BOWIE, Md. - Blink Charging Co. (NASDAQ: NASDAQ:BLNK), a prominent provider of electric vehicle (EV) charging equipment and services, has entered into a strategic partnership with ChargeHub, a key player in North American EV roaming services. The collaboration, announced today, will integrate Blink’s public EV chargers into ChargeHub’s Passport roaming hub, making them available to over a million ChargeHub users.
The partnership is poised to transform the EV charging landscape by allowing ChargeHub’s e-mobility service providers (eMSPs) and charge point operators (CPOs) to access and activate Blink’s chargers through the ChargeHub app. This move aims to simplify the charging process for drivers by consolidating multiple network accounts into a single payment option, thereby enhancing the user experience.
ChargeHub, known for its EV roaming interoperability hub, Passport Hub, has over 150 roaming connections and covers more than two-thirds of networked chargers in the United States and Canada. Blink, ranking as the third-largest EV charging network in the U.S., will benefit from increased visibility and accessibility through this integration.
Mike Battaglia, CEO-Elect at Blink, emphasized the importance of the agreement in meeting the company’s EV adoption goals and improving charging efficiency. Simon Ouellette, CEO of ChargeHub, highlighted the collaboration’s role in providing coast-to-coast access to Blink’s chargers and integrating solutions that enhance the overall charging experience.
This partnership aligns with the observed growth of charging networks and the expanding presence of OEMs and fleets in the EV space, where streamlined roaming solutions are increasingly crucial. By integrating Blink’s extensive network with ChargeHub’s tailored roaming services, the companies aim to ensure that drivers’ charging needs are met with ease and convenience.
The information for this article is based on a press release statement.
In other recent news, Blink Charging Co. reported a decrease in third-quarter revenue from the previous year, totaling $25.2 million, which fell short of the projected $36 million. The company's earnings per share were $(0.18), slightly better than the $(0.19) estimate from Benchmark but lower than the consensus estimate of $(0.16). Despite this, Blink Charging managed to improve its gross margin to 36%, up from 29% the previous year.
The company has also revised its annual revenue forecast down to a range of $125 million to $135 million. Despite the lower sales figures, Benchmark maintains its Buy rating and $5.00 stock price target for Blink Charging, anticipating a rebound in the company's product sales that will align with the projected increase in overall electric vehicle sales in 2025.
In terms of infrastructure growth, Blink reported a 70% sequential increase in charger deployment, totaling 6,978 units globally. The number of owned chargers also saw a 28% year-over-year increase, reaching 6,442 units. The company anticipates positive adjusted EBITDA in the second half of 2025. These are among the recent developments for Blink Charging.
InvestingPro Insights
As Blink Charging Co. (NASDAQ: BLNK) forges ahead with its strategic partnership with ChargeHub, investors should consider some key financial metrics and insights from InvestingPro.
According to InvestingPro data, Blink's market capitalization stands at $185.11 million, reflecting its position in the EV charging market. The company's revenue for the last twelve months as of Q3 2023 was $138.73 million, with a revenue growth of 15.13% over the same period. This growth aligns with the company's efforts to expand its network and accessibility through partnerships like the one with ChargeHub.
However, investors should note that Blink is currently not profitable, with an adjusted operating income of -$72.0 million for the last twelve months. This is reflected in an InvestingPro Tip which states that the company is "quickly burning through cash." This situation underscores the importance of strategic moves like the ChargeHub partnership, which could potentially increase utilization of Blink's charging network and improve its financial performance.
Another InvestingPro Tip highlights that Blink "holds more cash than debt on its balance sheet," which could provide some financial flexibility as the company pursues growth opportunities in the expanding EV market.
It's worth noting that InvestingPro offers 7 additional tips for Blink Charging, providing a more comprehensive analysis for investors interested in the EV charging sector.
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