EV charging infrastructure provider Blink Charging (NASDAQ:BLNK) fell short of the market’s revenue expectations in Q1 CY2025, with sales falling 44.8% year on year to $20.75 million. Its non-GAAP EPS of $0.18 per share was 38.5% below analysts’ consensus estimates.
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Blink Charging (BLNK) Q1 CY2025 Highlights:
- Revenue: $20.75 million (44.8% year-on-year decline)
- Adjusted EBITDA Margin: -74.6%
- Market Capitalization: $80.78 million
StockStory’s Take
Blink Charging’s first quarter was defined by weak product sales, which management attributed to both a challenging macroeconomic environment and a noticeable shift in customer preferences toward more value-oriented charging hardware. CEO Michael Battaglia described the quarter as “difficult,” citing ongoing pressures and a gap in Blink’s portfolio for lower-cost products. While charging service revenue rose 35% year over year, this was offset by a sharp decline in product sales, leading to overall underperformance. Battaglia acknowledged, “Our product results did not meet the goals and expectations we set for ourselves,” and outlined that cost control efforts, including an 8% reduction in operating expenses, remain a priority.
Looking ahead, management believes the key to improving results will be the rapid introduction of a new value-focused charger, with plans to launch this product later in the year. CEO Battaglia emphasized, “We’ve accelerated our efforts with the goal of bringing this product to market within Q4.” Additionally, Blink is increasing its focus on expanding its DC fast charger portfolio and leveraging its new partnership with Create Energy to offer integrated charging and energy storage solutions. CFO Michael Rama noted that ongoing cost reduction and operating discipline are also central, stating that Blink expects improved visibility on achieving adjusted EBITDA profitability as 2025 progresses. Management remains cautious, highlighting that execution on upcoming product launches and continued service revenue growth are critical to the company’s recovery.
Key Insights from Management’s Remarks
Management pointed to a mix of external headwinds and internal product gaps as the main reasons for missing expectations, but also highlighted areas of service revenue strength and cost control.
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Decline in product sales: The quarter saw a significant fall in hardware sales, which management linked to insufficient offerings for the value-oriented market segment. CEO Battaglia stated that Blink’s current portfolio “does not sufficiently address the value-oriented segment of the market,” prompting an accelerated push to develop a new, more affordable charger.
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Charging service revenue growth: Despite hardware weakness, service revenue rose 35% year over year, driven by higher utilization rates and an increased number of company-owned chargers. Management credited greater deployment of DC fast chargers and disciplined site selection for this growth.
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International expansion progress: Service revenue grew 22% in Europe, supported by new contracts in the U.K. and Belgium. Blink’s international presence is helping diversify revenue and increase brand recognition, with management highlighting a new preferred bidder status in Brighton and Hove, U.K., which will add at least 350 chargers.
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Cost control and efficiency gains: Operating expenses were reduced by 8% compared to last year, reaching their lowest level in nearly three years. Management also reported a 45% reduction in operating cash burn, with further efficiency initiatives underway, including renegotiated software contracts and facility consolidations.
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Product and technology partnerships: The company announced a new collaboration with Create Energy to offer an integrated DC fast charging and nano grid (localized energy storage) solution. Management believes this offering addresses grid resiliency concerns, improves uptime, and could reduce energy costs for customers through demand charge avoidance. Early deployments have shown promising operational results.
Drivers of Future Performance
Management’s outlook centers on new product launches, expanded DC fast charger deployment, and further cost reductions to drive sequential revenue growth and margin improvement.
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New value-oriented charger launch: Blink is accelerating the introduction of a new, lower-cost charging product, aiming for a Q4 launch. Management expects this to address current market demand gaps and support a rebound in hardware sales in the second half of the year.
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Expansion in DC fast charging: The company is prioritizing growth in its owned and operated DC fast charger portfolio, especially in high-traffic locations. Management views this segment as a long-term growth engine, with additional financing options being explored to support expansion.
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Continued cost optimization: Ongoing efforts to reduce operating expenses, including workforce right-sizing, contract renegotiations, and facility consolidations, are expected to help narrow losses. Management also highlighted potential savings from integrating recent acquisitions and ongoing expense discipline as key to approaching profitability.
Catalysts in Upcoming Quarters
Going forward, the StockStory team will watch for (1) the successful launch and adoption of Blink’s new value-focused charger, (2) further expansion and utilization of its DC fast charging network, and (3) continued progress on cost reductions and operational efficiencies. Updates on international market contracts and progress toward adjusted EBITDA profitability will also be key markers of management’s execution.
Blink Charging currently trades at a forward price-to-sales ratio of 0.7×. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).
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