Core Viewpoint - Blink Charging Co. has filed its Form 10-K for the year ended December 31, 2024, with the SEC, indicating no changes to previously reported financial results and aiming to regain NASDAQ compliance [1][2]. Company Overview - Blink Charging Co. is a global leader in electric vehicle (EV) charging equipment and services, facilitating the transition to electric transportation through innovative charging solutions [3]. - The company's primary offerings include the Blink Network, EV charging equipment, and EV charging services, utilizing proprietary cloud-based software for operation and maintenance [3]. - Blink has established strategic collaborations for EV charging adoption across various locations, including parking facilities, multifamily residences, workplaces, healthcare facilities, schools, airports, and more [3].

Core Insights - Envoy Technologies Inc. has launched a new electric vehicle car-sharing service at 210 South 12th, a luxury high-rise in Philadelphia, marking a significant step in the company's expansion and urban living standards [1][5] - The collaboration with 210 South 12th enhances the property's appeal by providing exclusive access to Envoy's EV-sharing service, including the first Cadillac LYRIQs in the Philadelphia fleet [2][5] - The integration of a fully automated parking garage, the largest in the country and first in Philadelphia, aligns with Envoy's commitment to innovative and sustainable transportation solutions [3][4] Company Overview - Envoy is a leading provider of electric vehicle fleet technology and EV-sharing services, headquartered in Culver City, California, focusing on private property amenities [7] - The company aims to reduce parking demand and individual car ownership while enhancing mobility as part of residents' lifestyles [7] - Envoy's services are designed to enrich the living experience in high-end residential properties, aligning with urban development goals [7] Market Position - The launch at 210 South 12th strengthens Envoy's presence in the Philadelphia luxury market and demonstrates its ability to integrate with advanced residential technologies [5] - This collaboration opens opportunities for potential expansion into other metropolitan areas with similar high-end properties [5] - Property managers are encouraged to consider Envoy's services to enhance their offerings and attract residents [5]

Business Operations and Growth - As of December 31, 2024, Blink Charging Co. contracted, sold, or deployed a total of 109,596 chargers, with 87,500 on Blink Networks, including 61,625 Level 2 commercial chargers and 1,392 DCFC commercial chargers[38]. - In 2024, Blink entered into agreements with significant new customers, including the City of South Lake Tahoe and the City of Fresno, expanding potential unit sales and deployments[35]. - Blink's EV charging solutions include a variety of products such as Level 2 chargers, DC Fast Charging equipment, and mobile chargers, catering to both commercial and residential markets[48]. - Blink expanded its presence through acquisitions of SemaConnect and Electric Blue, establishing new offices and manufacturing facilities in the U.S. and internationally[37]. - Blink's business models include turnkey and hybrid solutions, allowing for recurring revenue and shared EV charging revenues with Property Partners[36]. - The company aims to enhance customer satisfaction by optimizing charger uptime and expanding EV charging infrastructure in high-demand areas[53]. - The company plans to continue investing significantly in technology upgrades to maintain competitiveness in the rapidly changing EV market[119]. - Future growth strategies include seeking acquisition opportunities to expand market presence and product offerings[121][122]. Financial Performance - The company incurred net losses of approximately $198.1 million, $203.7 million, and $91.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, with an accumulated deficit of approximately $736 million as of December 31, 2024[92]. - Total revenue for the year ended December 31, 2024, was $126,197, a decrease of $14,401 or 10% compared to $140,598 for the year ended December 31, 2023[216]. - Revenue from product sales was $81,703 for the year ended December 31, 2024, down $27,713 or 25% from $109,416 in 2023, attributed to decreased unit sales and product mix[217]. - Charging service revenue increased by $5,799 or 37%, reaching $21,445 in 2024 compared to $15,646 in 2023[216]. - Warranty revenue saw a significant increase of $3,169 or 97%, totaling $6,427 in 2024 compared to $3,258 in 2023[216]. - The Blink-owned turnkey business model allows the company to retain substantially all EV charging revenues after deducting network connectivity and processing fees[204]. Market and Industry Trends - The U.S. EV market saw a 15.2% increase in electric vehicle sales in Q4 2024, reaching a record of 365,824 units sold[40]. - By the end of 2024, auto manufacturers announced $197.6 billion in investments in U.S. EV battery manufacturing facilities, supporting over 50,000 jobs[41]. - Used EV sales grew 61.3% nationally in November 2024, indicating a rising demand for public and on-site commercial charging solutions[42]. - The company’s growth is highly dependent on consumer adoption of electric vehicles (EVs), which is still in its early stages[96]. - The company operates in a highly competitive EV charging services industry, facing significant competition from larger firms with greater financial resources[129]. - The company anticipates intensified competition as the market for EV charging stations expands, which may force it to agree to lower payment terms in contracts[130]. Risks and Challenges - The company may need additional capital to fund its growing operations, and there is no assurance that sufficient capital will be available[94]. - The company faces risks related to global supply chain disruptions, including chip shortages, which may affect future operations[101]. - The company is exposed to geopolitical tensions that may disrupt supply chains and impact financial results[103]. - The company relies on a limited number of vendors for EV charging equipment, increasing risks associated with supply chain disruptions[106]. - Climate change poses long-term risks to operations, particularly in vulnerable locations like Bowie, Maryland, and Los Angeles, California[112]. - The company faces risks related to the integration of acquired businesses, which may include undiscovered liabilities and operational challenges[122][124]. - Cyberattacks or data breaches pose a risk to the company's sensitive information and could negatively impact financial results[139]. - Changes in federal, state, or international laws could erode the company's competitive strengths and lead to increased compliance costs[141]. - Environmental laws and regulations may result in increased compliance costs and operational restrictions, adversely impacting financial results[148]. Compliance and Legal Matters - The company is subject to various environmental regulations, including the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), which may impose joint and several liabilities for hazardous substance releases[79]. - The company relies on a combination of patent, trademark, copyright, and trade secret laws to protect its proprietary rights, particularly related to EV charging station designs[83][84]. - The company has been involved in various legal proceedings, including a securities class action lawsuit that was settled for $3.75 million, covered by insurance[184]. - The company received a subpoena from the SEC in July 2023, but the investigation concluded without recommending enforcement action[188]. - The company has identified material weaknesses in its internal controls over financial reporting as of December 31, 2024, which could lead to misstatements in financial statements[153]. Stock and Shareholder Information - The company reported a significant fluctuation in its common stock price during 2024, ranging from a low of $1.39 to a high of $3.70 per share, and from a low of $0.83 to a high of $1.68 per share in 2025[157]. - The company must maintain a minimum closing bid price of $1.00 per share to satisfy Nasdaq listing standards, with a compliance period of 180 days if this requirement is not met[171]. - The common stock has closed below the $1.00 bid requirement for Nasdaq on multiple trading days in late February and early March 2025, which may lead to delisting risks[172]. - The company has never declared or paid cash dividends on its common stock and intends to retain all available funds for business operations[196]. - The company has the authority to issue additional shares of common and preferred stock without stockholder approval, which could dilute existing shareholders' ownership[164].

Core Viewpoint - Blink Charging Co. has received a notification from Nasdaq regarding non-compliance with listing rules due to the failure to file its Form 10-K for the year ended December 31, 2024 [1][2]. Group 1: Compliance and Regulatory Actions - The company must submit a plan to regain compliance with Nasdaq within 60 calendar days from the date of the notification letter [2]. - If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days, allowing the company until September 29, 2025, to file the Form 10-K [2]. - The company is actively working to complete and file the Form 10-K as soon as possible to regain compliance [3]. Group 2: Company Overview - Blink Charging Co. is a leading global provider of electric vehicle (EV) charging equipment and services, facilitating the transition to electric transportation [4]. - The company's main products and services include the Blink EV charging network, EV charging equipment, and related services, utilizing proprietary cloud-based software for operation and maintenance [4]. - Blink has established strategic collaborations for the deployment of charging solutions across various locations, including parking facilities, residential areas, workplaces, healthcare facilities, and more [4].

Company Performance - Blink Charging's stock closed at $0.99, reflecting a -0.98% change from the previous day, underperforming the S&P 500 which gained 0.08% [1] - Over the past month, Blink Charging shares have decreased by 5.66%, while the Computer and Technology sector and the S&P 500 have lost 12.04% and 7.33% respectively [1] Upcoming Earnings - The company is expected to report an EPS of -$0.15, indicating a 15.38% decline compared to the same quarter last year [2] - Quarterly revenue is forecasted at $33.24 million, down 11.54% from the previous year [2] Full Year Estimates - For the full year, analysts predict earnings of -$0.49 per share and revenue of $141.83 million, representing increases of +19.67% and +12.39% respectively from last year [3] Analyst Estimates - Recent changes in analyst estimates for Blink Charging are crucial as they reflect short-term business trends [4] - Positive revisions in estimates indicate analyst optimism regarding the company's business and profitability [4] Zacks Rank - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates Blink Charging at 2 (Buy) [6] - Over the past month, there has been a 1.35% increase in the Zacks Consensus EPS estimate for the company [6] Industry Context - Blink Charging operates within the Electronics - Miscellaneous Services industry, which is part of the Computer and Technology sector [7] - This industry has a Zacks Industry Rank of 17, placing it in the top 7% of over 250 industries, indicating strong performance potential [7]

Core Insights - Blink Charging Co. has entered an agreement to supply 50 chargers at premium hotels, retail, and restaurant locations in Mexico as part of the Porsche Destination Charging Program [1][3]. Company Overview - Blink Charging is a leading global provider of electric vehicle (EV) charging equipment and services, focusing on innovative solutions to facilitate the transition to electric transportation [6]. - The company operates a cloud-based network that manages and tracks EV charging stations and associated data [6]. Partnership Details - The Porsche Destination Charging network offers convenient charging options for Porsche EV drivers at exclusive locations, providing free charging sessions and discounts at Blink Charging locations [2]. - Participating locations will benefit from a percentage of the charging revenue generated from the stations [2]. Expansion Plans - This initiative marks a significant step in Blink's expansion into Mexico, where the company will manage the entire lifecycle of the charging stations, including installation, maintenance, and repair [3][5]. - The new charging stations are set to be operational starting March 2025 [5]. Technology and User Experience - Blink's IQ200 chargers provide efficient charging capabilities of up to 19.2 kW, enhancing the user experience through advanced technology [4]. - The Blink Network's software allows users to manage their charging sessions seamlessly [4]. Industry Impact - The collaboration with Porsche aims to enhance the public charging network in Mexico, promoting the transition to electromobility and supporting sustainability initiatives in hospitality and retail sectors [4][5].

Bowie, MD, March 14, 2025 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ:BLNK), a leading global owner, operator, provider, and manufacturer of electric vehicle (EV) charging equipment and services, today announced that Mike Battaglia, President and CEO, will present at the 37th Annual Roth Conference, being held in Dana Point, California, at 9:00 am PT / 12:00 noon ET on Monday, March 17, 2025. Interested investors may access the virtual presentation here. About Blink Charging Blink Charging Co. (NASDAQ:B ...

Core Insights - Blink Charging reported a revenue of $30.18 million for the quarter ended December 2024, which is a decrease of 29.3% compared to the same period last year [1] - The company's EPS was -$0.15, an improvement from -$0.28 in the year-ago quarter, indicating a positive trend in earnings despite the revenue decline [1] - The reported revenue fell short of the Zacks Consensus Estimate of $32.41 million by 6.87%, while the EPS exceeded the consensus estimate of -$0.18 by 16.67% [1] Revenue Breakdown - Product sales revenue was $17.17 million, significantly below the three-analyst average estimate of $21.57 million, reflecting a year-over-year decline of 48.6% [4] - Charging service revenue from company-owned charging stations reached $6.23 million, surpassing the average estimate of $5.14 million, and showed a year-over-year increase of 37.3% [4] - Grant and rebate revenue was $0.09 million, below the average estimate of $0.17 million, marking a year-over-year decrease of 53% [4] - Network fees generated $2.41 million, slightly below the average estimate of $2.52 million, with a year-over-year increase of 9% [4] - Car-sharing services revenue was $1.20 million, compared to the average estimate of $1.34 million, reflecting a modest year-over-year increase of 0.8% [4] - Other revenues amounted to $0.36 million, exceeding the average estimate of $0.19 million, with a substantial year-over-year increase of 220.5% [4] - Warranty revenue was reported at $2.73 million, significantly above the average estimate of $0.82 million, indicating a year-over-year increase of 149.2% [4] Stock Performance - Over the past month, shares of Blink Charging have returned -8.7%, compared to a -7.4% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Group 1 - Blink Charging reported a quarterly loss of $0.15 per share, better than the Zacks Consensus Estimate of a loss of $0.18, and an improvement from a loss of $0.28 per share a year ago, resulting in an earnings surprise of 16.67% [1] - The company posted revenues of $30.18 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 6.87%, and down from $42.71 million in the same quarter last year [2] - Blink Charging shares have declined approximately 29.7% year-to-date, contrasting with the S&P 500's decline of 4.8% [3] Group 2 - The earnings outlook for Blink Charging is mixed, with the current consensus EPS estimate at -$0.15 on revenues of $38.8 million for the upcoming quarter, and -$0.55 on revenues of $154 million for the current fiscal year [7] - The Zacks Industry Rank places Electronics - Miscellaneous Services in the top 35% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Data and Key Metrics Changes - The consolidated revenue for Q4 2024 was $30 million, a sequential increase of 20% compared to Q3 2024 [10] - Full-year 2024 total revenues were $126 million, down from $140.6 million in 2023 [30] - Service revenues for Q4 2024 grew 24% year-over-year to $9.8 million, while full-year service revenues reached $34.8 million, representing a 31.8% increase [31] - Gross margin for the full year was 32%, with an adjusted gross margin of over 35% for Q4 2024 when excluding asset adjustments [32][34] - Operating expenses decreased by 21% to $23.1 million in Q4 2024 compared to Q4 2023, and full-year operating expenses were reduced by 24% to $111 million [33] Business Line Data and Key Metrics Changes - The number of company-owned chargers increased by 33% to 6,867 by the end of 2024, contributing to a 32% increase in service revenue [18] - Revenue from DC fast chargers grew nearly 500% in 2024 compared to 2023, highlighting a strategic focus on this segment [20] Market Data and Key Metrics Changes - New electric vehicle sales in January 2025 were up nearly 30% compared to January 2024, marking the tenth consecutive month of over 100,000 EVs sold in the U.S. [14] - Used EV sales also grew by nearly 31% year-over-year in January 2025, indicating strong demand for charging services [16] - In the UK, nearly 20% of vehicles sold in 2024 were electric, and Belgium saw a 36% increase in EV registrations [23] Company Strategy and Development Direction - The company is focused on becoming a leading global EV infrastructure provider, emphasizing the growth of Blink-owned chargers and service revenues [9][38] - The "Blink Forward" strategy aims to enhance profitability through cost reduction, flexible customer-centric business models, and capitalizing on market consolidation opportunities [39][44] - The company is actively pursuing non-dilutive capital sources to support its growth strategy [110] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of service revenues throughout 2025, with expectations for product revenue to improve in the second half of 2025 [36] - The company is monitoring political developments and market conditions regarding tariffs but does not expect significant impacts on gross margins [17] - Management acknowledged the challenges of the current industry landscape but emphasized the company's resilience and commitment to achieving profitability [46] Other Important Information - The company reduced cash burn by 51% in 2024, with operating cash burn decreasing from $18 million per quarter at the end of 2023 to $9 million per quarter at the end of 2024 [28] - The company ended 2024 with cash liquidity of $55 million, including liquid marketable securities and no cash debt [35] Q&A Session Summary Question: 2025 outlook on product sales visibility - Management indicated optimism for product sales in the second half of 2025, with a focus on balancing owner-operator and product sales strategies [49][52] Question: Acquisition targets in Europe and South America - Management confirmed they are considering acquisition opportunities but emphasized the need for careful selection to avoid overpaying [55] Question: Timeline for Envoy IPO - Management stated they are on track for an IPO in the spring [58] Question: Shifting focus towards owner-operator model - Management clarified that the shift is a long-term strategy rather than a reaction to short-term market dynamics [64] Question: Expected margins as the owner-operator model grows - Management did not provide specific guidance on margins but indicated that the owner-operator model could lead to improved margins [68] Question: Utilization improvements from new connectors - Management noted that the deployment of new connectors is still in early stages, with expected future benefits [74] Question: Path to positive EBITDA - Management emphasized the need for aggressive top-line growth and further cost reductions to achieve positive EBITDA [80] Question: Business mix and state support for growth - Management expressed optimism about state contracts and opportunities in Europe, indicating a diversified approach to growth [91] Question: Working capital management opportunities - Management confirmed ongoing efforts to improve working capital management and cash flow [95]