Blink(BLNK) - 2025 Q2 - Quarterly Results

Financial & Operational Highlights Blink Charging reported $28.7 million in Q2 2025 revenues, up 38.1% sequentially, driven by product sales, and reduced annualized operating expenses by $8 million Q2 2025 Revenue Performance (in thousands) | Revenue Type | Q2 2025 | vs Q1 2025 | % Change (QoQ) | vs Q2 2024 | % Change (YoY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Product Revenues | $14,508 | $8,381 | 73.1% | $23,582 | (38.5)% | | Service Revenues | $11,756 | $10,581 | 11.1% | $8,045 | 46.1% | | Other Revenues | $2,403 | $1,792 | 34.1% | $1,635 | 47.0% | | Total Revenues | $28,667 | $20,754 | 38.1% | $33,262 | (13.8)% | - CEO Mike Battaglia highlighted the 38% sequential revenue growth to $28.7 million, driven by a 73% increase in product sales and an 11% rise in service revenues[5] - The company incurred approximately $16.5 million in largely one-time, non-cash charges during the quarter[6] - Blink successfully reduced annualized expenses by $8 million through efficiency measures, including a 22% year-over-year reduction in compensation expenses[6] - Subsequent to the quarter's end, Blink acquired Zemetric, Inc. to expand its product portfolio and announced a revised agreement with former Envoy Technologies shareholders, releasing Blink from payment obligations in exchange for stock and warrants[6] Business Updates & Outlook Blink acquired Zemetric and restructured the Envoy agreement, anticipating continued sequential revenue growth and focusing on operational efficiency to achieve profitability Acquisition of Zemetric, Inc. Blink acquired Zemetric, Inc. to expand its L2 charging portfolio, appointing Zemetric's founder as its new CTO - The acquisition of Zemetric, Inc. adds market-leading hardware and software solutions for fleets, multi-family, and commercial applications to Blink's portfolio[7] - Zemetric's founder, Harmeet Singh, has been appointed as Blink's Chief Technology Officer, tasked with enhancing interoperability and reducing total cost of ownership for customers[8] Envoy Technologies Update Blink amended its Envoy Technologies agreement, exchanging $10 million in stock and $11 million in performance-based warrants for release from payment obligations - Blink is released from all payment obligations and liability to former Envoy shareholders in exchange for $10 million in common stock and $11 million in performance-based warrants[9] - The warrants are divided into three tranches that vest when Blink's stock price reaches $1.70, $2.10, and $4.85, respectively, for seven consecutive days[11] Business Outlook The company anticipates continued sequential revenue growth in H2 2025, focusing on expense management and cost reduction for profitability - Blink anticipates strong momentum in both recurring revenues (from network fees) and repeatable charging revenues (from charger utilization)[10] - The company is focused on advancing operational efficiency through disciplined expense management to lower operating costs, reduce cash burn, and achieve profitability[12] Detailed Financial Results (Q2 2025) Q2 2025 revenues were $28.7 million, with a $32.0 million net loss, impacted by a $6.4 million inventory charge, and $25.3 million in cash and marketable securities Revenues Q2 2025 total revenues reached $28.7 million, with product revenues at $14.5 million and service revenues at $11.8 million, reflecting strong sequential and YoY service growth Revenue Breakdown (in millions) | Period | Total Revenue | Product Revenue | Service Revenue | Other Revenue | | :--- | :--- | :--- | :--- | :--- | | Q2 2025 | $28.7 | $14.5 | $11.8 | $2.4 | | Q2 2024 | $33.3 | $23.6 | $8.0 | $1.6 | | H1 2025 | $49.4 | $22.9 | $22.3 | $4.2 | | H1 2024 | $70.8 | $51.1 | $16.2 | $3.5 | Profitability Q2 2025 gross profit was $2.1 million (7% margin), significantly impacted by a $6.4 million non-cash inventory charge, with operating expenses at $34.3 million - Q2 2025 gross profit was $2.1 million. Excluding a $6.4 million non-cash inventory and PP&E adjustment, gross profit would have been $8.5 million, representing a 30% margin[17] - Q2 2025 operating expenses were $34.3 million. Excluding approximately $10.1 million in one-time, non-cash charges (related to asset impairment, Envoy consideration, etc.), operating expenses would have been $24.2 million[18][19] Net Loss and EPS Q2 2025 net loss was $32.0 million (or ($0.31) per share), with an Adjusted EBITDA loss of $24.5 million and Adjusted EPS loss of ($0.26) Net Loss and EPS (GAAP) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Loss (in millions) | ($32.0M) | ($20.1M) | ($52.7M) | ($37.2M) | | EPS (basic & diluted) | ($0.31) | ($0.20) | ($0.51) | ($0.37) | Adjusted EBITDA and Adjusted EPS (Non-GAAP) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Adjusted EBITDA Loss (in millions) | ($24.5M) | ($14.7M) | ($39.9M) | ($24.9M) | | Adjusted EPS Loss | ($0.26) | ($0.18) | ($0.45) | ($0.31) | Cash and Liquidity As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $25.3 million, with no cash debt - As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $25.3 million. The company had no cash debt[26] Other Corporate Developments Blink appointed new executives, pursued UK expansion with a £100 million SPV, launched a North American pilot, and secured a UK charging station contract - Executive Appointments: Michael Bercovich was named CFO, and Alex Calnan was named Managing Director of Europe[29] - UK Expansion: Entered a non-binding term sheet with Axxeltrova Capital for a proposed £100 million Special Purpose Vehicle (SPV) to support EV charging development in the UK[29] - Strategic Collaboration: Teamed with WirelessCar and ChargeHub for a 'Seamless Charging' pilot program in the U.S. and Canada[29] - New Contract: Blink UK executed a contract with North Hertfordshire Council to install and operate 18 new EV charging stations[29] Financial Statements This section provides unaudited condensed consolidated financial statements for Blink Charging Co., including Statements of Operations, Balance Sheets, and Cash Flows Condensed Consolidated Statements of Operations Q2 2025 total revenues were $28.7 million with a net loss of $32.0 million, compared to $33.3 million revenue and $20.1 million net loss in Q2 2024 Q2 2025 Statement of Operations Highlights (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $28,667 | $33,262 | | Gross Profit | $2,094 | $10,713 | | Loss From Operations | ($32,209) | ($20,649) | | Net Loss | ($31,959) | ($20,059) | | Net Loss Per Share | ($0.31) | ($0.20) | Condensed Consolidated Balance Sheets As of June 30, 2025, total assets were $168.4 million, total liabilities $97.7 million, and stockholders' equity $70.8 million Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $25,318 | $41,774 | | Total Current Assets | $98,500 | $141,152 | | Total Assets | $168,422 | $217,988 | | Total Current Liabilities | $58,009 | $59,244 | | Total Liabilities | $97,670 | $99,286 | | Total Stockholders' Equity | $70,752 | $118,702 | Consolidated Statements of Cash Flows H1 2025 saw $28.5 million net cash used in operations, $10.1 million provided by investing, and a $16.5 million net decrease in cash Six-Month Cash Flow Summary (in thousands) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Used In Operating Activities | ($28,524) | ($25,735) | | Net Cash Provided By (Used In) Investing Activities | $10,106 | ($3,873) | | Net Cash Provided By (Used In) Financing Activities | $874 | ($13,472) | | Net Decrease In Cash | ($16,450) | ($42,944) | Non-GAAP Financial Measures Reconciliation This section reconciles GAAP net loss to Adjusted EBITDA and GAAP EPS to Adjusted EPS, showing a Q2 2025 Adjusted EBITDA loss of $24.4 million Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Loss | ($31,959) | ($20,059) | | Adjustments (D&A, Stock Comp, etc.) | $7,511 | $5,351 | | Adjusted EBITDA | ($24,448) | ($14,708) | Reconciliation of Net Income per Share to Adjusted EPS | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income - per diluted share (GAAP) | ($0.31) | ($0.20) | | Per diluted share adjustments | $0.05 | $0.02 | | Adjusted EPS (Non-GAAP) | ($0.26) | ($0.18) |