Blink Charging Co. ( BLNK )  reported its third-quarter financial results Thursday after the bell. The stock is down 8% premarket Friday as it revised its fiscal 2024 outlook.

Q3 Earnings: Blink Charging ( BLNK ) reported third-quarter revenue of $25.19 million, down by 41.9% year-on-year, missing analyst consensus estimates of $35.50 million.

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The company reported an adjusted loss of 16 cents per share, beating analyst consensus estimates for a loss of 17 cents per share.

Product revenue was $13.45 million, down from $35.06 million in the prior year’s quarter. Service revenue increased 30% year-over-year to $8.75 million, primarily driven by the expansion of its global network of Blink-owned chargers and the corresponding demand for charging and networked services. Other revenue increased 88.6% year-over-year to $2.99 million.

Blink Charging ( BLNK ) contracted, deployed, or sold 6,978 charging stations in the quarter. Since its inception, it has surpassed 105,000 chargers contracted, deployed, and sold globally.

The gross margin expanded by 700 bps to 36%, primarily due to a shift in the sales mix.

The company ended the quarter with $64.6 million in cash and equivalents, down from $121.7 million on December 31, 2023.

Outlook: Blink Charging ( BLNK ) lowered its full-year 2024 revenue guidance to $125 million—$135 million (prior $145 million—$155 million) versus $146.16 million consensus.

The company expects to achieve positive adjusted EBITDA in the second half of 2025. Blink Charging ( BLNK ) recently updated its timeline to achieve positive adjusted EBITDA during 2025. 

In September, Blink Charging ( BLNK ) announced plans to cut around 14% of its global workforce to lower operational expenses.

In August, Blink Charging ( BLNK ) revealed that President & CEO Brendan Jones will retire on January 31, 2025, with Michael (Mike) Battaglia set to take over as President & CEO starting February 1, 2025.

Blink Charging ( BLNK ) stock plunged 37% year-to-date.

Price Action: BLNK stock is down 7.96% at $1.84 premarket at last check Friday.

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