Blink Charging Co. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in revenue, with total revenues for the three months amounting to $25.2 million, a decrease of 42% from $43.4 million in the same period of 2023. Product sales were particularly affected, dropping 62% to $13.4 million from $35.1 million year-over-year. For the nine months ended September 30, 2024, total revenues were $96.0 million, slightly down from $97.9 million in 2023.
Despite the revenue decline, Blink reported an improvement in net loss for the three months ended September 30, 2024, which was $87.4 million, down from $112.7 million in the prior year, marking a 22% reduction. The nine-month net loss also improved to $124.6 million from $184.0 million in 2023. The company attributed this improvement to a reduction in total operating expenses, which decreased to $97.3 million from $123.3 million in the same quarter last year.
The company’s cash and cash equivalents as of September 30, 2024, were $64.6 million, down from $121.7 million at the end of 2023. Total current assets also decreased to $160.3 million from $221.7 million. Goodwill was significantly reduced to $75.8 million from $144.9 million, reflecting a goodwill impairment charge of $69.1 million recognized during the quarter.
In terms of strategic developments, Blink completed an equity offering, selling 8.2 million shares and generating gross proceeds of approximately $25.7 million. The company also reported a loss on the sale of its Miami Beach office space, amounting to $459,000. Additionally, Blink's subsidiary, Envoy Mobility, continues to operate an EV car-sharing program, contributing to the company’s revenue diversification.
The company’s total liabilities decreased to $108.5 million from $139.1 million, while total stockholders’ equity fell to $194.5 million from $289.4 million. Blink's accumulated deficit as of September 30, 2024, stood at $662.3 million, indicating ongoing challenges in achieving profitability. The company continues to face competitive pressures in the EV charging market, which may impact future growth and operational strategies.
About Blink Charging Co.
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