SNOWMASS, CO, June 06, 2025 (GLOBE NEWSWIRE) -- Envoy Technologies Inc. ("Envoy"), a Blink Charging Co. entity and leading provider of electric car-sharing services, has announced the expansion of its premium vehicle car-sharing service to three distinguished properties managed by East West Hospitality in Snowmass, Colorado. East West Hospitality, renowned for creating exceptional mountain experiences, now offers guests at select Snowmass properties exclusive access to high-end vehicles through Envoy's serv ...

Bowie, Md., June 05, 2025 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) (“Blink”), a leading global owner, operator, provider, and manufacturer of electric vehicle (EV) charging equipment and services, has announced that it has named Michael Bercovich as its new Chief Financial Officer. Bercovich, who will officially assume the CFO role at Blink on June 23rd, previously served as Chief Financial Officer at Helios Global Payments Solutions, MyOutDesk, Cialfo and Elements Global Services, where he led ...

Transformative Initiative is Designed to Simplify EV Charging Across the United States and Canada [Bowie, Md.,], June 03, 2025 (GLOBE NEWSWIRE) -- Blink Charging Co. (“Blink”), a leading owner, operator, provider and manufacturer of electric vehicle (EV) charging equipment and services, has announced a collaboration with WirelessCar Sweden AB (“WirelessCar”), a global leader in connected vehicle services, and ChargeHub, North America’s leading EV roaming hub, to launch an innovative ‘Seamless Charging’ pilo ...

Core Insights - Blink Charging Co. is undergoing a strategic restructuring to enhance operational efficiency and support long-term growth under the BlinkForward initiative [1][3] - The company plans to reduce its global workforce by approximately 20%, aiming to streamline operations and align resources with strategic priorities, which is expected to save over $11 million annually [2][3] - Blink Charging is committed to providing support to affected employees through severance packages and transitional services [4] Financial Performance - In Q1 2025, Blink Charging reported total revenues of $20.8 million, a decrease from $37.6 million in Q1 2024, with gross profit falling to $7.4 million (35.5% of revenues) from $13.4 million (35.7% of revenues) [5] - Operating expenses decreased by 7.9% to $28.4 million compared to $30.9 million in Q1 2024 [5] - As of March 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $42 million, down from $55 million at the end of 2024 [5] Industry Context - Tesla's revenues declined by 9% year over year to $19.3 billion in Q1 2025, with gross profit falling to $3.2 billion (16.3% of revenues) [7] - ChargePoint reported a 36% year-over-year increase in revenues to $75.3 million in Q1 2025, with gross profit rising to $9.3 million (12.4% of revenues) [8]

Core Viewpoint - Blink Charging Co. is implementing a strategic restructuring plan aimed at enhancing operational efficiencies and positioning the company for long-term growth and profitability in the evolving global market [1][3]. Workforce Reduction - The company plans to reduce its global workforce by approximately 20% to streamline operations and align resources with its strategic priorities, which is expected to yield annualized savings of over $11 million [2]. - The estimated costs related to this workforce reduction will be between $1 million and $1.5 million, covering cash severance and other restructuring costs, with completion expected by the end of Q3 2025 [2]. BlinkForward Initiative - The BlinkForward initiative reflects the company's commitment to innovation and efficiency, aiming to create a more focused and agile organization that can respond to market dynamics and seize growth opportunities [3]. - This initiative prioritizes sustainable innovation, customer-centric solutions, and enhanced shareholder value [3]. Leadership Statement - The President & CEO of Blink emphasized that the restructuring is a proactive measure to build a more efficient organization aligned with strategic goals, ensuring long-term success [4]. - The company is committed to supporting affected employees through severance packages and outplacement services [4]. Competitive Positioning - The strategic realignment under the BlinkForward initiative is expected to strengthen the company's competitive positioning, improve financial performance, and lay a solid foundation for future innovation and market leadership [5]. Company Overview - Blink Charging Co. is a global leader in electric vehicle charging equipment and services, providing innovative solutions for drivers, hosts, and fleets to transition to electric transportation [6]. - The company's offerings include EV charging networks, equipment, and services, utilizing proprietary cloud-based software for operation and maintenance [6].

Core Insights - Blink Charging reported a revenue of $20.75 million for the quarter ended March 2025, which is a decrease of 44.8% compared to the same period last year [1] - The company's EPS was -$0.18, worsening from -$0.13 in the year-ago quarter, and fell short of the Zacks Consensus Estimate of -$0.14 [1] - The revenue was also below the Zacks Consensus Estimate of $27.01 million, resulting in a surprise of -23.17% [1] Revenue Breakdown - Product sales revenue was $8.38 million, significantly lower than the three-analyst average estimate of $14.18 million, marking a year-over-year decline of 69.5% [4] - Charging service revenue from company-owned stations was $6.78 million, slightly above the two-analyst average estimate of $6.28 million, reflecting a year-over-year increase of 34.9% [4] - Grant and rebate revenue was $0.16 million, exceeding the average estimate of $0.12 million, but showing a substantial year-over-year decline of 72.6% [4] - Network fees revenue reached $2.63 million, surpassing the average estimate of $2.51 million, with a year-over-year increase of 27.2% [4] - Car-sharing services generated $1.18 million, slightly below the average estimate of $1.32 million, with a year-over-year increase of 7.1% [4] - Other revenues amounted to $0.68 million, exceeding the average estimate of $0.33 million, representing a significant year-over-year increase of 102.1% [4] - Warranty revenue was $0.96 million, below the estimated $1.97 million, with a marginal year-over-year increase of 0.2% [4] Stock Performance - Blink Charging's shares have returned +12.1% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating it may perform in line with the broader market in the near term [3]

Company Performance - Blink Charging reported a quarterly loss of $0.18 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.14, and compared to a loss of $0.13 per share a year ago, indicating an earnings surprise of -28.57% [1] - The company posted revenues of $20.75 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 23.17%, and down from $37.57 million in the same quarter last year [2] - Over the last four quarters, Blink Charging has surpassed consensus EPS estimates only two times and has not beaten consensus revenue estimates [2] Stock Performance - Blink Charging shares have declined approximately 39.7% since the beginning of the year, contrasting with the S&P 500's decline of -3.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.12 on revenues of $30.22 million, and for the current fiscal year, it is -$0.48 on revenues of $130.77 million [7] Industry Outlook - The Zacks Industry Rank for Electronics - Miscellaneous Services, which includes Blink Charging, is currently in the top 8% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Blink Charging's stock performance [5]

Blink Charging (BLNK) Q1 2025 Earnings Call May 12, 2025 04:30 PM ET Company Participants Vitalie Stelea - VP - Capital Markets and FP&AMike Battaglia - President & CEOMichael Rama - CFO Conference Call Participants Craig Irwin - Managing Director, Senior Research AnalystSameer Joshi - Senior Equity Research Analyst Operator Greetings. Welcome to the Blink Charge and Company's First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A question and answer sess ...

Financial Data and Key Metrics Changes - Charging service revenue increased by 35% year over year, reaching a new record high [6][10] - Product sales for the quarter were $8,400,000, down sharply from $27,500,000 in Q1 2024 [16] - Total revenues for Q1 2025 were $20,800,000 compared to $37,600,000 in the prior year quarter [16] - Gross profit was $7,400,000, representing 35.5% of revenues, compared to $13,400,000 or 35.7% in Q1 2024 [17] - Operating expenses decreased by 7.9% to $28,500,000 from $30,900,000 in the prior year [17] - Loss per share was $0.20 compared to a loss of $0.17 in the prior year [17] - Adjusted EBITDA for Q1 2025 was a loss of $15,500,000 compared to a loss of $10,200,000 in the prior year [18] Business Line Data and Key Metrics Changes - Service revenue for the quarter was $10,600,000, an increase of 29.2% compared to $8,200,000 in Q1 2024 [10][17] - The company closed the quarter with 7,091 company-owned chargers, a 22% increase year over year [11] - DC fast charging revenues in the U.S. increased over three times compared to Q1 2024 [12] Market Data and Key Metrics Changes - EV sales in the U.S. grew by 11.4% in Q1 2025 compared to the prior year [8] - In Europe, EV sales increased by 24%, with significant gains in Germany, Belgium, and The Netherlands [9] Company Strategy and Development Direction - The company is focused on deploying the right charging infrastructure at optimal locations [21] - A new Generation three charger is being developed to address the value-oriented segment of the market [6][22] - The strategic priorities include flexible customer-centric business models, expansion of the DC fast charging portfolio, growth in recurring revenue, strategic positioning amid industry consolidation, and cost optimization [25][26][27][28] Management Comments on Operating Environment and Future Outlook - The operating environment remains challenging due to macroeconomic pressures and shifts in customer behavior [6] - The company expects revenue to increase sequentially in Q2 2025 and continued growth in the second half of 2025 [19][20] - Management remains focused on reducing operating expenses and cash burn while driving towards profitability [20] Other Important Information - The company is actively pursuing opportunities to grow its DC fast charging portfolio [12] - Blink has been named a preferred bidder for a contract valued at over 500,000 British pounds in the UK [13] - The company is consolidating its European software networks into a global network for operational efficiencies [14] Q&A Session Summary Question: Can you talk about gross margins and their potential for improvement? - Management noted that a larger mix of level two chargers helped margins and expects consistency in the mid-30s range for gross margins moving forward [31][34] Question: What considerations are taken into account for the new value-oriented products? - The company is focused on building its own chargers to maintain quality and reliability, with expanded production capabilities in India and Maryland [38][40] Question: Can you discuss the impact of restructuring and spin-off costs on expenses? - Management confirmed that they are continuously looking at expense profiles and expect savings from integrating acquisitions [44][48]

Financial Performance - The company incurred a net loss of $20,707 during the three months ended March 31, 2025, and has not yet achieved profitability [117]. - Total revenue for Q1 2025 decreased by $16,814 or 45%, to $20,754 compared to $37,568 in Q1 2024 [127]. - Revenue from product sales was $8,381 in Q1 2025, a decrease of $19,127 or 70% from $27,508 in Q1 2024, attributed to decreased unit sales and product mix [128]. - Charging service revenue increased by $1,753 or 35% to $6,780 in Q1 2025, driven by higher utilization of chargers and an increased number of chargers on the network [129]. - Network fee revenues rose by $561 or 27% to $2,626 in Q1 2025, due to an increase in host-owned units [130]. - Gross profit for Q1 2025 was $7,369, down $6,050 or 45% from $13,419 in Q1 2024 [135]. - Net loss increased by $3,534 or 21% to $20,707 in Q1 2025 compared to $17,173 in Q1 2024, primarily due to decreased gross profit [150]. Cash and Working Capital - Blink's cash and cash equivalents stood at $42,024, with working capital of $65,720 and an accumulated deficit of $756,562 as of March 31, 2025 [117]. - Cash and cash equivalents as of March 31, 2025, were $42,024, up from $41,774 as of December 31, 2024 [152]. - Working capital decreased to $65,720 as of March 31, 2025, from $81,908 as of December 31, 2024 [152]. - The company used cash of $11,855 in operations for Q1 2025, down from $21,476 in Q1 2024, primarily due to the net loss adjusted for non-cash expenses [153]. - For the three months ended March 31, 2025, the company reported a net loss of $20,707 and used $11,855 of cash in operating activities, indicating ongoing cash outflows and lack of profitability [156]. - The company expects to continue incurring cash outflows from operations, with future operating needs including costs to fund working capital and capital expenditures [156]. Business Operations and Strategy - Blink plans to expand its operations through strategic domestic and international acquisitions, although risks include integration difficulties and market conditions [125]. - The Blink Networks provide cloud-based services for remote monitoring and management of EV charging stations, enhancing operational efficiency [112]. - Blink offers a variety of EV charging products, including Level 2 chargers and DC Fast Charging equipment ranging from 30kW to 360kW [121]. - The company has deployed, contracted, or sold a total of 112,186 units of EV chargers, including public and private chargers [116]. - Blink's business models include turnkey, hybrid, and host-owned models, each with different revenue-sharing structures with Property Partners [115]. - The EV charging equipment and service market is highly competitive, with increasing competition expected as new entrants join the market [122]. Financing Activities - During the three months ended March 31, 2025, cash provided by financing activities was $883, primarily from the sale of common stock, while cash used in financing activities for the same period in 2024 was $6,703 [155]. - The company sold 681,330 shares of common stock under an "at-the-market" equity offering program for gross proceeds of $909 during the three months ended March 31, 2025 [157]. - The company has operating and finance lease obligations of approximately $10,071 over the next five years, primarily related to corporate office space and car-sharing services [160]. Going Concern and Future Outlook - The company is undertaking initiatives to mitigate substantial doubt about its ability to continue as a going concern, including engaging with third parties to raise capital and optimizing products and services [158]. - Management believes that the initiatives being implemented will be sufficient to mitigate the circumstances resulting in substantial doubt for at least one year from the date the financial statements are issued [159]. - The company has not yet achieved profitability and there is no assurance that it will be able to obtain funds on commercially acceptable terms in the future [157]. Currency and Market Risks - A hypothetical 1% decrease in all foreign currencies against the U.S. dollar would not result in a material foreign currency loss on foreign-denominated balances as of March 31, 2025 [165].