Annual report [Section 13 and 15(d), not S-K Item 405]

DEFERRED REVENUE

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DEFERRED REVENUE
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
DEFERRED REVENUE

9. DEFERRED REVENUE

 

The Company is the recipient of various private and governmental grants, rebates and marketing incentives. Reimbursements of periodic expenses are recognized as income when the related expense is incurred. Private and government grants and rebates related to EV charging stations and their installation are deferred and amortized in a manner consistent with the recognition of the related depreciation expense of the related asset over their useful lives.

 

Deferred revenue consisted of the following:

 

    2024     2023  
    December 31,  
    2024     2023  
Grant and rebate   $ 3,870     $ 346  
Prepaid network, charging and maintenance fees     24,092       25,729  
Total deferred revenue     27,962       26,075  
Deferred revenue, non-current portion     (10,603 )     (12,462 )
Current portion of deferred revenue   $ 17,359     $ 13,613  

 

It is anticipated that deferred revenue as of December 31, 2024 will be recognized as follows:

 

 

       
For the Year Ending      
December 31,   Total  
2025   $ 17,359  
2026     4,076  
2027     3,297  
2028     1,940  
2029     980  
Thereafter     310  
Total   $ 27,962  

 

During the year ended December 31, 2024, the Company recognized $10,595 of revenues related to network fees and warranty contracts that were included in deferred revenues as of December 31, 2023. During the year ended December 31, 2023, the Company recognized $2,794 of revenues related to network fees and warranty contracts that were included in deferred revenues as of December 31, 2022. During the year ended December 31, 2022, the Company recognized $1,136 of revenues related to network fees and warranty contracts that were included in deferred revenues as of December 31, 2021.

 

 

BLINK CHARGING CO.

Notes to Consolidated Financial Statements

(in thousands, except for share and per share amounts)