BLINK CHARGING ANNOUNCES SECOND QUARTER 2025 RESULTS
Blink Charging (NASDAQ: BLNK) reported mixed Q2 2025 results with total revenues of $28.7M, up 38% sequentially but down 13.8% year-over-year. Service revenues showed strong growth, increasing 46% year-over-year to $11.8M.
The company incurred $16.5M in largely one-time, non-cash charges and reduced compensation expenses by 22% year-over-year, eliminating $8M in annualized expenses. Post-quarter, Blink acquired Zemetric, Inc., expanding its charging infrastructure solutions, and reached an agreement with Envoy Technologies shareholders, releasing payment obligations in exchange for stock and performance-based warrants.
The company's gross profit was $2.1M (7% margin), down from $10.7M (32% margin) in Q2 2024, while net loss increased to ($32.0M) or ($0.31) per share. Cash position stood at $25.3M as of June 30, 2025.
Blink Charging (NASDAQ: BLNK) ha riportato risultati misti per il secondo trimestre 2025 con ricavi totali di $28,7M, in aumento del 38% rispetto al trimestre precedente ma in calo del 13,8% rispetto all'anno precedente. I ricavi da servizi sono cresciuti in modo significativo, salendo del 46% su base annua a $11,8M.
La società ha sostenuto $16,5M di oneri per lo più una tantum e non monetari e ha ridotto le spese per compensi del 22% su base annua, eliminando $8M di costi annualizzati. Dopo la chiusura del trimestre, Blink ha acquisito Zemetric, Inc., ampliando le sue soluzioni per l'infrastruttura di ricarica, e ha raggiunto un accordo con gli azionisti di Envoy Technologies, annullando obblighi di pagamento in cambio di azioni e warrant vincolati alle performance.
Il margine lordo è stato di $2,1M (7% di margine), in calo rispetto a $10,7M (32% di margine) nel Q2 2024, mentre la perdita netta è aumentata a ($32,0M), pari a ($0,31) per azione. La posizione di cassa al 30 giugno 2025 era di $25,3M.
Blink Charging (NASDAQ: BLNK) reportó resultados mixtos en el segundo trimestre de 2025 con ingresos totales de $28.7M, un 38% más que el trimestre anterior pero un 13.8% menos que el año previo. Los ingresos por servicios mostraron un fuerte crecimiento, aumentando un 46% interanual hasta $11.8M.
La compañía registró $16.5M en cargos en gran parte no monetarios y de carácter puntual y redujo los gastos de compensación en un 22% interanual, eliminando $8M en costos anualizados. Tras el trimestre, Blink adquirió Zemetric, Inc., ampliando sus soluciones de infraestructura de carga, y alcanzó un acuerdo con los accionistas de Envoy Technologies, liberando obligaciones de pago a cambio de acciones y warrants condicionados al rendimiento.
El beneficio bruto fue de $2.1M (margen 7%), frente a $10.7M (margen 32%) en el Q2 de 2024, mientras que la pérdida neta aumentó a ($32.0M), o ($0.31) por acción. La posición de efectivo al 30 de junio de 2025 era de $25.3M.
Blink Charging (NASDAQ: BLNK)는 2025년 2분기에 총매출 $28.7M을 기록하며 혼조된 실적을 발표했습니다. 전분기 대비 38% 증가했지만 전년 동기 대비로는 13.8% 감소했습니다. 서비스 매출은 강한 성장세를 보이며 전년 대비 46% 증가한 $11.8M에 달했습니다.
회사는 주로 일회성 비현금 항목으로 $16.5M의 비용을 발생시켰고 보상 비용을 전년 대비 22% 줄여 연간화 기준 $8M의 비용을 절감했습니다. 분기 종료 후 Blink는 Zemetric, Inc.를 인수해 충전 인프라 솔루션을 확장했고, Envoy Technologies 주주들과의 합의로 지급 의무를 주식 및 실적 기반 워런트로 대체했습니다.
총이익은 $2.1M(마진 7%)으로, 2024년 2분기의 $10.7M(마진 32%)에서 하락했으며, 순손실은 ($32.0M), 주당 ($0.31)로 늘어났습니다. 2025년 6월 30일 기준 현금 보유액은 $25.3M였습니다.
Blink Charging (NASDAQ: BLNK) a publié des résultats mitigés pour le deuxième trimestre 2025 avec des revenus totaux de $28,7M, en hausse de 38% par rapport au trimestre précédent mais en baisse de 13,8% en glissement annuel. Les revenus de services ont fortement augmenté, progressant de 46% sur un an pour atteindre $11,8M.
La société a enregistré $16,5M de charges majoritairement exceptionnelles et non monétaires et a réduit les dépenses de rémunération de 22% en glissement annuel, supprimant $8M de coûts annualisés. Après la clôture du trimestre, Blink a acquis Zemetric, Inc., élargissant ses solutions d'infrastructure de recharge, et a conclu un accord avec les actionnaires d'Envoy Technologies, libérant des obligations de paiement en échange d'actions et de bons de souscription conditionnés à la performance.
La marge brute s'est établie à $2,1M (marge de 7%), contre $10,7M (marge de 32%) au T2 2024, tandis que la perte nette a augmenté pour atteindre ($32,0M), soit ($0,31) par action. La trésorerie au 30 juin 2025 s'élevait à $25,3M.
Blink Charging (NASDAQ: BLNK) meldete gemischte Ergebnisse für das zweite Quartal 2025 mit Gesamtumsätzen von $28,7M, ein Anstieg von 38% gegenüber dem Vorquartal, jedoch ein Rückgang von 13,8% gegenüber dem Vorjahr. Die Serviceerlöse wuchsen deutlich und stiegen um 46% im Jahresvergleich auf $11,8M.
Das Unternehmen verbuchte $16,5M an überwiegend einmaligen, nicht zahlungswirksamen Aufwendungen und senkte die Vergütungskosten um 22% im Jahresvergleich, wodurch $8M an annualisierten Kosten eingespart wurden. Nach Quartalsende übernahm Blink Zemetric, Inc. zur Erweiterung seiner Ladelösungen und einigte sich mit den Aktionären von Envoy Technologies, wodurch Zahlungsansprüche gegen Aktien und leistungsabhängige Warrants ausgetauscht wurden.
Der Bruttogewinn betrug $2,1M (7% Marge), gegenüber $10,7M (32% Marge) im Q2 2024, während der Nettoverlust auf ($32,0M) bzw. ($0,31) je Aktie anstieg. Die Cash-Position belief sich zum 30. Juni 2025 auf $25,3M.
- Service revenues grew 46% year-over-year to $11.8M
- Sequential revenue growth of 38% to $28.7M in Q2 2025
- Reduced compensation expenses by 22% year-over-year
- Eliminated $8M in annualized expenses through efficiencies
- Strategic acquisition of Zemetric Inc. expanding product portfolio
- Zero cash debt as of June 30, 2025
- Net loss increased to ($32.0M) from ($20.1M) year-over-year
- Product revenues declined 38.5% year-over-year
- Gross profit margin decreased to 7% from 32% year-over-year
- Cash position declined to $25.3M from $55.4M in December 2024
- Incurred $16.5M in one-time, non-cash charges
Insights
Blink shows 38% sequential revenue growth but faces profitability challenges with $16.5M in one-time charges while making strategic acquisitions.
Blink Charging's Q2 2025 results present a mixed financial picture with some encouraging signs amid ongoing challenges. The company achieved $28.7 million in quarterly revenue, representing a robust 38% sequential growth from Q1 2025, though this still reflects a 13.8% year-over-year decline. The sequential improvement was primarily driven by a substantial 73.1% increase in product revenues compared to Q1.
The company's recurring revenue streams show promising momentum, with service revenues growing 46.1% year-over-year to $11.8 million. This shift toward higher-margin recurring revenue could eventually strengthen Blink's business model, as service revenues now comprise about 41% of total revenue compared to just 24% a year ago.
However, profitability remains a significant concern. Gross profit plummeted to just $2.1 million (7% margin) compared to $10.7 million (32% margin) in Q2 2024. This dramatic decline was largely due to a $6.4 million non-cash inventory and PP&E adjustment. Excluding this charge, gross profit would have been $8.5 million (30% margin), still slightly below last year's level.
The balance sheet shows deteriorating cash position with $25.3 million in cash and marketable securities as of June 30, 2025, down from $55.4 million at the end of 2024. This represents a 54% reduction in just six months, suggesting a burn rate of approximately $5 million per month. At this pace, without additional financing or significant operational improvements, Blink would have roughly 5 months of runway remaining.
The company's cost-cutting initiatives, including a 22% reduction in compensation expenses and elimination of $8 million in annualized expenses, are steps in the right direction but haven't yet translated to improved bottom-line results. The net loss widened to ($32 million) from ($20.1 million) in Q2 2024, though this includes significant one-time charges.
The Zemetric acquisition appears strategically sound, bringing in specialized technology for fleet and commercial applications along with experienced leadership talent. Meanwhile, the restructured Envoy Technologies agreement eliminates fixed payment obligations in exchange for stock and performance-based warrants, potentially reducing near-term cash demands but diluting existing shareholders.
Management's outlook for continued sequential growth and reduced cash burn suggests cautious optimism, but the company faces significant challenges in achieving sustainable profitability while managing its dwindling cash reserves.
Blink's strategic acquisitions and recurring revenue growth are positive signals amid EV charging industry's monetization challenges.
Blink's Q2 results reflect the broader challenges facing the EV charging infrastructure industry, where companies are still searching for sustainable business models despite growing EV adoption. The 46% year-over-year growth in service revenues is particularly significant as it indicates improving utilization rates of Blink's charging network – a critical metric for long-term viability in this sector.
The acquisition of Zemetric represents a strategic pivot toward higher-value segments of the charging market. Fleet electrification, multi-family dwellings, and commercial applications typically offer more predictable utilization patterns and revenue streams compared to public charging stations. This focus on tailored solutions for fleet operators aligns with industry trends, as fleet conversion to EVs often provides more immediate and consistent returns on infrastructure investment than consumer-focused charging.
The company's substantial 73.1% sequential increase in product sales, primarily driven by DC fast chargers and L2 Series chargers, suggests Blink is benefiting from infrastructure deployment funding, potentially including projects supported by federal infrastructure programs. However, the 38.5% year-over-year decline in product revenues signals that the market may be experiencing lumpiness in deployment schedules or shifting preferences among customers.
Blink's inventory write-down of $6.4 million raises questions about product lifecycle management in a rapidly evolving technological landscape. As charging standards and capabilities continue to advance, managing inventory obsolescence presents an ongoing challenge for equipment manufacturers.
The restructured agreement with Envoy Technologies indicates potential challenges in the EV car-sharing business model, which has proven difficult to scale profitably across the industry. By converting fixed payment obligations to performance-based incentives, Blink has effectively reduced its downside exposure while maintaining upside potential if the car-sharing business improves.
The appointment of Harmeet Singh as CTO, following the Zemetric acquisition, highlights the growing importance of software and interoperability in the charging infrastructure space. As the industry moves toward open standards and networked solutions, technological leadership will be increasingly critical for competitive differentiation.
- Second quarter 2025 total revenues grew
38% sequentially to$28.7 million compared to the first quarter of 2025 - Second quarter 2025 service revenues grew
46% year-over-year to$11.8 million - Company incurred approximately
$16.5 million in largely one-time, non-cash charges in the quarter - Reduced compensation expenses by
22% year-over-year; eliminated$8 million in annualized expenses through efficiencies - Subsequent to quarter end, Blink acquired Zemetric, Inc., a charging infrastructure company with tailored solutions for fleets, multi-family, and commercial applications
- Following the close of the second quarter, the Company announced an agreement with the former shareholders of Envoy Technologies, its wholly owned subsidiary, releasing Blink from all payment obligations and liability in exchange for stock and performance-based warrants.
Bowie, MD, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) (“Blink”), a leading global owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the second quarter ended June 30, 2025.
The following top-line highlights are in thousands of dollars:
| Three Months Ended (Sequential) | Three Months Ended (YoY) | |||||||||||||||||||||||
| June 30, 2025 | March 31, 2025 | % Change | June 30, 2025 | June 30, 2024 | % Change | |||||||||||||||||||
| Product Revenues | $ | 14,508 | 8,381 | 73.1 | % | $ | 14,508 | 23,582 | (38.5 | %) | ||||||||||||||
| Service Revenues(1) | 11,756 | 10,581 | 11.1 | % | 11,756 | 8,045 | 46.1 | % | ||||||||||||||||
| Other Revenues(2) | 2,403 | 1,792 | 34.1 | % | 2,403 | 1,635 | 47.0 | % | ||||||||||||||||
| Total Revenues | $ | 28,667 | 20,754 | 38.1 | % | $ | 28,667 | 33,262 | (13.8 | %) | ||||||||||||||
(1) Service Revenues consist of repeat charging service revenues, recurring network fees, and car-sharing service revenues.
(2) Other Revenues consist of warranty fees, grants and rebates, and other revenues.
Mike Battaglia, President and Chief Executive Officer of Blink Charging, commented, “We made solid progress in the second quarter, achieving consolidated revenues of
Acquisition of Zemetric, Inc.
Following the close of the second quarter, Blink announced its acquisition of Zemetric, Inc., a charging infrastructure company with tailored solutions for fleets, multi-family, and commercial applications. Zemetric brings market-leading hardware, software and service solutions designed and built to be interoperable and highly reliable to scale electrification. Zemetric’s founding team has joined Blink and includes Harmeet Singh, who now serves as Blink’s Chief Technology Officer; Bonnie Datta, Senior Vice President of Global Commercial Operations; and Kapil Singhi, VP of Hardware and Firmware Engineering.
Mr. Battaglia continued, “Our recent acquisition of Zemetric, Inc., expands our portfolio of offerings and we are particularly excited to add their intelligent and flexible L2 products. This addition enables us to offer value-oriented charging solutions that were not previously part of our product lineup. We are also pleased to welcome Zemetric’s founder and CEO, Harmeet Singh, who has joined Blink as Chief Technology Officer. At Zemetric, Harmeet developed state-of-the-art software solutions designed to enhance interoperability and reduce the total cost of ownership for fleets. Harmeet is a proven executive in our industry and is the ideal leader to drive technology excellence within Blink, as well as oversee the integration of Zemetric’s complementary technological capabilities.”
Envoy Technologies Update
On August 6, 2025, Blink announced that it has reached an agreement with the former shareholders of its wholly owned subsidiary, Envoy Technologies, Inc. (“Envoy”), a leading provider of on-demand electric vehicle car-sharing services for real estate companies, to amend the organization’s planned merger agreement. The amended agreement releases Blink from all payment obligations and liability following the issuance of
$2.5 million worth of warrants that will vest upon the common stock of Blink reaching a price per share of$1.70 for seven consecutive days;$2.5 million worth of warrants that will vest upon the common stock of Blink reaching a price per share of$2.10 for seven consecutive days; and$6 million worth of warrants that will vest upon the common stock of Blink reaching a price per share of$4.85 for seven consecutive days.
These warrants will expire 20 months after their issuance date. Further details of the agreement may be found here.
Business Outlook
Based on current visibility, Blink expects to achieve continued sequential revenue growth in the second half of 2025. Looking ahead, the Company expects to maintain strong momentum across both its recurring and repeatable charging revenue streams. Recurring revenues, derived primarily from network fees, are expected to benefit from the expanding installed base of chargers. At the same time, the Company expects growth in repeatable charging revenue as it scales its EV charging infrastructure, driven by increased utilization and rising energy prices.
The Company remains committed to advancing operational efficiency through disciplined expense management and targeted initiatives aimed at lowering operating costs and reducing cash burn. These efforts are central to the Company’s strategy to strengthen the business model and define a clear path to profitability.
Second Quarter and First Six Months 2025 Financial Results
Revenues
Total Revenues were
Product Revenues were
Service Revenues, which consist of repeat charging service revenues, recurring network fees, and car-sharing service revenues, increased by
Service Revenues for the first six months of 2025 were
Other Revenues, which are comprised of warranty fees, grants and rebates, and additional sources, were
Gross Profit
Gross Profit was
Operating Expenses
Operating expenses in the second quarter of 2025 were
Operating expenses in the second quarter of 2025 include approximately
Net Loss and Loss Per Share
Net Loss for the second quarter of 2025 was (
As of June 30, 2025, the weighted average number of shares outstanding was 102.9 million. As of June 30, 2024, the weighted average number of shares outstanding was 101.0 million.
Adjusted EBITDA and Adjusted EPS
Adjusted EBITDA for the second quarter of 2025 was a loss of (
Adjusted EBITDA (defined as earnings/loss before interest income/expense, provision for income taxes, depreciation and amortization, stock-based compensation, acquisition related costs, estimated loss related to underperforming assets of subsidiary, change in fair value related to Envoy consideration payable, and assets impairment is a non-GAAP financial measure management uses as a proxy for net income/loss. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.
Adjusted EPS for the second quarter of 2025 was a loss of (
Adjusted EPS (defined as earnings/loss per diluted share) is a non-GAAP financial measure management uses to assess earnings/loss per diluted share excluding non-recurring items such as amortization expense of intangible assets, estimated loss related to underperforming assets of subsidiary, change in fair value related to Envoy consideration payable and assets impairment. See “Non-GAAP Financial Measures” for a reconciliation of GAAP to Non-GAAP financial measures included at the end of this release.
Cash Liquidity
As of June 30, 2025, cash, cash equivalents, and marketable securities totaled
Second Quarter 2025 Highlights:
- Michael Bercovich was named Chief Financial Officer of Blink. He previously served as Chief Financial Officer at Helios Global Payments Solutions, MyOutDesk, Cialfo and Elements Global Services, where he led a variety of functions, such as finance and operations, corporate development, investor relations, treasury, and strategic initiatives including fundraising. He has a proven record of establishing and managing global financial operations, treasury and tax in over 40 countries.
- Blink and Axxeltrova Capital entered into a non-binding term sheet with respect to the previously proposed £100 million Special Purpose Vehicle (SPV) to support growth in EV charging development across the UK through the Local Electric Vehicle Infrastructure (LEVI) program.
- Alex Calnan was named Managing Director of Europe, leading Blink’s efforts throughout the continent, including the United Kingdom, Ireland, Belgium, and the Netherlands. He previously served as Managing Director of the UK subsidiary, Blink Charging UK Ltd (“Blink UK”)
- Blink, WirelessCar and ChargeHub have teamed to collaborate to launch an innovative ‘Seamless Charging’ pilot program in the United States and Canada. This ground-breaking initiative is designed to redefine the EV charging experience, making it faster, easier, and more accessible for drivers.
- Blink UK executed a contract with North Hertfordshire Council to install and operate 18 new EV charging stations in strategic locations throughout North Hertfordshire, bringing the total of charging stations across the entire Hertfordshire County to just under 1,000 units. The initiative provides residents, businesses, and visitors greater access to reliable and efficient charging facilities.
Earnings Conference Call
Blink Charging will host a conference call and webcast to discuss second quarter 2025 results today, August 18, 2025, at 4:30 PM, Eastern Time.
To access the live webcast, log onto the Blink Charging website at www.blinkcharging.com, and click on the News/Events section of the Investor Relations page. Investors may also access the webcast via the following link:
https://www.webcaster4.com/Webcast/Page/2468/52781
To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 977675.
A replay of the teleconference will be available until September 17, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52781.
###
BLINK CHARGING CO.
Condensed Consolidated Statements of Operations
(in thousands, except for share and per share amounts)
(unaudited)
| For The Three Months Ended | For The Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Product sales | $ | 14,508 | $ | 23,582 | $ | 22,889 | $ | 51,090 | ||||||||
| Charging service revenue | 7,691 | 4,936 | 14,471 | 9,963 | ||||||||||||
| Network fees | 2,954 | 1,907 | 5,580 | 3,972 | ||||||||||||
| Warranty | 1,582 | 1,340 | 2,537 | 2,293 | ||||||||||||
| Grant and rebate | 32 | 52 | 192 | 635 | ||||||||||||
| Car-sharing services | 1,111 | 1,202 | 2,286 | 2,299 | ||||||||||||
| Other | 789 | 243 | 1,466 | 578 | ||||||||||||
| Total Revenues | 28,667 | 33,262 | 49,421 | 70,830 | ||||||||||||
| Cost of Revenues: | ||||||||||||||||
| Cost of product sales | 17,036 | 14,241 | 22,584 | 30,843 | ||||||||||||
| Cost of charging services | 1,062 | 495 | 1,966 | 1,200 | ||||||||||||
| Host provider fees | 4,275 | 3,282 | 7,927 | 6,324 | ||||||||||||
| Network costs | 636 | 650 | 1,099 | 1,239 | ||||||||||||
| Warranty and repairs and maintenance | 1,291 | 981 | 2,131 | 1,586 | ||||||||||||
| Car-sharing services | 1,066 | 1,284 | 1,751 | 2,146 | ||||||||||||
| Depreciation and amortization | 1,207 | 1,616 | 2,500 | 3,360 | ||||||||||||
| - | ||||||||||||||||
| Total Cost of Revenues | 26,573 | 22,549 | 39,958 | 46,698 | ||||||||||||
| Gross Profit | 2,094 | 10,713 | 9,463 | 24,132 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Compensation | 13,772 | 17,654 | 27,321 | 32,611 | ||||||||||||
| General and administrative expenses | 11,808 | 8,003 | 20,680 | 15,810 | ||||||||||||
| Other operating expenses | 6,939 | 4,958 | 12,288 | 11,396 | ||||||||||||
| Change in fair value of consideration payable | 1,784 | 747 | 2,463 | 2,447 | ||||||||||||
| Total Operating Expenses | 34,303 | 31,362 | 62,752 | 62,264 | ||||||||||||
| Loss From Operations | (32,209 | ) | (20,649 | ) | (53,289 | ) | (38,132 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income (expense) | 71 | (46 | ) | 15 | (473 | ) | ||||||||||
| Change in fair value of derivative and other accrued liabilities | (9 | ) | (17 | ) | (7 | ) | (15 | ) | ||||||||
| Dividend and interest income | 283 | 817 | 738 | 1,580 | ||||||||||||
| Total Other Income | 345 | 754 | 746 | 1,092 | ||||||||||||
| Loss Before Income Taxes | $ | (31,864 | ) | $ | (19,895 | ) | $ | (52,543 | ) | $ | (37,040 | ) | ||||
| Provision for income taxes | (95 | ) | (164 | ) | (123 | ) | (192 | ) | ||||||||
| Net Loss | $ | (31,959 | ) | $ | (20,059 | ) | $ | (52,666 | ) | $ | (37,232 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic | $ | (0.31 | ) | $ | (0.20 | ) | $ | (0.51 | ) | $ | (0.37 | ) | ||||
| Diluted | $ | (0.31 | ) | $ | (0.20 | ) | $ | (0.51 | ) | $ | (0.37 | ) | ||||
| Weighted Average Number of | ||||||||||||||||
| Common Shares Outstanding: | ||||||||||||||||
| Basic | 102,899,705 | 101,009,593 | 102,684,303 | 100,456,032 | ||||||||||||
| Diluted | 102,899,705 | 101,009,593 | 102,684,303 | 100,456,032 | ||||||||||||
BLINK CHARGING CO.
Condensed Consolidated Balance Sheets
(in thousands, except for share amounts)
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 25,318 | $ | 41,774 | ||||
| Marketable securities | - | 13,630 | ||||||
| Accounts receivable, net | 34,703 | 43,201 | ||||||
| Inventory, net | 32,706 | 38,280 | ||||||
| Prepaid expenses and other current assets | 5,773 | 4,267 | ||||||
| Total Current Assets | 98,500 | 141,152 | ||||||
| Restricted cash | 84 | 78 | ||||||
| Property and equipment, net | 36,087 | 38,671 | ||||||
| Operating lease right-of-use asset | 7,549 | 9,212 | ||||||
| Intangible assets, net | 7,666 | 10,388 | ||||||
| Goodwill | 17,897 | 17,897 | ||||||
| Other assets | 639 | 590 | ||||||
| Total Assets | $ | 168,422 | $ | 217,988 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 25,939 | $ | 28,888 | ||||
| Accrued expenses and other current liabilities | 8,956 | 9,482 | ||||||
| Notes payable | 265 | 265 | ||||||
| Current portion of operating lease liabilities | 3,661 | 3,216 | ||||||
| Current portion of financing lease liabilities | 35 | 34 | ||||||
| Current portion of deferred revenue | 19,153 | 17,359 | ||||||
| Total Current Liabilities | 58,009 | 59,244 | ||||||
| Consideration payable | 23,491 | 21,028 | ||||||
| Operating lease liabilities, non-current portion | 5,526 | 7,162 | ||||||
| Financing lease liabilities, non-current portion | 79 | 97 | ||||||
| Deferred revenue, non-current portion | 9,813 | 10,603 | ||||||
| Other liabilities | 752 | 1,152 | ||||||
| Total Liabilities | 97,670 | 99,286 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, | - | - | ||||||
| Common stock, | 103 | 102 | ||||||
| Additional paid-in capital | 862,943 | 860,300 | ||||||
| Accumulated other comprehensive income (loss) | (3,773 | ) | (5,845 | ) | ||||
| Accumulated deficit | (788,521 | ) | (735,855 | ) | ||||
| Total Stockholders’ Equity | 70,752 | 118,702 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 168,422 | $ | 217,988 | ||||
BLINK CHARGING CO. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
| For The Six Months Ended | ||||||||
| June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net loss | $ | (52,666 | ) | $ | (37,232 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 5,583 | 6,579 | ||||||
| Non-cash lease expense | 2,254 | 2,438 | ||||||
| Loss on disposal of fixed assets | 5,762 | 39 | ||||||
| Change in fair value of derivative and other accrued liabilities | (7 | ) | (15 | ) | ||||
| Change in fair value of consideration payable | 2,463 | 2,447 | ||||||
| Provision for slow moving and obsolete inventory | 4,571 | 822 | ||||||
| Provision for credit losses | 7,250 | 903 | ||||||
| Stock-based compensation | 1,753 | 1,950 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 2,496 | (6,990 | ) | |||||
| Inventory | 961 | 2,239 | ||||||
| Prepaid expenses and other current assets | (1,279 | ) | 1,349 | |||||
| Other assets | (25 | ) | 26 | |||||
| Accounts payable and accrued expenses | (5,697 | ) | (1,099 | ) | ||||
| Other liabilities | (400 | ) | - | |||||
| Lease liabilities | (1,794 | ) | (2,052 | ) | ||||
| Deferred revenue | 251 | 2,861 | ||||||
| Total Adjustments | 24,142 | 11,497 | ||||||
| Net Cash Used In Operating Activities | (28,524 | ) | (25,735 | ) | ||||
| Cash Flows From Investing Activities: | ||||||||
| Proceeds from sale of marketable securities | 13,630 | 5,500 | ||||||
| Proceeds from sale of equity method investment | 223 | - | ||||||
| Purchase of marketable securities | - | (634 | ) | |||||
| Capitalization of engineering costs | (205 | ) | (155 | ) | ||||
| Purchases of property and equipment | (3,542 | ) | (8,584 | ) | ||||
| Net Cash Provided By (Used In) Investing Activities | 10,106 | (3,873 | ) | |||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from sale of common stock in public offering, net [1] | 891 | 25,070 | ||||||
| Repayment of note payable | - | (37,881 | ) | |||||
| Proceeds from exercise of options and warrants | - | - | ||||||
| Repayment of financing liability in connection with finance lease | (17 | ) | (375 | ) | ||||
| Payment of financing liability in connection with internal use software | - | (286 | ) | |||||
| Net Cash Provided By (Used In) Financing Activities | 874 | (13,472 | ) | |||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents and Restricted Cash | 1,094 | 136 | ||||||
| Net Decrease In Cash and Cash Equivalents and Restricted Cash | (16,450 | ) | (42,944 | ) | ||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 41,852 | 98,800 | ||||||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 25,402 | $ | 55,856 | ||||
| Cash and cash equivalents and restricted cash consisted of the following: | ||||||||
| Cash and cash equivalents | $ | 25,318 | $ | 55,781 | ||||
| Restricted cash | 84 | 75 | ||||||
| $ | 25,402 | $ | 55,856 | |||||
Non-GAAP Financial Measures
The following table reconciles Net Loss attributable to Blink Charging to EBITDA and Adjusted EBITDA for the periods shown:
| For The Three Months Ended | For The Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Loss | $ | (31,959 | ) | $ | (20,059 | ) | $ | (52,666 | ) | $ | (37,232 | ) | ||||
| Add: | ||||||||||||||||
| Interest Expense | (71 | ) | 46 | (15 | ) | 473 | ||||||||||
| Provision for Income Taxes | 31 | 164 | 59 | 192 | ||||||||||||
| Depreciation and amortization | 3,294 | 3,236 | 6,783 | 6,579 | ||||||||||||
| EBITDA | (28,705 | ) | (16,613 | ) | (45,839 | ) | (29,988 | ) | ||||||||
| Add: | ||||||||||||||||
| Stock-based compensation | 741 | 1,034 | 1,707 | 1,951 | ||||||||||||
| Acquisition-related costs | - | 12 | - | 26 | ||||||||||||
| Estimated loss related to underperforming assets of subsidiary | - | 112 | - | 676 | ||||||||||||
| Change in fair value related to consideration payable | 1,784 | 747 | 2,463 | 2,447 | ||||||||||||
| Assets Impairment | 1,732 | - | 1,732 | - | ||||||||||||
| Adjusted EBITDA | $ | (24,448 | ) | $ | (14,708 | ) | $ | (39,937 | ) | $ | (24,888 | ) | ||||
The following table reconciles EPS attributable to Blink Charging to Adjusted EPS for the periods shown:
| For The Three Months Ended | For The Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Income - per diluted share | $ | (0.31 | ) | $ | (0.20 | ) | $ | (0.51 | ) | $ | (0.37 | ) | ||||
| Per diluted share adjustments: | ||||||||||||||||
| Add: Amortization expense of intangible assets | 0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||
| Acquisition-related costs | - | 0.00 | - | 0.00 | ||||||||||||
| Estimated loss related to disposal of underperforming subsidiary | - | 0.00 | - | 0.01 | ||||||||||||
| Change in fair value related to consideration payable | 0.02 | 0.01 | 0.02 | 0.02 | ||||||||||||
| Assets Impairment | 0.02 | - | 0.02 | - | ||||||||||||
| Adjusted EPS | $ | (0.26 | ) | $ | (0.18 | ) | $ | (0.45 | ) | $ | (0.31 | ) | ||||
Blink Charging Co. publicly reports its financial information in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). To facilitate external analysis of the Company’s operating performance, Blink Charging also presents financial information that is considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the U.S. Securities and Exchange Commission. Non-GAAP measures should be considered in addition to, and not as a substitute for, or superior to, Net Income (Loss) or other measures of financial performance prepared in accordance with GAAP and may be different than those presented by other companies, including Blink Charging’s competitors. EBITDA and Adjusted EBITDA are not performance measures calculated in accordance with GAAP and are therefore considered non-GAAP measures. Reconciliation tables are presented above.
EBITDA is defined as earnings (loss) attributable to Blink Charging before interest income (expense), provision for income taxes, depreciation and amortization. Blink Charging believes EBITDA is useful to its management, securities analysts, and investors in evaluating operating performance because it is one of the primary measures used to evaluate the economic productivity of the Company’s operations, including its ability to obtain and maintain its customers, its ability to operate its business effectively, the efficiency of its employees and the profitability associated with their performance. It also helps Blink Charging’s management, securities analysts, and investors to meaningfully evaluate and compare the results of the Company’s operations from period to period on a consistent basis by removing the impact of its merger and acquisition expenses, financing transactions, and the depreciation and amortization impact of capital investments from its operating results.
The Company also believes that Adjusted EBITDA, defined as EBITDA adjusted for non-recurring or non-cash items such as stock-based compensation, acquisition related costs, estimated loss related to sale of underperforming assets of subsidiary, change in fair value related to consideration payable, and assets impairment is useful to securities analysts and investors to evaluate the Company’s core operating results and financial performance because it excludes items that are significant non-cash or non-recurring expenses reflected in the Condensed Consolidated Statements of Operations.
Our definition of Adjusted EBITDA and Adjusted EPS may differ from other companies reporting similarly named measures. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as Net Loss, and Diluted Earnings per Share.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (EV) charging equipment and services, enabling drivers, hosts, and fleets to easily transition to electric transportation through innovative charging solutions. Blink’s principal line of products and services include Blink’s EV charging networks (“Blink Networks”), EV charging equipment, and EV charging services. Blink Networks use proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs.
For more information, please visit https://blinkcharging.com/.
Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including achieving its 2025 revenue and gross margin targets and its projected 2025 adjusted EBITDA run rate and timeline, and the risk factors described in Blink’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
Blink Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
Blink Media Contact
Felicitas Massa
PR@BlinkCharging.com
305-521-0200 ext. 266
FAQ
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