Shares of EV charging company Blink Charging (BLNK) gained slightly in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2024. Earnings per share came in at -$0.15, which beat analysts’ consensus estimate of -$0.17 per share. However, sales decreased by 29.3% year-over-year, with revenue hitting $30.18 million. This missed analysts’ expectations of $30.74 million.
Interestingly, though, the company achieved record charging revenue and significantly expanded its network of owned chargers. Nevertheless, as expected, product revenues declined in the fourth quarter and for the full year due to strong comparisons in 2023.
Despite this decline, Blink Charging is making progress in terms of reducing its operating expenses and cash burn as the company begins to shift its focus on achieving profitability and expanding its global charging network.
2025 Outlook
Looking ahead to 2025, Blink Charging expects its service revenue to continue growing throughout the year. In terms of product revenue, the company anticipates a steady start to the year, with sales in the first half of 2025 similar to the second half of 2024. However, Blink Charging expects product revenue to pick up in the second half of 2025.
Blink Charging also expects to have a better idea of when it will achieve adjusted EBITDA profitability later in the year.
Is BLNK Stock a Good Buy?
Turning to Wall Street, analysts have a Hold consensus rating on BLNK stock based on four Holds assigned in the past three months, as indicated by the graphic below. Furthermore, the average BLNK price target of $2.23 per share implies 147.7% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
Questions or Comments about the article? Write to editor@tipranks.com