Executive Summary

Q4 2024 revenue was $30.2M, down 29% year over year but up 20% sequentially; service revenue rose 24% YoY to $9.8M and comprised 33% of total, reflecting a strategic shift to higher-margin, recurring owner-operator revenues .
GAAP diluted EPS was $(0.73), impacted by non-cash goodwill impairment; adjusted EPS improved to $(0.15) versus $(0.28) in Q4 2023; Q4 gross margin printed 25% but would have exceeded 35% excluding a $2.9M asset adjustment tied to product upgrades .
Management expects service revenue to continue increasing through 2025 and product revenue to be flat in 1H25 (vs 2H24) with improvement in 2H25; they refrained from re-affirming the prior adjusted EBITDA timing and will update visibility as 2025 progresses .
Key catalysts: accelerated build-out of Blink-owned DC fast portfolio (e.g., 76 DC fast ports at Royal Farms), European growth supported by U.K. LEVI funding structures, and potential Envoy IPO in spring 2025; working capital efficiency and cost reductions remain priorities to drive towards profitability .

What Went Well and What Went Wrong

What Went Well

Service revenue growth and mix shift: Service revenue up 24% YoY to $9.8M; service comprised 33% of total revenue in Q4 (vs 19% last year), supported by higher utilization and more Blink-owned chargers .
Sequential revenue and margin resilience: Total Q4 revenue up 20% sequentially; excluding a $2.9M asset adjustment, Q4 gross margin would have exceeded 35%, highlighting underlying margin strength as mix shifts to Blink-built L2 and owner-operator DC .
Cost-out and cash discipline: Adjusted operating expenses fell 21% YoY in Q4 to $23.1M; cash burn reduced by ~51% in 2024; CFO emphasized additional working capital improvements ahead .

Quote: “Owning and operating charging assets is the future of Blink… our network fees were $8.7 million in 2024 and generated 72% gross margin. This is the type of revenue we will pursue going forward.” — Mike Battaglia, CEO .

What Went Wrong

Product sales contraction: Product revenues fell 49% YoY to $17.2M in Q4 due to difficult comps from 2023 auto dealership DC fast sales; management expects muted product in 1H25 before improving in 2H25 .
Reported gross margin dilution: Q4 gross margin was 25% versus 36% in Q3 as reported; Q4 included a $2.9M asset adjustment related to product upgrades, temporarily depressing GAAP margin .
Non-cash impairment: Q4 included ~$57.9M goodwill impairment and change in fair value considerations; GAAP net loss widened to $(73.5)M and diluted EPS to $(0.73), obscuring underlying operating progress .

Financial Results

Consolidated Performance vs Prior Year and Prior Quarter

Metric	Q4 2023	Q3 2024	Q4 2024
Total Revenue ($USD Millions)	$42.7	$25.2	$30.2
GAAP Diluted EPS ($)	$(0.28)	$(0.86)	$(0.73)
Adjusted EPS ($)	$(0.28)	$(0.16)	$(0.15)
Gross Profit ($USD Millions)	$10.6	$9.1	$7.5
Gross Margin (%)	25%	36%	25% (35% ex $2.9M adjustment)
Net Income (Loss) ($USD Millions)	$(19.7)	$(87.4)	$(73.5)

Segment and Revenue Composition

Revenue Line ($USD Millions)	Q4 2023	Q3 2024	Q4 2024
Product Sales	$33.381	$13.448	$17.165
Charging Service (Company-Owned)	$4.535	$5.254	$6.228
Network Fees	$2.213	$2.332	$2.412
Warranty	$1.095	$1.405	$2.729
Grant & Rebate	$0.185	$0.982	$0.087
Car-Sharing Services	$1.190	$1.168	$1.200
Other	$0.112	$0.598	$0.359
Total Revenues	$42.711	$25.187	$30.180

KPIs and Operating Detail

KPI	Q4 2023	Q3 2024	Q4 2024
Service Revenue ($USD Millions)	$7.938	$8.754	$9.840
Service Mix of Total (%)	19%	35%	33%
Energy Disbursed (GWh)	—	~37	42.5
Company-Owned Chargers (units)	—	6,442 (as of 9/30/24)	6,867 (year-end 2024)
Cash Liquidity ($USD Millions)	—	$64.6 (as of 9/30/24)	$55.0 (as of 12/31/24)

Non-GAAP adjustments: Q4 adjusted EBITDA loss improved to $(10.6)M from $(13.9)M YoY; adjusted EPS improved to $(0.15). Q4 operating expenses include ~$57.9M non-cash goodwill impairment and fair value changes; excluding non-cash, OpEx fell 21% to $23.1M .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2024	$145–$155M (Q2’24)	$125–$135M (Q3’24)	Lowered
Gross Margin	FY 2024	~33% (Q2’24)	~33% (Q3’24 reaffirmed)	Maintained
Adjusted EBITDA timing	H2 2025	Positive in 2025 (Q2’24)	Positive in H2 2025 (Q3’24)	Clarified later
2025 Service Revenue	2025	—	Increase through 2025 (Q4’24)	Introduced
2025 Product Revenue	1H25/2H25	—	1H25 similar to 2H24; improvement in 2H25 (Q4’24)	Introduced
Adjusted EBITDA visibility	2025	Target provided previously	Will update as year progresses (Q4’24)	Deferred clarity

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
Owner-operator focus & recurring revenue	Emphasized mix shift toward Blink-built L2; service revenue up 30% YoY; gross margin 32–36%	Reinforced “Blink Forward”; service mix 33%; network fees $8.7M in 2024 at 72% margin	Strengthening
DC fast expansion	Q3 noted 544% YoY revenue growth from Blink-owned DC fast; pipeline with corporate accounts	76 DC fast ports at Royal Farms; prioritizing DC fast in owner-operated portfolio	Accelerating
AI/technology initiatives	Stable Auto AI pilot to optimize utilization and pricing	Continued focus on dynamic pricing and network throughput improvements	Scaling
Supply chain/tariffs	Vertical integration, Bowie facility efficiencies; limited subsidy reliance	Tariffs expected to have limited margin impact due to U.S./India sourcing footprint	Manageable
Europe/LEVI & SPV	£100M SPV for U.K. LEVI; ranked #1 in West Yorkshire	LEVI pipeline highlighted; Belgium opportunities; European network consolidation	Expanding
Cost reduction & cash burn	Q3 YTD cash burn down $45M (50%); OpEx down 22% ex impairment	2024 cash burn down 51%; Q4 OpEx down 21% ex non-cash; further W/C actions planned	Continuing
Product sales outlook	2024 tough comps from 2023 DC fast to dealerships	1H25 flat vs 2H24; optimism for 2H25 (sales org reset under new SVP)	Stabilizing then improving
Regulatory/legal	—	Limited direct tariff exposure; production flexibility mentioned	Neutral

Management Commentary

“Our fourth quarter 2024 consolidated revenue was $30 million, a sequential increase of 20%… service revenues grew 24%… we dispersed 42.5 gigawatt-hours… a new Blink record.” — Mike Battaglia, CEO .
“Without the impact of [the $2.9M asset adjustment], gross margins would have been over 35% in the fourth quarter of 2024.” — Michael Rama, CFO .
“We reduced cash burn by 51% in 2024, compensation expenses by 37%, and total adjusted operating expenses by 24%… Owning and operating charging assets is the future of Blink.” — Mike Battaglia, CEO .
“Blink ended 2024 with 6,867 company-owned chargers, a 33% increase… revenue from our DC Blink-owned chargers went up nearly 500% in 2024.” — Mike Battaglia, CEO .
“We continue to monitor tariffs… we primarily source components and finished goods within the U.S. and from India… we do not expect tariffs to be a significant burden on our gross margin.” — Mike Battaglia, CEO .

Q&A Highlights

Product sales trajectory and mix: Management expects product revenue flat in 1H25 (vs 2H24) with improvement in 2H25; sales force reallocated under new SVP to optimize product vs owner-operator focus .
Acquisitions/consolidation: Active evaluation of targets, particularly in Europe; selective approach, avoid overpaying in current market .
Utilization/NACS: 112% GWh throughput growth outpacing 33% charger growth; minimal NACS connector impact yet, with more uplift expected as deployments increase .
Margins and pricing: Potential margin expansion from owner-operator levers (dynamic pricing, fees); product margins targeted to remain consistent; inventory turns and working capital efficiency emphasized .
Capital for owner-operator growth: Pursuing non-dilutive capital structures (e.g., SPVs); Envoy IPO remains targeted for spring timeframe .
Impairment context: Goodwill impairment largely a byproduct of prior acquisition valuations vs current market cap; non-cash, no operational impact .

Estimates Context

Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable due to data access limits during retrieval. As a result, we cannot quantify beats/misses versus consensus for this quarter at this time [GetEstimates error].
Implication: Given the sequential revenue growth and adjusted EPS improvement, sell-side models may need to reflect stronger service mix, sustained margin resilience ex one-time charges, and deferred visibility on adjusted EBITDA timing.

Key Takeaways for Investors

The owner-operator pivot is working: higher service mix (33%), strong underlying margins ex adjustments, and accelerating DC fast deployment should support recurring revenue and margin quality .
Near-term headwind in product sales is transitory: tough 2023 dealership comps pressured product revenue in 2024; management expects stabilization in 1H25 with improvement in 2H25 .
Cost and cash discipline provide runway: 51% cash burn reduction in 2024, 21% adjusted OpEx decline in Q4, and active working capital actions reduce financing urgency and improve path to EBITDA breakeven .
European growth is a lever: U.K. LEVI SPV and Belgium opportunities diversify revenue and support owner-operator economics, reducing reliance on U.S. demand cycles .
Watch utilization and network monetization: 42.5 GWh record throughput and plans for dynamic pricing suggest upside to service revenue per site as NACS adoption and DC fast density rise .
Near-term trading setup: Headlines around Envoy IPO, additional non-dilutive capital structures, and incremental DC fast wins (Royal Farms-type deals) can act as catalysts; any update restoring adjusted EBITDA timing would be material .
Medium-term thesis: Vertical integration, owner-operator scale, and Europe diversification can compound recurring revenue and margins; execution on capital-light funding and sustained cost discipline are the keys to unlocking profitability.

Appendix: Additional Relevant Q4 Press Releases

Strategic initiatives and deployments: Collaboration with ChargeHub; 429 stations with Power Design; 41 stations at Kings College NHS (UK); 53 stations at Tower Management in New Jersey .
Subsequent events: 76 DC fast chargers at Royal Farms; senior sales leadership appointment; City of Alameda ports award .

Blink Charging Co. (BLNK)·Q4 2024 Earnings Summary