Core Viewpoint - Tesla Inc. is facing a polarized sentiment among analysts as it approaches its upcoming earnings report, with some believing the company's best days are behind it while others see long-term potential remaining underestimated [3][4][6] Bear Case: Pressure Is Mounting - Analysts at Wells Fargo have reiterated an Underweight rating on Tesla, setting a price target of $130, which implies a potential downside of about 70% from the current trading level of around $450 [4][5] - Key metrics such as production, deliveries, and market share are declining, particularly in competitive regions, with aggressive pricing from Chinese manufacturers impacting Tesla's volumes and margins [5] - Tesla's current valuation, with a price-to-earnings (P/E) ratio around 300, leaves little room for error, suggesting that any less-than-perfect earnings report could lead to significant re-pricing [5] Bull Case: Long-Term Potential - Despite bearish sentiments, some analysts argue that Tesla's long-term uptrend remains intact, supported by structural tailwinds and a stock performance that defies bearish logic [6] - The upcoming earnings report is seen as a critical moment for investors, presenting a choice between conviction in Tesla's potential and caution regarding its current fundamentals [6]

As filed with the U.S. Securities and Exchange Commission on December 4, 2025 Registration No. 333- (State or other jurisdiction of incorporation or organization) Nevada 3790 03-0608147 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 17301 Melford Blvd. Bowie, Maryland 20715 (305) 521-0200 (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Michael C. Battaglia President and Chief Executive Off ...

Industry Overview - Electric vehicles (EVs) are becoming mainstream, with 16.5 million units sold globally through October 2025, marking a 23% year-over-year increase. October alone saw 1.9 million EVs sold, with Europe experiencing a 36% year-over-year growth [1] - The EV charging infrastructure is rapidly expanding, with a PwC analysis indicating that the market must grow nearly tenfold between 2025 and 2030 to meet the charging needs of EVs on the road [2] - Wood Mackenzie projects that the number of EV charging ports globally will grow at an annual rate of 12.3% from 2026 to 2040, reaching 206.6 million installations by 2040 [2] Company Insights NIO Inc. (NYSE:NIO) - NIO has a stock upside potential of 22.16% and is held by 34 hedge funds. However, Macquarie downgraded NIO from Outperform to Neutral, citing weakening demand for its mass-market brand ONVO and reduced visibility on China's EV incentives [7][8] - NIO's fourth-quarter delivery guidance of 120,000–125,000 units fell short of earlier expectations of 150,000 units, indicating potential flat sales volumes for November and December [8] - Despite the downgrade, US Tiger Securities reaffirmed a Buy rating for NIO, highlighting solid third-quarter performance driven by margin recovery and sales energy across its brands [9][10] Li Auto Inc. (NASDAQ:LI) - Li Auto has a stock upside potential of 26.21% and is held by 14 hedge funds. The company reported a non-GAAP diluted net loss per ADS of RMB 0.36 ($0.05) for Q3 2025, missing analyst estimates, while total revenue reached RMB 27.4 billion ($3.8 billion), surpassing expectations by 3.28% [11][12] - The company experienced a 36.2% year-over-year revenue decline due to supply chain disruptions and a vehicle recall, with total vehicle deliveries falling 39.0% to 93,211 units [12] - Li Auto is aggressively expanding its EV charging infrastructure, committing over RMB 6 billion to build more than 5,000 supercharging stations by the end of 2025, designed to cover 90% of major highway routes and urban centers in China [13]

Core Insights - Wallbox has expanded its partnership with Codale Electric Supply to enhance EV charging infrastructure across the Mountain West region, including Utah, Idaho, Wyoming, and Nevada [1][4] - Codale has become a key distribution partner for Wallbox, providing technical support and logistics to contractors, developers, and fleet operators [2][3] - The partnership aims to prioritize the deployment of Wallbox Supernova DC fast chargers and Pulsar family AC chargers, with ongoing projects already in place [3][4] Company Overview - Wallbox is a global provider of electric vehicle charging and energy management solutions, founded in 2015 and headquartered in Barcelona, operating in over 100 countries [6] - The company focuses on creating advanced charging systems that allow users to control their energy consumption and promote sustainable living [6] Partnership Dynamics - The collaboration between Wallbox and Codale is designed to streamline installation processes and enhance network reliability, supporting the transition to cleaner mobility in the region [4][5] - Both companies emphasize the importance of delivering complete, future-proof charging solutions rather than merely distributing hardware [5]

Core Insights - Blink Charging Co. has been awarded a Sourcewell contract for electric vehicle (EV) charging equipment and services, effective until September 18, 2029, with potential extensions for three additional one-year periods [1][2] Group 1: Contract Details - The Sourcewell contract allows over 50,000 government, education, and nonprofit agencies to procure Blink's EV charging solutions through a streamlined process [2] - The contract includes access to Blink's Level 2 (L2) and DC fast charging stations, network management software, installation, maintenance, and support services [2][3] - The contract aims to support public sector electrification initiatives and infrastructure advancement [2][3] Group 2: Company Commitment and Benefits - Blink's selection by Sourcewell reflects its commitment to developing EV charging infrastructure nationwide [3] - The contract provides benefits such as transparent pricing, volume-based discounts, and a streamlined procurement process for public entities [3][4] - Blink's inclusion in Sourcewell's portfolio of over 700 contracts demonstrates its qualification in delivering scalable EV charging solutions [4] Group 3: Company Overview - Blink Charging Co. is a global leader in EV charging equipment and services, facilitating the transition to electric transportation [4] - The company's product offerings include the Blink Network, EV charging equipment, and various charging services [4] - Blink has established strategic partnerships for EV adoption across diverse locations, including parking facilities, healthcare, schools, and transportation hubs [4]

Core Insights - TurnOnGreen, Inc. has established a strategic partnership with Kinseth Hospitality Companies to implement electric vehicle (EV) charging infrastructure across Kinseth's properties, aiming to enhance guest convenience and support sustainability goals [1][4] Group 1: Partnership Details - The collaboration will standardize charging hardware, software, and services across Kinseth's portfolio, focusing on improving access to reliable EV charging in the Midwest [1] - TurnOnGreen will provide a comprehensive program that includes site assessment, design, engineering, commissioning, networking, and 24/7 support for drivers and site hosts [3] - Initial efforts will prioritize upgrading existing infrastructure with high-powered Level 2 chargers (7–19 kW) for overnight guests, with plans for additional Level 2 charging infrastructure and evaluation of DC fast-charging options for highway-adjacent hotels [3] Group 2: Company Background - Kinseth Hospitality is a prominent hotel management and development company, managing over 130 hotels across 17 states, known for its diverse offerings including full-service and boutique hotels [5] - TurnOnGreen specializes in high-performance power solutions for various industries, including e-Mobility, with over 50 years of experience in delivering innovative and reliable power technologies [6][7]

Core Viewpoint - XCharge North America and Ascentium Capital have launched a pioneering initiative aimed at accelerating the development of EV charging infrastructure in the U.S. [1] Company Summary - XCharge North America is a subsidiary of XCHG Limited, listed on NASDAQ under the ticker XCH, and focuses on high-power EV charging and battery-integrated solutions [1] - Ascentium Capital, a division of Regions Bank, specializes in financing solutions for small business equipment [1] Industry Summary - The initiative is designed to enhance the EV charging infrastructure, which is critical for the growth of electric vehicle adoption in the U.S. [1]

Core Insights - Orion Energy Systems, Inc. supports the recent federal guidance directing $5 billion in public funds to enhance EV charging infrastructure, aligning with the quality standards already established by its Voltrek division [1][2] - The federal directive emphasizes state-level decision-making, presenting a significant market opportunity for Orion/Voltrek as 84% of the NEVI funding remains unallocated [2] Company Overview - Orion Energy Systems specializes in energy-efficient solutions, including LED lighting, EV charging stations, and maintenance services, focusing on large national customers and projects through ESCO and distribution partners [3] - The company is committed to helping customers achieve business and environmental goals while reducing carbon footprints and enhancing performance [3] Recent Developments - Orion/Voltrek is actively involved in the deployment and maintenance of EV charging stations, including a project with Boston Public Schools to electrify 100% of its 750 school buses [2]

Core Insights - China is set to build 100,000 ultra-fast public EV chargers by 2027 to enhance access and reduce wait times for EV drivers [1][10] - The country aims to address existing issues in charging infrastructure, including slow speeds and limited public access [4][5] - The EV market in China is rapidly growing, with sales increasing nearly 40% in 2024, reaching over 11 million electric cars [3] Industry Developments - The National Development and Reform Commission (NDRC) is spearheading the initiative to improve charging infrastructure, focusing on busy highway stops and high-traffic areas [4][6] - As of September 2024, China had approximately 14.4 million EV chargers, with only 3.3 million being public chargers [5] - The new charging stations will utilize dynamic pricing and incorporate solar energy and battery storage for efficiency [6] Automaker Initiatives - BYD plans to deploy 15,000 "megawatt" chargers capable of adding 400 kilometers of range in just five minutes [9][10] - Zeekr aims to launch the world's first 1,200 kW charging station with liquid-cooled technology, expanding its network to over 10,000 stations by the end of next year [11] - Li Auto is scaling up its super-charging sites to 4,000 by the end of the year, focusing on major highway routes [12] Competitive Landscape - Tesla has introduced its next-gen V4 Superchargers in China, delivering up to 325 kW of power and compatible with multiple EV brands [13] - The competition among automakers is intensifying as they not only sell electric vehicles but also invest in the necessary charging infrastructure [14][15]

Financial Data and Key Metrics Changes - In Q1 2025, total revenues were $20.8 million, down from $37.6 million in Q1 2024 [17] - Product revenues decreased to $8.4 million from $27.5 million year-over-year [17] - Service revenues increased by 29.2% to $10.6 million compared to $8.2 million in the prior year [18] - Gross profit was $7.4 million, representing 35.5% of revenues, compared to 35.7% in the previous year [18] - Operating expenses decreased by 7.9% to $28.5 million from $30.9 million [18] - Loss per share improved to $0.20 from $0.17 year-over-year [18] - Adjusted EBITDA loss increased to $15.5 million from $10.2 million in the prior year [19] Business Line Data and Key Metrics Changes - Charging service revenue increased by 35% year-over-year, driven by higher utilization of deployed infrastructure [7] - Product sales were significantly down, indicating a gap in addressing value-oriented market segments [7] - The company closed the quarter with 7,091 company-owned chargers, a 22% increase year-over-year [12] - DC fast charging revenues in the U.S. increased over three times compared to the first quarter of last year [13] Market Data and Key Metrics Changes - EV sales in the U.S. grew by 11.4% in Q1 2025 compared to the prior year [10] - In Europe, EV sales increased by 24%, with significant gains reported in Germany, Belgium, and The Netherlands [11] - Charging revenue in Europe grew by 22%, reflecting an expanding footprint and strengthening market position [8] Company Strategy and Development Direction - The company is focused on deploying the right charging infrastructure at optimal locations [21] - A new Generation 3 charger is being developed to meet market demand, with plans to launch in Q4 2025 [7][22] - The strategic priorities include flexible customer-centric business models, expansion of DC fast charging, growth in recurring revenue, strategic positioning amid industry consolidation, and cost optimization [25][26][28][29] Management's Comments on Operating Environment and Future Outlook - The operating environment remains challenging due to macroeconomic pressures and shifts in customer behavior [7] - The company expects sequential revenue growth in Q2 2025 and continued growth in the second half of the year [19][20] - Management remains focused on reducing operating expenses and cash burn while driving towards profitability [16][20] Other Important Information - The company is actively pursuing opportunities to grow its DC fast charging portfolio [13] - Blink has been named a preferred bidder for a contract in the UK, valued at over £500,000 [14] - The company is consolidating its European software networks into a global platform for operational efficiencies [15] Q&A Session Summary Question: About gross margins and their improvement - Management noted that a larger mix of Level 2 chargers helped margins and expects consistency in the mid-30s range for gross margins throughout the year [33][35] Question: On new value-oriented products and market approach - The company is focused on building its own chargers to maintain quality and reliability, with expanded production capabilities in India and Maryland [39][40] Question: Regarding expenses related to business spin-offs - Management confirmed ongoing restructuring efforts and cost controls, with a focus on reducing compensation expenses and consolidating facilities [48][49] Question: Aspirational service margin targets - Management aims for mid-20s service margins in the future [52] Question: On market consolidation and acquisition targets - The company is considering tuck-in acquisitions to enhance growth and has specific companies in mind for potential acquisition [56][57]