business trajectory, showcasing our unprecedented revenue growth to record levels, and detailing our initiatives to improve and optimize operating expenses and reduce our cost of goods sold. As part of our ongoing commitment to excellence, we are strategically insourcing chargers to our Blink manufacturing facilities, a move that has significantly enhanced our operational efficiency. We see strong demand for our products and services and our entire Blink team will continue to meet and exceed customers’ demands and expectations as we move into 2024,” said Mr. Jones. Interested investors may access the virtual presentation on Blink investor relations website. Blink recently announced its record third quarter 2023 results on November 9:
Company raised 2023 revenue target to $128 - $133 million and targets adjusted EBITDA break even run rate by December 2024
Third quarter 2023 total revenues increased 152% to $43.4 million compared to $17.2 million in third quarter of 2022
167% increase in gross profit to $12.8 million or gross margin of 29.5% in third quarter of 2023 compared to $4.8 million or gross margin of 27.7% in third quarter of 2022
162% increase in product sales to $35.1 million in third quarter of 2023 compared to $13.4 million in third quarter of 2022
119% increase in service revenues to $6.7 million in third quarter of 2023 compared to $3.1 million in third quarter of 2022
5,956 charging stations contracted, deployed or sold in third quarter of 2023
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About Blink Charging
Blink Charging Co. (Nasdaq: BLNK), a global leader in electric vehicle (EV) charging equipment, has contracted, sold, or deployed nearly 85,000 charging ports worldwide, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, Blue Corner, BlueLA and Envoy. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to half of passenger cars sold in the US by 2030, Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. For more information, please visit blinkcharging.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.