Blink Charging Co. ( BLNK ) reported its fourth-quarter financial results after the bell Thursday. Here's a look at the highlights.

Blink reported quarterly losses of 28 cents per share, which beat the analyst consensus estimate of losses of 31 cents and represented a 31.71% increase year-over-year.

The company clocked fourth-quarter sales of $42.71 million, beating the analyst consensus estimate of $35.64 million by 19.84% and representing an 88.94% increase over sales of $22.61 million from the same period last year.

Product sales increased 112% to $33.4 million in the fourth quarter, primarily driven by strong demand for Blink's charging equipment and services.

Blink reported service revenues increased 40% to $7.9 million in the fourth quarter, driven by greater utilization of chargers, an increased number of chargers on the Blink networks, and revenues associated with the Blink Mobility car-sharing service program.

Blink contracted, deployed, or sold 5,100 charging stations in the fourth quarter of 2023, and 23,347 in the full-year 2023.

"2023 was a historic year for Blink, marked by significant achievements and remarkable growth. Total revenue grew 130% compared to 2022 and represents a 671% increase over 2021, fueled by strong demand and our ability to deliver operational excellence, with an intent focus on continuously improving and optimizing our products and services," commented Brendan S. Jones, CEO of Blink Charging ( BLNK ).

"We are very optimistic about Blink's future and remain committed to our target of achieving a positive adjusted EBITDA run rate by December 2024."

"Since the third quarter 2023, we have raised $113 million in gross proceeds via our ATM under favorable market conditions. As a result, we paid off promissory notes and accrued interest of $45.5 million, strengthening our balance sheet and enhancing our trajectory toward reaching a positive adjusted EBITDA run rate," added Jones.

Outlook: Blink Charging ( BLNK ) anticipates generating full-year 2024 revenue of $165 million to $175 million, versus consensus estimates of $168.6 million. 

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BLNK Price Action: According to Benzinga Pro, Blink Charging ( BLNK ) shares are trading down 2.04% after-hours at $3.36 at the time of publication.

Photo: courtesy of Blink