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1. Company Snapshot

1.a. Company Description

Blink Charging Co., through its subsidiaries, owns, operates, and provides electric vehicle (EV) charging equipment and networked EV charging services in the United States and internationally.The company offers residential and commercial EV charging equipment that enable EV drivers to recharge at various location types.It also provides Blink Network, a cloud-based system that operates, maintains, and manages various Blink charging stations and associated charging data, back-end operations, and payment processing, as well as offers property owners, managers, parking companies, and state and municipal entities with cloud-based services that enable the remote monitoring and management of EV charging stations; and provides EV drivers with station information, including station location, availability, and applicable fees.


In addition, the company provides EV charging hardware, software services, and service plans.It has strategic partnerships across transit/destination locations, including airports, auto dealers, healthcare/medicals, hotels, mixed-use, municipal locations, multifamily residential and condos, parks and recreation areas, parking lots, religious institutions, restaurants, retailers, schools and universities, stadiums, supermarkets, transportation hubs, and workplace locations.The company offers its services through direct sales force and resellers, as well as sells residential Level 2 chargers through various internet channels.


As of March 10, 2022, it deployed approximately 30,000 charging ports.Blink Charging Co. was founded in 2009 and is headquartered in Miami Beach, Florida.

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1.b. Last Insights on BLNK

Negative drivers behind Blink Charging Co.'s recent performance include a Q1 loss of $0.18 per share, exceeding the Zacks Consensus Estimate of a loss of $0.14. The company's revenue also fell short of estimates, indicating a slowdown in growth. Additionally, Blink Charging Co. faced a Nasdaq delisting notice due to its failure to file its Form 10-K by the prescribed deadline, which was later resolved after the company regained compliance. Furthermore, the company announced plans to reduce its headcount to expedite its BlinkForward initiative, which may lead to short-term disruptions.

1.c. Company Highlights

2. Blink Charging's Q3 2025 Earnings: A Step Towards Profitability

Blink Charging reported a 7.3% year-over-year increase in total revenue to $27 million in Q3 2025, with service revenue reaching a record $11.9 million, a 36% year-over-year growth. The company achieved gross margins of 35.8%, supported by service revenue growth and higher-margin product opportunities. The actual EPS came out at '-0.1', beating estimates at '-0.11'. DC fast charging revenue from Blink-owned sites grew by over 300% year-over-year, indicating a significant increase in network utilization.

Publication Date: Nov -25

📋 Highlights

Operational Highlights

The company has seen impressive growth in network utilization, with a 66% increase in the quarter, driven by an increase in DC fast charger footprint, both customer-host owned and Blink-owned, which now totals around 1,800 units in the US and more globally. Mike Battaglia attributed this growth to the expanding DC fast charger network and expects continued growth and higher utilization rates as the company optimizes charger siting and improves procurement costs.

Strategic Shift

Blink Charging is undergoing a strategic shift to focus on growth in service revenues by outsourcing manufacturing to third-party partners. The company will leverage contract manufacturers in India and the US to simplify its product procurement strategy and streamline operations. This change is expected to simplify the company, reduce costs, and improve profitability. As Michael Bercovich noted, "our discipline in building, pricing, and operating products is aligned with our goal of protecting margins and achieving profitability."

Valuation Metrics

With a P/S Ratio of 1.31, the company's valuation appears reasonable considering the revenue growth rate of 17.9% estimated for next year. However, the negative P/E Ratio of -0.63 and EV/EBITDA of -0.6 indicate that the market is pricing in a challenging path to profitability. The company's efforts to reduce costs and improve working capital practices are expected to contribute to its path to profitability.

Working Capital Improvements

The company has made efforts to manage receivables and inventory more carefully, with a focus on cost of capital and disciplined working capital deployment. As the company transitions to contract manufacturing, inventory levels are expected to decrease due to a build-to-order model and improved procurement costs. The cash burn rate decreased by 87% sequentially to $2.2 million, and cash and cash equivalents totaled $23.1 million as of September 30, 2025.

3. NewsRoom

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Blink Charging Awarded Sourcewell Contract, Expanding Access to EV Charging Solutions for Public Sector Entities

Nov -17

Source: globenewswire.com

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Blink Charging Co. (BLNK) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Blink Charging (BLNK) Reports Q3 Loss, Lags Revenue Estimates

Nov -07

Source: zacks.com

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Blink Charging Streamlines Operations with Strategic Production Shift

Nov -05

Source: globenewswire.com

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Blink Charging Teams with Karbon Homes to Offer Expanded EV Infrastructure

Nov -04

Source: globenewswire.com

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Blink Charging Launches Shasta: New Level 2 EV Chargers Designed for Fleet and Multifamily Markets

Nov -03

Source: globenewswire.com

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Blink Charging to Host Third Quarter Conference Call on Thursday, November 6, 2025

Oct -30

Source: globenewswire.com

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Blink Charging Teams with Miami World Tower to Install EV Chargers for Residents and Guests

Oct -29

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (23.61%)

6. Segments

Electric Vehicle Charging Equipment

Expected Growth: 23.65%

Increasing adoption of electric vehicles, driven by government incentives and environmental concerns, fuels demand for Blink Charging Co.'s equipment. Expanding charging infrastructure, partnerships with automakers and property owners, and growing network effects also contribute to the 23.65% growth.

Charging Service - Company-owned Charging Stations

Expected Growth: 23.65%

Blink Charging Co.'s 23.65% growth in Company-owned Charging Stations is driven by increasing adoption of electric vehicles, government incentives for EV infrastructure development, and strategic partnerships to expand charging networks. Additionally, the company's focus on high-traffic locations, such as shopping centers and rest stops, contributes to the growth.

Network Fees

Expected Growth: 23.43%

Blink Charging Co.'s 23.43% growth in Network Fees is driven by increasing adoption of electric vehicles, expansion of charging station networks, and rising demand for convenient and fast charging solutions. Additionally, partnerships with OEMs, governments, and commercial properties have contributed to the growth, as well as the company's focus on providing a seamless user experience.

Ride-sharing Services

Expected Growth: 22.25%

Ride-sharing services from Blink Charging Co. exhibit 22.25% growth driven by increasing adoption of electric vehicles, government incentives for eco-friendly transportation, and rising demand for convenient, affordable, and sustainable mobility solutions. Additionally, partnerships with major ride-hailing companies and expansion into new markets contribute to this growth.

Warranty

Expected Growth: 23.65%

Blink Charging Co.'s 23.65% growth is driven by increasing adoption of electric vehicles, government incentives for EV charging infrastructure, and strategic partnerships with property owners and managers to expand its network. Additionally, the company's focus on providing convenient and reliable charging solutions, as well as its growing presence in high-demand markets, contribute to its rapid growth.

Other

Expected Growth: 23.65%

Blink Charging Co.'s 23.65% growth is driven by increasing adoption of electric vehicles, government incentives for EV adoption, and expansion of charging infrastructure. Additionally, partnerships with major companies, such as General Motors, and strategic acquisitions have contributed to the company's rapid growth.

Grant and Rebate

Expected Growth: 25.6%

Blink Charging Co.'s 25.6% growth in Grant and Rebate is driven by increasing adoption of electric vehicles, government incentives for EV charging infrastructure, and strategic partnerships with municipalities and businesses to expand its network. Additionally, the company's focus on providing convenient and reliable charging solutions has led to increased demand and revenue growth.

7. Detailed Products

Blink HQ

A cloud-based software platform that provides remote monitoring, management, and analytics for EV charging stations.

Blink Network

A network of public EV charging stations that provide convenient and reliable charging to drivers.

Blink DC Fast Chargers

High-power DC Fast Chargers that can charge EVs up to 80% in under 30 minutes.

Blink Level 2 Chargers

240-volt Level 2 chargers that provide faster charging than standard Level 1 chargers.

Blink Home Chargers

Level 2 chargers designed for residential use, providing safe and convenient charging at home.

Blink Fleet Chargers

Customizable charging solutions for fleets of EVs, including buses, trucks, and vans.

8. Blink Charging Co.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Blink Charging Co. faces moderate threat from substitutes as electric vehicles can be charged at home, and some workplaces and shopping centers offer free charging. However, the convenience and speed of Blink's charging stations mitigate this threat.

Bargaining Power Of Customers

Customers have limited bargaining power as they are individual drivers who rely on Blink's charging infrastructure. The company's large network and convenient payment options reduce customers' ability to negotiate prices.

Bargaining Power Of Suppliers

Suppliers of charging equipment and installation services have limited bargaining power due to the presence of multiple suppliers and the company's large scale of operations.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for EV charging infrastructure and the relatively low barriers to entry. New companies can easily enter the market, increasing competition for Blink Charging Co.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established competitors like ChargePoint and EVgo, as well as new entrants. Blink Charging Co. must differentiate itself through its network, pricing, and customer service to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 5.84%
Debt Cost 18.04%
Equity Weight 94.16%
Equity Cost 18.04%
WACC 18.04%
Leverage 6.20%

11. Quality Control: Blink Charging Co. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Blink Charging

A-Score: 3.6/10

Value: 7.6

Growth: 5.0

Quality: 3.7

Yield: 0.0

Momentum: 4.0

Volatility: 1.0

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INNOVATE

A-Score: 2.8/10

Value: 7.0

Growth: 2.3

Quality: 3.6

Yield: 0.0

Momentum: 3.5

Volatility: 0.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.2$

Current Price

1.2$

Potential

-0.00%

Expected Cash-Flows