Blink Charging hits 100,000 EV charger milestone By Investing.com

BOWIE, Md. – Blink Charging Co. (NASDAQ: NASDAQ:), a prominent provider of electric vehicle (EV) charging equipment and services, has announced the achievement of a significant milestone with over 100,000 chargers sold, deployed, or contracted around the world. This development underscores the company’s commitment to expanding the EV charging infrastructure and its role in the global transition to electric transportation.

The company’s president and CEO, Brendan Jones, attributed this success to Blink’s customer-focused approach and strategic charger placement. Blink’s turnkey model, which offers comprehensive project management from inception to installation, has been instrumental in reaching this benchmark. The company also emphasizes charger uptime, providing optional maintenance programs such as Blink Care.

In addition to serving individual customers, Blink has secured cooperative contracts allowing streamlined access for government agencies and educational institutions to develop their EV infrastructure. Earlier this year, Blink achieved “In Process” status for Federal Risk and Authorization Management Program (FedRAMP®), aiming to supply cloud-based EV charging solutions to the U.S. government.

Mike Battaglia, Blink’s Chief Operating Officer and CEO-Elect, highlighted the collective effort of the Blink team and the growing demand from the EV community as key factors in reaching this milestone. Looking forward, Battaglia, who is set to become CEO in January 2025, expressed enthusiasm for the rapid advancement of EV adoption and the company’s goal to provide an additional 100,000 Blink chargers.

Blink Charging’s product line includes the Blink Network, a proprietary cloud-based software that operates and maintains connected EV charging stations. The company has established strategic partnerships to promote adoption across various location types, enhancing accessibility for EV drivers.

This announcement is based on a press release statement from Blink Charging Co. and marks a notable achievement for the company as it continues to play a significant role in the electric vehicle industry.

In other recent news, Blink Charging Co. has seen several noteworthy developments. As part of a cost reduction strategy, the company announced layoffs that will save around $9 million annually. This move is expected to be fully implemented by the first quarter of 2025. The company’s CEO, Brendan Jones, is set to retire in 2025, with Michael Battaglia, the current COO, succeeding him.

Blink Charging also announced a strategic partnership with Create Energy, a renewable energy firm, to provide next-generation energy management products and solutions for the commercial and industrial market. This partnership aims to streamline procurement and integration processes, reducing project costs.

Despite a dip in EV sales, the company reported a second-quarter revenue of $33.3 million and a gross margin of 32%. However, following the company’s financial underperformance, Stifel, a financial services firm, adjusted the price target for Blink Charging’s shares to $3.50 from the previous target of $4.00.

These are the recent developments for Blink Charging Co., as the company continues to focus on strategic partnerships, cost management, and achieving a positive adjusted EBITDA by 2025.

InvestingPro Insights

While Blink Charging Co. (NASDAQ: BLNK) celebrates the milestone of 100,000 chargers sold, deployed, or contracted worldwide, a closer look at the company’s financial metrics provides additional context for investors.

According to InvestingPro data, Blink Charging’s revenue growth has been impressive, with a 66.29% increase in the last twelve months as of Q2 2024. This aligns with the company’s reported expansion and growing demand for EV charging infrastructure. However, it’s important to note that despite this growth, the company is not yet profitable, with an operating income margin of -44.34% for the same period.

InvestingPro Tips highlight that Blink Charging holds more cash than debt on its balance sheet, which could provide financial flexibility as the company continues to expand its operations. This is particularly relevant given the company’s ambitious goals for future growth, as mentioned by CEO-Elect Mike Battaglia.

Another InvestingPro Tip indicates that the stock price movements are quite volatile. This volatility is reflected in the recent performance, with the stock price falling 39.64% over the last three months. Investors should consider this volatility when evaluating Blink Charging as part of their portfolio.

For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Blink Charging, providing deeper insights into the company’s financial health and market position.

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